消费金融外文文献翻译

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1、文献出处： Demetriades P. The Research of consumer finance and economy growth J. The Economic Journal, 2016, 4(2): 83-99.原文The Research of consumer finance and economy growthDemetriades PAbstractConsumer finance to expand domestic demand, promoting economic growth has become increasingly obvious role, it

2、s sound development is conducive to give full play to the role of consumption to the economic development. Development of consumer credit to provide continuous and stable impetus for economic growth. As a result of the investment to promote economic growth and not by is never adjust resulting in exc

3、ess capacity, industry structure imbalance, and many other problems. And can give full play to the advantages of the market economy, consumer demand, guide the rational allocation of resources, so the consumption is stable and continuous power of economic growth. Consumer finance companies should ac

4、cording to the actual situation, research and development of complete product system, to strengthen the construction of channels, expand the scope of business.Keywords: consumer finance, economic growth, consumer credit1 IntroductionConsumer finance refers to some institutions offering loans to hous

5、eholds or individuals, specifically to meet the consumption needs of modern financial services. Consumer finance begin really started from the 1990 s, after 20 years of development, for the purpose of individual and household consumption loan scale expands rapidly, the loan application is increasing

6、ly wide, consumer finance has become the indispensable important component of financial markets. Consumer finance development to a certain extent, meet the residents of the growing material and cultural consumption demand, is conducive to expanding domestic demand, reduce the GDP of excessive depend

7、ence on investment and exports, promote healthy economic growth.2 Literature reviewFisher, in his 1930 book presents consumers to buy now and after spending time preference selection theory, namely consumers according to the relevant conditions and to allocate the total lifetime consumption. Further

8、 development, the theory, assuming that consumer goods to meet the needs of the consumers, and the consumer can use for a long time, great changes have taken place in its consumer preference is the case, consumers will be more willing to buy. Even if the current level of wealth is not allowed to buy

9、, the consumer will be achieved by borrowing advanced consumption desire.Milton friedman in 1957 when consumer spending decisions are often based on permanent income, rather than the current level of income, known if consumers can expect to future income, will adjust current consumption according to

10、 the income level of later. After the annual income level is higher, the more likely they are to make consumers consumption choices.From the micro level, Sidney Coftle in a paper published in 1960, analyzed the consumer finance company profitability. He demonstrates the consumer finance company is t

11、he existence of economies of scale, namely to consumer finance company, the more the consumer finance companys cost is lower, the better profit. Franco Modigliani (Modisliani), cloth in Nairobi, Anton common life cycle income hypothesis is put forward in 1966.The theory on the premise of the origina

12、l consumers make consumption choices, this paper studies the consumer life of the relationship between consumption and income level. They believe that human life is composed of three stages, namely juvenile period, manhood and old age. Adolescence and old age income less than spending, and mature st

13、age income more than spending, so in the mature stage of income not only meet the demand of this issue, but also supplement the juvenile period and the hole of the elderly. Therefore, the expected life cycle and the cycle of all income become decided to consumption level of the key elements.George B

14、enston mentioned in a paper published in 1977, interest rate cap on consumer borrowing costs. In this paper, he discusses the borrowing costs relationship with interest rates. That same year, Gorge Benston in published another paper analyzes the interest rate risk of consumer credit problem, put for

15、ward the change of interest rates influence on consumer finance were not as serious and unacceptable. The operation of the consumer finance company loan risk is greater than the interest rate risk.For consumer financial services of a home loan, 1995 economists Hayre California defaults in the United

16、 States are analyzed.He found that the default with age, length of time, housing prices, and economic situation, for later consumption financial company to manage and control financial risks provides an important reference.JaPelli and Pagano, a study in 1989 found that exists between the fluctuation

17、 of consumer credit and consumption of from the correlation of credit constraints. In deciding whether or not to provide consumer credit, consumer financial services institutions would consider the risk and cost. Stislitz the article published in 1981, the paper expounds how the asymmetric informati

