ch10 An Open Economy Framework 国际货币与金融经济学英文版课件
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《国际金融学》PPT课件全
输入 各国标政题策性
银行
如中国国家开发银行、中国进出口银行等，它们在国 内提供政策性金融服务的同时，也积极拓展海外业务， 支持中国企业“走出去”。
各国中央银 行
各国商业银 行
如挪威政府全球养老基金、新加坡政府投资公司等， 它们管理着庞大的外汇储备和财政盈余资金，在全球
范围内进行资产配置和投资。
各国主权财 富基金
成立于1964年，总部设在科特迪瓦经 济首都阿比让。成立目的是为非洲鼓劲 发展的动力，帮助非洲各国进行经济重 建和发展，协助成员国发展经济和减少 贫困，为成员国的经济和社会发展活动 提供资金支持。
各国的国际金融机构
如美联储、欧洲央行等，它们不仅在国内执行货币政 策和金融监管职能，同时也参与国际金融合作与协调。
国际资本流动定义
指资本在国际间转移，包括直接投资、间接投资、国际信贷等方 式。
国际资本流动类型
长期资本流动与短期资本流动。
国际资本流动规模与趋势
近年来，随着全球化进程加速，国际资本流动规模不断扩大，流动 速度也在加快。
国际资本流动的原因与影响
利润驱动
企业为追求更高利润，在全球范围内配置资源。
汇率与利率变动
成立于1966年11月，是面向亚洲和太 平洋地区的区域性政府间金融开发机构。 它不是联合国下属机构，但它是联合国 亚洲及太平洋经济社会委员会（联合国 亚太经社会）赞助建立的机构，同联合 国及其区域和专门机构有密切的联系。
是欧洲经济共同体成员国合资经营的金 融机构，根据1957年《建立欧洲投资 银行协定》的规定，于1958年1月1日 成立。该银行宗旨是利用国际资本市场 和共同体内部资金，促进共同体的平衡 和稳定发展。
《国际金融学》PPT课件 全
克鲁格曼国际经济学课件英文官方第10版1第十章
• An export tax raises the terms of trade for a large country.
10-13
Counter-Argument
• For some countries like the U.S., an import tariff and/or export tax could improve national welfare at the expense of other countries.
3. Free trade provides competition and opportunities for innovation (dynamic benefits).
– By providing entrepreneurs with an incentive to seek new ways to export or compete with imports, free trade offers more opportunities for learning and innovation.
10-9
The Cases for Free Trade (cont.)
• The political argument for free trade
– Taking politics into account, free trade is the best feasible policy, even though there may be better policies in principle.
• Any policy that deviates from free trade would be quickly manipulated by political groups, leading to decreased national welfare.
10-13
Counter-Argument
• For some countries like the U.S., an import tariff and/or export tax could improve national welfare at the expense of other countries.
3. Free trade provides competition and opportunities for innovation (dynamic benefits).
– By providing entrepreneurs with an incentive to seek new ways to export or compete with imports, free trade offers more opportunities for learning and innovation.
10-9
The Cases for Free Trade (cont.)
• The political argument for free trade
– Taking politics into account, free trade is the best feasible policy, even though there may be better policies in principle.
• Any policy that deviates from free trade would be quickly manipulated by political groups, leading to decreased national welfare.
克鲁格曼国际经济学课件英文官方第10版1第八章
– This long-run equilibrium number of firms in the industry – Firms have no incentive to enter or exit the industry.
AC = nF/S + c
• If the number of firms is greater than or less than the equilibrium n, then firms have an incentive to exit or enter the industry.
8-9
Monopolistic Competition (cont.)
8-10
Monopolistic Competition (cont.)
8-11
Monopolistic Competition (cont.)
8-12
Monopolistic Competition (cont.)
8-13
– AC = 5/Q – MC = 1
• Marginal cost is the cost of producing an additional unit of output.
8-7
Fig. 8-1: Monopolistic Pricing and Production Decisions
• The profit-maximizing output occurs where marginal revenue equals marginal cost.
– And because AC decrease, consumers can also benefit from a lower price.
AC = nF/S + c
• If the number of firms is greater than or less than the equilibrium n, then firms have an incentive to exit or enter the industry.
8-9
Monopolistic Competition (cont.)
8-10
Monopolistic Competition (cont.)
8-11
Monopolistic Competition (cont.)
8-12
Monopolistic Competition (cont.)
8-13
– AC = 5/Q – MC = 1
• Marginal cost is the cost of producing an additional unit of output.
8-7
Fig. 8-1: Monopolistic Pricing and Production Decisions
• The profit-maximizing output occurs where marginal revenue equals marginal cost.
– And because AC decrease, consumers can also benefit from a lower price.
