对金融危机根源的再反思

Reexamination on the Origins of the Financial Crisis

文章深入回顾美国金融危机发生的深层次原因,并探讨近十年来美国经济的改善,指出次贷危机的本质原因在于居民(尤其是中低收入群体)可支配收入增长日趋减缓,且消费与房屋住宅支出的加大导致债务负担加重及有效需求过度紧缩。文章指出,当前这一状况并未得到有效缓解。

The paper provides an in-depth review of the root causes of the US financial crisis and probes into the improvement of the US economy in the past decade.It points out that the essential causes of the subprime mortgage crisis lie in the slowing down of the disposable income growth of residents(especially the low-and middle-income groups),and the rise of debt burden as well as the excessive tightening of effective demand resulted from the increase in consumption and spending on housing,which,as the author believes,has not yet been effectively alleviated.