Oct. 22, 2023
コロナ感染症(COVID-19)拡大下での貯蓄・金融投資行動と個人の主観的認識の役割
Saving/Financial Investment Behavior of Japanese Households during COVID-19 and the Role of Subjective Beliefs
要旨Abstract
コロナ感染症によるパンデミックの影響により，家計による一部のサービスや贅沢品に関連した支出が大きく減少し，その一方で定額給付金に代表される政府からのトランスファーがかつてない規模で増加した結果，2020年度の日本では未曾有の「超過貯蓄」が発生していた．そのような超過貯蓄のほとんどが，銀行預金のような極めて流動性の高い資産の形で保有されており，株式等のリスク資産への投資はほとんど増えていない．独自のアンケートに基づく分析では，マイナスの所得ショックによる貯蓄減が一部の家計に集中して起こっていること，大きく所得が減った個人は資産額も大きく減っていることが分かった。これに対して，所得の増減が一定程度以内に留まった個人は、家族の所得の増減等の自分以外の周辺の環境の影響が大きい一方，所得が顕著に増加した個人は，積極的に貯蓄しようとする個人の意思（intention）が，最も重要な貯蓄の決定要因になっている．
The socioeconomic impact of COVID-19 has led to an unprecedented level of "excess savings" in Japan in FY2020, as households have significantly reduced particular types of spending on services and luxury goods, while government transfers, such as the fixed-amount cash handout, have increased in an unprecedented manner. Most of the excess savings is held in the form of highly liquid assets such as bank deposits, and there has been little increase in investment in risky assets such as stocks. The analysis, based on our survey, shows that the reduction in savings due to negative income shocks is concentrated to a small group of households, and that individuals who have experienced large income decreases have also experienced large decreases in their asset holdings. On the other hand, individuals whose income change was limited to a small fraction of their income were more influenced by the surrounding environment other than themselves, such as the change of family income, while for individuals whose income increased significantly, the most important determinant of how much they save was the individual's intention to save actively.
書誌情報Bibliographic information
Vol. 72, No. 4, 2021 , pp. 363-379
HERMES-IR（一橋大学機関リポジトリ）: https://hdl.handle.net/10086/72488
JEL Classification Codes: E21, E71, G11
