1994 Reports

Japan's saving rate: An update

Hayashi, Fumio

In this paper I report my most recent calculation of Japan's saving rate. It has been almost ten years since I realized that Japan's saving rate as compiled in the Japanese National Income Accounts was substantially overstated (see Hayashi (1986)). Since then I have had several occasions to update my calculation of adjusted Japanese saving rate. The last update is in Hayashi (1991). The calculation I report in this paper will incorporate not only the National Income Accounts data that became available since the last update but also recent criticisms made by Iwamoto (1994).