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Rebalancing in Japan: The Role of Private Consumption
Author:
Kiichi Tokuoka
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Series:
IMF Working Papers
Volume/Issue:
Volume 2010: Issue 293
Language:
English
Publication Date:
01 Dec 2010
DOI:
https://doi.org/10.5089/9781455211746.001
ISBN:
9781455211746
ISSN:
1018-5941
Pages:
21
Keywords:
WP; property income; Japan; Rebalancing; Private consumption; Disposable income; consumption share; asset bubble collapse; consumption response; time series regression; dividend income; share in GDP; Income; Consumption; Wages; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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Boosting growth through rebalancing is critical for addressing pressures from Japan’s aging population. This paper focuses on one important untapped source of growth - private consumption, and argues that the key to reviving consumption is boosting household disposable income through higher wages, especially in services, and higher property income. The paper also suggests that the impact of higher property income on consumption could be potentially large.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund
Volume 2010: Issue 293