13储蓄投资与金融体系.pptVIP

储蓄、投资和金融体系 * 政策 3: 政府预算赤字 利率 可贷资金 (十亿美元) D1 预算赤字减少国民储蓄和可贷资金的供给 S1 5% 60 S2 导致均衡利率上升 并使可贷资金的均衡数量下降 6% 50 This chapter is an excellent follow-up to the previous one (“Production and Growth”). In that chapter, we learn that investment – the accumulation of capital – is important because it leads to a higher standard of living in the long run. But what determines how much investment a country undertakes? That is the central question of the present chapter. After some introductory information about the various types of financial institutions, the chapter focuses on saving and investment. Students will learn the difference between private and public saving, and the definitions of government budget surpluses and deficits. The brief review of the difference between saving and investment is very useful, as intro-level students often use the term “investment” when they mean to say “saving.” The most analytical part of the chapter is the coverage of the closed-economy loanable funds model. This model uses the tools of supply and demand (introduced in Chapter 4) and should be very familiar if your students have already taken introductory microeconomics. The loanable funds model shows how the interest rate adjusts to equate saving and investment in a closed economy. Students will learn how government budget deficits can crowd out investment, which is probably one of the biggest ideas in macroeconomics. * In case anyone asks, “T” here (and in general) is net of transfer payments. After presenting this slide and the next, it might be useful to point out the following: In general, “saving” is just some measure of income minus some measure of expenditure. For private (household) saving, the measure of income is “disposable income,” or gross income minus taxes (“take-home pay.”) The measure of expenditure is consumption. For public (government) saving, the measure of income is T, total taxes, which is the government’s source of “income.” The measure of ex