中文曼昆宏观经济学第七版讲义.pptVIP

TheOpenEconomy52010UPDATE

Inthischapter,youwilllearn:accountingidentitiesfortheopeneconomythesmallopeneconomymodelwhatmakesit“small”howthetradebalanceandexchangeratearedeterminedhowpoliciesaffecttradebalanceexchangerate

Importsandexports(%ofGDP),2008

Inanopeneconomy,savingneednotequalinvestmentspendingneednotequaloutput

d= spendingondomesticgoodsf= spendingonforeigngoodsPreliminariessuperscripts:EX=exports=

foreignspendingondomesticgoodsIM=imports=Cf+If+Gf

=spendingonforeigngoodsNX=netexports(a.k.a.the“tradebalance”)

=EX–IM

GDP=expenditureon

domesticallyproducedgsPART01

Thenationalincomeidentity

inanopeneconomyY=C+I+G+NXor,NX=Y–(C+I+G)netexportsdomesticspendingoutput

添加标题tradesurplus:添加标题outputspendingandexportsimports添加标题Sizeofthetradesurplus=NX添加标题tradedeficit:添加标题spendingoutputandimportsexports添加标题Sizeofthetradedeficit=–NXTradesurplusesanddeficitsNX=EX–IM=Y–(C+I+G)

InternationalcapitalflowsNetcapitaloutflow= S–I= netoutflowof“loanablefunds”= netpurchasesofforeignassets

thecountry’spurchasesofforeignassets

minusforeignpurchasesofdomesticassetsWhenSI,countryisanetlenderWhenSI,countryisanetborrower

Thelinkbetweentradecap.flowsNX=Y–(C+I+G)添加标题implies添加标题NX =(Y–C–G)–I添加标题=S–I添加标题tradebalance=netcapitaloutflow添加标题Thus,添加标题acountrywithatradedeficit(NX0)添加标题isanetborrower(SI).添加标题

investmenttradebalance(rightscale)Saving,investment,andthetradebalance(percentofGDP)1960-2010saving

Everyyearsince1980s:hugetradedeficitsand

netcapitalinflows,i.e.netborrowingfromabroadAsof12/31/2009:U.S.residentsowned$18.4trillionworthofforeignassetsForeignersowned$21.1trillionworthof

U.S.assetsU.S.netinde