国际经济学第七课2011.ppt
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1、Chapter 12,National Income Accounting and the Balance of Payments,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-2,Preview,National income accounts measures of national income measures of value of production measures of value of expenditure National saving, investment, and the curren
2、t account Balance of payments accounts,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-3,National Income Accounts,Records the value of national income that results from production and expenditure. Producers earn income from buyers who spend money on goods and services. The amount of e
3、xpenditure by buyers = the amount of income for sellers = the value of production. National income is often defined to be the income earned by a nations factors of production.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-4,National Income Accounts: GNP,Gross national product (GNP)
4、is the value of all final goods and services produced by a nations factors of production in a given time period. What are factors of production? Factors that are used to produce goods and services: workers (labor services), physical capital (like buildings and equipment), natural resources and other
5、s. The value of final goods and services produced by US-owned factors of production are counted as US GNP.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-5,National Income Accounts: GNP (cont.),GNP is calculated by adding the value of expenditure on final goods and services produced.
6、 There are 4 types of expenditure: Consumption: expenditure by domestic consumers Investment: expenditure by firms on buildings & equipment Government purchases: expenditure by governments on goods and services Current account balance (exports minus imports): net expenditure by foreigners on domesti
7、c goods and services,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-6,Fig. 12-1: U.S. GNP and Its Components,Source: U.S. Department of Commerce, Bureau of Economic Analysis,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-7,National Income Accounts,GNP is one measure o
8、f national income, but a more precise measure of national income is GNP adjusted for following: Depreciation of physical capital results in a loss of income to capital owners, so the amount of depreciation is subtracted from GNP. Unilateral transfers to and from other countries can change national i
9、ncome: payments of expatriate workers sent to their home countries, foreign aid and pension payments sent to expatriate retirees,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-8,National Income Accounts (cont.),Another approximate measure of national income is gross domestic product
10、(GDP): Gross domestic product measures the final value of all goods and services that are produced within a country in a given time period. GDP = GNP payments from foreign countries for factors of production + payments to foreign countries for factors of production,Copyright 2009 Pearson Addison-Wes
11、ley. All rights reserved.,12-9,GNP = Expenditure on a Countrys Goods and Services,Y = Cd + Id + Gd + EX = (C-Cf) + (I-If) + (G-Gf) + EX = C + I + G + EX (Cf + If +Gf) = C + I + G + EX IM = C + I + G + CA,Expenditure on domestic production,National income = value of domestic production,Copyright 2009
12、 Pearson Addison-Wesley. All rights reserved.,12-10,Expenditure and Production in an Open Economy,CA = EX IM = Y (C + I + G ) When production domestic expenditure, exports imports: current account 0 and trade balance 0 when a country exports more than it imports, it earns more income from exports th
13、an it spends on imports net foreign wealth is increasing When production domestic expenditure, exports imports: current account 0 and trade balance 0 when a country exports less than it imports, it earns less income from exports than it spends on imports net foreign wealth is decreasing,Copyright 20
14、09 Pearson Addison-Wesley. All rights reserved.,12-11,Fig. 12-2: U.S. Current Account and Net Foreign Wealth, 19762006,Source: U.S. Department of Commerce, Bureau of Economic Analysis, June 2007 release,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-12,Saving and the Current Account,
15、National saving (S) = national income (Y) that is not spent on consumption (C) or government purchases (G). Y C G (Y C T) + (T G) Sp + Sg = S,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-13,How Is the Current Account Related to National Saving?,CA = Y (C + I + G ) implies CA = (Y C
16、 G ) I = S I current account = national saving investment A country that imports more than it exports has low national saving relative to investment.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-14,How Is the Current Account Related to National Saving? (cont.),CA = S I or I = S CA
17、Countries can finance investment either by saving or by acquiring foreign funds equal to the current account deficit. a current account deficit implies a financial asset inflow or negative net foreign investment. When S I, then CA 0 so that net foreign investment and financial capital outflows for t
18、he domestic economy are positive.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-15,How Is the Current Account Related to National Saving? (cont.),CA = Sp + Sg I = Sp government deficit I Government deficit is negative government saving equal to G T A high government deficit causes a
19、 negative current account balance when other factors remain constant.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-16,Balance of Payments Accounts,A countrys balance of payments accounts accounts for its payments to and its receipts from foreigners. An international transaction inv
20、olves two parties, and each transaction enters the accounts twice: once as a credit (+) and once as a debit (-).,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-17,Balance of Payments Accounts (cont.),The balance of payments accounts are separated into 3 broad accounts: current accoun
21、t: accounts for flows of goods and services (imports and exports). financial account: accounts for flows of financial assets (financial capital). capital account: flows of special categories of assets (capital): typically non-market, non-produced, or intangible assets like debt forgiveness, copyrigh
22、ts and trademarks.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-18,Example of Balance of Payments Accounting,You import a DVD of Japanese anime by using your debit card. The Japanese producer of anime deposits the money in its bank account in San Francisco. The bank credits the acc
23、ount by the amount of the deposit.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-19,Example of Balance of Payments Accounting (cont.),You invest in the Japanese stock market by buying $500 in Sony stock. Sony deposits the money in its Los Angeles bank account. The bank credits the a
24、ccount by the amount of the deposit.,Copyright 2009 Pearson Addison-Wesley. All rights reserved.,12-20,Example of Balance of Payments Accounting (cont.),U.S. banks forgive a $100 M debt owed by the government of Argentina through debt restructuring. U.S. banks who hold the debt thereby reduce the de
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