Transfer and Life Cycle Wealth in Japan, 1974-1984
Transfer and Life Cycle Wealth in Japan, 1974-1984
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日本的财富转移和生命周期，1974-1984 年
DOI：
10.2139/ssrn.174008
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发表时间：
1992
期刊：
影响因子：
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通讯作者：
David W. Campbell
中科院分区：
文献类型：
--
作者：
David W. Campbell
本文采用累积生命周期储蓄方法，测算了1974-1984年转移对职工家庭总财富积累的贡献。研究结果表明，无论是莫迪利亚姆还是科特利福夫和萨默斯对转移财富的定义，这些家庭的资本积累在很大程度上是生命周期储蓄的结果。这项研究不同于以往对这一主题的分析，因为它“紧密地应用了转移财富的两个定义，并广泛使用了模拟分析。”根据莫迪利亚姆或科特利福夫和萨默斯的定义，累计转移财富只占1974年至1984年工人家庭总积累财富的一小部分。因此，对于大多数日本家庭(工人家庭占总家庭的59.8%)来说，资本积累是生命周期储蓄的一种表现。然而，由于1984年工人家庭持有的财富只占家庭总财富的大约一半，现在就得出生命周期储蓄主导着日本财富积累过程的结论还为时过早。
This paper measures, via the cumulation of life cycle saving method, the contribution of transfer to total wealth accumulation among worker households from 1974 to 1984. The findings suggest that under either the Modigliam or Kotlifoff and Summers definitions of transfer wealth, capital accumulation for these households is largely the result of life cycle saving. This study differs from previous analyses on the topic because of its "close application of the two definitions of transfer wealth and by its extensive use of simulation analysis." Accumulated transfer wealth, under either the Modigliam or Kotlifoff and Summers definitions, constitute a small component of total accumulated wealth for worker households from 1974 to 1984. Thus, for most Japanese households (worker households being 59.8 percent of total households), capital accumulation is a manifestation of life cycle saving. However, since worker households held only approximately half of total house hold wealth in 1984, it is premature to conclude that life cycle saving dominates the wealth accumulation process in Japan.