所属 明治大学 政治経済学部 職種 専任教授
|"Savings and early economic growth in the United States and Japan"
|Japan and World Economy
|John A. James
|The period of early economic growth in both the United States (the antebellum period) and Japan (the Meiji period) was marked by a pronounced rise in the rates of domestic saving and investment. This paper decomposes the observed changes in saving/investment rates and shows that substantial components ? about two-thirds in US and more than one-third in Japan ? were due to unexplained shifts in the saving function. In turn we argue that an important factor behind the exogenous shift in savings and hence behind the rise in the net investment rate was the increased degree of financial intermediation in each country. Author Keywords: Economic growth; Financial intermediation; Investment rates; Savings rates.