国际金融第八章课件.ppt

Click to edit Master title style,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Part II Macro Policies for Open Economies,Focus on m,acroeconomic performance.,8,How does the open,m,acroeconomy,work?,9,Internal and external balance with fixed exchange rates,10,Floating exchange rates and internal balance,1,m,acroeconomic performance,（,宏观经济运行）,the behavior(,变化,)of a countrys output,jobs,and prices in the face of changing world conditions.,2,CHAPTER 8,How Does the Open,Macroeconomy,Work?,开放的宏观经济是如何运行的？,F,ramework of this chapter,The performance of a national economy,一国经济的状况,Equilibrium GDP and spending multipliers,均衡,GDP,和支出乘数,Three markets,三个市场（产品、货币和外汇市场）,4,T,he performance of a national economy,How well is a countrys economy performing?,We judge the performance of a national economy against two objectives.Internal balance and external balance.,5,Internal Balance,Full employment,or an acceptably low unemployment rate,Price stability,or an acceptably low inflation rate,6,External balance,Sustainable,(,能保持一定水平的,)balance of payments with the rest of the world,Useful indicator,:,Official settlements balance approximately equal to zero(so that the country is not losing official international reserves or acquiring unwanted official international reserves),7,Our discussion here focus on the countrys current account.,The goal here need not be a zero balance.,8,A,framework for macroeconomic analysis,p164,Analysis on the behavior of the economy,in the,short run,is relatively,Keynesian,（凯恩斯主义者）,in that the price level is not immediately responsive to aggregate demand(AD)and supply.,Analysis on the behavior of the economy,in the,longer run,is more classical(,古典学派的,)in that the price level does respond to demand and supply.,9,Determinants of real GDP(representing both domestic product and national income),10,D,omestic production depends on aggregate demand,A major performance goal of an economy is to achieve production of goods and services that is close to the economys potential.,The value of production of goods and services is the economys real GDP(Y);it is nearly the same thing as real,national income,.,11,In the short run(and within the economys supply capabilities),domestic production is determined by aggregate demand:,Y=AD=C+I,d,+G+(X-M),国内产出（国民收入）总需求,消费国内投资政府支出净出口,(X-M):Exports are the foreign demand for our goods;imports are already included in the other kinds of spending.,12,Y=AD=,C+I,d,+G,+,(X-M),E,National spending on goods and services,13,C,ontd,N,ational spending on goods and services:,E=C+I,d,+G,C,=C(Y)(+),I,d,=,I,d,(i,)(-),G,is treated as a political decision.,14,T,rade depends on income,p166,M=M(Y),i,mports M are a positive function of Y.,M,arginal propensity to import,(,m,):the amount by which our imports increase when our income goes up by one dollar.,边际进口倾向：每增加一元的收入所增加的进口量。,X depends on income of foreign countries.,15,E,quilibrium GDP and spending multipliers,Equilibrium GDP,The condition for equilibriumreal GDP=AD,AD=E+X-M,holding the interest rate constant,AD(Y)=E(Y)+X-M(Y),Therefore,the equilibrium condition is,Y=AD(Y)=E(Y)+X-M(Y),16,T,he spending multiplier in a small,open economy,The spending multiplier shows how equilibrium GDP responds to exogenous,（外来的）,changes in any component of aggregate demand.,支出乘数体现了均衡,GDP,是如何随总需求各组成部分的变化而变化的。,乘数是指由总支出变动引起的国民收入增加的倍数。,17,Suppose that the government raises its purchases of domestically produced goods and services by 10 units,10 units purchases,10 extra income for whoever produces,S,pending part of the extra income to consume,Extra p,art income for whoever produces,18,C,ontd,With e,ach extra dollar of income,people will,S,ave 20 cents marginal propensity to save(,s,),?,S,pend 30 cents on imports marginal propensity to import(,m,),?,S,pend 50 cents domestically marginal propensity to consume domestic product(,1-s-m,),?,19,B,oth 20%saved and 30%imports in the extra income represent“leakages”from the domestic expenditure stream.,I,n the second round of income and