【摘要】 自20世纪90年代以来,随着美国转变为以服务业为主导的经济结构,其经济增长方式也转变为主要以消费拉动。这一转变过程中美国国内收入分配格局的变化对消费增长带来的不利影响主要通过消费信贷予以缓解,由此,使资产价格成为美国经济增长中的重要环节。当资产价格上涨时,居民的财产性收入增加会刺激借贷消费的需求,并由此拉动美国经济增长,但这也直接导致了美国中低收入家庭债务规模的上升,财务状况更加脆弱。一旦资产价格出现调整,即使是小幅调整,中低收入家庭支付能力也会受到很大冲击,出现偿付困难,并因此成为引发次贷危机的导火索。更多还原

【Abstract】 Since 1990s,as U.S. transformed into service sector-based economic structure,consumption-pulled American economic growth came into being. The negative impacts of the variation of domestic income distribution on consumption growth in this transformation process were mainly subsided by consumption credit. And therfore,asset prices become an integratedpart of American economic growth. With the rise of asset prices,resident’s income growthof assets will stimulate the needs of loan consumption and push economic growth. Nevertheless,it also leads to the rise of family debts among below-medium income families,and more fragile financial performance. Once asset prices vary,even small variation,will have tremendous impacton the affordability of below-medium income families. They have difficulties in redeemingloans,leading to subprime mortgage crisis.更多还原