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1、外文翻译原文TheDeterminantsofConsumerCreditMaterialSource:Source:ConsumerCreditinEurope—RisksandopportunitiesofaDamnicIndustryyAuthor:DanielaVandone1IntroductionTheliteratureofconsumercreditissizeable.Suchabodyofworkreflectsnotonlythecompositenatureofunsecureddebt,butals
2、othefactthatdifferentmethodologicalapproachesexistdependingontheresearchquestionsunderanalysisandtheobjectivessought.Fourmainapproachescanbeseen:amanagementapproach,whichfocusesonthecharacteristicsofthecreditindustry,itsworkingsandthepoliciesadoptedbysupply-sidepla
3、yers;alegalapproach,whichinvestigatestheimpacttheregulatoryframeworkhasoncompetitionandconsumerprotection;asocio-psychologicalapproach,whichanalyseshowindividualsareaffectedbyconsumptionbehaviorandindebtednesschoices;aneconomicapproach,whichforthemostpartconcentrat
4、esonthedeterminantsofthedemandforandsupplyofconsumercreditandonananalysisofthecharacteristicsofindividualsandhouseholdsindebt.Inthischapterwewilldiscusstheeconomicapproachwiththeaimofprovidinganoutlineoftheindividualandinstitutionalfactorsthatareconsideredinthelite
5、ratureasdeterminantsofconsumercredit,itsdiffusionanddistributionamongstdifferentsegmentsofthepopulation.Theeconomicmodelsreferredtoarebasedontheeconomicrationalityofindividuals,whoseektoincreaselivingstandardsbysmoothingconsumptionoverdifferentperiodsoftheirlivesth
6、roughsavingandborrowingdecisions.Accordingtothesemodels,consumercreditdemandandsupplyisdeterminedbyindividualfactors,i.e.socio-demographicandeconomicfactors,aswellasbyinstitutionalfactors,i.e.theinstitutionalcontextinwhichborrowersandlendersareplaced.Thesestudies,w
7、hichfirstappearedinthesecondhalfofthetwentiethcentury,havebeenflankedinrecentyearsbyworkinbehavioraleconomics,whichfocusesinsteadonthepsychologicalvariablesthatinfluenceanindividual’sbehaviorandwhichhaverevealedthatthisbehaviorisatoddswiththerationalchoicespositedb
8、ytraditionaleconomicmodels.Theanalysisoftheliteratureofferedhere,ratherthanattemptingtorepresentanexhaustivesummaryofempiricalestimationsandecono
