Country： Japan

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Country： Japan

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Grant amount：\2340000 （ Direct Cost: \1800000 、 Indirect Cost：\540000 ）

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Grant amount：\2990000 （ Direct Cost: \2300000 、 Indirect Cost：\690000 ）

Insurance Business Law amendment, liberalization and deregulation in the insurance industry has been progress. For policyholders, the importance of choosing the insurance company when they will buy insurance contracts has increased.
I analyze the correlation between variables about the financial soundness of life insurance companies, and the variables about the insurance contracts such as direct premium written, number of insurance contracts, number of new contracts, termination ratio. Next, I regression analyze based on the results from the correlation analyze. I consider the possibility that there is market discipline in life insurance market of Japan.
As a consequence, in the life insurance market, there is a possibility that market discipline is functioning in case of rating information and solvency margin ratio become better. But it is very limited.

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Grant amount：\2700000 （ Direct Cost: \2700000 ）

Intergenerational independence, cooperation and justice is a key concept to reveal and clarify the nature, trend and economic implications of population ageing in Japan. Based on over-rapping generation and life cycle model, it is shown that intergenerational wealth transfers among family members and between households and markets are essential and their economic function is not negligible in macro economy. It is important from the long run perspectives to enlarge the pie itself to share rather than to increase the share of the particular generation, to enhance the efficiency of the pension and insurance markets for life cycle planning, and to maintain intergenerational independence, cooperation and distributional justice over generations.
Current low fertility in Japan is characterized by the increased proportion of females who have no child. Assuming some specific distributions of indifference curve at the corner solutions, it is shown that the increase in physical and opportunity cost of children leads to an increase in their proportion. Since the cost of child-rearing has increased drastically, the effect of political measures is expected to be small and limited taking intergenerational wealth transfer among family members into account. It is shown that an increase in the proportion of the household with intended bequests leads to a higher fertility.
The result of an application of the job search model to the effect of social security on the job search and job participation after retirement, and that of sample schedules of age specific pension premium to ensure the reliability of the public pension scheme, the market trend and issues of private pension which compliment public pension scheme, and the effects of health, economic and social relationship factors on anxiety of upper middle aged males are shown.
Dr.John P.Laitner, Professor of the Department of Economics of the University of Michigan and Visiting Research Scholar of Kansai University, joined the research and presented his working paper on the effect of old age uncertainty on the life cycle planning.

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