西方经济学(宏观)课件CHAPTER03.ppt

CHAPTER 3 SAVINGS, INVESTMENT SPENDING, AND THE FINANCIAL SYSTEM What You Will Learn in this Chapter: Matching Up Savings and Investment Spending According to the savings–investment spending identity, savings and investment spending are always equal for the economy as a whole The budget surplus is the difference between tax revenue and government spending when tax revenue exceeds government spending The budget deficit is the difference between tax revenue and government spending when government spending exceeds tax revenue Matching Up Savings and Investment Spending The budget balance is the difference between tax revenue and government spending National savings, the sum of private savings plus the budget balance, is the total amount of savings generated within the economy The Savings–Investment Spending Identity in a Closed Economy In a closed economy: GDP = C + I + G SPrivate = GDP + TR ? T ? C SGovernment = T ? TR ? G NS = SPrivate + SGovernment = (GDP + TR ? T ? C) + (T ? TR ? G) = GDP ? C ? G Hence, I = NS Investment spending = National savings in a closed economy A Budget Surplus A Budget Deficit The Savings–Investment Spending Identity in an Open Economy I = SPrivate + SGovernment + (IM ? X) = NS + KI Investment spending = National savings + Capital inflow in an open economy The Savings-Investment Spending Identity in Open Economies: Canada and the United States, 2003 The Market for Loanable Funds The loanable funds market is a hypothetical market that examines the market outcome of the demand for funds generated by borrowers and the supply of funds provided by lenders The interest rate is the price, calculated as a percentage of the amount borrowed, charged by the lender to a borrower for the use of their savings for one year The Demand for Loanable Funds The Market for Loanable Funds The Supply for Loanable Funds Equilibrium in the Loanable Funds Market Savings, Investment Spending, and Government Policy Increasing Private Savings The Finan