储蓄与投资
合集下载
相关主题
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
• Taxes on interest income substantially reduce the future payoff回报,报偿 from current saving and, as a result, reduce the incentive to save.
3.2 Policy 1: Saving Incentives
Y = C + I + G + NX
80
70
60
50
40
30 55 60 65 70 75 80 85 90 95 00 05
Figure 1 Consumption Share of Real GDP per capita in China, 1952-2007 Source: PWT 6.3, China Version 2.
• A tax decrease increases the incentive for households to save at any given interest rate. – The supply of loanable funds curve shifts to the right. – The equilibrium interest rate decreases. – The quantity demanded for loanable funds increases.
2 SAVING AND INVESTMENT IN THE NATIONAL INCOME ACCOUNTS
• Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services:
3.1 Supply and Demand for Loanable Funds
• Financial markets work much like other markets in the economy. – The equilibrium of the supply and demand for loanable funds determines the real interest rate.
2.2 The Meaning of Saving and Investment
• Surplus and Deficit – If T > G, the government runs a budget surplus because it receives more money than it spends. – The surplus of T - G represents public saving. – If G > T, the government runs a budget deficit because it spends more money than it receives in tax revenue.
24
22
20
18
16
14
12
10
8 55 60 65 70 75 80 85 90 95 00 05
Figure 2 Government Share of Real GDP per capita (RGDPL),1952-2007 (2005 constant price)
source: PWT6.3, China Version 2.
2.2 The Meaning of Saving and Investment
• For the economy as a whole, saving must be equal to investment. S=I
3 THE MARKET FOR LOANABLE FUNDS
• Financial markets coordinate the economy’s saving and investment in the market for loanable funds.
• Government Policies That Affect Saving and Investment – Taxes and saving – Taxes and investment – Government budget deficits
3.2 Policy 1: Saving Incentives
• If a change in tax law encourages greater saving, the result will be lower interest rates and greater investment.
3.3. Policy 2: Investment Incentives
2.1 Some Important Identities
• Substituting S for Y - C - G, the equation can be written as: S=I
2.1 Some Important Identities
• National saving, or saving, is equal to:
2.1 Some Important Identities
• Assume a closed economy – one that does not engage in international trade:
Y=C+I+G
2.1 Some Important Identities
• Now, subtract C and G from both sides of the equation: Y–C–G=I
3.1 Supply and Demand for Loanable Funds
• The interest rate is the price of the loan. • It represents the amount that borrowers pay
for loans and the amount that lenders receive on their saving. • The interest rate in the market for loanable funds is the real interest rate.
• An investment tax credit 投资税赋减免increases the incentive to borrow. – Increases the demand for loanable funds. – Shifts the demand curve to the right. – Results in a higher interest rate and a greater quantity saved.
Figure 2 An Increase in the Supply of Loanable Funds
Interest Rate
Supply, S1
S2
5%
4%
2. . . . which reduces the equilibrium interest rate . . .
0
1. Tax incentives for saving increase the supply of loanable funds . . .
3 THE MARKET FOR LOANABLE FUNDS
• The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds.
• The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S).
S=I S=Y–C–G S = (Y – T – C) + (T – G)
2.2 The Meaning of Saving and Investment
• National Saving – National saving is the total income in the economy that remains after paying for consumption and government purchases.
Figure 1 The Market for Loanable Funds
Interest Rate
Supply
5% Demand
0
$1,200
Loanable Funds
(in billions of dollars)
3.1 Supply and Demand for Loanable Funds
35
30
25
20
15
10
5 55 60 65 70 75 80 85 90 95 00 05
Figure 3 Investment Share of Real GDP per capita (RGDPL),1952-2007 (2005 constant price)
source: PWT 6.3, China Version 2.
3 THE MARKET FOR LOANABLE FUNDS
• Loanable funds refers to all income that people have chosen to save and lend out, rather than use for their own consumption.
• Private Saving – Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Private saving = (Y – T – C)
Demand
$1,200
$1,600
Loanable Funds (in billions of dollars)
3. . . . and raises the equilibrium quantity of loanable funds.
Copyright©2004 Soቤተ መጻሕፍቲ ባይዱth-Western
3.2 Policy 1: Saving Incentives
2.2 The Meaning of Saving and Investment
• Public Saving – Public saving is the amount of tax revenue that the government has left after paying for its spending. Public saving = (T – G)
3.1 Supply and Demand for Loanable Funds
• The supply of loanable funds comes from people who have extra income they want to save and lend out.
• The demand for loanable funds comes from households and firms that wish to borrow to make investments.