expenditures,only 50%(1-20%-30%)will be passed on and divided up into further domestic spending.,20,10 units purchases,10 extra income for whoever produces,S,pending 5 units of the extra income to consume,5 units income for whoever produces goods and service,2.5 units spending on domestic consumption,21,C,ontd,The spending multiplier in a small open economy is,Y/,G=1/(s+m),国民收入的增量,/,政府支出的增量,=1/(,边际储蓄倾向,+,边际进口倾向,),Note,:The multiplier is smaller in a small open economy than it in a comparable closed economy(in which m is zero),Exercise:Q4 p185 a,b,22,a.The spending multiplier in this small open economy is about 1.82(=1/(0.15+0.4).If real spending initially declines by$2 billion,then domestic product and income will decline by about$3.64 billion(=1.82,$2 billion),b.If,domestic product and income decline by$3.64 billion,then the countrys imports will decline by about$1.46 billion(=$3.64 billion,0.4).,23,Foreign Spillovers,（需求溢出）,and F,oreign-Income,Repercussions,国外需求溢出和外国收入的,影响,Foreign Spillovers,Spillover,:,需求溢出,-,因某种商品不足而引起对其他有关商品的需求,Spillover effect:,溢出效应，是指事物一个方面的发展带动了该事物其它方面的发展。如，一国,总需求,与,国民收入,增加对别国的影响。,24,If the country is not smallthe follow-on effects of these imports,The effects can be important in two ways:,-changes in production and income of a large country have spillover effects on production and income in foreign countries.,-the change in foreign incomes alter foreign purchases of the first countrys exports,25,e.g.the U.S.accounts for about 21 percent of world production,and it accounts for 20 percent of world imports.The euro area has 16 percent of world production and 17 percent of world imports.,Figure 8.2,26,F,oreign-Income Repercussions p171,For a large country whose trade noticeably affects domestic production in other countries,foreign income repercussions increase the true spending multiplier.,A change in this large countrys income changes its imports,which changes foreign exports by enough to alter foreign production and income.,27,Figure 8.3Foreign Trade and Income Repercussions,28,C,ontd,T,his repercussions was evident in business cycles.,e.g.the Great Depression of the 1930s,T,he same interdependence of incomes persists today.,W,hen world economy is sluggish,increasing growth in big countries may be sufficient to raise world growth overall.,29,A,more complete framework for analyzing a countrys,macroeconomy,in the short run requires that we are able to picture not only domestic product,income,and aggregate demand but also supply and demand of money and countrys overall balance of payment.,30,A,more complete framework:Three markets,The domestic,product market,supply and demand for domestic goods and services.,The,money market,supply and demand for money.,The,foreign exchange market,supply and demand for foreign currency.,31,Figure 8.4Overview of,Macromodel,(,Mundell,-Fleming Model,）,T,he first two markets,determine,Y and i;Y and i,impact,the third market;exogenous forces affect these three markets.,决定,影响,32,外生变量：,由模型以外的因素决定的已知变量，它是模型据以建立的外部条件。,内生变量：,该模型所要决定的变量。它可在模型体系内得到说明。,33,T,he domestic product market,T,he aggregate demand for what our country produces depends not only on income(Y)but also interest rate(i).,IS curve.,34,两部门收入模型,漏出：指居民户把一部分收入转化为,储蓄,。,注入：企业所得到的额外的,投资,。,金融机构,储蓄,S,投资,I,商品或劳务,货币（消费,C,）,提供生产要素,货币（工资或利息）,居民户,企业,35,两部门经济中国民收入均衡的条件,AD=C+I=AS=C+S,，即,I=S,。,36,Contd,IS(investment-saving)curve shows all combinations of domestic product levels(Y)and interest rates(i)for which the domestic product market is in equilibrium.,p173,IS,曲线表示在产品市场上，投资等于储蓄（,I=S,）时利率和收入的各种组合的点的轨迹。,Domestic product market is in equilibrium when,S(Y)=I,d,(i),+X-M(Y),+,+,37,Figure 8.5,IS Curve,利率,=i,国内产出,Y,（国民收入）,0,0.07,0.05,0.09,C,A,B,80,100,120,IS,Why does the IS curve slope downward?,Equilibrium point A.,If i=0.05,lower i induce more domestic investment,resulting in a higher level of domestic product.(Y=120)point B,38,IS,曲线的移动,A change in any influence on aggregate demand other than interest rates,results in a shift in the IS curve.,i,不变，而是总需求的其他因素发生变化时，会导致,IS,曲线的位移。