最近における消費者信用の増大と個人消費(消費生活政策体系の総合的研究,総合研究)

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概要

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• This paper is an attempt to analyze the impact of consumer credit on consumption expenditure of households, and reexamine the significance of consumer credit. During the economic boom, which officially began with the bottoming out of the economy in November 1986, consumption expenditure of hoseholds, grew steadily. This growth was due in part to an increase in disposable income as well as the "wealth effect" of the so-called "bubble" economy, in which stocks and real estate soared in value. Another important factor, however, was the increase in consumer credit. When analyzing the factors fueling the rapid growth of the consumer credit market, we find a growing public acceptance of credit cards, the resulting increase in credit through non-installement payment and an increase in consumer finance especially consumer loans. I therefore considered the impact of consumer credit on consumer spending from both microeconomic and macroeconomic perspectives. In microeconomic terms, consumer credit has the function of distributing resources over different points in time in terms of the household budget, this makes it possible for current consumption expenditure to exceed current income. However, the greater the commissions and interest charges accrued during the provision of credit, the less effective the consumer becomes. In a macroeconomic analysis based on the assumption of the consumption coefficient shown below, measurements show that a reduction in interest rates contributes to an increase in consumer credit in the form of consumer finance and sales on installment, and further has a positive impact on household consumption expenditure. [numerical formula] Here, C is real final consumption expenditure of household. Yd is real disposable income, CB is real consumer credit outstanding, and R is the real interest rate. Although the consumer credit market is growing quantitatively, the increased burden of repayment and the dramatic increase in the number of individuals declaring bankruptcy are fast becoming problems for the society as the rate of income growth trickles off. Substantial measures, such as consumer education and the creation of a system to allow the exchange of credit information between consumer finance businesses, are therefore needed.

• 日本大学の論文
• 1993-03-20

著者

• 藤本 訓利

  日本大学経済学部

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• 最近における消費者信用の増大と個人消費(消費生活政策体系の総合的研究,総合研究)
• 最近における消費者信用の増大と個人消費(総合研究「消費生活政策体系の総合的研究」)
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