3.2 Policy 1: Saving Incentives
Y = C + I + G + NX
80
70
60
50
40
30 55 60 65 70 75 80 85 90 95 00 05
Figure 1 Consumption Share of Real GDP per capita in China, 1952-2007 Source: PWT 6.3, China Version 2.
• A tax decrease increases the incentive for households to save at any given interest rate. – The supply of loanable funds curve shifts to the right. – The equilibrium interest rate decreases. – The quantity demanded for loanable funds increases.
2 SAVING AND INVESTMENT IN THE NATIONAL INCOME ACCOUNTS
• Recall that GDP is both total income in an economy and total expenditure on the economy’s output of goods and services:
3.1 Supply and Demand for Loanable Funds
• Financial markets work much like other markets in the economy. – The equilibrium of the supply and demand for loanable funds determines the real interest rate.
2.2 The Meaning of Saving and Investment
• Surplus and Deficit – If T > G, the government runs a budget surplus because it receives more money than it spends. – The surplus of T - G represents public saving. – If G > T, the government runs a budget deficit because it spends more money than it receives in tax revenue.
24
22
20
18
16
14
12
10
8 55 60 65 70 75 80 85 90 95 00 05
Figure 2 Government Share of Real GDP per capita (RGDPL),1952-2007 (2005 constant price)
source: PWT6.3, China Version 2.
2.2 The Meaning of Saving and Investment
• For the economy as a whole, saving must be equal to investment. S=I
3 THE MARKET FOR LOANABLE FUNDS
• Financial markets coordinate the economy’s saving and investment in the market for loanable funds.
• Government Policies That Affect Saving and Investment – Taxes and saving – Taxes and investment – Government budget deficits
3.2 Policy 1: Saving Incentives
• If a change in tax law encourages greater saving, the result will be lower interest rates and greater investment.
3.3. Policy 2: Investment Incentives
2.1 Some Important Identities
• Substituting S for Y - C - G, the equation can be written as: S=I
2.1 Some Important Identities
• National saving, or saving, is equal to:
2.1 Some Important Identities
• Assume a closed economy – one that does not engage in international trade:
Y=C+I+G
2.1 Some Important Identities
• Now, subtract C and G from both sides of the equation: Y–C–G=I
3.1 Supply and Demand for Loanable Funds
• The interest rate is the price of the loan. • It represents the amount that borrowers pay
for loans and the amount that lenders receive on their saving. • The interest rate in the market for loanable funds is the real interest rate.
• An investment tax credit 投资税赋减免increases the incentive to borrow. – Increases the demand for loanable funds. – Shifts the demand curve to the right. – Results in a higher interest rate and a greater quantity saved.
Figure 2 An Increase in the Supply of Loanable Funds
Interest Rate
Supply, S1
S2
5%
4%
2. . . . which reduces the equilibrium interest rate . . .
0
1. Tax incentives for saving increase the supply of loanable funds . . .
3 THE MARKET FOR LOANABLE FUNDS
• The market for loanable funds is the market in which those who want to save supply funds and those who want to borrow to invest demand funds.
• The left side of the equation is the total income in the economy after paying for consumption and government purchases and is called national saving, or just saving (S).
S=I S=Y–C–G S = (Y – T – C) + (T – G)
2.2 The Meaning of Saving and Investment
• National Saving – National saving is the total income in the economy that remains after paying for consumption and government purchases.
Figure 1 The Market for Loanable Funds
Interest Rate
Supply
5% Demand
0
$1,200
Loanable Funds
(in billions of dollars)
3.1 Supply and Demand for Loanable Funds
35
30
25
20
15
10
5 55 60 65 70 75 80 85 90 95 00 05
Figure 3 Investment Share of Real GDP per capita (RGDPL),1952-2007 (2005 constant price)
source: PWT 6.3, China Version 2.
3 THE MARKET FOR LOANABLE FUNDS
• Loanable funds refers to all income that people have chosen to save and lend out, rather than use for their own consumption.
• Private Saving – Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. Private saving = (Y – T – C)
Demand
$1,200
$1,600
Loanable Funds (in billions of dollars)
3. . . . and raises the equilibrium quantity of loanable funds.
Copyright©2004 Soቤተ መጻሕፍቲ ባይዱth-Western
3.2 Policy 1: Saving Incentives
2.2 The Meaning of Saving and Investment
• Public Saving – Public saving is the amount of tax revenue that the government has left after paying for its spending. Public saving = (T – G)
3.1 Supply and Demand for Loanable Funds
• The supply of loanable funds comes from people who have extra income they want to save and lend out.
• The demand for loanable funds comes from households and firms that wish to borrow to make investments.