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business economics phần 9

Giữ nghịch lý của Keynes đối số tiết kiệm trong tâm trí, là sự gia tăng tiết kiệm bao giờ mong muốn? Vâng. • Nếu có một vấn đề vượt quá nhu cầu, sự gia tăng tiết kiệm sẽ làm giảm áp lực lạm phát. • Nếu đầu tư tăng lên theo thời gian, tăng tiết kiệm được sẽ cho phép những gia tăng được tài trợ mà không có vấn đề | Introduction to Economics ECO401 VU bonds are long-term bond instruments 2 years .4 The major disadvantage of this type of borrowing is that it can lead to crowding out of private sector activity. How Consider the market for loan able funds. An increased demand for funds by the government will cause interest rates in the economy to rise making loans more expensive for everybody including the private sector as well squeeze the quantity of credit available for lending to the private sector. ii. Borrow from the central bank by ordering the latter to print money and lend it to the government free or at an interest cost for onward spending. All governments would love to do this except that this type of apparently free financing is highly inflationary. You can easily imagine why. An increased supply of money given a fixed supply of gods will naturally cause prices of those limited goods to rise. iii. Borrow from foreign sources either through bonds floated on international capital markets or bilateral multilateral or commercial loans. The advantage of this type of borrowing is that it does not lead to crowding out and is not immediately inflationary especially if some of the loan helps finance import expenditure. If all the borrowed money is spent locally given a fixed exchange rate the monetary effects of foreign borrowing might become very similar to those of borrowing from the central bank. Should the Fiscal Policy be Active or Passive In view of the above complications there is a long-standing debate on whether fiscal policy should be active or passive. Note that in a Keynesian context even a passive fiscal stance will produce an automatic stabilizer effect on aggregate demand. How If AD falls Y falls tax collection falls the net income tax rate falls which is equivalent to a passive fiscal policy expansion. Also when AD and Y fall unemployment rises which means more people become eligible for unemployment benefit which in turn causes government expenditure to rise .