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National income accounting identities reveal some important relationships among macroeconomic variables. In particular, in a closed economy, national saving must equal investment. Financial institutions attempt to match one person’s saving with another person’s investment. The interest rate is determined by the supply and demand for loanable funds. The supply of loanable funds comes from households who want to save some of their income. The demand for loanable funds comes from households and firms who want to borrow for investment. National saving equals private saving plus public saving. A government budget deficit represents negative public saving and, therefore, reduces national saving and the supply of loanable funds. When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP. * * * * Financial Intermediaries Financial intermediaries are financial institutions through which savers can indirectly provide funds to borrowers. Financial Intermediaries Commercial Banks… take deposits from people who want to save and use the deposits to make loans to people who want to borrow. pay depositors interest on their deposits and charge borrowers slightly higher interest on their loans. Financial Intermediaries Commercial Banks… help create a medium of exchange by allowing people to write checks against their deposits. A medium of exchange is an item that people can easily use to engage in transactions. facilitate the purchases of goods and services. Financial Intermediaries Mutual Fund Companies A mutual fund company is an institution that sells shares to the public and uses the proceeds to buy a portfolio, of various types of stocks, bonds, or both. Mutual funds allow people with small amounts of money to easily diversify. SAVING AND INVESTMENT IN THE NATIONAL INCOME ACCOUNTS Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services: Y = C + I + G + NX Some Importa
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