Saving and Portfolio Selection after Asset Bubbles in Japan

Lazear和Michael（1988）利用美国消费者支出调查（CES）的微观数据研究了家庭内部的收入分配。本研究着重探讨家庭特征对消费者支出的影响。在混凝土中，Lazear和Michael把每个家庭的孩子数量作为家庭特征之一。例如，调查了没有孩子、一个孩子、两个孩子的家庭等，随着子女数量的增加，食品、住房、服装等各组成部分的费用分配比例的变化情况。本研究是对日本消费支出的类似研究，采用面板数据1)对家庭特征（如学历、年龄、夫妻工作状态、性别、子女年龄等虚拟变量）和家庭内部收入分配（丈夫、妻子、孩子和共同）进行描述性统计分析，2)实证研究……更多采用回归分析。据调查，在独生子女家庭中，子女费用在家庭总支出中所占的比例随着妻子学历的提高、全职或兼职工作时间的延长而增加。本研究还显示了一个实证结果，即儿童的年龄和性别对家庭儿童支出的影响不大。这一结果与美国的研究结果不同。本研究还对日本1990年代的消费不足问题进行了调查，数据来源于日本政府统计局、管理和协调厅的《家庭收支调查年度报告》。调查显示，各代储蓄率的变化趋势明显：90年代以来，年轻一代的储蓄率呈上升趋势，中年一代的储蓄率趋于平稳，老年一代的储蓄率下降速度较前10年有所放缓。人们认为，这些事实基本上可以用生命周期假说来说明。少

Lazear and Michael (1988) researched the allocation of income within the households with micro data of the U.S.Consumer Expenditure Survey (CES). It was emphasized in this study to investigate the influence of household characteristics on the consumer spending. In the concrete, Lazear and Michael picked up the number of children each family as one of the household characteristics. For instance, how the percent distribution of the expenses for each component such as food, housing and clothing changed as the number of the children per family increased, like a no-kid, one-kid, two-kid household, was examined.This is a similar study on the Japan's consumer expenditure, undertaking with panel data 1) a descriptive statistic analysis on family characteristics - e.g. academic background, age, dummy variable on working status of husband and wife, sex, age of children and so on, - and the allocation of income within the household - husband, wife, child and common -, and 2) an empirical research … More by a regression analysis.It was observed that the percentage of expense for children to the total household spending in a case of one-kid family, increased as wife's academic background is getting higher, and as wife works longer in full-time or part-time. This study also showed an empirical result that children's age and sex does make little change in the household expense for children. This result is different from that of the U.S.research.Under-consumption in Japan in the 1990's was also investigated in this study, with deriving cohort data from "Annual Report on the Family Income and Expenditure Survey" of Statistical Bureau, Management and Coordination Agency, Govemment of Japan. The investigation made the following tendencies of the saving rate by generation clear : a) the rate of saving of the younger generation was increasing in the 1990's, b) that of the middle age generation was leveling off, and c) the pace of the fall of the elderly generation's saving rate was getting more moderate than that in the previous decade. It is considered that these facts can be basically illustrated with the Life-Cycle Hypothesis. Less