Ebook International economics theory and policy (9th edition) – Part 2
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Ebook International economics theory and policy (9th edition) – Part 2
CHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 nual average rate of about 5 percent per year. The growth rate of world production slowed to around 3 [percent |x*r year in 2008, before dropping to minus 0.6 percent in 2009—a reduction in world output unprecedented in the period since World War II. These aggregate patterns mask sharp differences a Ebook International economics theory and policy (9th edition) – Part 2 mong individual countries. Some, such as China, slowed relatively modestly in 2009, while the output of other countries, such as the United States, coEbook International economics theory and policy (9th edition) – Part 2
ntracted sharply. Can economic analysis help US to understand the behavior of the global economy and the reasons why individual countries' fortunes ofCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 gle point in time. The branch of economics called microeconomics studies this problem from the perspective of individual firms and consumers. Microeconomics works "from the bottom up" to show how individual economic actors, by pursuing their own interests, collectively determine how resources are us Ebook International economics theory and policy (9th edition) – Part 2 ed. In our study of international microeconomics, we have learned how individual production and consumption decisions produce patterns of internationaEbook International economics theory and policy (9th edition) – Part 2
l trade and specialization. We have also seen that while free trade usually encourages efficient resource use, government intervention or market failuCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 e that factors of production are fully employed? And what determines how an economy's capacity to produce goods and sendees changes over time? To answer these questions, we must understand macroeconomics, the branch of economics that studies how economies' overall levels of employment, production, a Ebook International economics theory and policy (9th edition) – Part 2 nd growth are determined. Like microeconomics, macroeconomics is concerned with the effective use of scarce resources. But while microeconomics focuseEbook International economics theory and policy (9th edition) – Part 2
s on the economic decisions of individuals, macroeconomics analyzes the behavior of an economy as a whole. In our study of international macroeconomicCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 n-Economy Macroeconomics293294 PART THREE Exchange Rates and Open-Economy MacroeconomicsMacroeconomic analysis emphasizes four aspects of economic life that, until now, we have usually kept in the background to simplify our discussion of international economics:1.Unemployment. We know that in the re Ebook International economics theory and policy (9th edition) – Part 2 al world, workers may be unemployed and factories may be idle. Macroeconomics studies the factors that cause unemployment and the steps governments caEbook International economics theory and policy (9th edition) – Part 2
n take to prevent it. A main concern of international macroeconomics is the problem of ensuring full employment in economies open to international traCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 though, households can put aside part of their income to provide for the future, or they can borrow temporarily to spend more than they earn. A country's saving or borrowing behavior affects domestic employment and future levels of national wealth. From the standpoint of the international economy a Ebook International economics theory and policy (9th edition) – Part 2 s a whole, the world saving rate determines how quickly the world stock of productive capital can grow.3.Trade imbalances. As we saw in earlier chapteEbook International economics theory and policy (9th edition) – Part 2
rs, the value of a country's imports equals the value of its exports when spending equals income. This state of balanced trade is seldom attained by aCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 n channel through which one country's macroeconomic policies affect its trading partners. It should be no surprise, therefore, that trade imbalances, particularly when they are large and persistent, quickly can become a source of international discord.4.Money and the price level. The trade theory yo Ebook International economics theory and policy (9th edition) – Part 2 u have studied so far is a barter theory, one in which goods are exchanged directly for other goods on the basis of their relative prices. In practiceEbook International economics theory and policy (9th edition) – Part 2
, it is more convenient to use money—a widely acceptable medium of exchange—in transactions, and to quote prices in terms of money. Because money chanCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 both output and employment. International macroeconomics takes into account that every country uses a currency and that a monetary change (for example, a change in money supply) in one country can have effects that spill across its borders to other countries. Stability in money price levels is an im Ebook International economics theory and policy (9th edition) – Part 2 portant goal of international macroeconomic policy.This chapter takes the first step in our study of international macroeconomics by explaining the acEbook International economics theory and policy (9th edition) – Part 2
counting concepts economists use to describe a country's level of production and its international transactions. To get a complete picture of the macrCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 tional income accounting, records all the expenditures that contribute to a country's income and output. The second tool, balance of payments accounting, helps USCHAPTER 1 3 National Income Accounting and the Balance of Payments 295keep track of both changes in a country's indebtedness to foreigners Ebook International economics theory and policy (9th edition) – Part 2 and the fortunes of its export and import-competing industries. The balance of payments accounts also show the connection between foreign transactionEbook International economics theory and policy (9th edition) – Part 2
s and national money supplies.LEARNING GOALSAfter reading this chapter, you will be able to:•Discuss the concept of the current account balance.•Use tCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 stment, and net ex|X3rts.•Describe the balance of payments accounts anil explain their relationship to the current account balance.•Relate the current account to changes in a country's net foreign wealth.The National Income AccountsOf central concern to macroeconomic analysis is a country’s gross na Ebook International economics theory and policy (9th edition) – Part 2 tional product (GNP), the value of all final goods and services produced by the country’s factors of production and sold on the market in a given timeEbook International economics theory and policy (9th edition) – Part 2
period. GNP. which is (he basic measure of a country's output studied by macroeconomists. is calculated by adding up the market value of all expenditCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 ue of services provided by stock brokers and plumbers. Because output cannot be produced without the aid of factor inputs, the expenditures (hat make up GNP are closely linked to the employment of labor, capital, and other factors of production.To distinguish among (he different types of expenditure Ebook International economics theory and policy (9th edition) – Part 2 that make up a country’s GNP. government economists and statisticians who compile national income accounts divide GNP among the four possible uses foEbook International economics theory and policy (9th edition) – Part 2
r which a country's tinal output is purchased: consumption (the amount consumed by private domestic residents), investment (the amount put aside by prCHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 balance (the amount of net exports of goods and services to foreigners). The term national income accounts, rather than national output accounts, is used to describe (his fourfold classification because a country’s income in fact equals its output. Thus, the national income accounts can be thought Ebook International economics theory and policy (9th edition) – Part 2 of as classifying each transaction that contributes to national income according to the type of expenditure that gives rise to it. Figure 13-1 shows hEbook International economics theory and policy (9th edition) – Part 2
ow U.S. GNP was divided among its four components in 2009.1Why is it useful to divide GNP into consumption, investment, government purchases, and the CHAPTERNational Income Accounting and the Balance of PaymentsBetween 2004 and 2007, the world economy boomed, its total real product growing at an ann Ebook International economics theory and policy (9th edition) – Part 2 ries of spending' Our definition of the current account is not strictly accurate when a country is a net donor or recipient of foreign gifts. This possibility, along with some others, also complicates our identification of GNP with national income. We describe later in this chapter how the definitio Ebook International economics theory and policy (9th edition) – Part 2 ns of national income and the cunent account must be changed in such cases.296 PART THREE Exchange Rates and Open-Economy Macroeconomicshave changed.Ebook International economics theory and policy (9th edition) – Part 2
And without such an understanding, we cannot recommend a sound policyGọi ngay
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