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The Impacts of Population Aging on Saving, Capital Formation, and Economic Growth

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Figure 1. Total population and the size of three age-groups. Data Source: Population Estimates of Japan, 1920-2015, Statistics Bureau Japan; Population Projections for Japan (2016-2065), National Institute of Population and Social Security Research, Japan
Figure 2. Monthly income and expenditure per household head by age groups in 2018. Source: Yearly Average of Monthly Receipts and Disbursements per Household in Family Income and Expenditure Survey by Statistical Survey Department, Statistics Bureau, Minis
Figure 3. Average propensity to save (%) per household head by age groups, 2015-2018. Source: Ratio of surplus to disposable income (%) in Family Income and Expenditure Survey by Statistical Survey Department, Statistics Bureau, Ministry of Internal Affair
Figure 4. Growth rate of key variables in the model, baseline scenarios. Sources: Authors’ simulation
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