Paper写作范文-美国消费金融特征

www.ocscf.org Paper写作范文-美国消费金融特征消费金融发展受到多种因素的影响与制约，各种因素的叠加促成了美国消费金融的独有特征。经济增长促进居民财富积累和消费支出，是消费金融发展的前提和基础，然后消费金融亦刺激了消费，进一步促进生产和经济增长，两者有着同周期性。理论上来说，消费金融协调了居民财富与居民消费在时间和空间上错配的问题。The development of consumer finance is affected and restricted by various factors, such as economic growth and residents' income, financial environment, credit system, laws and regulations, etc. The superposition of various factors contributes to the following characteristics of American consumer finance:Economic growth promotes the accumulation of household wealth and consumption expenditure, which is the premise and foundation for the development of consumer finance. Consumer finance also stimulates consumption and further promotes production and economic growth, both of which have the same periodicity. Keynes's theory of absolute income hypothesis strongly supported this conclusion, pointing out that the positive relationship between immediate income and immediate consumption, the higher the income level, the higher the consumption, and vice versa.Throughout the United States economic and financial development, the three stages of the consumer finance rapid development corresponds to the rapid growth of the economy of three phases: in the 1940 s and 60 s, the dollar standard system established, the end of world war ii, the United States dominated the reconstruction of the world economy, the development of the economy in stable environments and opportunities, that period the United States to maintain economic growth at around 6.28%, consumer loan growth rate remained at 13.26%, presents the explosive growth. From the late 1970s to the mid-1980s, the recovery of the real economy after the oil crisis was superimposed with the financial innovation in the United States. During this period, the GDP growth was maintained at around 9%, and the growth rate of consumer credit was maintained at around 11%. The stable economic growth provided strong support for consumer finance. Throughout the 1990s, American information technology reform and system innovation promoted the economic and financial development of the United States, forming a favorable development situation of "high growth", "high employment" and "low inflation", during which the economic growth was maintained at about 6% and consumer credit was maintained at about 8%.In theory, consumer finance harmonizes the mismatch between residents' wealth and their consumption in time and space. According to friedman, residents' consumption is determined by their wealth, and their wealth is divided into human wealth and non-human wealth, and human wealth depends on the residents' ability to obtain income, which is characterized by immediacy. Non-human wealth, namely the residents' material wealth, is less mobile. When residents' demand for immediate consumption is higher than their wealth accumulation, consumer finance is required to provide them with immediate consumption support, while consumer finance requires the financial market to provide them with investment and financing channels and liquidity. Therefore, efficient financial market becomes an indispensable condition for the development of consumer finance.In the 1980s, the United States relaxed financial controls, asset securitization and leveraged transaction active financial market, accelerated the consumer financial capital turnover. Commercial Banks, consumer credit companies, credit mutual agencies, and non-financial large enterprises all participate in the consumer credit business. After the first launch of mortgage-backed securities by the national mortgage association in 1970, asset securitization has been implemented in many fields. In the 1980s, securitization of assets with the subject of credit card, student loan and auto loan emerged in an endless stream. The financial market provided good liquidity support for consumer credit securities, but excessive financial innovation also laid hidden dangers for the financial crisis in the late 1980s.Consumer finance in the United States involves housing, automobile, education, tourism, durable goods, daily consumption and other fields, forming a pattern of coexistence of comprehensive Banks and professional consumer credit institutions. The coexistence of multiple institutions is conducive to the construction of a professional consumer credit system, and the in-depth understanding of various fields, specific customer groups and industry characteristics, to reduce industry risks and individual risks. The competitive market is conducive to the improvement of the pricing efficiency of consumer credit, but professional institutions are weaker than Banks in the management of systematic risk and financial risk. Therefore, the consumer credit system dominated by Banks and co-existed with multiple institutions is conducive to the robust development of American consumer finance.In 2016, for example, deposit institutions provided about 40% of the consumer credit in