WorldCat Identities

Horioka, Charles

Overview
Works: 121 works in 347 publications in 1 language and 1,656 library holdings
Roles: Author, Translator
Publication Timeline
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Most widely held works by Charles Horioka
Are Americans more altruistic than the Japanese? : a U.S.-Japan comparison of saving and bequest motives by Charles Horioka( Book )

18 editions published between 1999 and 2000 in English and held by 112 WorldCat member libraries worldwide

In this paper, we analyze a variety of data on saving motives, bequest motives, and bequest division from the Comparative Survey of Savings in Japan and the United States, ' a binational survey conducted in 1996 by the Institute for Posts and Telecommunications Policy of the Ministry of Posts and Telecommunications of the Government of Japan, in order to shed light on which model of household behavior applies in the two countries. We find (1) that the selfish life cycle model is the dominant model of household behavior in both countries but that it is far more applicable in Japan than it is in the U.S., (2) that the altruism model is far more applicable in the U.S. than it is in Japan but that it is not the dominant model of household behavior in either country, and (3) that the dynasty model is more applicable in Japan than it is in the U.S. bu that it is of only limited applicability even in Japan
Are the Japanese selfish, altruistic, or dynastic? by Charles Horioka( Book )

13 editions published in 2001 in English and held by 104 WorldCat member libraries worldwide

In this paper, I analyze a variety of evidence for Japan and, where available, for the United States on bequest practices, on the importance and nature of bequest motives, on bequest division, on the willingness of individuals to help others, etc., in order to shed light on which model of household behavior applies in the two countries. My results suggest that the selfish life cycle model is the dominant model of household behavior in both countries but that it is far more applicable in Japan than it is in the U.S., that the dynasty model is also more applicable in Japan than it is in the U.S. but that it is not of dominant importance even in Japan, and conversely, that the altruism model is far more applicable in the U.S. than it is in Japan
Borrowing constraints and consumption behavior in Japan by Midori Wakabayashi( )

10 editions published in 2005 in English and held by 86 WorldCat member libraries worldwide

"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"--National Bureau of Economic Research web site
The causes of Japan's "lost decade" : the role of household consumption by Charles Horioka( )

10 editions published in 2006 in English and held by 77 WorldCat member libraries worldwide

In this paper, I analyze the causes of the prolonged slowdown of the Japanese economy in the 1990s and find that the stagnation of investment, especially private fixed investment, was the primary culprit. I then investigate the causes of the stagnation of household consumption during the 1990s and find that the stagnation of household disposable income, the decline in household wealth, and increased uncertainty about the future are among the contributing factors. Finally, I consider whether demand side factors or supply side factors were more important as causes of the prolonged slowdown of the Japanese economy in the 1990s and conclude that the former (especially misguided government policies) were probably more important
Aging, saving, and public pensions in Japan by Charles Horioka( )

9 editions published in 2007 in English and held by 73 WorldCat member libraries worldwide

We analyze the impact of population aging on Japan's household saving rate and on its public pension system and the impact of that system on Japan's household saving rate and obtain the following results: first, the age structure of Japan's population can explain the level of, and past and future trends in, its household saving rate; second, the rapid aging of Japan's population is causing Japan's household saving rate to decline and this decline can be expected to continue; third, the pay-as-you-go nature of the public pension system, combined with rapid population aging, created considerable intergenerational inequities and increased the saving rates of cohorts born after 1965, which in turn slowed the decline in Japan's household saving rate; and fourth, the 2004 public pension reform alleviated the intergenerational inequities of Japan's public pension system somewhat but will in the long run exacerbate the downward trend in Japan's household saving rate
The dissaving of the aged revisited : the case of Japan by Charles Horioka( )

11 editions published in 2006 in English and held by 73 WorldCat member libraries worldwide

In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of this paper, all previous studies as well as the newly available data I analyze find that the retired aged dissave and that even the working aged dissave at very advanced ages. These findings are consistent with the life cycle model and suggest that this model is highly applicable in the case of Japan
Is the eldest son different? : the residential choice of siblings in Japan by Midori Wakabayashi( )

9 editions published in 2006 in English and held by 72 WorldCat member libraries worldwide

In this paper, we analyze the determinants of the living arrangements of elderly parents and their children (whether elderly parents live with their children, and if so, with which child) in Japan using micro data from a household survey. We find that the proportion of elderly parents living with their eldest sons is much higher than that of elderly parents living with children other than the eldest son, even if the eldest son is not the eldest child. Moreover, we find that elderly parents are more likely to live with their eldest sons if the father was a self-employed worker before retirement, whereas they are more likely to live with a child other than the eldest son if the father was an executive before retirement. In addition, daughters whose husbands adopt the daughter's surname are more likely to live with the daughter's parents. All of these findings are consistent with the dynasty and/or strategic bequest (selfish life cycle) models. We also find that the living arrangements of elderly parents are still very much based on Japanese social norms and traditions. Thus, we find support for all models of household behavior other than the altruism model
Do borrowing constraints matter? : an analysis of why the permanent income hypothesis does not apply in Japan by Miki Kohara( )

