Household Portfolio Behaviour and the Implications of Tax Policies

  • Toshiaki Tachibanaki
Part of the Studies on the Modern Japanese Economy book series


There are a large number of studies which have investigated the reasons for the high saving rate in Japan, and some common understandings have been obtained. There are not, however, many studies of portfolio allocation behaviour. We can mention here several studies such as Saito and Ohga (1977), Amemiya et al. (1993), Noland (1988), Tachibanaki and Tanigawa (1990), Matsuura and Tachibanaki (1991b), Kang and Tachibanaki (1992), and Asano and Tachibanaki (1994), as examples. The present study attempts to estimate Japanese portfolio allocation behaviour based on the optimal portfolio theory for individual cross-section data, which cause some difficulty in estimation.


Interest Rate Time Deposit Risky Asset Financial Asset Portfolio Choice 
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Copyright information

© Toshiaki Tachibanaki 1996

Authors and Affiliations

  • Toshiaki Tachibanaki
    • 1
  1. 1.Kyoto UniversityJapan

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