消费金融外文文献翻译

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 growth

Demetriades P

Abstract

Consumer finance to expand domestic demand, promoting economic growth has become increasingly obvious role, its 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 excess 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 according 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 credit

1 Introduction

Consumer finance refers to some institutions offering loans to households 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 increasingly 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 dependence on investment and exports, promote healthy economic growth.

2 Literature review

Fisher, 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 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, 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 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 the existence of economies of scale, namely to consumer finance company, the more the consumer finance company's 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 original 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 stage 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 Benston 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 forward the change of interest rate's 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 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 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 information, the law of consumer credit market and the characteristic of the inner.

3 The summary of consumer finance

3.1 The meaning of consumer finance and theoretical basis

Consumer finance is to provide loans to residents or a single family, to meet the modern consumer consumption in advance the purpose of 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 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 the applicant's 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, and 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, 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 States. He in Roosevelt's 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, people's living standards improve, not economic growth 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 economist's Luke's expected income theory is put forward. The theory support the liquidity of 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 better; 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, 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 evaluation 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 can give financial consumer loans. David Durand's 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 countries play

a great role in promoting.

3.2 Consumer finance operation mode

Different 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 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 agreed 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 consumer 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 significance

With the rapid economic development in recent decades, people's 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 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 consumption 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 to promote economic growth

Consumer 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 convenience 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 applicant's personal information 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 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 information, 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 application 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，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）