- Guy Meredith, and Ulrich Baumgartner
- Published Date:
- April 1995
© International Monetary Fund
Reprinted June 1995
Library of Congress Cataloging-in-Publication Data
Saving behavior and the asset price “bubble” in Japan : analytical studies/Ulrich Baumgartner, Guy Meredith; with a staff team comprising Juha Kähkönen … [et al].
p. cm. — (Occasional Papers, ISSN 0251-6365; no. 124)
Includes bibliographical references.
1. Saving and investment—Japan. 2. Stocks—Prices—Japan. 3. Financial crises—Japan. 4. Japan—Economic conditions—1945-1989. I. Baumgartner, Ulrich, 1946-. II. Meredith, Guy.
III. Kähkönen, Juha. IV. Series: Occasional paper (International Monetary Fund); no. 124.
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Ulrich Baumgartner and Guy Meredith
Alexander W. Hoffmaister and Garry J. Schinasi
The following symbols have been used throughout this paper:
… to indicate that data are not available;
— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;
– between years or months (for example, 1991–92 or January-June) to indicate the years or months covered, including the beginning and ending years or months;
/ between years or months (for example, 1991/92) to indicate a crop or fiscal (financial) year.
“Billion” means a thousand million; “trillion” means a thousand billion.
Minor discrepancies between constituent figures and totals are due to rounding.
The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.
This Occasional Paper is based on research papers prepared in connection with the IMF’s recent Article IV consultations with Japan. The authors are grateful for the cooperation of the Japanese authorities in the preparation of these studies. They would also like to thank Bijan B. Aghevli for his encouragement and support of the project, and Daniel Citrin, Yusuke Horiguchi, Kenji Okamura, Chikahisa Sumi, and Christopher Towe for their valuable comments. Thanks are also due to Harish Mendis and Toh Kuan for research assistance, and to Elizabeth Elliott, Prabha Job, and Tammy Shear for secretarial support. James McEuen of the External Relations Department edited the paper for publication and coordinated production. The views expressed here, as well as any errors, are the sole responsibility of the authors and do not necessarily reflect the opinions of the Government of Japan, Executive Directors of the IMF, or other members of the IMF staff.