17For China a separate strand of work (e.g., Curtis, Lugauer, and Mark (2015) and Imrohoroglu and Zhao (2018)) uses a newer generation of these models to investigate the implications of demographic change. This work typically argues that demographic change did substantially contribute to the massive increase in saving (from around 5 percent in the 1970s to more than 25 percent in the 2010s). On the other hand, the importance of population aging in cross-country studies of household saving (for example, Bloom, Canning, Mansfield, and Moore (2007) and Bosworth and Chodorow-Reich (2007)) appears to be largely driven by the experience of Japan and Korea—countries well ahead of the United States in the population aging process.