18、on, the law of consumer credit market and the characteristic of the inner.3 The summary of consumer finance3.1 The meaning of consumer finance and theoretical basisConsumer finance is to provide loans to residents or a single family, to meet the modern consumer consumption in advance the purpose of

19、financial services. Overall, consumer finance, there are two notable characteristics, is a loan applicant is an individual or family, is not a productive enterprise as a legal person, public welfare social organizations, or government organization with a macroscopic etc. Second, consumer finance to

20、provide a variety of loans used to satisfy consumers purpose, not for consumers to make personal investment, management, etc. Leading consumer need family, residents, according to their own needs to provide consumer financial services institutions to apply for a loan, consumer financial provider for

21、 the applicants financial position, credit ability after survey assessment, and make credit decisions. Get consumer finance loans of the individual or family, you can use the loan to buy durable goods such as houses, cars, home appliances, etc., also can pay the family travel, children education, an

22、d marriage room decorate general spending individuals or families.For consumer finance to lay the theoretical foundation of basically has the following three aspects:First of all is the insufficient effective demand theory for consumer financial cushion. In the 1820 s, the economist Thomas malthus,

23、put forward in the process of development of the economy as a whole, effective demand is insufficient. In the 1930 s is a major crisis in the United States during the great depression, Keynes in the malthusian theory on the basis of realize that demand led to the great depression in the United State

24、s. He in Roosevelts New Deal then, favors a proactive fiscal policy, to stimulate domestic demand. This policy to a certain extent, to stimulate the residents demand, the U.S. economy has increased rapidly, greatly improving the underemployment, peoples living standards improve, not economic growth

25、and a series of problems. Consumer finance provided by the consumer credit can made it possible to advance consumption, greatly promoted the increase of aggregate demand. 2 it is universally recognized by the economists Lukes expected income theory is put forward. The theory support the liquidity of

26、 bank assets is determined by the loan holders and applicants future earnings, rather than determined by the length of the duration of the loan. If lenders expected income is good, has the stability, the deadline even if very long, also can recover smoothly, profitability and liquidity will be bette

27、r; If the loan holders in the foreseeable future income difference, even if the deadline is very short, can also be difficult to achieve the goal of back, so, liquidity is poor. This theory laid the Banks and other financial institutions in lending, should be on the basis of lenders expected income,

28、 comprehensive evaluation of its stability, etc, to establish a reasonable comprehensive credit system, make the residents convenient consumption reasonably smoothly.Three is the establishment of consumer loan credit risk evaluation criteria. In 1941, David Durand establishes a comprehensive evaluat

29、ion of the risk of consumer credit applicants inventory, with the comprehensive analysis and consideration on the applicants, including from the aspects of age, sex, occupation, property evaluation and analysis, give different scores, finally the score of aggregation to borrowers, determine whether

30、can give financial consumer loans. David Durands approach to consumer customers choose pioneered the new train of thought, many organizations to follow suit, facts have proved that this system has the rationality and scientific nature, for the rapid development of the consumer finance in developed c

31、ountries play a great role in promoting.3.2 Consumer finance operation modeDifferent forms of consumer finance loans, repayment method is diverse.First of all, the installment payments form of loans. Mainly for auto loans and home loans. Buyers to provide consumer financial services institutions to

32、produce their own identity certificates, certificate of income as a basis to Banks and other financial institutions and non-bank financial institutions to apply for a loan, and financial institutions must procedural review, determine the applicant after matched the loan conditions, make consumers ag

33、reed to buy house or car for its consumer goods as collateral, such as the loan to be wired directly into car or housing unit of account, and then are consumers in installment reimbursement consumer loans.Second, revolving credit loans. Credit card is the most obvious revolving credit performance co

