Japan: Model for East Asian Industrialization?

Hirono, Ryokichi

doi:10.1017/cbo9780511552267.009

Cited by 5 publications

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“…33 For example, see Aziz and Cui (2007) Until recent years, consumers generally had more difficulty obtaining credit than did business entities in those countries. Even in Japan, which grew to become a rich and industrialized 34 For example, see Hirono (1988) and other articles collected in Hughes (1988). A study by the World Bank (1993) also emphasizes that a "virtuous circle" -going from higher growth, to higher savings, to even higher growth -has played a central role in successful development experiences in East Asia.…”

Section: China's High Saving and The East Asian Economic Growth Modelmentioning

confidence: 99%

Why Is China’s Saving Rate So High? A Comparative Study of Cross-Country Panel Data

2012

The Evolving Role of China in the Global Economy

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This paper uses a large cross-country panel dataset to estimate models of national saving rates and addresses two related issues. First, to what extent can China's saving rate be explained by models of saving rates? Second, what are the factors responsible for China's extraordinarily high saving rates?We find that our benchmark models explain about 72 to 76 percent of China's national saving rate during 1990-2007, depending on whether China is included in the dataset. China's national saving rate during that period is higher than the predictions of those models by about 10 to 12 percentage points on average. The predominant driver of the explained portion of China's high saving rates is China's relatively low old dependency (the ratio of the population ages 65 and older relative to the population ages 15 to 64). China's relatively low urbanization, strong economic growth, and weak social safety net are also important factors. In comparison, the high degree of currency undervaluation is a smaller contributor to China's high saving.

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Section: China's High Saving and The East Asian Economic Growth Modelmentioning

confidence: 99%