国际金融学课件10开放经济下的汇率政策共39页
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图10-2 需求转向不可贸易商品时的经济调整
可贸易品
PP’ PP
B
O
N
FF
不可贸易品
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第二，内部实际汇率变动对经济的影响机制 需求转换效应：导致不可贸易商品需求减少 供给转换效应：导致不可贸易商品供给增加
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图10-3 可贸易商品的需求曲线与供给曲线
1.对汇率水平进行管理的理论依据
这是一个存在争议的问题 目前判断汇率水平是否合理，主要运用PPP理
论和基本均衡汇率理论。Βιβλιοθήκη 5/27/202012
2.汇率失调问题
汇率失调——汇率长期偏离合理水平的状况。
本国货币币值低估（currency undervalued)
弊：需要更多的本国商品才能换回同样多的外国商 品（外国商品相对于本国商品价格高一些）
利：本国产品的国际竞争力得以提高，有利于出口 增加。
本国货币币值高估（currency overvalued)
利：相同数量的本国商品可以换回更多的外国商品 （外国商品相对于本国商品价格便宜一些）
弊：本国产品的国际竞争力下降，不利于出口，国 际收支逆差。
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3.汇率水平管理的主要手段：外汇市场干预
状态。
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图10-1 依存经济模型
可贸易品
B
PP
O
N
FF 不可贸易品
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2.内部实际汇率的调整机制
（1）需求转向不可贸易品 第一，内部实际汇率的调整 不可贸易品的相对价格将提高，这往往需要货
币名义汇率升值来实现（不可贸易商品价格刚性时）
国际经济学全套课件194p(英文版)
I m a Computer Science student. Recently, I took an economics course titled "International Trade". This book is the text book for our class. I found it very easy and clear to understand ( there is no doubt that you really need to have a very solid Idea about macro and micro economics before reading this kind of a book). The book is deep enough to serve as an educational media, it is no to little and not too much. I recommend this book
International Economics: Theory and Policy,8/e Paul R. Krugman, professor at MIT- Princeton University,
Nobel Laureate for Economics in 2008 Maurice Obstfeld, professor at UCLA, MA(Cambridge)Ph.D(MIT)
Enhance the understanding of various economies of the world and their interdependence.
Provide a framework to explore the knowledge of macroeconomic issues in open economy with reagrads to its theoretical and practical implications of the international competition.
International Economics: Theory and Policy,8/e Paul R. Krugman, professor at MIT- Princeton University,
Nobel Laureate for Economics in 2008 Maurice Obstfeld, professor at UCLA, MA(Cambridge)Ph.D(MIT)
Enhance the understanding of various economies of the world and their interdependence.
Provide a framework to explore the knowledge of macroeconomic issues in open economy with reagrads to its theoretical and practical implications of the international competition.
国际金融课件 chapter 8 How Does the Open Macroeconomy
➢The value of this multiplier is smaller in a small open economy than the multiplier in a closed economy.
➢Imports rose but exports constant for this small country, the country’s trade balance thus deteriorates.
(other influences as a source of shocks to the economy)
2. Trade depends on income the volume of a nation’s imports depends positively on the level of real national income or production. M=M(Y)
Chapter Eight：
How Does the Open Macroeconomy Work?
一、The Performance of A National Macroeconomic
1、Internal Balance
• Full employment, or an acceptably low unemployment rate
• Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves)
➢Imports rose but exports constant for this small country, the country’s trade balance thus deteriorates.
(other influences as a source of shocks to the economy)
2. Trade depends on income the volume of a nation’s imports depends positively on the level of real national income or production. M=M(Y)
Chapter Eight：
How Does the Open Macroeconomy Work?
一、The Performance of A National Macroeconomic
1、Internal Balance
• Full employment, or an acceptably low unemployment rate
• Useful indicator: Official settlements balance approximately equal to zero (so that the country is not losing official international reserves or acquiring unwanted official international reserves)
国际金融PPT课件课件
《国际金融》PPT课件
2、外汇价格
E=S$/US$
SUS$
1.50 1.40 1.30
0
100 200
《国际金融》PPT课件
D US$ 300 US$
2、外汇价格
a）代理商供应或需求 $:
– 商品交易者：出口商向外国人出售商品，得 到$；同时进口商从海外购买商品，并支付$。
– 投资者：外国投资者用$换购S$，去购买SIA 发行的股票。新加坡的投资者用S$兑换成$， 去购买IBM的股票。
资本流入
$供给曲线外移
– S$的预期
投机资本
《国际金融》PPT课件
$供给曲线外移
3、外汇对冲、投机与套利
1）对冲与投机
由于汇率的波动，外汇市场的参与者因为汇 率的不确定性就可能使“未平仓交易”盈利 或亏损。面对汇率风险有两种表现： a）风险回避者：进行对冲来避免汇率风险， 或者将未平仓交易平仓。 b）风险获得者：进行投机，或不平仓。
《国际金融》PPT课件
2、外汇价格
