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美国次贷危机的成因,从实体经济层面看,是由于美国由制造业经济转变为服务经济,使得美国经济增长模式转变为消费拉动,而服务经济下收入分配偏向于知识型阶层的特征,使得美国多数家庭的消费以借贷消费为主。因此,在服务业为主的经济结构下,当美国货币政策扩张引起资产价格上涨却不再引发通货膨胀时,由资产价格上升刺激借贷消费需求,就可以拉动经济强劲增长。由此,美国进入一种扩张货币政策、资产价格上涨、借贷消费需求增加、经济增长的循环中,而一旦资产价格下跌,个人偿付能力出现问题,就会引发金融系统的危机,经济也会由消费不足陷入衰退。
The reason for the subprime mortgage crisis in the United States is that from the perspective of the real economy, the reason is that the transformation of the United States from a manufacturing economy to a service economy causes the U.S. economic growth mode to shift to consumption. The distribution of income in the service economy is biased toward the characteristics of a knowledge-based class. The consumption of most U.S. households is based on borrowing and spending. Therefore, under the service-oriented economic structure, when the expansion of U.S. monetary policy causes asset prices to rise but no longer causes inflation, rising asset prices stimulate demand for lending and consumer spending, which can drive strong economic growth. As a result, the United States has entered a cycle of expanding monetary policy, rising asset prices, increasing consumer demand for lending, and the cycle of economic growth. Once the asset prices fall, problems with the solvency of individuals will trigger a crisis in the financial system and the economy will also be replaced by Consumption falls into recession.