文档介绍：Chapter 6:Openness in Goods and Financial Market
6-1:Openness in Goods Market
6-2:Openness in Financial Market
6-3:Conclusions and a Look ahead
6-1:Openness in Goods Market
The Choice between Domestic and Foreign Goods
Nominal Exchange Rates
Real Exchange Rates
6-1:Openness in Goods Market
Table 18-1:Ratios of Exports to GDP for Selected OECD Countries,1997
Country Export Ratio Country Export Ratio
United States 12% Switzerland 40%
Japan 10% Austria 38%
Germany 23% Belgium 73%
United Kingdom 29% Luxembourg 91%
Appendix: The Sum of Trade and Proportion in GDP
Year
SUM
(RMB)
Proportion
In GDP(%)
Year
SUM
(RMB)
Proportion
In GDP(%)
1978
1995
1980
1996
1985
1997
1990
1998
1991
1999
1992
2000
1993
2001
1994
2002
Nominal Exchange Rates
From the Point of View of United States
Looking at Germany
Nominal exchange rate E
Price of DM in terms of dollars
Appreciation of the dollar
Price of dollars in DM increases equivalently:
price of DM in dollars decreases equivalently:
Exchange rate decreases:E↓
Depreciation of the dollar
Price of dollars in DM decreases equivalently:
price of DM in dollars increases equivalently:
Exchange rate increases:E↑
Real Exchange Rate
Price of German
goods in DM
P*
Price of German
goods in dollars
EP*
Price of
goods in dollars
P
Real
Exchange rate
ε=EP*/P
Figure:The position of . Merchandise Trade,1998
Exports to
Imports from
Countries
$Billions
Percent
$Billions
Percent
Canada
156
23
177
19
Western Europe
159
24
193
21
Japan
57
8
121
13
Mexico
78
12
95
11
Asia
126
19
247
27
OPEC
15
2
19
2
Others
80
11
67
7
Total
671
100
919
100
6-2:Openness in Financial Market
The Balance of Payments
The Current Account
The Capi