《曼昆《经济学原理》》由会员分享，可在线阅读，更多相关《曼昆《经济学原理》（46页珍藏版）》请在金锄头文库上搜索。
1、11 THE MACROECONOMICS OF OPEN ECONOMIESCopyright 2004 South-Western31Open-Economy Macroeconomics: Basic ConceptsCopyright 2004 South-WesternOpen-Economy Macroeconomics: Basic Concepts Open and Closed Economies A closed economy is one that does not interact with other economies in the world. There ar
2、e no exports, no imports, and no capital flows. An open economy is one that interacts freely with other economies around the world. Copyright 2004 South-WesternOpen-Economy Macroeconomics: Basic Concepts An Open Economy An open economy interacts with other countries in two ways. It buys and sells go
3、ods and services in world product markets. It buys and sells capital assets in world financial markets. Copyright 2004 South-WesternTHE INTERNATIONAL FLOW OF GOODS AND CAPITAL An Open Economy The United States is a very large and open economy it imports and exports huge quantities of goods and servi
4、ces. Over the past four decades, international trade and finance have become increasingly important. Copyright 2004 South-WesternThe Flow of Goods: Exports, Imports, Net Exports Exports are goods and services that are produced domestically and sold abroad. Imports are goods and services that are pro
5、duced abroad and sold domestically.Copyright 2004 South-WesternThe Flow of Goods: Exports, Imports, Net Exports Net exports (NX) are the value of a nations exports minus the value of its imports. Net exports are also called the trade balance. Copyright 2004 South-WesternThe Flow of Goods: Exports, I
6、mports, Net Exports A trade deficit is a situation in which net exports (NX) are negative. Imports Exports A trade surplus is a situation in which net exports (NX) are positive. Exports Imports Balanced trade refers to when net exports are zeroexports and imports are exactly equal.Copyright 2004 Sou
7、th-WesternThe Flow of Goods: Exports, Imports, Net Exports Factors That Affect Net Exports The tastes of consumers for domestic and foreign goods. The prices of goods at home and abroad. The exchange rates at which people can use domestic currency to buy foreign currencies.Copyright 2004 South-Weste
8、rnThe Flow of Goods: Exports, Imports, Net Exports Factors That Affect Net Exports The incomes of consumers at home and abroad. The costs of transporting goods from country to country. The policies of the government toward international trade.Figure 1 The Internationalization of the U.S. EconomyPerc
9、ent of GDP05101519501955196019651970197519801990198520001995ExportsImportsCopyright 2004 South-WesternCopyright 2004 South-WesternThe Flow of Financial Resources: Net Capital Outflow Net capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic ass
10、ets by foreigners. A U.S. resident buys stock in the Toyota corporation and a Mexican buys stock in the Ford Motor corporation.Copyright 2004 South-WesternThe Flow of Financial Resources: Net Capital Outflow When a U.S. resident buys stock in Telmex, the Mexican phone company, the purchase raises U.
11、S. net capital outflow. When a Japanese residents buys a bond issued by the U.S. government, the purchase reduces the U.S. net capital outflow.Copyright 2004 South-WesternThe Flow of Financial Resources: Net Capital Outflow Variables that Influence Net Capital Outflow The real interest rates being p
12、aid on foreign assets. The real interest rates being paid on domestic assets. The perceived economic and political risks of holding assets abroad. The government policies that affect foreign ownership of domestic assets.Copyright 2004 South-WesternThe Equality of Net Exports and Net Capital Outflow
13、Net exports (NX) and net capital outflow (NCO) are closely linked. For an economy as a whole, NX and NCO must balance each other so that: NCO = NX This holds true because every transaction that affects one side must also affect the other side by the same amount.Copyright 2004 South-WesternSaving, In
14、vestment, and Their Relationship to the International Flows Net exports is a component of GDP: Y = C + I + G + NX National saving is the income of the nation that is left after paying for current consumption and government purchases: Y - C - G = I + NXCopyright 2004 South-WesternSaving, Investment,
15、and Their Relationship to the International Flows National saving (S) equals Y - C - G so: S = I + NX orSavingDomestic InvestmentNet Capital Outflow=+SINCO=+Figure 2 National Saving, Domestic Investment, and Net Foreign InvestmentPercent of GDP 201816141210 19601965199519901985198019751970(a) Nation
16、al Saving and Domestic Investment (as a percentage of GDP)2000Domestic investmentNational savingCopyright 2004 South-WesternFigure 2 National Saving, Domestic Investment, and Net Foreign InvestmentPercent of GDP 443210123Net capital outflow(b) Net Capital Outflow (as a percentage of GDP)1960196519951