34、nsumer financial products. Revolving credit that consumer credit demanders need only one application, after passed the qualification of commercial Banks and credit approval, you can get many loans of commercial Banks.3.3 Consumer finance economic significanceWith the rapid economic development in re

35、cent decades, peoples living standards increasing quickly, ordinary residents consumption demand is growing. More and more people, especially have received higher education of young people, more and more tend to accept before you actually have the purchasing power consumption concept. More and more

36、people have credit consumption demand. They have borrowed from the bank institutions such as a certain amount of loans to buy consumer goods, such as houses, cars, and other consumer spending, such as education, tourism. As you can see, consumer finance to meet the growing demand for credit consumpt

37、ion residents in our country is to adapt to the economic development trend. The rapid development of consumer financial help exporters into consumption power, effectively reduce export dependence, so as to maximize the mobilization of consumption on economic growth.4 Suggestions on consumer finance

38、to promote economic growthConsumer finance provider to consumers to submit application, evaluation of consumer credit ability, often face big mistake decision-making risk. But that is no solvency, borrowing, satisfy a consumption desire of personal or family use consumer finance provides the conveni

39、ence of service, to malicious bad loans. Consumer finance loan service provider in order to make the right decisions, reduce the risk of consumer loans, should actively establish the effective investigation and evaluation system. First, consumer finance lenders should check the applicants personal i

40、nformation to prove, including applicants real personal incomes, work unit, address, etc. Second, consumer finance provider should establish specialized, system of customer credit files, used to record consumption credit applicants before borrowing of the performance.Consumer finance lenders should

41、through various channels, in a scientific way of marketing, the demand for consumer finance has to, and have certain economic ability to residents of the publicity and innovative services, meet the needs of residents more. Consumer finance lenders should be based on the various aspects of reliable i

42、nformation, for those who are in conformity with the credit terms for primary individual or family. Even those who accord with the family or personal credit institutions lending conditions, not to apply for personal consumption loans, consumption financial institutions can also send the credit appli

43、cation form, the key to promote the crowds, popularize knowledge of consumer finance, financial needs to develop a new consumer market.译文消费金融与经济增长研究Demetriades P摘要消费金融对扩大内需，带动经济增长的作用已经越来越明显，它的良好发展 有利于充分调动消费对经济发展的作用。发展消费信贷有利于为经济增长提供持 续稳定的推动力。由于投资推动的经济增长并不是靠是从来调节从而造成产能过 剩，产业结构失调等诸多问题。而消费需求能充分发挥市场经济的优势

44、，引导资 源合理配置，因此消费才是经济增长的稳定和持续动力。消费金融公司应该根据 实际情况，研发完整的产品体系、加强渠道建设、扩大业务范围。 关键词：消费金融，经济增长，消费信贷1 引言消费金融是指一些机构专门向家庭或者个人提供贷款，以满足其超前消费需 要的现代金融服务方式。消费金融真正起步是从 20 世纪 90 年代才开始的，经 过了二十年的发展，用于个人和家庭消费目的的贷款规模迅速扩张，贷款用途也 日益广泛，消费金融已成为金融市场不可或缺的重要组成部分。消费金融的发展 能一定程度上满足居民不断增长的对物质文化的消费需求，有利于扩大内需，减 少我国 GDP 对投资和出口的过度依赖，促进经济健

45、康增长。2 文献综述Fisher 在其 1930 年的著作中提出消费者目前消费和以后消费的时间偏好选 择理论，即消费者会根据相关情况，对其一生消费的总量进行分配。往后，该理 论进一步发展，即假定某项消费品能够满足消费者的需求 ,且该消费品能长期使 用，则在其消费偏好没有发生较大变化的情况下 ,消费者会更愿意购买。即使当 前的财富水平不允许购买，消费者也会通过借贷实现超前消费的愿望。米尔顿弗里德曼在1957年提出消费者做出消费抉择时往往是根据永久收 入，而不是目前已知的收入水平，如果消费者能够预期到以后的收入，则会根据 以后的收入水平调整现期消费。以后年度收入水平越高，消费者就越有可能做出 超前

