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The impact of population aging on the household saving rate: the case of Japan

Charles Yuji Horioka

Journal of the Economics of Ageing2026https://doi.org/10.1016/j.jeoa.2026.100625article
AJG 2ABDC B
Weight
0.50

What the paper says

This paper analyzes the impact of the age structure of the population on the household saving rate using time-series data for Japan for the 1955–2019 period. It finds that there is a cointegrating relationship between Japan’s household saving rate and her dependency ratio (the ratio of the dependent population to the working-age population) and that the latter has a negative and statistically significant impact on the former. This implies that the life-cycle model applies in the case of Japan, that trends over time in the age structure of Japan’s population can largely explain trends over time in Japan’s household saving rate, that the downward trend in Japan’s household saving rate since the mid-1970s can largely be explained by the aging of her population, and that further population aging will lead to further declines in Japan’s household saving rate, most likely into negative territory, in future years.

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https://doi.org/https://doi.org/10.1016/j.jeoa.2026.100625

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@article{charles2026,
  title        = {{The impact of population aging on the household saving rate: the case of Japan}},
  author       = {Charles Yuji Horioka},
  journal      = {Journal of the Economics of Ageing},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1016/j.jeoa.2026.100625},
}

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.