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1、11 THE MACROECONOMICS OF OPEN ECONOMIES开放开放经济宏观经济学经济宏观经济学Open-Economy Macroeconomics: Basic Concepts开放经济宏观经济学：开放经济宏观经济学：基本概念基本概念Chapter 31Open and Closed Economies开放经济与封闭经济开放经济与封闭经济uA closed economy is one that does not interact with other economies in the world. 封闭经济封闭经济不不与世界其他经济进行与世界其他经济进行交易的经济。交易
2、的经济。uThere are no exports, no imports, and no capital flows. 没有出口、进口，也没有资本流动。没有出口、进口，也没有资本流动。 Open and Closed Economies开放经济与封闭经济开放经济与封闭经济An open economy is one that interacts freely with other economies around the world. 开放经济开放经济自由地与世界其他经自由地与世界其他经济进行交易的经济。济进行交易的经济。An Open Economy 一个开放经济一个开放经济uAn ope
3、n economy interacts with other countries in two ways. 一个开放经济以两种方式一个开放经济以两种方式 与其他国家相与其他国家相互交易。互交易。uIt buys and sells goods and services in world product markets. 在世界产品市场上购买并出售物品与劳务。在世界产品市场上购买并出售物品与劳务。 uIt buys and sells capital assets in world financial markets. 在世界金融市场上购买并出售资本资产。在世界金融市场上购买并出售资本资产。An
4、 Open Economy 一个开放经济一个开放经济uThe U.S. is a very large and open economy it imports and exports huge quantities of goods and services. 美国是一个很大的开放经济体，它进口和出口大美国是一个很大的开放经济体，它进口和出口大量的物品与劳务。量的物品与劳务。uOver the past four decades, international trade and finance have become increasingly important. 在过去的在过去的40年里，国
5、际贸易和国际金融已经变得年里，国际贸易和国际金融已经变得越来越重要越来越重要 。The Flow of Goods: Exports, Imports, Net Exports物品的流动：出口、进口以及净出口物品的流动：出口、进口以及净出口uExports are domestically produced goods and services that are sold abroad. 出口出口国内生产而在国外销售的物品与劳务国内生产而在国外销售的物品与劳务uImports are foreign produced goods and services that are sold domes
6、tically. 进口进口国外生产而在国内销售的物品与劳务国外生产而在国内销售的物品与劳务The Flow of Goods: Exports, Imports, Net Exports物品的流动：出口、进口以及净出口物品的流动：出口、进口以及净出口uNet exports (NX) are the value of a nations exports minus the value of its imports. 净出口净出口一国的出口值减去进口值。一国的出口值减去进口值。uNet exports are also called the trade balance. 净出口又被称为净出口又被
7、称为贸易余额。贸易余额。The Flow of Goods: Exports, Imports, Net ExportsuA trade deficit is a situation in which net exports (NX) are negative. Imports Exports uA trade surplus is a situation in which net exports (NX) are positive. Exports ImportsuBalanced trade refers to when net exports are zero exports and i
8、mports are exactly equal.物品的流动物品的流动: 出口、进口以及净出口出口、进口以及净出口u贸易赤字贸易赤字 是净出口小于零的状况是净出口小于零的状况 。 进口进口 出口出口 u贸易盈余贸易盈余 是净出口大于零的状况。是净出口大于零的状况。 出口出口 进口进口u平衡的贸易平衡的贸易 出口正好等于进口的出口正好等于进口的状况。状况。The Flow of Goods: Exports, Imports, Net ExportsnFactors That Affect Net ExportsThe tastes of consumers for domestic and f
9、oreign goods.The prices of goods at home and abroad.The exchange rates at which people can use domestic currency to buy foreign currencies.物品的流动物品的流动: 出口、进口以及净出口出口、进口以及净出口n影响净出口的因素影响净出口的因素消费者对国内与国外物品的嗜好。消费者对国内与国外物品的嗜好。国内与国外物品的价格。国内与国外物品的价格。人们可以用国内通货购买国外通货的汇人们可以用国内通货购买国外通货的汇率。率。The Flow of Goods: Exp
10、orts, Imports, Net ExportsnFactors That Affect Net ExportsThe incomes of consumers at home and abroad.The costs of transporting goods from country to country.The policies of the government toward international trade.物品的流动物品的流动: 出口、进口以及净出口出口、进口以及净出口n影响净出口的因素影响净出口的因素国内与国外消费者的收入。国内与国外消费者的收入。从一国向另一国运送物品
11、的成本。从一国向另一国运送物品的成本。政府对国际贸易的政策。政府对国际贸易的政策。Figure 1 The Internationalization of the U.S. EconomyPercentof GDP05101519501955196019651970197519801990198520001995ExportsImports图图1.美国经济的国际化美国经济的国际化GDP的的百分比百分比05101519501955196019651970197519801990198520001995出口出口进口进口The Flow of Financial Resources: Net Cap
12、ital OutflowuNet capital outflow refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners. uA U.S. resident buys stock in the Toyota corporation and a Mexican buys stock in the Ford Motor corporation.金融资源的流动金融资源的流动: 净资本外流净资本外流u净资本外流净资本外流 本国居民
13、购买的外国本国居民购买的外国资产减外国人购买的国内资产。资产减外国人购买的国内资产。 u一个美国居民购买丰田公司的股票，一个美国居民购买丰田公司的股票， 一一个墨西哥人购买美国福特公司的股票。个墨西哥人购买美国福特公司的股票。The Flow of Financial Resources: Net Capital OutflowuWhen a U.S. resident buys stock in Telmex, the Mexican phone company, the purchase raises U.S. Net Capital Outflow。uWhen a Japanese re
14、sidents buys a bond issued by the U.S. government, the purchase reduces the U.S. Net Capital Outflow。金融资源的流动金融资源的流动: 净资本外流净资本外流u当一个美国居民购买了墨西哥电话公当一个美国居民购买了墨西哥电话公司司 （ Telmex）的股票时，这种购买的股票时，这种购买增增加加了美国的净资本外流。了美国的净资本外流。u当一个日本居民购买了美国政府发行当一个日本居民购买了美国政府发行的债券时，这种购买的债券时，这种购买减少减少了美国的净了美国的净资本外流。资本外流。The Flow of
15、 Financial Resources: Net Capital Outflow nVariables that Influence Net Capital OutflowThe real interest rates being paid on foreign assets.The real interest rates being paid on domestic assets.The perceived economic and political risks of holding assets abroad.The government policies that affect fo
16、reign ownership of domestic assets.金融资源的流动金融资源的流动: 净资本外流净资本外流n影响净资本外流的因素影响净资本外流的因素国外资产得到的实际利率。国外资产得到的实际利率。国内资产得到的实际利率。国内资产得到的实际利率。持有国外资产可以觉察到的经济与政治风持有国外资产可以觉察到的经济与政治风险。险。影响国外拥有国内资产的政府政策。影响国外拥有国内资产的政府政策。The Equality of Net Exports and Net Capital OutflowuNet exports (NX) and net capital outflow (NCO) are closely linked.uFor an economy as a whole, NX and (NCO) must balance each other so that:NCO = NXuThis holds true because every transaction that affects one side must also affect the other side by
