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DemetriadesP.TheResearchofconsumerfinanceandeconomygrowth[J].TheEconomicJournal,2017,1（5）:

83-93.

原文

TheResearchofconsumerfinanceandeconomygrowth

DemetriadesP

Abstract

Consumerfinancetoexpanddomesticdemand,promotingeconomicgrowthhasbecomeincreasinglyobviousrole.Itssounddevelopmentisconducivetogivefullplaytotheroleofconsumptiontotheeconomicdevelopment.Developmentofconsumercreditistoprovidecontinuousandstableimpetusforeconomicgrowth.Asaresultoftheinvestmenttopromoteeconomicgrowthandnotbyisneveradjustresultinginexcesscapacity,industrystructureimbalance,andmanyotherproblems.Andcangivefullplaytotheadvantagesofthemarketeconomy,consumerdemand.Guidetherationalallocationofresources,sotheconsumptionisstableandcontinuouspowerofeconomicgrowth.Consumerfinancecompaniesshouldaccordingtotheactualsituation,researchanddevelopmentofcompleteproductsystem,tostrengthentheconstructionofchannels,expandthescopeofbusiness.

Keywords:

consumerfinance,economicgrowth,consumercredit

1Itroduction

Consumerfinancereferstosomeinstitutionsofferingloanstohouseholdsorindividuals,specificallytomeettheconsumptionneedsofmodernfinancialservices.Consumerfinancebeginreallystartedfromthe1990s,after20yearsofdevelopment,forthepurposeofindividualandhouseholdconsumptionloanscaleexpandsrapidly,theloanapplicationisincreasinglywide,consumerfinancehasbecometheindispensableimportantcomponentoffinancialmarkets.Consumerfinance

developmenttoacertainextent,meettheresidentsofthegrowingmaterialandculturalconsumptiondemand,isconducivetoexpandingdomesticdemand,reducetheGDPofexcessivedependenceon

investmentandexports,promotehealthyeconomicgrowth.

2Literaturereview

Fisher,inhis1930bookpresentsconsumerstobuynowandafterspendingtimepreferenceselectiontheory,namelyconsumersaccordingtotherelevantconditionsandtoallocatethetotallifetimeconsumption.Furtherdevelopment,thetheory,assumingthatconsumergoodstomeettheneedsoftheconsumers,andtheconsumercanuseforalongtime,greatchangeshavetakenplaceinitsconsumerpreferenceisthecase,consumerswillbemorewillingtobuy.Evenifthecurrentlevelofwealthisnotallowedtobuy,theconsumerwillbeachievedbyborrowingadvancedconsumptiondesire.MiltonFriedmanin1957whenconsumer

spendingdecisionsareoftenbasedonpermanentincome,ratherthanthecurrentlevelofincome,knownifconsumerscanexpecttofutureincome,willadjustcurrentconsumptionaccordingtotheincomeleveloflater.Aftertheannualincomelevelishigher,themorelikelytheyaretomakeconsumersconsumptionchoices.Fromthemicrolevel,SidneyCoftleinapaperpublishedin1960,analyzedtheconsumerfinancecompanyprofitability.Hedemonstratestheconsumerfinancecompanyistheexistenceofeconomiesofscale,namelytoconsumerfinancecompany,themoretheconsumerfinancecompany'

scostislower,thebetterprofit.Francomodigliani,clothinNairobi,Antoncommonlifecycleincomehypothesisisputforwardin1966.Thetheoryonthepremiseoftheoriginalconsumersmakeconsumptionchoices,thispaperstudiestheconsumerlifeoftherelationshipbetweenconsumptionandincomelevel.Theybelievethathumanlifeiscomposedofthreestages,namelyjuvenileperiod,manhoodandoldage.Adolescenceandoldageincomelessthanspending,andmaturestageincomemorethanspending,sointhematurestageofincomenotonlymeetthedemandofthisissue,butalsosupplementthejuvenileperiodandtheholeoftheelderly.Therefore,theexpectedlifecycleandthecycleofallincomebecomedecidedtoconsumptionlevelofthekeyelements.GeorgeBenstonmentionedinapaperpublishedin1977,interestratecaponconsumerborrowingcosts.Inthispaper,hediscussestheborrowingcostsrelationshipwithinterest

rates.Thatsameyear,GorgeBenstoninpublishedanotherpaperanalyzestheinterestrateriskofconsumercreditproblem,putforwardthechangeofinterestrate'

sinfluenceonconsumerfinancewerenotasseriousandunacceptable.Theoperationoftheconsumerfinancecompanyloanriskisgreaterthantheinterestraterisk.Forconsumerfinancialservicesofahomeloan,1995economistsHayreCaliforniadefaultsintheUnitedStatesareanalyzed.Hefoundthatthedefaultwithage,lengthoftime,housingprices,economicsituation,forlaterconsumptionfinancialcompanytomanageandcontrolfinancialrisksprovidesanimportantreference.JaPelliandPagano,astudyin1989foundthatexistsbetweenthefluctuationofconsumercreditandconsumptionoffromthecorrelationofcreditconstraints.Indecidingwhetherornottoprovideconsumercredit,consumerfinancialservicesinstitutionswouldconsidertheriskandcost.Stislitzthearticlepublishedin1981,thepaperexpoundshowtheasymmetricinformation,thelawofconsumercreditmarketandthecharacteristicoftheinner.

