tailieunhanh - Bài giảng Kinh tế vĩ mô nâng cao: Chapter 20 - TS. Phan Thế Công

Bài giảng "Kinh tế vĩ mô nâng cao - Chapter 20: Mô hình IS – LM - BP" cung cấp cho người học các kiến thức: The market for foreign currency exchange, marginal propensity to import, output determination in open economy, balance of payments, BP curve, is lm bp model, monetary and fiscal policies in open economy. . | 1/4/2016 MÔ HÌNH IS – LM - BP . PHAN THẾ CÔNG Email: congpt@ TS. PHAN THẾ CÔNG Topics To Be Covered • • • • • • • The Market for Foreign-Currency Exchange Marginal Propensity to Import Output Determination in Open Economy Balance of Payments BP Curve IS-LM-BP Model Monetary and Fiscal Policies in Open Economy TS. PHAN THẾ CÔNG Open and Closed Economies • A closed economy is one that does not interact with other economies in the world. There are no exports, no imports, and no capital flows. • An open economy is one that interacts freely with other economies around the world. 1 1/4/2016 TS. PHAN THẾ CÔNG An Open Economy An open economy interacts with other countries in two ways. It buys and sells goods and services in world product markets. It buys and sells capital assets in world financial markets. TS. PHAN THẾ CÔNG The Flow of Goods • • Exports are domestically produced goods and services that are sold abroad. They mainly depend on exchange rates. EX = f (e) Imports are foreign produced goods and services that are sold domestically. They mainly depend on output. IM = f (Y) TS. PHAN THẾ CÔNG The Flow of Goods • • Net exports (NX) are the value of a nation’s exports minus the value of its imports. Net exports are also called the trade balance. 2 1/4/2016 TS. PHAN THẾ CÔNG The Flow of Goods A trade deficit is a situation in which net exports (NX) are negative. Imports > Exports A trade surplus is a situation in which net exports (NX) are positive. Exports > Imports Balanced trade refers to when net exports are zero – exports and imports are exactly equal. TS. PHAN THẾ CÔNG The Internationalization of Percent the Chinese Economy of GDP 50 40 30 20 10 0 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 TS. PHAN THẾ CÔNG The Flow of Capital • Net foreign investment refers to the purchase of foreign assets by domestic residents minus the purchase of domestic assets by foreigners. • A Chinese resident .

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