【文章內(nèi)容簡介】 C) Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Meaning of Saving and Investment ?Public Saving ?Public saving is the amount of tax revenue that the government has left after paying for its spending. Public saving = (T – G) Harcourt, Inc. items and derived items copyright 169。 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。 公共儲蓄 = (T – G) Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Meaning of Saving and Investment ?Surplus and Deficit ?If T G, the government runs a budget surplus because it receives more money than it spends. ?The surplus of T G represents public saving. ?If G T, the government runs a budget deficit because it spends more money than it receives in tax revenue. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 儲蓄與投資的含義 ?預(yù)算盈余與預(yù)算赤字 ?如果 TG， 政府由于得到的資金大于支出，政府有 預(yù)算贏余。 ?這種 TG 的盈余代表 公共儲蓄。 ?如果 GT， 政府支出大于其稅收收入，政府有 預(yù)算赤字。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Meaning of Saving and Investment 儲蓄與投資的含義 ?For the economy as a whole, saving must be equal to investment. 對整個經(jīng)濟而言，儲蓄必定等于投資。 S = I Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Market for Loanable Funds 可貸資金市場 Financial markets coordinate the economy’s saving and investment in the market for loanable funds. 金融市場在 可貸資金市場 上協(xié)調(diào)經(jīng)濟中的儲蓄與投資。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Market for Loanable Funds 可貸資金市場 ?The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds. 可貸資金市場 ——想儲蓄提供資金的人和想為投資需求借資金的人的市場。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. The Market for Loanable Funds 可貸資金市場 Loanable funds refers to all ine that people have chosen to save and lend out, rather than use for their own consumption. 可貸資金 是指人們選擇儲蓄并貸出而不用于自己消費的所有收入。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. ?The supply of loanable funds es from people who have extra ine they want to save and lend out. ?The demand for loanable funds es from households and firms that wish to borrow to make investments. Supply and Demand for Loanable Funds 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。 ?可貸資金的需求來自希望借款進行投資的家庭和企業(yè)。 可貸資金的供給與需求 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. ?The interest rate is the price of the loan. ?It represents the amount that borrowers pay for loans and the amount that lenders receive on their saving. ?The interest rate in the market for loanable funds is the real interest rate. Supply and Demand for Loanable Funds Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. ?利率 是貸款的價格。 ?它代表借款者要為貸款支付的量以及貸款者從其儲蓄得到的量。 ?可貸資金市場上的利率是 實際 利率。 可貸資金的供給與需求 Harcourt, Inc. items and derived items copyright 169。 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(jīng)濟中其他市場的運行。 ?The equilibrium of the supply and demand for loanable funds determines the real interest rate. 可貸資金市場的供給與需求均衡決定了 實際利率。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Loanable Funds (in billions of dollars) 可貸資金 0 Interest Rate 利率 Demand 需求 Supply 供給 5% $1,200 Figure 1 Market for Loanable Funds 圖 1. 可貸資金市場 Harcourt, Inc. items and derived items copyright 169。 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. 可貸資金的供給與需求 ?影響儲蓄與投資的