【摘要】 "二战"后,随经济与个人可支配收入的持续稳定增长以及20世纪80年代以来金融放松管制与金融创新的发展,住宅抵押贷款为主要内容的美国个人部门债务巨量增长,通过平滑个人消费支出推动美国经济的增长。但近些年的过度发展,如个人部门杠杆率过高、迅猛膨胀的基础脆弱以及低信用等级借款人增加等,提高了个人部门债务的脆弱性,美国个人部门可能要经历一个减少债务增加储蓄的去杠杆化过程。在中国今后通过推进个人信贷促进内需的进程中,借鉴国际经验,在信贷供给方设置增长"限速器",防范个人债务过度是一种可选择的安排。更多还原

【Abstract】 U.S.personal sector debt with the residential mortgage loans as the main contents had grown dramatically and promoted U.S.economic growth by smoothing consumer spending with the economic and personal disposable income growth after World WarⅡand the development of financial deregulation and financial innovation in 1980s.However,by the rapid development recent years,there are some problems come out,such as the excessive leverage of individual sectors,the vulnerability base of the rapid expansion and the increasing borrowers with low credit ratings which increased the vulnerability of personal sector debt,the U.S. personal sector may experience a process of reduction of debt to increase savings.There would be an alternative arrangement for China to set up a "speed limiter" to prevent excessive personal debt for credit supply side by learning from the international experience in the process of promotion of consumer credit to boost domestic demand in the future.更多还原