虚拟需求时代的终结与美国金融危机

The End of Virtual Demand Era and U.S. Financial Crisis

20世纪90年代以后,美国居民消费由需求不足转向需求过度,财富驱动下的居民虚拟消费需求迅速上升,而新经济时期美国高度发达的金融产业以及信息通信技术产业的高收益为美国居民虚拟需求的维持创造了条件。新经济后,相比纳斯达克股市财富,房产市场财富对居民虚拟需求的支持相对不足,虚拟消费需求的纠偏调整开始,金融危机随之爆发。因此,美国金融危机的深层原因在于虚拟消费需求的过度积累,从性质上看是居民虚拟需求纠偏调整在金融领域的现实表现。

From the nineties of last century on, consumption had been turning to be above its equilibrium level from the level being below it. Furthermore, virtual demand promoted by wealth had been increased greatly in this period. During the period of New Economy, U.S.＇s high level of financial development and high return on information and communication technology made it possible to keep the high level of virtual demand. After New Economy, the promotion of housing wealth to virtual demand was relatively insignificant compared to NASDAQ stock wealth. Consequently, virtual demand＇s adjustment to equilibrium began and financial crisis happened. And therefore, the root cause of U.S. financial crisis lies in the over-accumulated virtual consumers demand. The U.S. financial crisis is the reflection in the financial field of virtual demand＇s adjustment to equilibrium.