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2014年经济学人 家庭财富 资产负债表的繁荣

时间:2019-12-05 06:49来源:互联网 提供网友:nan   字体: [ ]
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Household wealth

The balance-sheet boom

Household wealth, and debt, is forecast to swell1 in 2015

WITH the excesses of Christmas nearly over, Britons are planning their budgets for the new year. Their decisions will be crucial for the economy. After paying down debts to repair their balance-sheets in the years after the financial crisis, consumers are spending again. Yet wealth, like wages, remains2 lower than in 2007. A recovery in riches is an essential component3 of official forecasts for further growth.

When the financial crisis hit, wealth immediately suffered (unlike real wages, which hardly budged4 in 2008 but have fallen every year since). Household net worth—ie, assets minus debts—plummeted by 12% in 2008, driven by a 13% fall in housing wealth, which makes up just under half of all household assets. The hole is not yet filled: adjusting for inflation, housing wealth—168,000 ($261,000) per household—remains 13% below its pre-crisis peak. Financial wealth, which includes investments in stocks and shares, has fared slightly better, but is still down 4% on 2007.

As a result, households reduced their debts from 2008. Savings5 jumped from around 7% of income pre-crisis to 11% by 2010. By 2013 the average household had 62,000 worth of debt, down 16% in real terms on 2007. Largely as a result of this frugality6, household net worth, which averaged 320,000 in 2013, has recovered about half its losses from the crisis.

That suggests that balance-sheets are not fully7 patched up. Yet consumers have been spending more; since 2013 saving has hovered8 around its pre-crisis level. And forecasts by the Office for Budget Responsibility (OBR), Britain's fiscal9 watchdog, see it falling further still, from 6.6% of income in 2014 to 5.4% in 2015 and then 4.8% by 2019.

Several factors lie behind the reversal. Better employment prospects10 mean workers are less in need of rainy-day funds. They might also expect wage growth and want to borrow against that future income. But the most significant factor is recent house-price growth, which boosts homeowners' wealth without them needing to save. House prices are up 17.5% on average since 2012 (30% in London) and the OBR reckons a further rise of 7.4% is on the cards in 2015.

It was a housing boom that allowed the aggregate11 debt-to-income ratio to reach a record high of close to 170% before the crisis. The OBR now forecasts another balance-sheet boom, with debt surpassing its pre-crisis high in 2017 and reaching 184% of income by 2020.

This is troubling. If puffed-up house prices prove temporary—as in 2007—high debt could leave households vulnerable and harm the financial system. Housing is illiquid, meaning that in a crisis fire-sales can cause prices to fall rapidly. Even at current levels—146% of income—the Bank of England rightly frets12 about household debt, and in October limited the number of high-risk mortgages banks can issue (the market has cooled slightly since). The bank's concern makes the OBR's forecast look either wrong or terrifying.

In addition, saving is lower than the figures suggest, according to a recent working paper by John Ralfe, a pensions consultant13, and Bernard Casey of Warwick University. The (recently revised) statistics fail to count pension payouts as running down savings. Adjust for this and the savings rate fell to -0.2% in 2013 and will become more sharply negative if the OBR forecast is borne out. So much for an end to Christmas excess.


点击收听单词发音收听单词发音  

1 swell IHnzB     
vi.膨胀,肿胀;增长,增强
参考例句:
  • The waves had taken on a deep swell.海浪汹涌。
  • His injured wrist began to swell.他那受伤的手腕开始肿了。
2 remains 1kMzTy     
n.剩余物,残留物;遗体,遗迹
参考例句:
  • He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
  • The remains of the meal were fed to the dog.残羹剩饭喂狗了。
3 component epSzv     
n.组成部分,成分,元件;adj.组成的,合成的
参考例句:
  • Each component is carefully checked before assembly.每个零件在装配前都经过仔细检查。
  • Blade and handle are the component parts of a knife.刀身和刀柄是一把刀的组成部分。
4 budged acd2fdcd1af9cf1b3478f896dc0484cf     
v.(使)稍微移动( budge的过去式和过去分词 );(使)改变主意,(使)让步
参考例句:
  • Old Bosc had never budged an inch--he was totally indifferent. 老包斯克一直连动也没有动,他全然无所谓。 来自辞典例句
  • Nobody budged you an inch. 别人一丁点儿都算计不了你。 来自辞典例句
5 savings ZjbzGu     
n.存款,储蓄
参考例句:
  • I can't afford the vacation,for it would eat up my savings.我度不起假,那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时,他的存款已全部用完。
6 frugality XhMxn     
n.节约,节俭
参考例句:
  • We must build up our country with industry and frugality.我们必须勤俭建国。
  • By frugality she managed to get along on her small salary.凭着节俭,她设法以自己微薄的薪水生活。
7 fully Gfuzd     
adv.完全地,全部地,彻底地;充分地
参考例句:
  • The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气,然后全部呼出。
  • They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。
8 hovered d194b7e43467f867f4b4380809ba6b19     
鸟( hover的过去式和过去分词 ); 靠近(某事物); (人)徘徊; 犹豫
参考例句:
  • A hawk hovered over the hill. 一只鹰在小山的上空翱翔。
  • A hawk hovered in the blue sky. 一只老鹰在蓝色的天空中翱翔。
9 fiscal agbzf     
adj.财政的,会计的,国库的,国库岁入的
参考例句:
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
10 prospects fkVzpY     
n.希望,前途(恒为复数)
参考例句:
  • There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
  • They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。
11 aggregate cKOyE     
adj.总计的,集合的;n.总数;v.合计;集合
参考例句:
  • The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
  • The money collected will aggregate a thousand dollars.进帐总额将达一千美元。
12 frets 8bb9f6d085977df4cf70766acdf99baa     
基质间片; 品丝(吉他等指板上定音的)( fret的名词复数 )
参考例句:
  • The river frets away the rocks along its banks. 河水侵蚀了两岸的岩石。
  • She frets at even the slightest delays. 稍有延误她就不满。
13 consultant 2v0zp3     
n.顾问;会诊医师,专科医生
参考例句:
  • He is a consultant on law affairs to the mayor.他是市长的一个法律顾问。
  • Originally,Gar had agreed to come up as a consultant.原来,加尔只答应来充当我们的顾问。
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TAG标签:   2014年听力  经济学人
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