章商品金融市场开放性宏观济学english versionchapter 6.pptx

Chapter6:OpennessinGoodsandFinancialMarket6-1:OpennessinGoodsMarket6-2:OpennessinFinancialMarket6-3:ConclusionsandaLookahead

6-1:OpennessinGoodsMarketTheChoicebetweenDomesticandForeignGoodsNominalExchangeRatesRealExchangeRates

6-1:OpennessinGoodsMarketTable18-1:RatiosofExportstoGDPforSelectedOECDCountries,1997CountryExportRatioCountryExportRatioUnitedStates12%Switzerland40%Japan10%Austria38%Germany23%Belgium73%UnitedKingdom29%Luxembourg91%

Appendix:TheSumofTradeandProportioninGDPYearSUM(RMB)ProportionInGDP(%)YearSUM(RMB)ProportionInGDP(%)1978355.09.8199523499.940012.6199624133.835.619852066.723.1199726967.236.219905560.130.0199826857.734.319917225.833.4199926896.332.819929119.634.2200035368.640.1199311271.032.5200138021.339.6199420381.943.6200246309.945.2

NominalExchangeRatesFromthePointofViewofUnitedStatesLookingatGermanyNominalexchangerateEPriceofDMintermsofdollarsAppreciationofthedollarPriceofdollarsinDMincreasesequivalently:priceofDMindollarsdecreasesequivalently:Exchangeratedecreases:E↓DepreciationofthedollarPriceofdollarsinDMdecreasesequivalently:priceofDMindollarsincreasesequivalently:Exchangerateincreases:E↑

RealExchangeRatePriceofGermangoodsinDMP*PriceofGermangoodsindollarsEP*PriceofU.SgoodsindollarsPRealExchangerateε=EP*/P

Figure:TheCountryCompositionofU.S.MerchandiseTrade,1998ExportstoImportsfromCountries$BillionsPercent$BillionsPercentCanada1562317719Western