CAJ | 학술논문

自20世纪90年代以来，随着美国转变为以服务业为主导的经济结构。其经济增长方式也转变为主要以消费拉动。这一转变过程中关国国内收入分配格局的变化对消费增长带来的不利影响主要通过消费信贷予以缓解，由此，使资产价格成为美国经济增长中的重要环节。当资产价格上涨时，居民的财产性收入增加会刺激借贷消费的需求，并由此拉动美国经济增长，但这也直接导致了美国中低收入家庭债务规模的上升，财务状况更加脆弱。一旦资产价格出现调整，即使是小幅调整，中低收入家庭支付能力也会受到很大冲击，出现偿付困难，并因此成为引发次贷危机的导火索。
자20세기90년대이래，수착미국전변위이복무업위주도적경제결구。기경제증장방식야전변위주요이소비랍동。저일전변과정중관국국내수입분배격국적변화대소비증장대래적불리영향주요통과소비신대여이완해，유차，사자산개격성위미국경제증장중적중요배절。당자산개격상창시，거민적재산성수입증가회자격차대소비적수구，병유차랍동미국경제증장，단저야직접도치료미국중저수입가정채무규모적상승，재무상황경가취약。일단자산개격출현조정，즉사시소폭조정，중저수입가정지부능력야회수도흔대충격，출현상부곤난，병인차성위인발차대위궤적도화색。
Since 1990s, as U. S. transfonned into service sector- based economic structure, consumption - pulled American economic growth came into being. The negative impacts of the variation of domestic income distribution on consumption growth in this transformation process were mainly subsided by consumption credit. And therfore, asset prices become an integrntedpart of American economic growth. With the rise of asset prices, resident＇ s income growthof assets will stimulate the needs of loan consumption and push economic growth. Nevertheless, it also leads to the rise of family debts among belowmedium income families, and mere fragile financial pedonnanee. Once asset prices vary, even small variation, will have tremendous impacton the affordability of below - medium income famih＇es. They have difficulties in redeemingloans, leading to subprime mortgage crisis.