English, Article, Journal or magazine article edition: Borrowing Constraints and Consumption Behavior in Japan Midori Wakabayashi; Charles Yuji Horioka

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Bookmark: http://trove.nla.gov.au/version/106812
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Borrowing Constraints and Consumption Behavior in Japan
Author
  • Midori Wakabayashi
  • Charles Yuji Horioka
Physical Description
  • preprint
Notes
  • RePEc:nbr:nberwo:11560
  • In this paper, we use Japanese micro data to examine what characteristics borrowing-constrained households have and whether borrowing constraints have an important influence on household consumption behavior. We identify borrowing-constrained households using three different indicators, some of which are unique to our data source, and find that the characteristics of households that are likely to be borrowing-constrained differ depending on which of the three indicators we use. We also find that changes in current income have a positive and significant impact on changes in consumption in the case of households that are likely to be borrowing-constrained but not in the case of households that are unlikely to be borrowing-constrained. This result suggests that borrowing constraints have an important influence on household consumption behavior and that the presence of borrowing constraints is one explanation for why the life cycle-permanent income hypothesis does not hold in the real world.
  • RePEc:dpr:wpaper:0640
Language
  • English
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