国际货币和金融经济学课件01.pdfVIP

INTERNATIONAL MONETARY Chapter 1 AND FINANCIAL ECONOMICS Third Edition Keeping Up with a Changing World Trade Flows, Capital Flows, and the Balance of Payments Joseph P. Daniels David D. VanHoose Copyright © South-Western, a division of Thomson Learning. All rights reserved. International Economic Integration • International economic integration refers to the extent and strength of real-sector and financial-sector linkages among national economies. • Real Sector: The sector of the economy engaged in the production and sale of goods and services. • Financial Sector: The sector of the economy where individuals trade in financial assets. • Though economists tend to measure activity in these two sectors separately, an important point of this chapter is to show that they are linked. 2 Importance of the Global Market for Goods and Services • Over the last 35 years, the volume of world trade in goods and services has grown by almost 6 percent annually. • The cumulative effect of this growth is more than a five-fold increase in world trade. • As measured by the share of overall real-sector activity, world trade in goods and services has become more important to advanced and developing economies alike. 3 Growth of World Exports During the past thirty years, world trade in goods and services has exhibited positive growth rates for all but two years. SOURCE: International Monetary Fund,