Policies to correct current account imbalances · 纠正经常账户失衡的政策
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| competitiveness/kəmˈpetɪtɪvnəs/ | 竞争力 | jìng zhēng lì |
| expenditure-switching/ekˈspendɪtʃə ˈswɪtʃɪŋ/ | 支出转换 | zhī chū zhuǎn huàn |
| depreciation/dɪˌpriːʃɪˈeɪʃn/ | 贬值 | biǎn zhí |
| expenditure-reducing/ekˈspendɪtʃə rɪˈdjuːsɪŋ/ | 支出减少 | zhī chū jiǎn shǎo |
| supply-side/səˈplaɪ saɪd/ | 供给侧 | gōng jǐ cè |
Fixing a trade deficit
- A country running a big, persistent current-account deficit can't borrow forever. What can it do?
- Three broad approaches: switch spending toward home goods, reduce spending overall, or improve competitiveness 竞争力.
修复一个贸易赤字
- 一个运行着大的、持续的经常账户赤字的国家不能永远借款。它能做什么?
- 三个宽泛的方法:把支出转向本国商品、整体减少支出,或改善竞争力。
Current account flow · 经常账户流量
Track exports, imports and income flows into the current account. · 跟踪进入经常账户的出口、进口和收入流量。
Which is an expenditure-switching policy to reduce a current account deficit? · 哪项是用于减少经常账户逆差的支出转换政策？
Depreciation switches spending toward home goods; the others reduce total expenditure. · 贬值将支出转向本国商品；其他选项则减少总支出。
Expenditure-switching 支出转换
- Expenditure-switching policies push spending from imports toward domestic goods:
- devaluation/depreciation 贬值 (makes imports dearer, exports cheaper) and tariffs/quotas.
A currency exchange: the exchange rate is the price of one currency in terms of another
支出转换
- 支出转换(expenditure-switching)政策把支出从进口推向国内商品:
- 货币贬值/贬值(使进口更贵、出口更便宜)和关税/配额。
一个货币兑换:汇率是一种货币以另一种货币计的价格
Expenditure-reducing policies cut a deficit by: · 支出缩减政策通过以下方式减少逆差：
Lower total demand pulls down imports — but at the cost of slower growth. · 降低总需求会拉低进口——但以牺牲增长为代价。
Expenditure-reducing 支出减少
- Expenditure-reducing policies cut total demand, so imports fall:
- contractionary fiscal (higher tax, less spending) and contractionary monetary (higher interest rates).
- The cost: slower growth and higher unemployment.
支出减少
- 支出减少(expenditure-reducing)政策削减总需求,所以进口下降:
- 紧缩性财政(更高的税、更少的支出)和紧缩性货币(更高的利率)。
- 代价:更慢的增长和更高的失业。
Supply-side policies aim to improve competitiveness as a long-run fix for a deficit. · 供给侧政策旨在提升竞争力，作为解决逆差的长期手段。
Raising productivity makes exports succeed without relying on a weaker currency. · 提高生产率可使出口成功而不依赖货币贬值。
Classify each policy. · 对每项政策进行分类。
Switching shifts spending; reducing cuts demand; supply-side raises competitiveness. · 转换改变支出方向；缩减降低需求；供给侧提升竞争力。
Supply-side 供给侧 (the long-run fix)
- The durable solution: supply-side policies that raise productivity and competitiveness, so exports succeed without a weaker currency.
- Education, infrastructure and investment make home goods more attractive at home and abroad.
The Marshall–Lerner condition. A depreciation only improves the current account if demand is elastic enough (PED of exports + PED of imports > 1); otherwise it can make the deficit worse at first (the J-curve).
供给侧(长期的修复)
- 持久的解决方案:提高生产率和竞争力的供给侧政策,所以出口不靠更弱的货币就能成功。
- 教育、基础设施和投资使本国商品在国内和国外更有吸引力。
马歇尔–勒纳条件。 一次贬值只在需求足够弹性时(出口的 PED + 进口的 PED > 1)才改善经常账户;否则它起初能让赤字更糟(J 曲线)。
A depreciation improves the current account only if the Marshall–______ condition holds. · 只有满足马歇尔-______条件时，贬值才能改善经常账户。
Marshall–Lerner: PED exports + PED imports > 1. · 马歇尔-勒纳条件：出口PED + 进口PED > 1。
You've got it
- expenditure-switching: devaluation/depreciation, tariffs — shift spending to home goods
- expenditure-reducing: contractionary fiscal/monetary — cut total demand (and imports)
- supply-side policies are the long-run fix (raise competitiveness); mind the Marshall–Lerner condition
你掌握了
- 支出转换:货币贬值/贬值、关税——把支出转向本国商品
- 支出减少:紧缩性财政/货币——削减总需求(和进口)
- 供给侧政策是长期的修复(提高竞争力);留意马歇尔–勒纳条件