调整政策（英文版）.ppt

Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,An Introduction to International Economics,Second Edition,Adjustment Policies,CHAPTER,F O U R T E E N,1,National objectives,Achieving internal balance,Full employment,2,National objectives,Achieving internal balance,Attaining external balance,Equilibrium in the balance of payments,3,National objectives,Achieving internal balance,Attaining external balance,A sustainable rate of economic growth,4,National objectives,Achieving internal balance,Attaining external balance,A sustainable rate of economic growth,An equitable distribution of income,5,National objectives,Achieving internal balance,Attaining external balance,A sustainable rate of economic growth,An equitable distribution of income,Adequate environmental protections,6,Policies for attaining internal and external balance,Expenditure changing policies,Fiscal and monetary policy tools to alter the level of aggregate expenditures in the economy.,7,Policies for attaining internal and external balance,Expenditure changing policies,Expenditure switching policies,Devaluation or revaluation of the exchange rate to alter the balance of spending on domestic and foreign goods and services.,8,Policies for attaining internal and external balance,Expenditure changing policies,Expenditure switching policies,Direct controls,Tariffs and non-tariff barriers used to alter the international flow of goods and services.,9,Types of imbalances,Internal imbalances,Inflation imbalance,Assumed to be caused by excess aggregate demand.,Recession imbalance,Caused by insufficient aggregate demand,External imbalances,A deficit in the balance of payments,A surplus in the balance of payments,10,Types of imbalances,Possible situations,Inflation and balance of payments surplus,Recession and balance of payments surplus,Inflation and balance of payments deficit,Recession and balance of payments deficit,It is possible that the policies available for correcting the imbalances may improve one situation only at the expense of worsening another.,11,Monetary policy with fixed exchange rates,Expansionary monetary policy tends to lower interest rates.,This policy would be appropriate to cure situations of recession.,Expected effects,Greater investment and domestic income,Reduced capital inflows and/or increased capital outflows.,12,Monetary policy with fixed exchange rates,Expansionary monetary policy tends to lower interest rates.,Situation 1:recession and balance of payments surplus,The expansion in domestic investment and income reduces the internal imbalance.,The fall in net capital inflows reduces the balance of payments surplus.,13,Monetary policy with fixed exchange rates,Expansionary monetary policy tends to lower interest rates.,Situation 2:recession and balance of payments deficit,The expansion in domestic investment and income reduces the internal imbalance.,The fall in net capital inflows increases the balance of payments deficit.,The larger balance of payments deficit necessitates further government or central bank action.,14,Monetary policy with fixed exchange rates,Situation 2:recession and balance of payments deficit,Possible actions to close the balance of payments deficit,Sell foreign currency and buy domestic currency,This counteracts the initial expansion of the money supply and reintroduces the internal imbalance.,15,Monetary policy with fixed exchange rates,Situation 2:recession and balance of payments deficit,Possible actions to close the balance of payments deficit,Sell foreign currency and buy domestic currency,Engage in sterilized currency intervention,Rather than sell foreign currency and buy domestic currency,the monetary authority could buy government bonds.,The ability to engage in sterilized intervention is limited so this is at best a short term solution.,16,Monetary policy with fixed exchange rates,Situation 2:recession and balance of payments deficit,Possible actions to close the balance of payments deficit,Sell foreign currency and buy domestic currency,Engage in sterilized currency intervention,Alter the level at which the exchange rate is fixed,17,Fiscal policy with fixed exchange rates,Expansionary fiscal policy tends to increase income levels but also increase interest rates.,Higher interest rates arise from increased government borrowing necessitated by deficit spending.,Expected effects,Lower investment but greater domestic income,Increased capital inflows and/or decreased capital outflows,18,Fiscal policy with fixed exchange rates,Expansionary fiscal policy tends to increase income levels but also increase interest rates.,Situation 1:recession and balance of payments deficit,The expansion in domestic income reduces the internal imbalance.,The increase in net capital inflows reduces the balance of payments deficit.,19,Fiscal policy with fixed exchange rates,Expansionary fiscal policy tends to increase income levels but also increase interest r。