The Study Of American Consumer Credit During The Post-crisis Era

It has been5years since finance crisis exploded, each country has madeenormous efforts to recover from the damage. As the center of crisis, American tookmany unusual ways to restore its finance system, and prevent its economy fromdeclining. As long as the effect of these bailout policies promoted, major economieshave been mainly recovered from this crisis, we all entered the “post-crisis ear”. Sohow to gain the vitality of economy back after crisis and how to find a new growthpoint has become the new focus to the entire world. Consumption has played animportant role in motivating the U.S. economy development, and consumer credithas been the major way in family’s daily life. American consumer credit market isthe largest and the most mature credit market in the world, there are multitudinousfinance participants and various consume products, in order to satisfy diverse needsfrom plenty consumers. American consumer credit performs a strong recovery andincreasing momentum during the post-crisis era, total consumer credit owned andsecuritized has increased3%compared to last year in January,2013. However, studythe causes of this crisis reflected some sever disadvantages and problems in the roleof American consumer credit, such as excessive explosion scale and lacking ofappropriate regulation, etc. These should warn us when we choose to conduct thiscertain pattern. On the contrary of American, export and foreign trade are our majorenergy in economy development, so that our main lost in the crisis due to the shrinkof world trade market, whilst the pressure from appreciation RMB also weakens ourexport advantage. These facts indicate that we should decrease the impact ofinternational economy inflation, and transform our major benefit from “out-door” todomestic market. This is due to adjust the proportion between overseas demand and domestic demand, speeding up economic transition, so positive consumer creditpolicy is an effective way in expanding domestic expenditure. The12thfive year planin domestic trade has demonstrate the importance of consumer credit and howgovernment policy would intend, so dialectically study the advantage and lessonfrom American consumer credit and avoid the disadvantages is an effective way forus to build an healthy consumer credit market.This article consists of six chapters. Chapter1is introduction, it is mainly aboutthe background and meaning of this study, also gives brief review of relatedachievement in this area from Chinese and foreign scholars. Chapter2is about theconcept of consumer credit and related theory. We classify the theory into twocategories: consumption theory and credit theory. The body part of this article arechapter3、4、5. Chapter3has comprehensive views on the evolution of Americanconsumer credit. According to this fact, I sum up the main characteristics ofAmerican consumer credit, which gives direct view of the advantages and features.Chapter4mainly introduce the new changes of American consumer credit inpost-crisis era, deeply analysis causes from short-term policy, long-term policy andmacro、micro perspectives. Then chapter5focuses on the positive and negativeinfluence of American consumer credit in post-crisis era, dialectically analysis theseimpact to American economy. And the last chapter is about the enlightenment toconstruction of our consumer credit market, targeted to the current situation andproblems.