【正文】 ourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Financial Intermediaries ?Banks ?Banks help create a medium of exchange by allowing people to write checks against their deposits. ? A medium of exchanges is an item that people can easily use to engage in transactions. ?This facilitates the purchases of goods and services. Harcourt, Inc. items and derived items copyright 169。 Harcourt, Inc. items and derived items copyright 169。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Some Important Identities 一些重要的恒等式 Assume a closed economy – one that does not engage in international trade: 假設一個封閉經濟 ——不與其他經濟交易的經濟。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 儲蓄與投資的含義 ?國民儲蓄 ?國民儲蓄 ——一個經濟在用于消費和政府購買后剩下的總收入。 2021 by Harcourt, Inc. 儲蓄與投資的含義 ?公共儲蓄 ?公共儲蓄 ——政府在支付其支出后剩余的稅收收入量。 ?這種 TG 的盈余代表 公共儲蓄。 S = I Harcourt, Inc. items and derived items copyright 169。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. ?可貸資金的供給來自那些有額外收入并想儲蓄和貸出的人。 2021 by Harcourt, Inc. ?利率 是貸款的價格。 2021 by Harcourt, Inc. Supply and Demand for Loanable Funds 可貸資金的供給與需求 ?Financial markets work much like other markets in the economy. 金融市場的運行很像經濟中其他市場的運行。 2021 by Harcourt, Inc. Supply and Demand for Loanable Funds ?Government Policies That Affect Saving and Investment ?Taxes and saving ?Taxes and investment ?Government budget deficits Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Policy 1: Saving Incentives ?A tax decrease increases the incentive for households to save at any given interest rate. ?The supply of loanable funds curve shifts to the right. ?The equilibrium interest rate decreases. ?The quantity demanded for loanable funds increases. Harcourt, Inc. items and derived items copyright 169。 ?對可貸資金的需求量增加 。 Harcourt, Inc. items and derived items copyright 169。 ? Results in a higher interest rate and a greater quantity saved. 導致更高的利率和更大的儲蓄量。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses ?Government borrowing to finance its budget deficit reduces the supply of loanable funds available to finance investment by households and firms. ?This fall in investment is referred to as crowding out. ?The deficit borrowing crowds out private borrowers who are trying to finance investments. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策 3：政府預算赤字與盈余 ?A budget deficit decreases the supply of loanable funds. 預算赤字減少了可貸資金的供給。 Figure 4: The Effect of a Government Budget Deficit Loanable Funds (in billions of dollars) 0 Interest Rate 3. . . . and reduces the equilibrium quantity of loanable funds. S2 2. . . . which raises the equilibrium interest rat e . . . Supply, S1 Demand $1,200 5% $800 6% 1. A budget deficit decreases the supply of loanable fund s . . . S2 1. 預算赤字減少了可貸資金的供給 ... 圖 4. 政府預算赤字的后果 可貸資金 (10億美元 ) 0 利率 $1,200 供給 , S1 需求 5% $800 3. … 可貸資金的均衡數(shù)量下降。 2021 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策 3：政府預算赤字與盈余 A budget surplus increases the supply of loanable funds, reduces the interest rate, and stimulates investment. 預算盈余 增加 了可貸資金的供給， 降低 了利率，并 刺激 了投資。 ?所有這些機構的作用都是使那些想把一部分收入儲蓄起來的家庭的資源流入那些想借款的家庭和企業(yè)的手中。 ?特別是，對一個封閉經濟來說，國民儲蓄一定等于投資。 2021 by Harcourt, Inc. 小結 ?利率由可貸資金的供求決定。 2021 by Harcourt, Inc. Summary ?National saving equals private saving plus public saving. ?A government budget deficit represents negative public saving and, therefore, reduces national saving and the supply of loanable funds. ?When a government budget deficit crowds out investment, it reduces the growth of productivity and GDP. Harcourt, Inc. items and derived items copyright 169。