[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)性風險（英文）

1、 Procedia - Social and Behavioral Sciences 110 ( 2014 ) 1185 – 1196 1877-0428 © 2014 The Authors. Published by Elsevier Ltd. Open access under CC BY-NC-ND license. Selection and peer-review under responsibili

2、ty of the Contemporary Issues in Business, Management and Education conference. doi: 10.1016/j.sbspro.2013.12.965 ScienceDirectContemporary Issues in Business, Management and Education 2013 Development and sustainabilit

3、y risks of Lithuanian consumer credit market Kamil? Taujanskait?a*, Eugenijus Mil?iusa aVilnius Gediminas Technical University, Saul?tekio ave. 11, Vilnius LT-10223, Lithuania bKaunas University of Technology, K. Donela

4、icio str.73, Kaunas LT-44249, Lithuania Abstract In the paper dynamics of consumer credit market development in Lithuania is being analyzed during the period from 2004 to 2012. Growth of market volume has been analyzed

5、in correlation with macroeconomic indexes of the country as well as earnings of households and the regulations set by the state. Special attention was paid to some aspects, which might cause sustainability problems of

6、this market. Based on uniform approach applied the credit portfolio of households in various credit institutions has been analyzed in detail as well as the dynamics of bad loans. Some predictions and warnings related to

7、 potential sustainability threats have been formulated. © 2014 The Authors. Published by Elsevier Ltd. Selection and peer-review under responsibility of the Contemporary Issues in Business, Management and Educatio

8、n conference. Keywords: loans; consumer credits; insolvency; financial literacy; sustainability threats. 1. Introduction Process analysis and control of consumer credit market has been paid attention by the governments a

9、nd researchers of many countries. Even though the problems within this market not always cause direct threats to the stability of the whole financial system of the country, its social and political sensitivity is extre

10、mely high. Therefore, regulations have always been developed parallel to the development of this market in many countries. ________ * Corresponding author. Tel.: +370-52-744861 E-mail address: kamile.taujanskaite@gma

11、il.com Available online at www.sciencedirect.com© 2014 The Authors. Published by Elsevier Ltd. Open access under CC BY-NC-ND license. Selection and peer-review under responsibility of the Contemporary Issues in Busi

12、ness, Management and Education conference.1187Kamil? Taujanskait? and Eugenijus Mil?ius / Procedia - Social and Behavioral Sciences 110 ( 2014 ) 1185 – 1196 Bank of America (2012) investigates consumer credit mar

13、ket in USA and gives suggestions how to avoid bad loans for households. EUROFINAS (2013) organization has made investigations about interest rate and APR calculations, also about bad loan variation in member states. B

14、ank of Lithuania (2011, 2012) from 2011 investigates the dynamics of Lithuania’s consumer credit market. Lithuania’s Small Consumer Credit Association (2013) and Lithuanian Consumer Leasing and Credit Association (2013

15、) investigate information about their members financial information. Publications show that majority of processes in the consumer credit market are common in all the countries. It is also obvious that this market is v

16、ery complex and many factors affect its condition, including local and the country- specific. There are indications that despite existing regulation, supervision and monitoring some processes in Lithuanian consumer cred

17、it market might not develop in a secure way. The Bank of Lithuania and other institutions collect information within the sector, mainly based on statistical data and analyze it, but the analysis of the processes not al

18、ways is adequate without deeper investigation. The aim of this paper is to analyze processes related to the development of Lithuanian consumer credit market, first of all within small and short term loans segment and t

19、he investigation of reasons and tendencies, which might cause the potential sustainability threats. 2. Macroeconomic Environment It is supposed that consumption is directly related to financial situation of households,

20、 first of all earnings, which in its turn depends on general economic situation of the country. To verify this, some country’s macroeconomic indexes and consumption indicators of household have been analyzed in order t

21、o find correlation between them. Analysis was made for the period of 2004–2012, which covers all phases of the economic cycle- growth, peak, decline and the recovery (Fig. 1). Fig. 1. Dynamics of Lithuania’s GDP, infla

22、tion rate and unemployment level in 2005–2012 (Source: according to Statistics Department and LR Ministry of Finance done by authors) Until 2007, when economy was growing, both GDP and inflation have grown too. The g

23、rowth rate of GDP was permanently increasing and has reached almost 10% in 2007. Several factors have stimulated this, among them increased internal consumption, foreign investment, reduced unemployment and very high i

24、nflation rate. The crisis has reached its peak in Lithuania in 2008–2009 and was marked with very sharp drop of GDP by approximately 15% in 2009. Furthermore, inflation, which was permanently growing during the previou