消费金融外文文献翻译.docx

消费金融外文文献翻译.docx

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消费金融外文文献翻译

文献出处：

DemetriadesP.TheResearchofconsumerfinanceandeconomygrowth[J].TheEconomicJournal,2016,4

（2）:

83-99.

原文

TheResearchofconsumerfinanceandeconomygrowth

DemetriadesP

Abstract

Consumerfinancetoexpanddomesticdemand,promotingeconomicgrowthhasbecomeincreasinglyobviousrole,itssounddevelopmentisconducivetogivefullplaytotheroleofconsumptiontotheeconomicdevelopment.Developmentofconsumercredittoprovidecontinuousandstableimpetusforeconomicgrowth.Asaresultoftheinvestmenttopromoteeconomicgrowthandnotbyisneveradjustresultinginexcesscapacity,industrystructureimbalance,andmanyotherproblems.Andcangivefullplaytotheadvantagesofthemarketeconomy,consumerdemand,guidetherationalallocationofresources,sotheconsumptionisstableandcontinuouspowerofeconomicgrowth.Consumerfinancecompaniesshouldaccordingtotheactualsituation,researchanddevelopmentofcompleteproductsystem,tostrengthentheconstructionofchannels,expandthescopeofbusiness.

Keywords:

consumerfinance,economicgrowth,consumercredit

1Introduction

Consumerfinancereferstosomeinstitutionsofferingloanstohouseholdsorindividuals,specificallytomeettheconsumptionneedsofmodernfinancialservices.Consumerfinancebeginreallystartedfromthe1990s,after20yearsofdevelopment,forthepurposeofindividualandhouseholdconsumptionloanscaleexpandsrapidly,theloanapplicationisincreasinglywide,consumerfinancehasbecometheindispensableimportantcomponentoffinancialmarkets.Consumerfinancedevelopmenttoacertainextent,meettheresidentsofthegrowingmaterialandculturalconsumptiondemand,isconducivetoexpandingdomesticdemand,reducetheGDPofexcessivedependenceoninvestmentandexports,promotehealthyeconomicgrowth.

2Literaturereview

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

Miltonfriedmanin1957whenconsumerspendingdecisionsareoftenbasedonpermanentincome,ratherthanthecurrentlevelofincome,knownifconsumerscanexpecttofutureincome,willadjustcurrentconsumptionaccordingtotheincomeleveloflater.Aftertheannualincomelevelishigher,themorelikelytheyaretomakeconsumersconsumptionchoices.

Fromthemicrolevel,SidneyCoftleinapaperpublishedin1960,analyzedtheconsumerfinancecompanyprofitability.Hedemonstratestheconsumerfinancecompanyistheexistenceofeconomiesofscale,namelytoconsumerfinancecompany,themoretheconsumerfinancecompany'scostislower,thebetterprofit.

FrancoModigliani（Modisliani）,clothinNairobi,Antoncommonlifecycleincomehypothesisisputforwardin1966.Thetheoryonthepremiseoftheoriginalconsumersmakeconsumptionchoices,thispaperstudiestheconsumerlifeoftherelationshipbetweenconsumptionandincomelevel.Theybelievethathumanlifeiscomposedofthreestages,namelyjuvenileperiod,manhoodandoldage.Adolescenceandoldageincomelessthanspending,andmaturestageincomemorethanspending,sointhematurestageofincomenotonlymeetthedemandofthisissue,butalsosupplementthejuvenileperiodandtheholeoftheelderly.Therefore,theexpectedlifecycleandthecycleofallincomebecomedecidedtoconsumptionlevelofthekeyelements.

GeorgeBenstonmentionedinapaperpublishedin1977,interestratecaponconsumerborrowingcosts.Inthispaper,hediscussestheborrowingcostsrelationshipwithinterestrates.Thatsameyear,GorgeBenstoninpublishedanotherpaperanalyzestheinterestrateriskofconsumercreditproblem,putforwardthechangeofinterestrate'sinfluenceonconsumerfinancewerenotasseriousandunacceptable.Theoperationoftheconsumerfinancecompanyloanriskisgreaterthantheinterestraterisk.

Forconsumerfinancialservicesofahomeloan,1995economistsHayreCaliforniadefaultsintheUnitedStatesareanalyzed.Hefoundthatthedefaultwithage,lengthoftime,housingprices,andeconomicsituation,forlaterconsumptionfinancialcompanytomanageandcontrolfinancialrisksprovidesanimportantreference.

JaPelliandPagano,astudyin1989foundthatexistsbetweenthefluctuationofconsumercreditandconsumptionoffromthecorrelationofcreditconstraints.Indecidingwhetherornottoprovideconsumercredit,consumerfinanci