46、消费的选择。从微观层面来说，Sidney Coftle在1960年发表的论文中分析了消费金融公 司获利能力的问题。他论证了消费金融公司是存在规模效益的，即参加消费金融 的公司越多，消费金融公司的成本越低，盈利越好。（完整译文请到百度文库）莫迪利安尼(Modisliani)、布伦贝格、安东共同在1966年提出生命周期收入 假说。此理论在原来的消费者做出消费选择的前提下 ,着重研究消费者一生中的 消费与收入水平之间的关系。他们认为，人的一生是由三个阶段组成，即少年期、 壮年期及老年期。少年期和老年期收入少于支出，而壮年期收入大于支出，因此 在壮年期的收入不仅要满足本期的消费需求，还要贴补少年期和老

47、年斯的亏空。 因此,预期的生命周期及周期内的所有收入成为决定消费水平的关键要素。George Benston 在 1977 年发表的论文中提到利率上限对消费贷款成本的影 响。文中他论述了贷款成本同利率的关系。同年,Gorge Benston在发表的另一篇 论文中分析了消费信贷的利率风险问题,提出利率的变化对消费金融的影响并没 有想象中那么严重和不可接受。消费金融公司贷款的操作风险远大于利率风险。针对于消费金融服务的一个方面房屋贷款，1995 年经济学家 Hayre 分析了 美国加利弗尼亚州的违约情况。他发现违约与年龄、时间长短、房价、经济状况 相关，为以后的消费金融公司管理与控制消费金融风险提

48、供了重要的参考。JaPelli 和 Pagano 在 1989 的一项研究中发现,消费信贷额与消费总量的波动 之间存在着来自信用约束的相关性。在决定是否提供消费信贷时 ,消费金融服务 机构会考虑风险和成本。 stislitz 在 1981 年发表的文章中，阐述了当信息不对称、 消费金融信贷市场规律及内在的相关特点。3 消费金融概述3.1 消费金融的含义及理论基础消费金融是指向居民或者单个家庭提供贷款，用以满足消费者提前消费目的 的现代金融服务方式。总体来看，消费金融有两个显著特点，一是贷款申请者是 个人或者家庭，不是具有生产性的企业法人、具有公益性的社会团体、或者是具 有宏观性的政府组织等机构

49、。二是消费金融提供的各种贷款用于满足消费者消费 目的，不是用于消费者进行个人投资、经营等。具有超前消费需要的家庭、居民， 根据自己的需要向提供消费金融服务的机构申请贷款，消费金融提供者对申请者 的财务状况、信用能力进行调查评估后，做出信贷决策。得到消费金融贷款的个 人或家庭，可以用此贷款购买耐用消费品如房屋、汽车、家用电器等，亦可以支 付家庭旅游、子女教育、婚房装修等个人或家庭一般性支出。为消费金融奠定理论基础的主要有以下三个方面：首先是有效需求不足理论为消费金融垫定了基础。19 世纪 20 年代，经济 学家马尔萨斯提出在整个经济发展过程中，有效需求是不足的。20 世纪 30 年 代是美国的大

50、危机大萧条时期，凯恩斯在马尔萨斯理论的基础上认识到，需求不 足导致了美国的大萧条。他在紧接着的罗斯福新政中，主张采取积极的财政政策， 以刺激国内需求。此政策在一定程度上刺激了居民需求，美国经济开始迅速增长， 很大程度上改善了就业不足、人民生活水平不能提高、经济不能增长等一系列的 问题。消费金融提供的消费信贷能够使居民提前消费成为可能，大大促进了总需 求的增加。二是得到普遍认可的由经济学家普鲁克诺提出的预期收入理论。该理论支持 银行资产的流动性是由贷款持有者及申请者的未来收入决定的，而不是由贷款的 期限长短决定。如果贷款者的预期收入较好，具有稳定性，期限即使很长，也能 顺利收回，收益性和流动性就

