Published household saving ratios are not fully harmonised across countries. Chart 2 in this study presents,
for the first time, experimental comparable saving ratios for the euro area, the United States and Japan.
Although the ratios for all three economic areas declined in the course of the 1990s, the difference between
the ratios in the euro area (9.6% in 2002) and the United States (2.4% in 2002) is significant and has even
risen during that period. Japan has had a household saving ratio close to that of the euro area, except for 2001
and 2002 (5.2%).
Part of this difference could potentially be explained by the varying legal and administrative arrangements in
the areas concerned. The study analyses for three of these arrangements the possible effects on the household
saving ratio: (1) the level of household consumption of public services; (2) the financing of government
expenditure through income taxes or taxes on production and imports (like VAT); and (3) the organisation of
pension arrangements through social security schemes or private pension schemes. Each of these causes
could be behind some of the differences in the household saving ratios, but - when taken together - the
divergence among the three areas concerned actually increases. A number of other factors, including
households’ attitudes towards consumption and saving, and their possession of household durables, must be
the cause of the differences between household saving ratios for the euro area, the United States and Japan.
Published household saving ratios are not fully harmonised across countries. Chart 2 in this study presents,
for the first time, experimental comparable saving ratios for the euro area, the United States and Japan.
Although the ratios for all three economic areas declined in the course of the 1990s, the difference between
the ratios in the euro area (9.6% in 2002) and the United States (2.4% in 2002) is significant and has even
risen during that period. Japan has had a household saving ratio close to that of the euro area, except for 2001
and 2002 (5.2%).
Part of this difference could potentially be explained by the varying legal and administrative arrangements in
the areas concerned. The study analyses for three of these arrangements the possible effects on the household
saving ratio: (1) the level of household consumption of public services; (2) the financing of government
expenditure through income taxes or taxes on production and imports (like VAT); and (3) the organisation of
pension arrangements through social security schemes or private pension schemes. Each of these causes
could be behind some of the differences in the household saving ratios, but - when taken together - the
divergence among the three areas concerned actually increases. A number of other factors, including
households’ attitudes towards consumption and saving, and their possession of household durables, must be
the cause of the differences between household saving ratios for the euro area, the United States and Japan.
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