曼昆《经济学原理第三版》宏观分册原版中英文双语课件Chap.pptVIP

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曼昆《经济学原理第三版》宏观分册原版中英文双语课件Chap.ppt

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* * * * * * * * * * * * Bullet one: net capital outflow Bullet two: net capital outflow * Bullet two: net capital outflow * Bullet two: net capital outflow * * * * * Last bullet: net capital outflow * Last bullet: net capital outflow * * Political Instability in Mexico and Capital Flight This increased Mexican net capital outflow. The demand for loanable funds in the loanable funds market increased, which increased the interest rate. This increased the supply of pesos in the foreign-currency exchange market. Figure 7 The Effects of Capital Flight (a) The Market for Loanable Funds in Mexico (b) Mexican Net Capital Outflow Real Interest Rate Real Interest Rate (c) The Market for Foreign-Currency Exchange Quantity of Pesos Quantity of Loanable Funds Net Capital Outflow Real Exchange Rate r1 r1 D1 D2 E Demand S S2 Supply NCO2 NCO1 1. An increase in net capital outflow. . . 3. . . . which increases the interest rate. 2. . . . increases the demand for loanable funds . . . 4. At the same time, the increase in net capital outflow increases the supply of pesos . . . 5. . . . which causes the peso to depreciate. r2 r2 E NCO1 净资本外流增加... 2. …可贷资金需求增加... D2 (a) 墨西哥的可贷资金市场 (b) 墨西哥的净资本外流 (c) 外汇市场可贷资金量 D1 S1 比索量需求 S1 净资本外流 NCO1 实际汇率实际利率实际利率 E1 r1 r1 S2 r2 r2 E2 图7.资本外流的影响 5. …这引起比索贬值。 4. 同时，净资本外流增加使比索供给增加... 3. … 这引起利率上升。 Summary To analyze the macroeconomics of open economies, two markets are central – the market for loanable funds and the market for foreign-currency exchange. In the market for loanable funds, the interest rate adjusts to balance supply for loanable funds (from national saving) and demand for loanable funds (from domestic investment and net capital outflow). 小结为了分析开放经济的宏观经济学，两个市场——可贷资金市场和外汇市场——是中心。在可贷资金市场上，利率的调整使可贷资金的供给（来自国民储蓄）与可贷资金的需求（来自国内投资和净资本外流）平衡。 Summary In the market for foreign-currency exchange, the real exchange rate adjusts to balance the supply of dollars (for net capital outflow) and the demand for dollars