2）固定、完全浮动和管理浮动汇率
a）固定汇率： – 管理当局将汇率固定在某一特定水平，不在
市场上进行操作。所以货币受到控制，不可 自由兑换。黑市交易盛行。
– 金本位或金汇兑本位制：汇率固定与黄金价 格挂钩。如1880-1914，1947-1971
– 贬值（升值）：管理当局审慎地提高（降低） 汇率水平
3、外汇对冲、投机与套利
i)对销套利：
国际资本流动是无汇率风险的。这得益于风 险回避者进行的对冲。例如： S$对US$的即期汇率是：E=US$/S$1=US$ 即，S$1=(1/E) US$ 30天的远期汇率是： E30=US$/S$1=US$ 现在投资者想要购买US T-bill(30天）
2、外汇价格
E=S$/US$
SUS$
1.50 1.40 1.30
0
100 200
《国际金融》PPT课件
D US$ 300 US$
2、外汇价格
a）代理商供应或需求 $:
– 商品交易者：出口商向外国人出售商品，得 到$；同时进口商从海外购买商品，并支付$。
– 投资者：外国投资者用$换购S$，去购买SIA 发行的股票。新加坡的投资者用S$兑换成$， 去购买IBM的股票。
资本流入
$供给曲线外移
– S$的预期
投机资本
《国际金融》PPT课件
$供给曲线外移
3、外汇对冲、投机与套利
1）对冲与投机
由于汇率的波动，外汇市场的参与者因为汇 率的不确定性就可能使“未平仓交易”盈利 或亏损。面对汇率风险有两种表现： a）风险回避者：进行对冲来避免汇率风险， 或者将未平仓交易平仓。 b）风险获得者：进行投机，或不平仓。
《国际金融》PPT课件
2、外汇价格
2）固定、完全浮动和管理浮动汇率
a）固定汇率： – 管理当局将汇率固定在某一特定水平，不在
市场上进行操作。所以货币受到控制，不可 自由兑换。黑市交易盛行。
– 金本位或金汇兑本位制：汇率固定与黄金价 格挂钩。如1880-1914，1947-1971
– 贬值（升值）：管理当局审慎地提高（降低） 汇率水平
3、外汇对冲、投机与套利
i)对销套利：
国际资本流动是无汇率风险的。这得益于风 险回避者进行的对冲。例如： S$对US$的即期汇率是：E=US$/S$1=US$ 即，S$1=(1/E) US$ 30天的远期汇率是： E30=US$/S$1=US$ 现在投资者想要购买US T-bill(30天）
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_18
Federal Reserve System
Blank
Blank
Blank
Assets
Blank
Liabilities
Blank
Foreign Assets (International Reserves)
$1B negative $1 B
Monetary Base (reserves)
0
Government Bonds
18.2 Interpret the relationships among the current account, the capital account, and official reserve transactions balance.
18.3 Identify the mechanisms for maintaining a fixed exchange rate and assess the challenges faced by fixed exchange rate regimes.
• Capital Account – Net receipts from capital transactions
• Sum of these two is the official reserve transactions balance
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
• Second, a current account deficit means that foreigners’ claim on U.S. assets is growing.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
国际经济学英文课件chapter10
▪Triangular arbitrage
▪In New York : $1= €0.98
▪In Frankfurt : €1=￡0.6 ▪In London : ￡0.6= $1
Arbitrage equalizes exchange rates and ensures consistent cross rates in all monetary centers, unifying them into a single market.
Currency Swaps
Definition
A currency swap refers to a spot sale of a currency combined with a forward repurchase of the same currency —— as part of a single transaction.
The loss of official reserves only indicates the degree of official intervention in foreign exchange markets to influence the level and movement of exchange rates, and not the balance-of-payments deficit.
the Balance of Payments
Chapter 10
8
10.2.1 Equilibrium Foreign Exchange Rates
Definition
See Table 14.2 (P463)
The exchange rate(R) is defined as the domestic currency price of the foreign currency.
国际金融与开放宏观经济学
payments Indebtedness
About international Reserve
The concept Key currency and inconvertible currency
The meaning of equilibrium
Surplus and deficit About net error and omission Overall balance and autonomous
Real interest parity and inflation
intervene foreign exchange market
Spot Forward A case of speculation attack
Market efficiency and rational expectation
The covered interest parity
The opportunity cost of agent (forward; spot- invest; lend- spot- invest)
The meaning of Premium and discount The equation (4.10) The conditions of CIP
On the background of international finance On the metheod of studies On the Referrences
What is the real exchange rates
人民币实际汇率：文献回顾与重新界 定.doc
What is the relationship between Real exchange rates and PPP
About international Reserve
The concept Key currency and inconvertible currency
The meaning of equilibrium
Surplus and deficit About net error and omission Overall balance and autonomous
Real interest parity and inflation
intervene foreign exchange market
Spot Forward A case of speculation attack
Market efficiency and rational expectation
The covered interest parity
The opportunity cost of agent (forward; spot- invest; lend- spot- invest)
The meaning of Premium and discount The equation (4.10) The conditions of CIP
On the background of international finance On the metheod of studies On the Referrences
What is the real exchange rates
人民币实际汇率：文献回顾与重新界 定.doc
What is the relationship between Real exchange rates and PPP