第十三章汇率与国际收支1.ppt

Exchange Rates, The Balance of Payments, and Trade Deficits
The Purpose Of This Lesson
Is to explain how exchange rates and our international ary system work and illustrate how fiscal and ary policies may--or may not--be used in a global economy.
All That Has Changed
BILLIONS
(1990 $)
0
200
400
-200
-400
-600
1982
1988
1983
1984
1985
1986
1987
1989
1990
1995
Exports
Beginning in the early 1980s, America began running huge trade deficits, and, over the years, these trade deficits have led to an foreign debt of over $500 billion dollars.
Is This A Problem?
To many observers, America’s chronic trade deficits are every bit as dangerous as its chronic budget deficits.
These “trade deficit hawks” warn that America is being forced to sell off its land and its factories -- and its future -- to finance these deficits.
The Trade Deficit Doves
Others, however, see the trade deficits simply as an opportunity to buy inexpensive foreign goods and enjoy a higher standard of living.
These “trade deficit doves” argue that if foreign countries sell us cheap goods, we should buy and enjoy them and not try to erect竖起建立 protectionist trade barriers.
In This Lesson
Examine the scope of the trade deficit problem.
Discuss the economic basis for international trade and learn some “balance of payments” accounting.
Describe how exchange rates work and how the international ary system is structured.
In This Lesson
Impacts of domestic fiscal and ary policies on foreign capital markets and the trade deficit.
Understand the important link between the budget and trade deficits and why it is important for nations to coordinate their fiscal and ary policies in a global economy.
Open Economies
An economy that engages in international trade is called an open economy.
A useful measure of such openness is the “trade share”--the ratio of a country’s exports or imports to its GDP.