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Essays on personal saving (United States, Japan).

Record Type:	Electronic resources : Monograph/item
Title/Author:	Essays on personal saving (United States, Japan).
Author:	Christelis, Dimitrios.
Description:	159 p.
Notes:	Source: Dissertation Abstracts International, Volume: 64-10, Section: A, page: 3765.
Notes:	Supervisor: Jose-Victor Rios-Rull.
Contained By:	Dissertation Abstracts International64-10A.
Subject:	Economics, General.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3109165
ISBN:	049656708X

Essays on personal saving (United States, Japan).
Christelis, Dimitrios.

Essays on personal saving (United States, Japan). [electronic resource] - 159 p.

Source: Dissertation Abstracts International, Volume: 64-10, Section: A, page: 3765.

Thesis (Ph.D.)--University of Pennsylvania, 2003.

The third chapter examines the reasons behind the continued high saving rate of the Japanese households using data from the national accounts. After adjusting the data considerably in order to correct serious conceptual and measurement problems, we find that households incur considerable capital losses in their (direct or indirect) investment in the corporate sector. These losses are due to the very low rate on return on capital that corporations achieve and the miniscule dividends that they pay to the equity holders. Firms can operate in this way because in Japan shareholders have little power to influence the behavior of managers, who retain the bulk of profits within the firms and proceed to invest them in a very inefficient way. Households thus have to increase their saving in order to compensate for their capital losses.

ISBN: 049656708XSubjects--Topical Terms:

212429
Economics, General.

Essays on personal saving (United States, Japan).
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500 $a Source: Dissertation Abstracts International, Volume: 64-10, Section: A, page: 3765.
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502 $a Thesis (Ph.D.)--University of Pennsylvania, 2003.
520 # $a The third chapter examines the reasons behind the continued high saving rate of the Japanese households using data from the national accounts. After adjusting the data considerably in order to correct serious conceptual and measurement problems, we find that households incur considerable capital losses in their (direct or indirect) investment in the corporate sector. These losses are due to the very low rate on return on capital that corporations achieve and the miniscule dividends that they pay to the equity holders. Firms can operate in this way because in Japan shareholders have little power to influence the behavior of managers, who retain the bulk of profits within the firms and proceed to invest them in a very inefficient way. Households thus have to increase their saving in order to compensate for their capital losses.
520 # $a This dissertation examines the evolution of the personal saving rate in the United States and Japan. The first chapter compares the Consumer Expenditure Survey (CEX) to the U.S. national accounts and finds major discrepancies between the two, with the divergence increasing over time. After adjusting the CEX in order to match the national accounts, we break down the drop of the U.S. personal saving rate across different population groups (defined by demographic and economic characteristics) and we find that almost all groups reduce their saving, that stockholding and homeownership influence saving negatively but that only the latter contributed to the drop in the saving rate, together with the decreased saving of the elderly and of the non-working. In the second chapter we build a microsimulation model of the U.S. economy that consists of three parts that deal with: (a) the demographic evolution of the system, during which individuals are hit by shocks representing demographic events (birth, death, marriage, divorce, leaving the parent family); (b) the generation of economic characteristics (education, occupation, labor force participation, home ownership); (c) the estimation of a consumption function, which depends on current wealth, projected future human and social security wealth.
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