曼昆宏观经济学原理第六版讲义18.ppt

Is the U.S. trade deficit a national problem? After 1980 National saving - fell substantially below investment Net capital outflow - a large negative number Capital inflow U.S. - going into debt * ? 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Is the U.S. trade deficit a national problem? Changes in capital flows Arise from changes in saving Arise from changes in investment 1980 to 1987 Increase flow of capital (from 0.5 to 3.6% of GDP) Decline in national saving of 2.6 percentage points Decline public saving Increase in government budget deficit * ? 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Is the U.S. trade deficit a national problem? 1991 to 2000 Increase flow of capital (from 0.5 to 3.9% of GDP) Saving increased Budget surplus Investment increased from 13.4 to 17.7% of GDP * ? 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use. Is the U.S. trade deficit a national problem? 2000 to 2006 Increase in capital flow (to 5.7% o GDP) Investment boom – abated Budget deficits National saving - fell to extraordinarily low levels 2007 to 2009, Trade deficit shrank Substantial decline in housing prices Deep recession Dramatic fall in investment * ? 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or ot