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Economic Structure Determined by American Subprime Mortgage Crisis and Modern Service Sector

Shen Hongli  
Since 1990s,as U.S. transformed 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 integratedpart 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 below-medium income families,and more fragile financial performance. Once asset prices vary,even small variation,will have tremendous impacton the affordability of below-medium income families. They have difficulties in redeemingloans,leading to subprime mortgage crisis.
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