《國(guó)際經(jīng)濟(jì)學(xué)》教師手冊(cè)及課后習(xí)題答案(克魯格曼,第六版)imch(1)-文庫吧
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【正文】 e not the same, nor do they all warrant the same amount of concern. The chapter includes a case study on the current account imbalances of the United States and Japan in the 1980s that allows students to frame a policy debate in the context of the accounting relationships presented in the chapter. 83 Balance of payments accounting will be new to students. The text stresses the doubleentry bookkeeping aspect of balance of payments accounting. The 1997 . balance of payments accounts provide a concrete example of these accounts. Large statistical discrepancy between the current and capital accounts are discussed in a box on the apparent global current account deficit. These statistical discrepancies illustrate some realworld difficulties in measuring international payments. Note that the book uses the new current / financial / capital account definitions. The old capital account is now the financial account. The current account is the same except that unilateral asset transfers [debt fiveness or immigrants moving wealth with them] are now in the new capital account. Credits and debits are marked in the same manner。 if money es into a country, it is a credit. A description of the changes along with revised estimates for 198298 can be found in the article by Christopher Bach (see references). These changes were made in conjunction with the IMF’s new standards. A description of these new standards can be found in the Survey of Current Business Article listed at the end of the references. The chapter concludes with a discussion of official reserve transactions. You may want to stress that, from the standpoint of financing the current account, these official capital flows play the same role as other capital flows. You may also briefly mention that there are additional macroeconomic implications of centralbank foreign asset transactions. A detailed discussion of these effects will be presented in Chapter 17. ANSWERS TO TEXTBOOK PROBLEMS 1. The reason for including only the value of final goods and services in GNP, as stated in the question, is to avoid the problem of double counting. Double counting will not occur if intermediate imports are subtracted and intermediate exported goods are added to GNP accounts. Consider the sale of . steel to Toyota and to General Motors. The steel sold to General Motors should not be included in GNP since the value of that steel is subsumed in the cars produced in the United States. The value of the steel sold to Toyota will not enter the national ine accounts in a more finished state since the value of the Toyota goes towards Japanese GNP. The value of the steel should be subtracted from GNP in Japan since . factors of production receive payment for it. 84 2. Equation 2 can be written as CA = (Sp I) + (T G). Higher . barriers to imports may have little or no impact upon private savings, investment, and the budget deficit. If there were no effect on these variables then the current account would not improve with the imposition of tariffs or quotas. It is possible to tell stories in which the effect on the current account goes either way. For example, investment could rise in industries protected by the tariff, worsening the current account. (Indeed, tariffs are sometimes justified by the alleged need to give ailing industries a chance to modernize their plant and equipment.) On the other hand, investment might fall in industries that
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