The Loanable Funds Market · 可贷资金市场
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| saving/ˈseɪvɪŋ/ | 储蓄 | chǔ xù |
| investment/ɪnˈvestmənt/ | 投资 | tóu zī |
| loanable funds market/ˈləʊnəbl fʌndz ˈmɑːkɪt/ | 可贷资金市场 | kě dài zī jīn shì chǎng |
| crowding out/ˈkraʊdɪŋ aʊt/ | 挤出效应 | jǐ chū xiào yìng |
| equilibrium real interest rate/ˌiːkwɪˈlɪbrɪəm rɪəl ˈɪntrest reɪt/ | 均衡实际利率 | jūn héng shí jì lì lǜ |
Where the real interest rate is set
- The money market sets the nominal rate right now.
- But borrowing and lending over time need a real rate.
- That comes from a separate market for saving and investment.
- It is the loanable funds market 可贷资金市场.
实际利率在哪里决定
- 货币市场决定当下的名义利率。
- 但跨时间的借贷需要一个实际利率。
- 它来自一个专门的储蓄与投资市场。
- 这就是可贷资金市场(loanable funds market)。
Saving supplies, investment demands
- The supply of loanable funds comes from saving 储蓄 — more saving at a higher real rate.
- The demand comes from borrowing for investment 投资 — more borrowing at a lower real rate.
- Where they cross is the equilibrium real interest rate 均衡实际利率.
储蓄供给,投资需求
- 可贷资金的供给来自储蓄(saving)——实际利率更高时储蓄更多。
- 需求来自为投资(investment)而借款——实际利率更低时借款更多。
- 它们相交处,是均衡实际利率(equilibrium real interest rate)。
Which way does the real rate move? · 实际利率朝哪个方向变?
Government borrowing raises demand for funds and pushes the real rate up (crowding out); more saving shifts supply right and lowers it. · 政府借款抬升对资金的需求、把实际利率顶上(挤出效应);更多储蓄使供给右移、降低它。
The supply of loanable funds comes from: · 可贷资金的供给来自:
Saving supplies funds; borrowing for investment demands them. · 储蓄供给资金;为投资而借款是需求。
The loanable funds market sets the ______ interest rate. · 可贷资金市场决定______利率。
It sets the real rate for borrowing and lending over time. · 它决定跨时间借贷的实际利率。
The demand for loanable funds comes mainly from: · 可贷资金的需求主要来自:
Firms and governments borrow to invest, demanding loanable funds. · 企业和政府为投资而借款,构成对可贷资金的需求。
Crowding out
- More government borrowing (a budget deficit) raises the demand for funds, pushing the real rate up.
- A higher real rate reduces private investment — an effect called crowding out 挤出效应.
- More household saving instead shifts supply right and lowers the real rate.
挤出效应
- 更多政府借款(预算赤字)抬升对资金的需求,把实际利率顶上去。
- 更高的实际利率减少私人投资——这个效应叫挤出效应(crowding out)。
- 而更多家庭储蓄会使供给右移、降低实际利率。
Heavy government borrowing raises the real interest rate and reduces private investment. This is called: · 大量政府借款抬升实际利率、减少私人投资。这叫做:
The higher real rate "crowds out" investment projects that no longer pay. · 更高的实际利率"挤出"了不再划算的投资项目。
More household saving shifts the supply of loanable funds right and lowers the real interest rate. · 更多家庭储蓄使可贷资金供给右移、降低实际利率。
A rightward supply shift lowers the equilibrium real rate. · 供给右移降低均衡实际利率。
A worked case
- Worked idea. A government runs a large deficit and borrows heavily.
- The demand for loanable funds shifts right, so the real interest rate rises from 3% to 5%.
- At that higher rate, some firms cancel investment projects that no longer pay.
- Government borrowing has "crowded out" private investment — the key long-run worry about deficits.
一个例子
- 例题。 政府出现大额赤字并大量借款。
- 可贷资金的需求右移,所以实际利率从 3% 升到 5%。
- 在那个更高的利率下,一些企业取消了不再划算的投资项目。
- 政府借款"挤出"了私人投资——这是关于赤字的关键长期担忧。
Government borrowing pushes the real rate from 3% to 5%. By how many percentage points did it rise? · 政府借款把实际利率从 3% 推到 5%。它上升了多少个百分点?
The real rate rose by 5 − 3 = 2 percentage points, crowding out some investment. · 实际利率上升了 5 − 3 = 2 个百分点,挤出了一些投资。
The loanable funds market sets the real interest rate where saving (supply) meets investment (demand). Government borrowing raises demand and pushes the real rate up, reducing private investment — crowding out. More saving shifts supply right and lowers the real rate.
可贷资金市场在储蓄(供给)与投资(需求)相遇处决定实际利率。政府借款抬升需求、把实际利率顶上,减少私人投资——挤出效应。更多储蓄使供给右移、降低实际利率。