CHAPTER 26 曼昆经济学.docx
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CHAPTER 26 曼昆经济学.docx
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CHAPTER26曼昆经济学
CHAPTER26SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEM
LEARNINGOBJECTIVES:
Bytheendofthischapter,studentsshouldunderstand:
ØsomeoftheimportantfinancialinstitutionsintheU.S.economy.
Øhowthefinancialsystemisrelatedtokeymacroeconomicvariables.
Øthemodelofthesupplyanddemandforloanablefundsinfinancialmarkets.
Øhowtousetheloanable-fundsmodeltoanalyzevariousgovernmentpolicies.
ØhowgovernmentbudgetdeficitsaffecttheU.S.economy.
KEYPOINTS:
1.TheU.S.financialsystemismadeupofmanytypesoffinancialinstitutions,suchasthebondmarket,thestockmarket,banks,andmutualfunds.Alltheseinstitutionsacttodirecttheresourcesofhouseholdswhowanttosavesomeoftheirincomeintothehandsofhouseholdsandfirmswhowanttoborrow.
2.Nationalincomeaccountingidentitiesrevealsomeimportantrelationshipsamongmacroeconomicvariables.Inparticular,foraclosedeconomy,nationalsavingmustequalinvestment.Financialinstitutionsarethemechanismthroughwhichtheeconomymatchesoneperson’ssavingwithanotherperson’sinvestment.
3.Theinterestrateisdeterminedbythesupplyanddemandforloanablefunds.Thesupplyofloanablefundscomesfromhouseholdswhowanttosavesomeoftheirincomeandlenditout.Thedemandforloanablefundscomesfromhouseholdsandfirmswhowanttoborrowforinvestment.Toanalyzehowanypolicyoreventaffectstheinterestrate,onemustconsiderhowitaffectsthesupplyanddemandforloanablefunds.
4.Nationalsavingequalsprivatesavingpluspublicsaving.Agovernmentbudgetdeficitrepresentsnegativepublicsavingand,therefore,reducesnationalsavingandthesupplyofloanablefundsavailabletofinanceinvestment.Whenagovernmentbudgetdeficitcrowdsoutinvestment,itreducesthegrowthofproductivityandGDP.
OUTLINE:
I.Definitionoffinancialsystem:
thegroupofinstitutionsintheeconomythathelptomatchoneperson’ssavingwithanotherperson’sinvestment.
II.FinancialInstitutionsintheU.S.Economy
A.FinancialMarkets
1.Definitionoffinancialmarkets:
financialinstitutionsthroughwhichsaverscandirectlyprovidefundstoborrowers.
2.TheBondMarket
a.Definitionofbond:
acertificateofindebtedness.
b.Abondidentifiesthedateofmaturityandtherateofinterestthatwillbepaidperiodicallyuntiltheloanmatures.
c.Oneimportantcharacteristicthatdeterminesabond’svalueisitsterm.Thetermisthelengthoftimeuntilthebondmatures.Allelseequal,long-termbondspayhigherratesofinterestthanshort-termbonds.
d.Anotherimportantcharacteristicofabondisitscreditrisk,whichistheprobabilitythattheborrowerwillfailtopaysomeoftheinterestorprincipal.Allelseequal,themoreriskyabondis,thehigheritsinterestrate.
e.Athirdimportantcharacteristicofabondisitstaxtreatment.Forexample,whenstateandlocalgovernmentsissuebonds(calledmunicipalbonds),theinterestincomeearnedbytheholdersofthesebondsisnottaxedbythefederalgovernment.Thismakesthesebondsmoreattractive;thus,loweringtheinterestrateneededtoenticepeopletobuythem.
3.TheStockMarket
a.Definitionofstock:
aclaimtopartialownershipinafirm.
b.Thesaleofstocktoraisemoneyiscalledequityfinance;thesaleofbondstoraisemoneyiscalleddebtfinance.
c.Stocksaresoldonorganizedstockexchanges(suchastheNewYorkStockExchangeorNASDAQ)andthepricesofstocksaredeterminedbysupplyanddemand.
d.Thepriceofastockgenerallyreflectstheperceptionofacompany’sfutureprofitability.
e.Astockindexiscomputedasanaverageofagroupofstockprices.
B.FinancialIntermediaries
1.Definitionoffinancialintermediaries:
financialinstitutionsthroughwhichsaverscanindirectlyprovidefundstoborrowers.
2.Banks
a.Theprimaryroleofbanksistotakeindepositsfrompeoplewhowanttosaveandthenlendthemouttootherswhowanttoborrow.
b.Bankspaydepositorsinterestontheirdepositsandchargeborrowersahigherrateofinteresttocoverthecostsofrunningthebankandprovidethebankownerswithsomeamountofprofit.
c.Banksalsoplayanotherimportantroleintheeconomybyallowingindividualstousecheckingdepositsasamediumofexchange.
3.MutualFunds
a.Definitionofmutualfund:
aninstitutionthatsellssharestothepublicandusestheproceedstobuyaportfolioofstocksandbonds.
b.Theprimaryadvantageofamutualfundisthatitallowsindividualswithsmallamountsofmoneytodiversify.
c.Mutualfundscalled“indexfunds”buyallofthestocksofagivenstockindex.Thesefundshavegenerallyperformedbetterthanfundswithactivefundmanagers.Thismaybetruebecausetheytradestockslessfrequentlyandtheydonothavetopaythesalariesoffundmanagers.