,e.g.,an increase in government spending?,foreign demand for the countrys exports increases?,39,T,he money market,Monetary policy determines money supply of a country.,The demand for money(L)is related to the(nominal)GDP and interest rates.,Value of GDP=(P,Y),O,pportunity cost to holding money(i),40,L=L(PY,i),E,quilibrium of money market is,M,S,=L(PY,i),41,C,ontd,LM curve shows all combinations of production levels and interest rates for which the money market is in equilibrium.,LM,曲线表示在货币市场中，货币供给等于货币需求时收入与利率的各种组合的点的轨迹。,42,Figure 8.6LM Curve,43,W,hy does LM curve slope upward?,E,quilibrium at point A.,I,f,interest rate is highersay,at 0.09,people would hold less money but more bonds instead.To have the money market equilibrium at that higher interest rate,people would have to have some other reason to hold the same amount of money supply at point A.so the level of domestic product and income should be higher,raising their transactions demand for holding money.,44,LM,曲线的移动,A change in the money supply or a change in an influence on money demand other than Y or i results in a shift in the LM curve.,Y,或者,i,不变，而是货币供给或影响货币需求的因素发生变化时，会导致,LM,曲线的位移。,e.g.an increase in the nominal money supply by the central bank,？,45,C,ontdI,f the IS curve is added to LM curve.,i,0,Y,LM,IS,0.05,0.07,0.09,100,80,A,F,G,120,46,T,he foreign exchange market,Balance-of-payments approach for this market.,B=CA(Y)+KA(i),How do,Y,and,i,affect the countries balance of,payments?,Balance on goods and services trade depends negatively on our domestic product,through the demand for imports,。,International capital flows depends on interest rates.,+,(X,-M),47,FE curve,The FE curve shows all combinations of Y and i that result in a zero official settlements balance.,FE,曲线表示总差额为零时收入与利率的各种组合的点的轨迹。,48,Figure 8.7,I,nterest rate=i,D,omestic product=Y0.03,0.07,0.11,J,A,H,FE,LM,IS,surplus,deficit,0,当国内产出和收入增加时，进口增加，经常账户差额恶化，但这种情况可随高利率吸引外资流入为来冲销。因此，,FE,曲线向上倾斜。,80,100,120,49,FE,曲线的移动,A change in an influence on the current or capital accounts other than Y or i causes a shift in the FE curve.,Y,或者,i,不变，而是影响经常账户或资本账户的因素发生变化时，会导致,FE,曲线的位移。,e.g.an increase in foreign income increases demand for our exports FE curve shifts to right,50,T,hree markets together,T,he official settlements balance(B)is in,surplus,if the IS-LM intersection is,to the left,of the FE curve.,B is,zero,if the IS-LM intersection is,on,the FE curve.,B is in,deficit,if the IS-LM intersection is,to the right,of the FE curve.,51,C,ontd,T,he way we use this framework depends on the type of exchange rate policy that the country has adopted.,52,T,he price level does change,The price level change over time.,Most countries have some amount of ongoing inflation.,Strong or weak aggregate demand can put pressure on the countrys price level.,Shocks occasionally can cause large changes in the price level even in the short run.,53,T,rade also depends on price competitiveness,The countrys exports and imports depend on international price competitiveness,in addition to depending on national incomes.,The price of foreign-produced traded products relative to the price of home-produced substitute products is(P,f,e)/P.,进口的外国产品与国内相似产品的价格比。,54,C,ontd,C,onsumers decision on buying imports,A,bottle of French wine is 10 euros.,I,mported into the U.S.,e=$1.10/euro,$11.00(P,f,e),A,bottle of California wine,P,(P,f,e)/P,55,C,ontd,D,emand for imports has two major determinants:,M=M(Y,P,f,e/P),The volume of imports if production and income and imports relative price,+,56,C,ontd,D,emand for our exports has two major determinants:,X=X(,Y,f,P,f,e/P),The volume of exports if foreign production and income and the price of foreign substitute products,+,+,57,C,ontd,O,ur general indicator of international price competitiveness is the ratio(P,f,e)/P,the real exchange rate.,A change in price competitiveness causes a change in net exports,so that both the IS and the FE curves shift.,e.g.,the increase in net exports?,58,