Japans Sparkrise

CAMBRIDGE – Japan ist auf dem Weg in eine Sparkrise. Das potenzielle Zusammentreffen großer Haushaltsdefizite mit einer niedrigen Sparquote der Privathaushalte könnte in Zukunft starke negative Auswirkungen auf die japanische wie die globale Wirtschaft haben.

Zunächst ein paar Hintergrundinformationen. Japan war lange dafür bekannt, die höchste Sparquote unter den Industrieländern zu haben. In den frühen 1980er Jahren, sparten die japanischen Privathaushalte ungefähr 15 % ihres Einkommens nach Steuern. Es war die Zeit der steil ansteigenden Einkommen, in der die japanischen Haushalte ihren Verbrauch schnell steigern konnten, während sie ihre Ersparnisse um hohe Beträge aufstockten. Obwohl die Sparquote in den 1980er Jahren nach und nach abnahm, lag sie 1990 immer noch bei 10 %.

Doch war das Wachstum in den 1990er Jahren langsam, und die Haushalte nutzten einen zunehmenden Anteil ihrer Einkommen, um ihr Konsumniveau zu halten. Obwohl sie große Rückgänge bei den Aktienpreisen und Immobilienwerten erlebt hatten, verfügten sie über so große liquide Ersparnisse auf Postsparkonten und in Banken, dass sie nicht das Gefühl hatten, sie müssten mehr sparen, um ihre Vermögenswerte wieder aufzubauen.

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