English, Article, Journal or magazine article edition: Do Borrowing Constraints Matter? An Analysis of Why the Permanent Income Hypothesis Does Not Apply in Japan Miki Kohara; Charles Yuji Horioka

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Bookmark: http://trove.nla.gov.au/version/106834
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Do Borrowing Constraints Matter? An Analysis of Why the Permanent Income Hypothesis Does Not Apply in Japan
Author
  • Miki Kohara
  • Charles Yuji Horioka
Physical Description
  • preprint
Notes
  • We use micro data on young married households from the Japanese Panel Survey of Consumers in order to analyze the importance of borrowing constraints in Japan. We find (1) that 8 to 15 percent of young married Japanese households are borrowing-constrained, (2) that household assets and the husband%u2019s educational attainment are the most important determinants of whether or not a household is borrowing-constrained, and (3) that the Euler equation implication is rejected for both the full sample and for the subsample of unconstrained households. These results suggest that the life cycle/​permanent income hypothesis does not apply in Japan and that the presence of borrowing constraints is not the main reason why it does not apply.
  • RePEc:nbr:nberwo:12330
  • RePEc:dpr:wpaper:0663
Language
  • English
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