10 editions published in 2006 in English and held by 71 WorldCat member libraries worldwide

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's 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
The determinants of household saving in China : a dynamic panel analysis of provincial data by Charles Horioka( )

10 editions published in 2006 in English and held by 70 WorldCat member libraries worldwide

In this paper, we conduct a dynamic panel analysis of the determinants of the household saving rate in China using a life cycle model and panel data on Chinese provinces for the 1995-2004 period from China's household survey. We find that China's household saving rate has been high and rising and that the main determinants of variations over time and over space therein are the lagged saving rate, the income growth rate, and (in some cases) the real interest rate and the inflation rate. However, we find that the variables relating to the age structure of the population usually do not have a significant impact on the household saving rate. These results provide mixed support for the life cycle hypothesis, are consistent with the existence of inertia or persistence, and imply that China's household saving rate will remain high for some time to come
Do bequests increase or decrease wealth inequalities? by Charles Horioka( )

10 editions published in 2009 in English and held by 65 WorldCat member libraries worldwide

This paper finds that individuals in Japan do not leave very significant bequests, that parents often require a quid pro quo for bequests to their children, and that wealthier individuals leave less bequests, meaning that bequests ameliorate wealth inequalities
A comment on Nishimura, Nakajima, and Kiyota's "Does the natural selection mechanism still work in severe recessions? : examination of the Japanese economy in the 1990s" by Tae Okada( )

10 editions published in 2007 in English and held by 65 WorldCat member libraries worldwide

Nishimura et al. (2005) analyze the entry/exit behavior of Japanese firms during the 1990s and find that relatively efficient firms exited while relatively inefficient firms survived during the banking-crisis period of 1996-97. They conclude that the natural selection mechanism (NSM) apparently malfunctions during severe recessions, but we offer a more plausible interpretation: NSM continued to function effectively even during this period, but aberrant banking practices caused a shift in the type of natural selection from directional to disruptive selection, with the most efficient as well as the least efficient firms being favored and firms of intermediate efficiency being selected against
Domestic savings and international capital flows by Martin S Feldstein( )

9 editions published between 1979 and 1980 in English and held by 64 WorldCat member libraries worldwide

How internationally mobile is the world's supply of capital? Does capital flow among industrial countries to equalize the yield to investors? Alternatively, does the saving that originates in a country remain 'to be invested there? Or does the truth lie somewhere between these two extremes? The answers to these questions are not only important for understanding the international capital market but are also critical for analyzing a wide range of issues including the nation's optimal rate of saving and the incidence of tax changes
The determinants and long-term projections of saving rates in developing Asia by Charles Horioka( )

10 editions published between 2010 and 2011 in English and held by 63 WorldCat member libraries worldwide

In this paper, we present data on trends over time in domestic saving rates in twelve economies in developing Asia during the 1966-2007 period and analyze the determinants of these trends. We find that domestic saving rates in developing Asia have, in general, been high and rising but that there have been substantial differences from economy to economy and that the main determinants of these trends appear to have been the age structure of the population (especially the aged dependency ratio), income levels, and the level of financial sector development. We then project future trends in domestic saving rates in developing Asia for the 2011-2030 period based on our estimation results and find that the domestic saving rate in developing Asia as a whole will remain roughly constant during the next two decades despite rapid population aging in some economies in developing Asia because population aging will occur much later in other economies and because the negative impact of population aging on the domestic saving rate will be largely offset by the positive impact of higher income levels
The (dis)saving behavior of the aged in Japan by Charles Horioka( )

20 editions published between 2009 and 2010 in English and held by 58 WorldCat member libraries worldwide

In this paper, I survey the previous literature on the saving behavior of the aged in Japan and then present some survey data on the saving behavior of the aged in Japan that became available recently. To summarize the main findings of this paper, virtually all previous studies as well as the newly available data I analyze find that the retired aged dissave and that even the working aged dissave, at least at advanced ages. Moreover, there has been a sharp increase in the dissaving of the retired aged since 2000, with the increase being due primarily to reductions in social security benefits, increases in consumption expenditures, and increases in taxes and social insurance premiums. These findings are consistent with the life-cycle model and suggest that this model is highly applicable (and becoming increasingly applicable over time) in the case of Japan
The degree of judicial enforcement and credit markets : evidence from Japanese household panel data by Charles Horioka( )

9 editions published between 2009 and 2010 in English and held by 53 WorldCat member libraries worldwide