51、会较好；如果贷款持有者在可预见的未来收入差， 即使期限非常短，也难以实现收回的目标，如此来看，流动性也是很差的。这个 理论奠定了银行等金融机构在发放贷款时，应该以借贷者的预期收入为标准，对 其稳定性等进行综合评价，建立合理全面的信用体系，使居民顺利便捷合理地超 前消费。三是消费者贷款信用风险评定标准的建立。在1941年，David Durand建立 了一套综合的评价消费信贷申请者风险的测量表，以对申请者进行全面分析和考 量，包括从年龄、性别、职业、不动产等角度进行考核和分析，分别给予不同的 分值，最后将贷款者的分值加总，确定是否可以贷款给金融消费者。David Durand 的方法给消费金融的

52、客户选择上开创了新的思路，很多机构纷纷效仿，事实证明 这套体系具有合理性和科学性，对发达国家消费金融业的迅速发展起到极大的促 进作用。3.2 消费金融运行方式消费金融贷款的表现形式不同，偿还方式也就多种多样。首先，分期付款形式贷款。主要表现为汽车贷款和房屋贷款。购买者向消费 金融服务提供机构出示自己的身份证明、收入情况证明作为依据来向银行等金融 机构及非银行金融机构申请贷款，金融机构经过必须的程序性的审查，确定申请 者确实符合贷款条件之后，使消费者同意以其购买的住房或者汽车等消费品做为 抵押，把贷款直接汇进售车或者售房单位的账户，然后由消费者分期偿付消费贷 款。其次，循环信贷贷款。信用卡是循环

53、信贷表现最为明显的消费金融产品。循 环信贷即消费信贷需求者只需要一次申请，通过了商业银行的资格和信用审批之 后，就可以得到商业银行的多次贷款.3.3 消费金融对经济的意义随着近几十年经济快速发展，人民生活水平迅速提高，普通居民消费需求也 在不断增长。越来越多的人，尤其是接受过高等教育的青年人，越来越倾向于接 受在自己实际拥有购买力之前就消费的观念。越来越多的人有贷款消费的需求。 他们把从银行等机构借来的一定额度的贷款用于购买消费品，如房屋、汽车，及 一些其他消费方面的支出，如教育、旅游。可以看出，消费金融迎合了我国居民 不断增长的贷款消费的需求，是适应经济发展趋势的。消费金融的迅速发展有利 于

54、出口大国转变为消费大国，有效减轻出口依赖，从而最大程度调动消费对经济 发展的作用。4 消费金融促进经济增长的对策建议消费金融提供者接受消费者递交的申请书，评估消费者资信能力，常常面临 很大的错误决策风险。那就是没有偿债能力，却要借款、满足一时消费欲望的个 人或家庭会利用消费金融提供的便利服务，进行恶意不良贷款。消费金融服务提 供者为了做出正确的贷款决策，减少消费者坏账风险，应该主动积极地建立起有 效的调查与评估体系。首先，消费金融放款者应该检查申请者个人提供的资料证 明，包括申请者个人实际月收入，工作单位、地址等。其次，消费金融提供者应 该建立起专门的、系统的客户信贷档案，用于记录消费信贷申请者以往的借贷消 费的履约情况。消费金融放款者应该通过多种渠道，用科学的营销方式，向对消费金融有需 求，且有一定经济能力的居民大力宣传并创新服务，满足居民更多的需求。消费 金融放款机构应该依据所取得的各方面的可靠资料，对那些符合信贷条件的个人 或家庭进行预选。即使那些符合信贷机构贷款条件的家庭或者个人，没有申请个 人消费贷款，消费金融机构也可以寄出消费信贷申请表，重点对这些人群进行宣 传，普及消费金融方面知识，来开发新的消费金融需求市场。