清华大学经济学原理(钱颖一)chapter_26.pdfVIP

第二十六章 储蓄、投资和金融体系 Saving, Investment, and the Financial System 储蓄与投资 Saving and Investment 储蓄与投资是GDP与生活水平长期增长的重要 决定因素。 Saving and Investment are important determinants of long-run growth in GDP and living standards. 宏观经济学家需要了解什么决定储蓄与投资， 特别是金融市场如何运作以及各类事件和政策 如何影响储蓄与投资。 Macroeconomists need to understand what determines saving and investment, especially how financial markets work and how various events and policies affect them. 2 储 蓄 Saving 回忆GDP既是经济中的总收入，也是花在经 济中产品和服务的总产出上的总支出。 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 经济决定其既定收入（Y ）在不同用途（包括 投资）的支出上的选择。 不过，经济中收入获得者（家庭）通常不直 接进行投资；而是作为资本的借出方——储蓄 者。 3 储 蓄 Saving 假定有一个封闭经济——一个不从事 国际贸易的经济。 Assume a closed economy – one that does not engage in international trade: Y = C + I + G 4 储 蓄 Saving 现在，从等式两边同时减去C和G Now, subtract C and G from both sides of the equation: Y – C – G =I 等式左边就是经济中支付消费和政府购买之后 的总收入，称为国民储蓄，或简称储蓄 （S ） The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S). S ≡Y – C – G 5 储 蓄