C.SummingUp
1.TherearemanyfinancialinstitutionsintheU.S.economy.
2.Theseinstitutionsallservethesamegoal—movingfundsfromsaverstoborrowers.
III.SavingandInvestmentintheNationalIncomeAccounts
A.SomeImportantIdentities
1.RememberthatGDPcanbedividedupintofourcomponents:
consumption,investment,governmentpurchases,andnetexports.
2.Wewillassumethatwearedealingwithaclosedeconomy(aneconomythatdoesnotengageininternationaltradeorinternationalborrowingandlending).ThisimpliesthatGDPcannowbedividedintoonlythreecomponents:
3.Toisolateinvestment,wecansubtractCandGfrombothsides:
4.Theleft-handsideofthisequation(Y–C–G)isthetotalincomeintheeconomyafterpayingforconsumptionandgovernmentpurchases.Thisamountiscallednationalsaving.
5.Definitionofnationalsaving(saving):
thetotalincomeintheeconomythatremainsafterpayingforconsumptionandgovernmentpurchases.
6.Substitutingsaving(S)intoouridentitygivesus:
7.Thisequationtellsusthatsavingequalsinvestment.
8.Let’sgobacktoourdefinitionofnationalsavingonceagain:
9.Wecanaddtaxes(T)andsubtracttaxes(T):
10.Thefirstpartofthisequation(Y–T–C)iscalledprivatesaving;thesecondpart(T–G)iscalledpublicsaving.
a.Definitionofprivatesaving:
theincomethathouseholdshaveleftafterpayingfortaxesandconsumption.
b.Definitionofpublicsaving:
thetaxrevenuethatthegovernmenthasleftafterpayingforitsspending.
c.Definitionofbudgetsurplus:
anexcessoftaxrevenueovergovernmentspending.
d.Definitionofbudgetdeficit:
ashortfalloftaxrevenuefromgovernmentspending.
Note:
Theimportantpointtomakehereisthatwithagovernmentbudgetdeficit,publicsavingisnegativeandthepublicsectoristhus“dissaving.”Tomakeupforthisshortfall,itmustgototheloanablefundsmarketandborrowthemoney.Thiswillreducethesupplyofloanablefundsavailableforinvestment.
11.ThefactthatS=Imeansthatfortheeconomyasawholesavingmustbeequaltoinvestment.
a.Thebondmarket,thestockmarket,banks,mutualfunds,andotherfinancialmarketsandinstitutionsstandbetweenthetwosidesoftheS=Iequation.
b.Thesemarketsandinstitutionstakeinthenation'ssavinganddirectittothenation'sinvestment.
B.TheMeaningofSavingandInvestment
1.Inmacroeconomics,investmentreferstothepurchaseofnewcapital,suchasequipmentorbuildings.
Note:
Youwillhavetokeepremindingyourselfwhattheterm“investment”meanstomacroeconomists.Outsideoftheeconomicsprofession,mostpeopleusetheterms“saving”and“investing”interchangeably.
2.Ifanindividualspendslessthanheearnsandusestheresttobuystocksormutualfunds,economistscallthissaving.
IV.TheMarketforLoanableFunds
A.Definitionofmarketforloanablefunds:
themarketinwhichthosewhowanttosavesupplyfundsandthosewhowanttoborrowtoinvestdemandfunds.
B.SupplyandDemandforLoanableFunds
FFigujre1
Figure1
1.Thesupplyofloanablefundscomesfromthosewhospendlessthantheyearn.Thesupplycanoccurdirectlythroughthepurchaseofsomestockorbondsorindirectlythroughafinancialintermediary.
2.Thedemandforloanscomesfromhouseholdsandfirmswhowishtoborrowfundstomakeinvestments.Familiesgenerallyinvestinnewhouseswhilefirmsmayborrowtopurchasenewequipmentortobuildfactories.
3.Thepriceofaloanistheinterestrate.
a.Allelseequal,astheinterestraterises,thequantityofloanablefundssuppliedwillincrease.
b.Allelseequal,astheinterestraterises,thequantityofloanablefundsdemandedwillfall.
4.Atequilibrium,thequantityoffundsdemandedisequaltothequantityoffundssupplied.
a.Iftheinterestrateinthemarketisgreaterthantheequilibriumrate,thequantityoffundsdemandedwouldbesmallerthanthequantityoffundssupplied.Lenderswouldcompeteforborrowers,drivingtheinterestratedown.
b.Iftheinterestrateinthemarketislessthantheequilibriumrate,thequantityoffundsdemandedwouldbegreaterthanthequantityoffundssupplied.Theshortageofloanablefundswouldencouragelenderstoraisetheinterestratetheycharge.
5.Thesupplyanddemandforloanablefundsdependsonthereal(ratherthannominal)interestratebecausetherealratereflectsthetruereturntosavingandthetruecostofborrowing.
C.Policy1:
SavingIncentives
Figure2
Figure2
1.SavingsratesintheUnitedStatesarerelativelylowwhencomparedwithothercountriessuchasJapanandGermany.
2.Supposethatthegovernmentchangesthetaxcodetoencouragegreatersaving.
a.Thiswillcauseanincreaseinsaving,shiftingthesupplyofloanablefundstotheright.
b.Theequilibriuminterestratewillfallandtheequilibriumquantityof
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