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1、Chapter25—SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEM1725SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEMWHAT’SNEW:Thesectionon“Policy3”nowdiscussesbudgetdeficitandsurpluseffectsonthesupplyofloanablefunds.TheCaseStudyongovernmentdebthasbeenrewrittenandisnowcalled“T
2、heHistoryofU.S.GovernmentDebt.”ThereisalsoanewCaseStudyon“TheDebateovertheBudgetSurplus.”Inaddition,thereisanewIntheNewsboxon“TheStockMarketBoomofthe1990s”andanewFYIboxon“PresentValue.”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:Ø
3、someoftheimportantfinancialinstitutionsintheU.S.economy.Øhowthefinancialsystemisrelatedtokeymacroeconomicvariables.Øthemodelofthesupplyanddemandforloanablefundsinfinancialmarkets.Øhowtousetheloanable-fundsmodeltoanalyzevariousgovernmentpolicies.Øhowgov
4、ernmentbudgetdeficitsaffecttheU.S.economy.KEYPOINTS:1.TheU.S.financialsystemismadeupofmanytypesoffinancialinstitutions,suchasthebondmarket,thestockmarket,banks,andmutualfunds.Alltheseinstitutionsacttodirecttheresourcesofhouseholdswhowanttosavesomeofthe
5、irincomeintothehandsofhouseholdsandfirmswhowanttoborrow.2.Nationalincomeaccountingidentitiesrevealsomeimportantrelationshipsamongmacroeconomicvariables.Inparticular,foraclosedeconomy,nationalsavingmustequalinvestment.Financialinstitutionsarethemechanis
6、mthroughwhichtheeconomymatchesoneperson’ssavingwithanotherperson’sinvestment.3.Theinterestrateisdeterminedbythesupplyanddemandforloanablefunds.Thesupplyofloanablefundscomesfromhouseholdswhowanttosavesomeoftheirincomeandlenditout.Thedemandforloanablefun
7、dscomesfromhouseholdsandfirmswhowanttoborrowHarcourt,Inc.itemsandderiveditemscopyrightÓ2001byHarcourt,Inc.Chapter25—SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEM17forinvestment.Toanalyzehowanypolicyoreventaffectstheinterestrate,onemustconsiderhowitaffectsthe
8、supplyanddemandforloanablefunds.1.Nationalsavingequalsprivatesavingpluspublicsaving.Agovernmentbudgetdeficitrepresentsnegativepublicsavingand,therefore,reducesnationalsavingandthesupplyofloanablefundsavailabletofinanceinvestment.Whenago
