[雙語翻譯]消費信貸外文翻譯--立陶宛消費信貸市場的發(fā)展和可持續(xù)性風(fēng)險

1、4900 英文單詞， 英文單詞，2.6 萬英文字符，中文 萬英文字符，中文 7900 字文獻出處： 文獻出處：Taujanskait? K , Mil?Ius E . Development and Sustainability Risks of Lithuanian Consumer Credit Market[J]. Procedia - Social and Behavioral Sciences, 2014, 110:1185-

2、1196.Development and sustainability risks of Lithuanian consumer credit marketKamil? Taujanskait?；Eugenijus Mil?iusAbstractIn the paper dynamics of consumer credit market development in Lithuania is being analyzed during

3、 the period from 2004 to 2012. Growth of market volume has been analyzed in correlation with macroeconomic indexes of the country as well as earnings of households and the regulations set by the state. Special attention

4、was paid to some aspects, which might cause sustainability problems of this market. Based on uniform approach applied the credit portfolio of households in various credit institutions has been analyzed in detail as well

5、as the dynamics of bad loans. Some predictions and warnings related to potential sustainability threats have been formulated.Keywords: loans; consumer credits; insolvency; financial literacy; sustainability threats.1. In

6、troductionProcess analysis and control of consumer credit market has been paid attention by the governments and researchers of many countries. Even though the problems within this market not always cause direct threats t

7、o the stability of the whole financial system of the country, its social and political sensitivity is extremely high. Therefore, regulations have always been developed parallel to the development of this market in many c

8、ountries.Regulation and supervision of consumer credit markets. In 1968 the USA has adopted Consumer Credit Protection Act (FDIC, Consumer Financial Protection Bureau, 2010) followed by Fair Credit Reporting Act in 1970

9、 (Federal Trade Commission, 2011) and later by Fair Debt Collection Practices Act adopted in 1977 (Bureau of Consumer Protection Business Center, 2010). Three main US credit reporting companies – Equifax, Experian, and T

10、rans Union Corporation – gather credit-related information on consumers. Each of them maintain own records for each individual throughout the country and based on this estimates his personal credit score, which is availa

11、ble for use by credit companies and the individuals themselves. The US Federal Reserve System also uses information from credit reporting companies for estimation of processes on macroeconomic level, but as stated in (Av

12、ery, Calem, Canner & Bostic, 2003), this information is sometimes too detailed and not enough systemized to be handy for market supervision purposes, therefore special studies are being ordered by the US Federal Rese

13、rve to additionally analyze and systemize it.United Kingdom has set own legislation related to consumer loans by adopting ?Consumer Credit Act 1974“ (Official Home of UK Legislation, 1974).The European Union in 2008 has

14、adopted Directive 2008/48/EC (EUR-Lex, 2008) on credit agreements for consumers, repealing the previous Council Directive 87/102/EEC. The Directive was transferred into Lithuanian legislation by adopting in 2010 the LR C

15、onsumer credit Law (Parliament of LR, 2010). The State Consumer Rights Protection Service was appointed by the law as a main institution responsible for administration and supervision of consumer credit market in the cou

16、ntry. From 2011 part of its duties, mainly related to market supervision have been transferred over to the Bank of Lithuania. The law has legitimized so called data bases for creditworthiness estimation of the recipient

17、 of consumer loan, nevertheless no information on the countries. It is also obvious that this market is very complex and many factors affect its condition, including local and the country- specific. There are indications

18、 that despite existing regulation, supervision and monitoring some processes in Lithuanian consumer credit market might not develop in a secure way. The Bank of Lithuania and other institutions collect information within

19、 the sector, mainly based on statistical data and analyze it, but the analysis of the processes not always is adequate without deeper investigation.The aim of this paper is to analyze processes related to the development

20、 of Lithuanian consumer credit market, first of all within small and short term loans segment and the investigation of reasons and tendencies, which might cause the potential sustainability threats.2. Macroeconomic Envir

21、onmentIt is supposed that consumption is directly related to financial situation of households, first of all earnings, which in its turn depends on general economic situation of the country. To verify this, some country’

22、s macroeconomic indexes and consumption indicators of household have been analyzed in order to find correlation between them. Analysis was made for the period of 2004–2012, which covers all phases of the economic cycle-

23、growth, peak, decline and the recovery (Fig. 1).Fig. 1. Dynamics of Lithuania’s GDP, inflation rate and unemployment level in 2005–2012 (Source: according to Statistics Department and LR Ministry of Finance done by autho

24、rs)Until 2007, when economy was growing, both GDP and inflation have grown too. The growth rate of GDP was permanently increasing and has reached almost 10% in 2007. Several factors have stimulated this, among them incre

25、ased internal consumption, foreign investment, reduced unemployment and very high inflation rate. The crisis has reached its peak in Lithuania in 2008–2009 and was marked with very sharp drop of GDP by approximately 15%

26、in 2009. Furthermore, inflation, which was permanently growing during the previous years has also reached its peak of 11.1% in 2008, compared to 5.8% in 2007. Unemployment rate in 2009 has increased 2.5 times compared to

27、 2008. Further growth of unemployment by 30% was registered also in 2010, while total unemployment level made 18%. Some economy recovery signs were observed in 2010, but finally they became obvious in 2011 and were follo