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【正文】 y Depreciation B. Protectionism 29 COPING WITH THE CURRENT ACCOUNT DEFICIT DEPRECIATION A. . Experience: Does not improve the trade deficit. 30 COPING WITH THE CURRENT ACCOUNT DEFICIT B. Depreciations are ineffective because 1. It takes time to affect trade. 2. JCurve Effect states that a decline in currency value will initially worsen the deficit before improvement. 31 THE J CURVE TIME Net change in trade balance 0 Currency depreciation Trade balance initially deteriorates Trade balance improves 32 COPING WITH THE CURRENT ACCOUNT DEFICIT III. PROTECTIONISM A. Trade Barriers used: 1. Tariffs 2. Quotas B. Results: Most likely will reduce both X and M. 33 COPING WITH THE CURRENT ACCOUNT DEFICIT C. FOREIGN OWNERSHIP one protectionist solution would place limits on or eliminate foreign ownership leading to capital inflows. 34 COPING WITH THE CURRENT ACCOUNT DEFICIT D. STIMULATE NATIONAL SAVING change the tax regulations and rates. 35 COPING WITH THE CURRENT ACCOUNT DEFICIT III. SUMMARY: CURRENTACCOUNT DEFICITS neither bad nor good inherently 1. Since one country’s exports are another’s imports, it is not possible for all to run a surplus 36 COPING WITH THE CURRENT ACCOUNT DEFICIT 2. Deficits may be a solution to the problem of different national propensities to save and invest. 37 演講完畢，謝謝觀看！
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