中級宏觀經(jīng)濟學(xué)開放經(jīng)濟-資料下載頁
2025-08-02 19:14本頁面
【導(dǎo)讀】開放經(jīng)濟的賬戶恒等式。小型開放經(jīng)濟模型（請大家自學(xué)本章。政策是如何影響貿(mào)易平衡和匯率的？國內(nèi)儲蓄不需要等于國內(nèi)投資?！翱少J資金”的凈流出。一國購買外國資產(chǎn)減去外國對該國資產(chǎn)。WhenS<I,該國是凈債務(wù)國。美國從1980S早期就已經(jīng)是最大的貿(mào)易赤字。國，和最大的凈債務(wù)國。外國人擁有價值$trillion的美國資產(chǎn)。對世界其他國家，美國indebtedness. 回憶第三章的可貸資金市場.外生的政策變量:,GGTT. a.國內(nèi)和外國債券是完全替代的。
【正文】 cits revisited 61 . 是一個開放大型經(jīng)濟 ?到目前為止，我們學(xué)習(xí)了兩個長期的模型 : ?封閉經(jīng)濟 (chapter 3) ?小型開放經(jīng)濟 (chapter 5) ?大型的開放經(jīng)濟 like the 上兩個極端情況之間 . ?例如 … 62 NX I r large open economy small open economy closed economy 三個模型中的擴張性財政政策 falls, but not as much as in small open economy falls no change falls, but not as much as in closed economy no change falls rises, but not as much as in closed economy no change rises 擴張性財政使得國民儲蓄下降，下降幅度依賴于開放程度 : 63 宋錚：中國貿(mào)易順差的真相 ?國有和私營企業(yè)不對稱的融資能力可以為中國的貿(mào)易順差和資本輸出提供一個合理的解釋。 ?中國居民儲蓄增長很快， 2020年底，中國銀行業(yè)存貸差總額已接近 GDP的一半。 ?發(fā)放貸款和持有外國資產(chǎn)。 ?銀行存貸差與外匯儲備不僅同步增長，而且兩者在數(shù)量上也非常接近 （ 2020年存貸差GDP占比和外匯儲備 GDP占比分別為 %和 %）。 ?推論：資源重組規(guī)模越大，順差也就越大；在中國，私營企業(yè)比重增加越快的省份，貿(mào)易順差也會越大。 ?“ Growing Like China”， American Economic Review 101 (February 2020): 202–241 64 國有企業(yè)和私營企業(yè)在生產(chǎn)效率和融資能力方面的差異已經(jīng)達到了令人震驚的程度。 65 國有企業(yè)和私營企業(yè)在生產(chǎn)效率和融資能力方面的差異已經(jīng)達到了令人震驚的程度 66 韓國和中國臺灣的故事 ?上世紀(jì) 80年代中后期，韓國經(jīng)濟迅猛增長，出現(xiàn)了持續(xù)多年的大幅貿(mào)易順差。 ?資源流向生產(chǎn)效率更高的企業(yè)，從而推動了經(jīng)濟高速增長；而這些企業(yè)融資能力相對滯后，這又導(dǎo)致了大幅貿(mào)易順差。 67 Chapter summary 1. Net exportsthe difference between ? exports and imports ? a country’s output (Y ) and its spending (C + I + G) 2. Net capital outflow equals ? purchases of foreign assets minus foreign purchases of the country’s assets ? the difference between saving and investment 3. National ine accounts identities: ? Y = C + I + G + NX ? trade balance NX = S ? I capital outflow 68 Chapter summary 4. Impact of policies on NX : ? NX increases if policy causes S to rise or I to fall ? NX does not change if policy affects neither S nor I. Example: trade policy 5. Exchange rates ? nominal: the price of a country’s currency in terms of another country’s currency ? real: the price of a country’s goods in terms of another country’s goods. ? The real exchange rate equals the nominal rate times the ratio of prices of the two countries. 69 Chapter summary 6. How the real exchange rate is determined ? NX depends negatively on the real exchange rate, other things equal ? The real exchange rate adjusts to equate NX with capital outflow 7. How the nominal exchange rate is determined ? e equals the real exchange rate times the country’s price level relative to the foreign price level. ? For a given value of the real exchange rate, the percentage change in the nominal exchange rate equals the difference between the foreign amp。 domestic inflation rates. 70 習(xí)題 ?
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