NO.PZ2016010801000119
问题如下:
In order to reduce trade deficit in a country, a feasible way is
选项:
A.Increasing its capital account surplus.
B.Decreasing expenditures relative to income.
C.Decreasing domestic saving relative to domestic investment.
解释:
B is correct.
In a country, decreasing a capital account surplus will improve a country trade deficit, which means domestic savings increase relative to domestic investment. Domestic savings increase means decreasing expenditures relative to income. A large capital account surplus (an increase in net foreign borrowing) and a greater trade deficit is consistent with decreasing domestic saving relative to domestic investment.
考点:The Trade Balance
解释:在一个国家,减少资本账户盈余将改善该国的贸易赤字,这意味着国内储蓄相对于国内投资有所增加。所以A错误,B正确。
而国内储蓄的增加意味着支出相对于收入的减少。所以C错误。
巨额资本账户盈余(净外国借款的增加)和更大的贸易逆差,与国内储蓄相对于国内投资的减少是一致的。
减少贸易赤字,是以增加Current Account surplus为目标,有2种途径。一是在capital account surplus不变时,减少(X-M);二是在进出口(X-M)不变时,减少capital account surplus;
先看第一种情况:减少(X-M)。根据C+S+T = Y = C+I+G+(X-M)变形得出:(X-M) = (S-I)+(T-G),可以看出,想要(X-M)减小,我们可以减小S-I。所以选C。
再来看第二种情况:减少capital account surplus,就是减少本国对外的投资。这里减少对外投资,资金留在本国,意味着S和I(对内投资)都有可能增加。通过上面的恒等式,我们无法确定对(X-M),以及(T-G)的影响;也无法通过Y=C+I+G+(X-M),当Y恒定,X-M减少,I增加时,确定对C的影响,所以B不对。
看我的理解哪里有问题吗?感谢。