国际金融（英文版）Chapter 3 Macroeconomic Policy in an Open Economy.pptx

Chapter 3 Macroeconomic policy in an open economy;3.1 The problem of internal and external balance;Figure 3.1 The Swan diagram;The Swan diagram is divided into four zones depicting different possible states for an economy: Zone 1 – a deficit and inflationary pressures. Zone 2 – a deficit and deflationary pressures. Zone 3 – a surplus and deflationary pressures. Zone 4 – a surplus and inflationary pressure. ;This model owes its origins to papers published by James Fleming (1962) and Robert Mundell (1962, 1963). Their major contribution was to incorporate international capital movements into formal macroeconomic models based on the Keynesian IS-LM framework. ;Figure 3.2 Equilibrium of the model ;Figure 3.3 Surplus (a) and deficit (b) in the balance of payments;Internal and external balance under fixed exchange rates;Figure 3.4 Internal and external balance under a fixed exchange rate;Internal and external balance under floating exchange rates;Figure 3.5 A monetary expansion under floating exchange rates;Fiscal expansion under floating exchange rates;Figure 3.6 Case 1: fiscal expansion under floating exchange rates;Figure 3.7 Case 2: fiscal expansion under floating exchange rates; A small open economy with perfect capital mobility;Figure 3.8 Fixed exchange rates and perfect capital mobility;Figure 3.9 Floating exchange rates and perfect capital mobility ;The principle of effective market classification ;Figure 3.10 The assignment problem; Limitations of the Mundell-Fleming model;3.3 Conclusions;In the real world the achievement of internal and external balance will be far more difficult that our theoretical analysis has suggested.