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Characteristics of American consumer finance

2018-10-11 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- Characteristics of American consumer finance,供大家参考学习,这篇论文讨论了美国消费金融特征。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。

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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 the United States, still in a dominant position, professional financial companies provided 20%, the federal government provided 28%, credit mutual institutions provided 10%, non-profit education institutions, non-financial enterprises provided about 3%. Banks and the federal government mainly provide home mortgages, while Banks and other institutions jointly provide diversified consumer credit.

The perfect credit system provides guarantee for credit risk management of credit institution. The credit investigation system in the United States is based on the formation of private commercial credit companies. One is personal credit investigation. Currently, the personal credit system is dominated by Ex p e r I an, TransUnion and Equifax, consisting of more than 200 small consumer credit service agencies. The second is enterprise credit investigation, which is mainly monopolized by deng baishi company. The "world database" owned by this company contains the credit files of 57 million enterprises from all over the world, which has built a strong enterprise credit evaluation system. Third, the credit rating system for corporate investment and financing services is dominated by standard & poor's, moody's and fitch.

In the credit system, credit investigation institutions and credit extension institutions form a good interactive mechanism. Credit investigation institutions can obtain personal credit information from credit extension institutions, governments and other channels without personal permission, and provide credit data reports to credit extension institutions and other institutions within the scope permitted by law. When consumers question their credit reports, credit agencies should verify the information to ensure the report is objective and fair.

Severe punishment for breach of trust is an essential link in the construction of credit system. America's discredited punishment comes down to three things. One is that credit behavior is linked to economic life. The dishonest behavior will lead to the economic life of the faithless person being restricted and unable to get credit support in the future, thus restricting the credit behavior of individuals, enterprises, etc. The second is severe punishment for dishonesty. It mainly includes labor punishment and economic punishment for the faithless. The disclosure of faithless behavior to relevant areas of economic life through legal norms has brought many negative effects to the faithless.

The sound credit system and credit service permeate all fields of American society, provide basis for the credit granting and financial risk assessment of enterprises and individuals, and provide decision-making advice for the risk management of consumer credit.

Since the 1960s, the U.S. government has successively introduced the consumer credit protection act, the honest lending act, the fair credit reporting act and other laws and regulations, covering all aspects of consumer finance, including credit investigation, credit granting, and measures adopted after credit loss, thus ensuring the smooth development of consumer finance business.

Pay attention to economic growth and the same periodicity of consumer finance. The development of consumer finance is based on household wealth and consumption expenditure. The development of consumer finance in China should follow the economic law. When the economy grows rapidly and the household wealth increases, moderately accelerating the development of consumer finance is conducive to improving the consumption structure and promoting economic development. If the economy is in a recession, the household income decreases and the wealth decreases, the consumer finance business should be carried out cautiously and the credit risk and liquidity risk should be prevented. At present, China's economy faces slowing economic growth and economic structure transformation of the economic structure, moderate in consumer finance is helpful to stimulate consumption, slow economic slow down the negative effect, but the residents of disposable income to reduce dampened consumption impulse, excessive development of consumer finance, stimulate consumption tends to cause a credit chain rupture, induce systemic financial risk.

We will accelerate the development of a financial market system. Effective financial markets can price financial products well. The relatively perfect interest rate market in the United States is conducive to the formation of bond prices and provides a benchmark for the pricing of consumer financial products. In addition, an effective financial market is conducive to consumer financial asset securitization, which can transfer credit granting risks to the market, enhance the liquidity of credit granting recipients and reduce their risks. At present, the reform of interest rate liberalization in China has been preliminarily completed, but the interest rate system based on the market has not been fully formed. Therefore, the improvement of market-oriented interest rate system and the design of consumer financial products related to market-oriented interest rate are conducive to the development of consumer financial market.

Foster a fully competitive consumer financial market. The U.S. consumer financial market has formed a pattern of common competition among loan institutions, the federal government, credit mutual institutions, financial companies and non-financial companies, which is conducive to breaking the monopoly and effectively pricing consumer financial products. At the same time, the complementary mechanism among institutions covers the entire consumer sector in the United States. At present, China's consumer financial market is still dominated by commercial Banks, while other consumer financial institutions are still weak, and the task of cultivating the growth of other institutions remains arduous.

Improve the credit system. A sound credit system is a strong guarantee for the development of consumer finance. The construction of credit system mainly includes legal system construction, credit system construction and residents' credit concept construction. First of all, the Chinese government should issue relevant laws and regulations according to the characteristics of current consumer finance, so as to solve the problem of universality and particularity in the development of consumer finance. At the same time, China should support its credit investigation institutions, encourage the positive interaction between credit investigation institutions and credit extension institutions, and cultivate a market-oriented credit investigation system. Finally, we should cultivate residents' good credit concept, pay attention to personal credit maintenance and rationally use consumption credit. The good credit concept of residents, the fair and effective credit market of the society and the sound credit legal guarantee of the country are the necessary conditions for China's consumer finance to mature.

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