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Chapter 5

Saving and Investment in the Open Economy

Learning Objectives

I. Goals of Chapter 5

A) Develop the idea that a country’s spending need not equal its production in every period, due to

foreign trade

B) The fundamental determinants of a country’s trade position are its saving and investment

decisions

II. Notes to Fifth Edition Users

A) The application on the LDC debt crisis was deleted but is available in this instructor’s manual if

you would like to continue using it

B) A new application on the impact of globalization on the U.S. economy has been added

C) The application on the 1994 Mexican crisis has been deleted but is available in this instructor’s

manual if you would like to continue using it

D) A new application on recent trends in the U.S. current account deficit has been added Teaching Notes

I. Balance of Payments Accounting (Sec. 5.1)

A) Balance of payments accounts

1. The record of a country’s international transactions

2. Text Table 5.1 shows recent U.S. data

3. Any transaction that involves a flow of money into the United States is a credit (+) item (enters with a plus sign); for example, exports

4. Any transaction involving a flow of money out of the United States is a debit (–) item (enters with a minus sign); for example, imports

5. In touch with the macroeconomy: the balance of payments accounts

Data released quarterly in Survey of Current Business

B) The current account

1. Net exports of goods and services

2. Net income from abroad

a. Income received from abroad is a credit item, since it causes funds to flow into the

United States

b. Payment of income to foreigners is a debit item

c. Net income from abroad is part of the current account, and is about equal to NFP , net factor payments

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