In this paper, we conduct an empirical analysis of the impact of better judicial enforcement on the probability of being credit rationed, loan size, and the probability of bankruptcy using household-level data from the Japanese Panel Survey of Consumers, conducted by the Institute for Research on Household Economics, in conjunction with judicial data by court district on trial length and the ratio of the number of pending civil trials to the number of incoming civil trials. Contrary to the predictions of the existing theory, we find that better judicial enforcement increases the probability of being credit rationed and decreases loan size. Furthermore, we find that better judicial enforcement increases the probability of bankruptcy, a result that is consistent with lax screening effects
Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)? by Charles Horioka( )

5 editions published in 2013 in English and held by 46 WorldCat member libraries worldwide

In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until recently because robust domestic saving (combined with strong home bias) made it possible for domestic investors to absorb most of the government debt but that foreign holdings of Japanese government securities have increased sharply in recent years, especially in the case of short-term government securities. We show that trends in foreign holdings of Japanese government securities can be explained by conventional economic factors such returns and risks and that the recent surge in foreign holdings of short-term Japanese government securities is attributable to foreign investors in search of a safe haven for their funds in the face of the Global Financial Crisis of 2008-09 precipitated by the Lehman crisis. Our analysis suggests that the surge in foreign holdings of Japanese government securities will subside (in fact, it already has), and this, combined with the projected decline in domestic saving (especially household saving) caused by population aging, will create increasing pressures for fiscal adjustment to reduce her massive government debt. Thus, Japan's massive government debt has not resulted in high economic costs in the past because of robust domestic saving and a temporary inflow of foreign capital caused by the Global Financial Crisis, but it may have substantial costs in the future as both of these factors become less applicable unless the government debt can be brought under control
Corporate Cash Holding in Asia by Charles Horioka( )

6 editions published in 2013 in English and held by 44 WorldCat member libraries worldwide

In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002--2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of cash, which suggests that Asian firms are borrowing constrained and that they save more when their cash flow increases so that they will be able to finance future investments. Moreover, we find in the developed economy sample that, as expected, cash flow has a positive impact on the change in the stock of cash only in the case of the smallest firms, which are more likely to be borrowing constrained, and find in the developing economy sample that, as expected, the positive impact of cash flow on the change in the stock of cash declines with firm size. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis. Finally, we find some evidence that Tobin's q has a positive impact on the change in the stock of cash
Are Americans and Indians more altruistic than the Japanese and Chinese? evidence from a new international survey of bequest plans by Charles Horioka( )

5 editions published in 2014 in English and held by 40 WorldCat member libraries worldwide

This paper discusses three alternative assumptions concerning household preferences (altruism, self-interest, and a desire for dynasty building) and shows that these assumptions have very different implications for bequest motives and bequest division. After reviewing some of the literature on actual bequests, bequest motives, and bequest division, the paper presents data on the strength of bequest motives, stated bequest motives, and bequest division plans from a new international survey conducted in China, India, Japan, and the United States. It finds striking inter-country differences in bequest plans, with the bequest plans of Americans and Indians appearing to be much more consistent with altruistic preferences than those of the Japanese and Chinese and the bequest plans of the Japanese and Chinese appearing to be much more consistent with selfish preferences than those of Americans and Indians. These findings have important implications for the efficacy and desirability of stimulative fiscal policies, public pensions, and inheritance taxes
Explaining foreign holdings of Asia's debt securities the Feldstein-Horioka paradox revisited by Charles Horioka( )

5 editions published in 2015 in English and held by 38 WorldCat member libraries worldwide

Abstract: In this paper, we find that home bias is still present in all economies and regions, especially in the case of short-term debt securities, but that there are substantial variations among economies and regions in the strength of home bias, with the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan, showing relatively strong home bias. We then examine trends over time in foreign holdings of debt securities and find that capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different reasons. The main reason in the case of advanced Asia (especially Japan) appears to be higher risk-adjusted returns, whereas the main reason in the case of developing Asia appears to be the growth of debt securities markets combined with relatively weak home bias and (in the case of short-term securities) lower exchange rate volatility. Finally, we find that since the Global Financial Crisis, foreign holdings of debt securities have declined (i.e., that home bias has strengthened) in all economies and regions except developing Asia, where they have increased (except for a temporary decline in 2008) but where their share is still much lower than the optimal share warranted by the capital asset pricing market model
The political economy of international monetary interdependence by Kōichi Hamada( Book )

6 editions published between 1985 and 1987 in English and held by 37 WorldCat member libraries worldwide

 
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The political economy of international monetary interdependence
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Alternative Names
Charles Horioka American economist

Charles Horioka economista estadounidense

Charles Horioka économiste américain

Horioka 1956- Yuji

Horioka, C. 1956-

Horioka, C. Y. 1956-

Horioka, Charles Y. 1956-

Horioka, Charles Yuji

Horioka, Charles Yuji 1956-

Horioka, Chāruzu Yūji

Horioka, Chāruzu Yūji 1956-

Horioka, Yuji, 1956-

Yuji Horioka, Charles 1956-

Хориоки, Чарльз

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チャールズ・ユウジ・ホリオカ

ホリオカ, チャールズ・ユウジ

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English (195)