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1、Chapter30—AMACROECONOMICTHEORYOFTHEOPENECONOMY23AMACROECONOMICTHEORYOFTHEOPENECONOMY30WHAT’SNEW:ThesectiononcapitalflighthasbeenupdatedtoincludeAsiaandRussia.Thetopicof“TheTwinDeficitsintheUnitedStates”isnowbrieflydiscussedinthemaintext.ThereisanewIntheNewsboxon“HowtheChineseHelpAmericanHomeBuye
2、rs.”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Øhowtobuildamodeltoexplainanopeneconomy’stradebalanceandexchangerate.Øhowtousethemodeltoanalyzetheeffectsofgovernmentbudgetdeficits.Øhowtousethemodeltoanalyzethemacroeconomiceffectsoftradepolicies.Øhowtousethemodeltoanalyzepol
3、iticalinstabilityandcapitalflight.KEYPOINTS:1.Toanalyzethemacroeconomicsofopeneconomies,twomarketsarecentral―themarketforloanablefundsandthemarketforforeign-currencyexchange.Inthemarketforloanablefunds,theinterestrateadjuststobalancethesupplyofloanablefunds(fromnationalsaving)andthedemandforloan
4、ablefunds(fromdomesticinvestmentandnetforeigninvestment).Inthemarketforforeign-currencyexchange,therealexchangerateadjuststobalancethesupplyofdollars(fornetforeigninvestment)andthedemandfordollars(fornetexports).Becausenetforeigninvestmentispartofthedemandforloanablefundsandprovidesthesupplyofdo
5、llarsforforeign-currencyexchange,itisthevariablethatconnectsthesetwomarkets.2.Apolicythatreducesnationalsaving,suchasagovernmentbudgetdeficit,reducesthesupplyofloanablefundsanddrivesuptheinterestrate.Thehigherinterestratereducesnetforeigninvestment,whichreducesthesupplyofdollarsinthemarketforfor
6、eign-currencyexchange.Thedollarappreciates,andnetexportsfall.3.Althoughrestrictivetradepolicies,suchasatarifforquotaonimports,aresometimesadvocatedasawaytoalterthetradebalance,theydonotnecessarilyhavethateffect.AHarcourt,Inc.itemsandderiveditemscopyrightÓ2001byHarcourt,Inc.Chapter30—AMACROECONOM
7、ICTHEORYOFTHEOPENECONOMY23traderestrictionincreasesnetexportsforagivenexchangerateand,therefore,increasesthedemandfordollarsinthemarketforforeign-currencyexchange.Asaresult,thedollarappreciatesinvalue,makingdomesticgoodsmore
