西方经济学(宏观)课件CHAPTER12.ppt

1、CHAPTER 12OPEN-ECONOMY MACROECONOMICSSlide 1What You Will Learn in this Chapter:nThe meaning and measurement of the balance of paymentsnThe determinants of international capital flowsnThe role of the foreign exchange market and the exchange ratenThe importance of real exchange rates and their role i

2、n the current accountnThe considerations that lead countries to choose different exchange rate regimes,such as fixed exchange rates and floating exchange ratesnWhy open-economy considerations affect macroeconomic policy under floating exchange rates2Capital Flows And The Balance Of PaymentsnA countr

3、ys balance of payments accounts summarize its transactions with the rest of the worldnThe balance of payments on current account includes the balance of payments on goods and services together with balances on factor income and transfersThe difference between a countrys exports and imports of goods

4、alone not including services is the merchandise trade balancenThe balance of payments on financial account measures capital flowsnBy definition,the sum of the balance of payments on current account plus the balance of payments on financial account is zero3The Canadian Balance of Payments on Current

5、Account,20044The Canadian Balance of Payments on Financial Account,20045The Balance of Payments6The Loanable Funds Model Revisited7Loanable Funds Markets in Two Countries8International Capital Flows9The Role Of The Exchange RatenCurrencies are traded in the foreign exchange marketnThe prices at whic

6、h currencies trade are known as exchange ratesnWhen a currency becomes more valuable in terms of other currencies,it appreciatesnWhen a currency becomes less valuable in terms of other currencies,it depreciates10The Foreign Exchange Market11Equilibrium in the Foreign Exchange Market:A Hypothetical E

7、xample12Effects of Increased Capital Inflows13An Increase in the Demand for Canadian Dollars14Real Exchange RatesnReal exchange rates are exchange rates adjusted for international differences in aggregate price levelsPositive real exchange rate=Mexican pesos per Canadian dollar PCAN/PMEX Law of one

8、price The purchasing power parity15Exchange in the long runnFactors that affect exchange rate in the long runnRelative price levels nTrade barriers nPreference for domestic versus foreign goodsnpruductivity16Exchange in the short runnInterest parity condition17Real versus Nominal Exchange Rates,1992

9、200318Purchasing Power Parity versus the Nominal Exchange Rate,1990 200319Economics in Action:The Loonie and the Current Account Deficit,1973200320Exchange Rate PolicynAn exchange rate regime is a rule governing policy toward the exchange ratenA country has a fixed exchange rate when the government

10、keeps the exchange rate against some other currency at or near a particular targetnA country has a floating exchange rate when the government lets the exchange rate go wherever the market takes it21Exchange Market InterventionnGovernment purchases or sales of currency in the foreign exchange market

11、are exchange market interventionsnForeign exchange reserves are stocks of foreign currency that governments maintain to buy their own currency on the foreign exchange marketnForeign exchange controls are licensing systems that limit the right of individuals to buy foreign currency22Exchange Market I

12、nterventionnUnsterilized intervention(非冲销干预）nA central banks purchase of domestic currency and corresponding sale of foreign assets in the foreign exchange market leads to an equal decline in its international reserves and the monetary base.n appreciation nA central banks sale of domestic currency a

13、nd corresponding purchase of foreign assets in the foreign exchange market leads to an equal rise in its international reserves and the monetary base.n depreciation23The evolution of international financial systemnGold standard(no control over monetary policy)nBretton Woods System(the creation of IM

14、F and World bank)nWhen the domestic currency is overvalued,the central bank must purchase domestic currency to keep the exchange rate fixed,but as a result it loses international reserves.n devaluationnWhen the domestic currency is undervalued,the central bank must sell domestic currency to keep the

15、 exchange rate fixed,but as a result it gains international reserves.n revalution24Exchange Market Intervention25For Inquiring Minds:The Road to the Euro26Exchange Rates And Macroeconomic PolicynA devaluation is a reduction in the value of a currency that previously had a fixed exchange ratenA reval

16、uation is an increase in the value of a currency that previously had a fixed exchange rate27Monetary Policy and the Exchange Rate28International Business CyclesnThe fact that one countrys imports are another countrys exports creates a link between the business cycle in different countriesnFloating exchange rates,however,may reduce the strength of that link29