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1、AMACROECONOMICTHEORYOFTHEOPENECONOMY30WHAT’SNEW:ThesectiononcapitalflighthasbeenupdatedtoincludeAsiaandRussia.Thetopicof“TheTwinDeficitsintheUnitedStates”isnowbrieflydiscussedinthemaintext.ThereisanewIntheNewsboxon“HowtheChineseHelpAmericanHomeBuyers.”LEARNINGOBJECTIVES:Bytheen
2、dofthischapter,studentsshouldunderstand:Øhowtobuildamodeltoexplainanopeneconomy’stradebalanceandexchangerate.Øhowtousethemodeltoanalyzetheeffectsofgovernmentbudgetdeficits.Øhowtousethemodeltoanalyzethemacroeconomiceffectsoftradepolicies.Øhowtousethemodeltoanalyzepoliticalinstab
3、ilityandcapitalflight.KEYPOINTS:1.Toanalyzethemacroeconomicsofopeneconomies,twomarketsarecentral―themarketforloanablefundsandthemarketforforeign-currencyexchange.Inthemarketforloanablefunds,theinterestrateadjuststobalancethesupplyofloanablefunds(fromnationalsaving)andthedemandf
4、orloanablefunds(fromdomesticinvestmentandnetforeigninvestment).Inthemarketforforeign-currencyexchange,therealexchangerateadjuststobalancethesupplyofdollars(fornetforeigninvestment)andthedemandfordollars(fornetexports).Becausenetforeigninvestmentispartofthedemandforloanablefunds
5、andprovidesthesupplyofdollarsforforeign-currencyexchange,itisthevariablethatconnectsthesetwomarkets.2.Apolicythatreducesnationalsaving,suchasagovernmentbudgetdeficit,reducesthesupplyofloanablefundsanddrivesuptheinterestrate.Thehigherinterestratereducesnetforeigninvestment,which
6、reducesthesupplyofdollarsinthemarketforforeign-currencyexchange.Thedollarappreciates,andnetexportsfall.3.Althoughrestrictivetradepolicies,suchasatarifforquotaonimports,aresometimesadvocatedasawaytoalterthetradebalance,theydonotnecessarilyhavethateffect.Atraderestrictionincrease
7、snetexportsforagivenexchangerateand,therefore,increasesthedemandfordollarsinthemarketforforeign-currencyexchange.Asaresult,thedollarappreciatesinvalue,makingdomesticgoodsmoreexpensiverelativetoforeigngoods.Thisappreciationoffsetstheinitialimpactofthetraderestrictiononnetexports
8、.1.Wheninvestorschangetheirattitudesaboutholdingassets
