【正文】 ems and derived items copyright 169。 2021 by Harcourt, Inc. Policy 3: Government Budget Deficits and Surpluses 政策 3：政府預(yù)算赤字與盈余 ?A budget deficit decreases the supply of loanable funds. 預(yù)算赤字減少了可貸資金的供給。 ? Shifts the supply curve to the left. 使供給曲線向左移動(dòng)。 ? Increases the equilibrium interest rate. 提高了均衡利率。 ? Reduces the equilibrium quantity of loanable funds. 減少了可貸資金的均衡量。 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(yù)算赤字減少了可貸資金的供給 ... 圖 4. 政府預(yù)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。 2. … 導(dǎo)致均衡利率上升 ... 6% 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(yù)算赤字與盈余 When government reduces national saving by running a deficit, the interest rate rises and investment falls. 當(dāng)政府存在預(yù)算赤字時(shí)，減少了國(guó)民儲(chǔ)蓄，利率 上升， 投資 減少。 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(yù)算赤字與盈余 A budget surplus increases the supply of loanable funds, reduces the interest rate, and stimulates investment. 預(yù)算盈余 增加 了可貸資金的供給， 降低 了利率，并 刺激 了投資。 Figure 5 The . Government Debt Percent of GDP 1790 1810 1830 1850 1870 1890 1910 1930 1950 1970 1990 Revolutionary War 2021 Civil War World War I World War II 0 20 40 60 80 100 120 圖 5. 美國(guó)政府債務(wù) 獨(dú)立戰(zhàn)爭(zhēng) 內(nèi)戰(zhàn) 一戰(zhàn) 二戰(zhàn) GDP的百分比 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Summary ?The . financial system is made up of financial institutions such as the bond market, the stock market, banks, and mutual funds. ?All these institutions act to direct the resources of households who want to save some of their ine into the hands of households and firms who want to borrow. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 小結(jié) ?美國(guó)金融體系由各種金融機(jī)構(gòu)所組成，例如，債券市場(chǎng)、股票市場(chǎng)、銀行和共同基金。 ?所有這些機(jī)構(gòu)的作用都是使那些想把一部分收入儲(chǔ)蓄起來(lái)的家庭的資源流入那些想借款的家庭和企業(yè)的手中。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Summary ?National ine accounting identities reveal some important relationships among macroeconomic variables. ?In particular, in a closed economy, national saving must equal investment. ?Financial institutions attempt to match one person’s saving with another person’s investment. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 小結(jié) ?國(guó)民收入帳號(hào)恒等式說明了宏觀經(jīng)濟(jì)變量之間的一些重要關(guān)系。 ?特別是，對(duì)一個(gè)封閉經(jīng)濟(jì)來(lái)說，國(guó)民儲(chǔ)蓄一定等于投資。 ?金融機(jī)構(gòu)是經(jīng)濟(jì)使一個(gè)人的儲(chǔ)蓄與另一個(gè)人的投資相匹配的機(jī)制。 Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. Summary ?The interest rate is determined by the supply and demand for loanable funds. ?The supply of loanable funds es from households who want to save some of their ine. ?The demand for loanable funds es from households and firms who want to borrow for investment. Harcourt, Inc. items and derived items copyright 169。 2021 by Harcourt, Inc. 小結(jié) ?利率由可貸資金的供求決定。 ?可貸資金的供給來(lái)自想把自己一部分收入儲(chǔ)蓄起來(lái)并借出去的家庭。 ?可貸資金的需求來(lái)自想借款投資的家庭和企業(yè)。 Harcourt, Inc. items and derived items copyright 169。 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。 2021 by Harcourt, Inc. 小結(jié) ?國(guó)民儲(chǔ)蓄等于私人儲(chǔ)蓄加公共儲(chǔ)蓄。 ?政府預(yù)算赤字代表負(fù)的公共儲(chǔ)蓄，從而減少了國(guó)民儲(chǔ)蓄和可用于為投資籌資的可貸資金的供給。 ?當(dāng)政府預(yù)算赤字?jǐn)D出了投資時(shí)，它就降低了生產(chǎn)率和 GDP的增長(zhǎng)。