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Chapter 99 · Part 1

Open Economy Macroeconomics

31
Concepts
10
Formulae
19 min
Read time
Intermediate

Learning objectives

  • 1Explain 1 Understanding Open Economies in the Global Context
  • 2Explain from Closed to Open: Recognizing Global Linkages
  • 3Explain how International Trade Affects Aggregate Demand
  • 4Explain 2 The Balance of Payments: Recording International Transactions
  • 5Explain the Current Account: Trade and Transfers
  • 6Explain components of Current Account

Your learning path

Introduction
6.1 Understanding Open Economies in the Global Context
From Closed to Open: Recognizing Global Linkages
How International Trade Affects Aggregate Demand
6.2 The Balance of Payments: Recording International Transactions
The Current Account: Trade and Transfers
Components of Current Account
Current Account Surplus vs. Deficit
The Capital Account: Asset Transactions
Summary
Quiz
Revision
Follow the full path

Key terms

SystemAdvantagesDisadvantagesInterpretationLogicQuotasUsed byTariffsApproachNumeratorSubsidiesEquilibriumAdjustmentsMaintenanceDevaluationRevaluation

Connected chapters

National Income Accountingshares: Advantages, DisadvantagesGovernment Budget and the Economyshares: SubsidiesFoundations of Economic Analysisshares: Advantages, DisadvantagesThe Theory of the Firm Under Perfect Competitionshares: Interpretation
31Concepts
10Formulae
19Minutes
PreviousGovernment Budget and the EconomyNextFoundations of Economic Analysis