- 1、本文档共37页,可阅读全部内容。
- 2、原创力文档(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
ch01 Keeping Up with a Changing Wr 国际货币与金融经济学英文版课件
* The United States as a Net Debtor The United States has been a net debtor at various times in its history. The United States was a net debtor in the late 1800s. SOURCE: Data from Economic Review of the federal Reserve Bank of Kansas City. * The Relationship Between the Current Account and the Capital Account Expenditures Approach to National Income National income is the sum of expenditures in the following categories; consumer expenditures, private investment expenditures, government expenditures, and net export expenditures, y= c + ip + g + (x-m) Let the current account, ca equal ca = (x – m) Then y=c + ip + g + ca * The Relationship Between the Current Account and the Capital Account Income Approach Income has three possible uses; it can be spent on current consumption, it can be saved (private saving), and we pay taxes to the government y= c + sp + t Because both approaches equal national income, we can set the two identities equal: c + sp + t = c +ip + g + ca or, sp – ip – (g - t) = ca * The Relationship Between the Current Account and the Capital Account Private Saving Private saving can be used to purchase three types of assets, domestic private investment, government debt (g – t) or to accumulate foreign assets (fa), sp = ip + (g – t) + fa where fa is the (net) accumulation of foreign assets (domestic residents’ purchases of foreign assets in excess of foreign residents’ purchases of domestic assets). Then, by rearrangement sp – ip – (g – t) = fa * The Relationship Between the Current Account and the Capital Account Putting the two together: ca = sp – ip – (g – t) = fa In words, private domestic saving less private domestic investment less the fiscal balance (government saving) equals the current account balance, which also equals the (net) accumulation of foreign assets. * An Example of the Relationship Between the Current Account and the Capital Account Using the equality we derived, ca = sp – ip – (g – t) = fa Suppose a nation
文档评论(0)