金融英语课件李丽 马跃ISBN 9787810788175 PPTchapter_14.ppt

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1、Chapter14GovernmentsintheFinancialSystemInadditiontomonetarypolicyasoneofthetoolsthatanationalgovernmentusestoinfluenceitsdomesticeconomy,thesecondtoolavailabletogovernmentisfiscalpolicy.Thetermfiscalpolicyreferstotheactionsofagovernmentinsettingthelevelofpublicexpenditureandhowthatexpend

2、itureisfunded.2021/8/72Chapter14GovernmentsintheFinancialSystemOneofthemostimportantfinancialinstitutionsinanyeconomyisthegovernmenttreasury.Generallyspeaking,thetreasurydepartmentexertsapowerfulimpactonthefinancialsystembecauseoftwoactivitiesthatitpursuesonacontinuingbasis.Oneoftheseisfi

3、scalpolicy;theotherisdebtmanagementpolicy,whichinvolvestherefundingorrefinancingofthecentralgovernment’shugedebtinawaythatcontributestobroadeconomicgoalsandminimizestheburdenofthegovernment’sdebt.Thesetreasurypolicymakingactivitiesinfluenceinterestrateandtheavailabilitytoachieveitseconomi

4、cgoalsbutnottodisturbthefunctioningofthefinancialmarketsorundulyinterferewiththeoperationsofthecentralbank.2021/8/73Chapter14GovernmentsintheFinancialSystem1.FiscalPolicyandItsEffectontheEconomyFiscalpolicyistheuseofthegovernmentbudgettoaffectaneconomy.Whenthegovernmentdecidesonthetaxest

5、hatitcollects,thetransferpaymentsitgivesout,orthegoodsandservicesthatitpurchases,itisengaginginfiscalpolicy.2021/8/74Chapter14GovernmentsintheFinancialSystemFiscalpolicyissaidtobetightorcontractionarywhenrevenueishigherthanspending(thegovernmentbudgetisinsurplus)andlooseorexpansionarywhen

6、spendingishigherthanrevenue(thebudgetisindeficit).Oftenthefocusisnotonthelevelofthedeficit,butonthechangeinthedeficit.Thus,areductionofthedeficitfrom$200billionto$100billionissaidtobecontractionaryfiscalpolicy,eventhoughthebudgetisstillindeficit.2021/8/75Chapter14GovernmentsintheFinancial

7、SystemThemostimmediateimpactoffiscalpolicyistochangetheaggregatedemandforgoodsandservices.Afiscalexpansion,forexample,raisesaggregatedemandthroughoneoftwochannels.First,ifthegovernmentincreasespurchasesbutkeepstaxesthesame,itincreasesdemanddirectly.Second,ifthegover