消费信贷对消费结构及流动性约束的影响研究

Research on the Influence of Consumer Credit on Consumption Structure and Liquidity Constraint

当前,消费是推动我国经济增长的主导力量,伴随着我国经济的增长,我国消费者也处于从"勤俭持家"到"适度享受"的转变过程。本文认为消费信贷能够有效的促进这一过程的转变,主要体现为其对消费结构和对消费习惯的影响。本文从宏观和微观的角度论证了消费信贷对于消费结构的影响,本文利用支出弹性和马歇尔需求弹性测算刻画了我国消费结构的动态变化,并且在一定程度上解释了"消费降级"、"中产穷人"等问题。同时进一步的利用面板平滑转换模型(PSTR)以消费信贷水平为转换变量,论证了消费信贷的增长能够增加消费水平,放宽流动性约束以及改善消费习惯。

Now,consumption has become the main leading force to promote China’s economic growth.Along with economic growth,China’s consumers are also in the process of transition from thriftiness to moderate enjoyment.This paper holds that consumer credit can effectively promote the transformation of consumption structure and consumption habits.This paper demonstrates the influence of consumer credit on consumption structure from both macro and micro perspectives.Further,this paper uses expenditure elasticity calculation and Marshall’s demand elasticity to describe China’s consumption structure transition and to explain Consumption Demotion and Middle-Class Poor problems.Last,this paper uses the panel smooth conversion model(PSTR)to convert the variable stake in the level of consumer credit.The growth of consumer credit could increase consumption level,liberalize liquidity constraints,and improve consumption habits.