3Summaryofconsumerfinance

3.1Themeaningofconsumerfinanceandtheoreticalbasis

Consumerfinanceistoprovideloanstoresidentsorasinglefamily,tomeetthemodernconsumerconsumptioninadvancethepurposeoffinancialservices.Overall,consumerfinance,therearetwonotablecharacteristics,isaloanapplicantisanindividualorfamily,isnota

productiveenterpriseasalegalperson,publicwelfaresocialorganizations,orgovernmentorganizationwithamacroscopicetc.Second,consumerfinancetoprovideavarietyofloansusedtosatisfyconsumers'

purpose,notforconsumerstomakepersonalinvestment,management,etc.Leadingconsumerneedfamily,residents,accordingtotheirownneedstoprovideconsumerfinancialservicesinstitutionstoapplyforaloan,consumerfinancialproviderfortheapplicant'

sfinancialposition,creditabilityaftersurveyassessment,andmakecreditdecisions.Getconsumerfinanceloansoftheindividualorfamily,youcanusetheloantobuydurablegoodssuchashouses,cars,homeappliances,etc.,alsocanpaythefamilytravel,childreneducation,andmarriageroomdecorategeneralspendingindividualsorfamilies.Forconsumerfinancetolaythetheoreticalfoundationofbasicallyhasthefollowingthreeaspects:

Firstofallistheinsufficienteffectivedemandtheoryforconsumerfinancialcushion.Inthe1820s,theeconomistThomasMalthus,putforwardintheprocessofdevelopmentoftheeconomyasawhole,effectivedemandisinsufficient.Inthe1930sisamajorcrisisintheUnitedStatesduringthegreatdepression,KeynesintheMalthusiantheoryonthebasisofrealizethatdemandledtothegreatdepressionintheUnitedStates.HeinRoosevelt'

sNewDealthen,favorsaproactivefiscalpolicy,tostimulatedomesticdemand.Thispolicytoacertainextent,tostimulatetheresidents'

demand,theU.S.economyhas

increasedrapidly,greatlyimprovingtheunderemployment,people'

slivingstandardsimprove,noteconomicgrowthandaseriesofproblems.Consumerfinanceprovidedbytheconsumercreditcanmadeitpossibletoadvanceconsumption,greatlypromotedtheincreaseofaggregatedemand.Itisuniversallyrecognizedbytheeconomist'

sLuke'

sexpectedincometheoryisputforward.Thetheorysupporttheliquidityofbankassetsisdeterminedbytheloanholdersandapplicants'

futureearnings,ratherthandeterminedbythelengthofthedurationoftheloan.Iflendersexpectedincomeisgood,hasthestability,thedeadlineevenifverylong,alsocanrecoversmoothly,profitabilityandliquiditywillbebetter.Iftheloanholdersintheforeseeablefutureincomedifference,evenifthedeadlineisveryshort,canalsobedifficulttoachievethegoalofback,so,liquidityispoor.ThistheorylaidtheBanksandotherfinancialinstitutionsinlending,shouldbeonthebasisoflendersexpectedincome,comprehensiveevaluationofitsstability,etc,toestablishareasonablecomprehensivecreditsystem,maketheresidentsconvenientconsumptionreasonablysmoothly.Threeistheestablishmentofconsumerloancreditriskevaluationcriteria.In1941,DavidDurandestablishesacomprehensiveevaluationoftheriskofconsumercreditapplicantsinventory,withthecomprehensiveanalysisandconsiderationontheapplicants,includingfromtheaspectsofage,sex,occupation,propertyevaluationandanalysis,givedifferentscores,finallythescoreof

aggregationtoborrowers,determinewhethercangivefinancialconsumerloans.DavidDurand'

sapproachtoconsumercustomerschoosepioneeredthenewtrainofthought,manyorganizationstofollowsuit,factshaveprovedthatthissystemhastherationalityandscientificnature,fortherapiddevelopmentoftheconsumerfinanceindevelopedcountriesplayagreatroleinpromoting.

3.2Consumerfinanceoperationmode

Differentformsofconsumerfinanceloans,repaymentmethodisdiverse.Firstofall,theinstallmentpaymentformsofloans.Mainlyforautoloansandhomeisloans.Buyerstoprovideconsumerfinancialservicesinstitutionstoproducetheirownidentitycertificates,certificateofincomeasabasistoBanksandotherfinancialinstitutionsandnon-bankfinancialinstitutionstoapplyforaloan,andfinancialinstitutionsmustproceduralreview,determinetheapplicantaftermatchedtheloanconditions,makeconsumersagreedtobuyhouseorcarforitsconsumergoodsascollateral,suchastheloantobewireddirectlyintocarorhousingunitofaccount,andthenareconsumersininstallmentreimbursementconsumerloans.Second,itisrevolvingcreditloans.Creditcardisthemostobviousrevolvingcreditperforma