西方经济学(宏观)课件CHAPTER03.ppt

CHAPTER 3
SAVINGS,
INVESTMENT SPENDING,
AND THE FINANCIAL SYSTEM
Slide 1
What You Will Learn in this Chapter:
The relationship between savings and investment spending
About the loanable funds market, which shows how savers are matched with borrowers
The purpose of the four principal types of assets: stocks, bonds, loans, and bank deposits
How financial intermediaries help investors achieve diversification
peting views of what determines stock prices and why stock market fluctuations can be a source of macroeconomic instability
2
Matching Up Savings and Investment Spending
According to the savings–investment spending identity, savings and investment spending are always equal for the economy as a whole
The budget surplus is the difference between tax revenue and government spending when tax revenue exceeds government spending
The budget deficit is the difference between tax revenue and government spending when government spending exceeds tax revenue
3
Matching Up Savings and Investment Spending
The budget balance is the difference between tax revenue and government spending
National savings, the sum of private savings plus the budget balance, is the total amount of savings generated within the economy
4
The Savings–Investment Spending Identity in a Closed Economy
In a closed economy: GDP = C + I + G
SPrivate = GDP + TR − T − C
SGovernment = T − TR − G
NS = SPrivate + SGovernment
= (GDP + TR − T − C) + (T − TR − G)
= GDP − C − G
Hence, I = NS
Investment spending = National savings in a closed economy
5
A Budget Surplus
6
A Budget Deficit
7
The Savings–Investment Spending Identity in an Open Economy
I = SPrivate + SGovernment + (IM − X)
= NS + KI
Investment spending = National savings + Capital inflow in an open economy
8
The Savings-Investment Spending Identity in Open Economies: Canada and the United States, 2003
9
The Market for Loanable Funds
The loanable funds market is a hypothetical market that examines the market e of the demand