西方经济学(宏观)课件CHAPTER12.ppt

西方经济学(宏观)课件CHAPTER12.ppt

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CHAPTER12OPEN-ECONOMYMACROECONOMICSSlide1WhatYouWillLearninthisChapter:

nThemeaningandmeasurementofthebalanceofpaymentsnThedeterminantsofinternationalcapitalflowsnTheroleoftheforeignexchangemarketandtheexchangeratenTheimportanceofrealexchangeratesandtheirroleinthecurrentaccountnTheconsiderationsthatleadcountriestochoosedifferentexchangerateregimes,suchasfixedexchangeratesandfloatingexchangeratesnWhyopen-economyconsiderationsaffectmacroeconomicpolicyunderfloatingexchangerates2CapitalFlowsAndTheBalanceOfPaymentsnAcountrysbalanceofpaymentsaccountssummarizeitstransactionswiththerestoftheworldnThebalanceofpaymentsoncurrentaccountincludesthebalanceofpaymentsongoodsandservicestogetherwithbalancesonfactorincomeandtransfersThedifferencebetweenacountrysexportsandimportsofgoodsalonenotincludingservicesisthemerchandisetradebalancenThebalanceofpaymentsonfinancialaccountmeasurescapitalflowsnBydefinition,thesumofthebalanceofpaymentsoncurrentaccountplusthebalanceofpaymentsonfinancialaccountiszero3TheCanadianBalanceofPaymentsonCurrentAccount,20044TheCanadianBalanceofPaymentsonFinancialAccount,20045TheBalanceofPayments6TheLoanableFundsModelRevisited7LoanableFundsMarketsinTwoCountries8InternationalCapitalFlows9TheRoleOfTheExchangeRatenCurrenciesaretradedintheforeignexchangemarketnThepricesatwhichcurrenciestradeareknownasexchangeratesnWhenacurrencybecomesmorevaluableintermsofothercurrencies,itappreciatesnWhenacurrencybecomeslessvaluableintermsofothercurrencies,itdepreciates10TheForeignExchangeMarket11EquilibriumintheForeignExchangeMarket:

AHypotheticalExample12EffectsofIncreasedCapitalInflows13AnIncreaseintheDemandforCanadianDollars14RealExchangeRatesnRealexchangeratesareexchangeratesadjustedforinternationaldifferencesinaggregatepricelevelsPositiverealexchangerate=MexicanpesosperCanadiandollarPCAN/PMEXLawofonepriceThepurchasingpowerparity15ExchangeinthelongrunnFactorsthataffectexchangerateinthelongrunnRelativepricelevelsnTradebarriersnPreferencefordomesticversusforeigngoodsnpruductivity16ExchangeintheshortrunnInterestparitycondition17RealversusNominalExchangeRates,1992200318PurchasingPowerParityversustheNominalExchangeRate,1990200319EconomicsinAction:

TheLoonieandtheCurrentAccountDeficit,1973200320ExchangeRatePolicynAnexchangerateregimeisarulegoverningpolicytowardtheexchangeratenAcountryhasafixedexchangeratewhenthegovernmentkeepstheexchangerateagainstsomeothercurrencyatornearaparticulartargetnAcountryhasafloatingexchangeratewhenthegovernmentletstheexchangerategowhereverthemarkettakesit21ExchangeMarketInterventionnGovernmentpurchasesorsalesofcurrencyintheforeignexchangemarketareexchangemarketinterventionsnForeignexchangereservesarestocksofforeigncurrencythatgovernmentsmaintaintobuytheirowncurrencyontheforeignexchangemarketnForeignexchangecontrolsarelicensingsystemsthatlimittherightofindividualstobuyforeigncurrency22ExchangeMarketInterventionnUnsterilizedintervention（非冲销干预）nAcentralbankspurchaseofdomesticcurrencyandcorrespondingsaleofforeignassetsintheforeignexchangemarketleadstoanequaldeclineinitsinternationalreservesandthemonetarybase.nappreciationnAcentralbankssaleofdomesticcurrencyandcorrespondingpurchaseofforeignassetsintheforeignexchangemarketleadstoanequalriseinitsinternationalreservesandthemonetarybase.ndepreciation23TheevolutionofinternationalfinancialsystemnGoldstandard（nocontrolovermonetarypolicy）nBrettonWoodsSystem（thecreationofIMFandWorldbank）nWhenthedomesticcurrencyisovervalued,thecentralbankmustpurchasedomesticcurrencytokeeptheexchangeratefixed,butasaresultitlosesinternationalreserves.ndevaluationnWhenthedomesticcurrencyisundervalued,thecentralbankmustselldomesticcurrencytokeeptheexchangeratefixed,butasaresultitgainsinternationalreserves.nrevalution24ExchangeMarketIntervention25ForInquiringMinds:

TheRoadtotheEuro26ExchangeRatesAndMacroeconomicPolicynAdevaluationisareductioninthevalueofacurrencythatpreviouslyhadafixedexchangeratenArevaluationisanincreaseinthevalueofacurrencythatpreviouslyhadafixedexchangerate27MonetaryPolicyandtheExchangeRate28InternationalBusinessCyclesnThefactthatonecountrysimportsareanothercountrysexportscreatesalinkbetweenthebusinesscycleindifferentcountriesnFloatingexchangerates,however,mayreducethestrengthofthatlink29