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EKONOMI TERBUKA (Open-Economy)

Open-Economy Macroeconomics: Basic Concepts

Open and Closed Economies

Closed economy (Ekonomi Tertutup)

An open economy (Ekonomi Terbuka)

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The Flow of Goods: Exports, Imports, Net Exports

Exports (X)

Imports (M)
Net exports (NX) trade balance trade deficit trade surplus Balanced trade

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The Flow of Goods: Exports, Imports, Net Exports

Citarasa Harga Kadar pertukaran asing Pendapatan pengguna Kos pengangkutan Polisi kerajaan

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Eksport & Import Malaysia 1955 - 2004

600000 500000

400000
RM juta

Exports Imports

300000

200000

100000

0
19 55 19 57 19 59 19 61 19 63 19 65 19 67 19 69 19 71 19 73 19 75 19 77 19 79 19 81 19 83 19 85 19 87 19 89 19 91 19 93 19 95 19 97 19 99 20 01 20 03
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Tahun 20 5 of

Eksport Bersih Malaysia 1955 - 2004

RM Juta 120000

100000

80000

60000

40000

20000

1955

1957

1959

1961

1963

1965

1967

1969

1971

1973

1975

1977

1979

1981

1983

1985

1987

1989

1991

1993

1995

1997

1999

2001

-20000
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2003

Tahun

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The Flow of Financial Resources: Net Capital Outflow

Net capital outflow, NCO

(Aliran keluar modal bersih)

Net Foreign Investment

(Pelaburan asing bersih)

Foreign Direct Investment

(Pelaburan Langsung Asing)

Foreign Portfolio Investment

(Pelaburan Portfolio asing)

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The Flow of Financial Resources: Net Capital Outflow

Variables that Influence Net Capital Outflow

Kadar Faedah Benar

Keadaan Ekonomi dan politik

Polisi Kerajaan

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The Equality of Net Exports and Net Capital Outflow

Net exports (NX) and net capital outflow

(NCO) are closely linked.

NCO = NX

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Saving, Investment, and Their Relationship to the International Flows

Y = C + I + G + NX
National saving (tabungan negara)

S=YCG
Y - C - G = I + NX S
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= I + NX
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Saving, Investment, and Their Relationship to the International Flows

S = I + NX
NCO = NX S = I + NCO

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Table 1 International Flows of Goods and Capital: Summary

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Copyright2004 South-Western

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THE PRICES FOR INTERNATIONAL TRANSACTIONS: REAL AND NOMINAL EXCHANGE RATES
Nominal Exchange Rate (Kadar Pertukaran Nominal Appreciation (peningkatan nilai) Depreciation (Penurunan nilai)

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THE PRICES FOR INTERNATIONAL TRANSACTIONS: REAL AND NOMINAL EXCHANGE RATES
The real exchange rate

(kadar pertukaran benar)

Nominal exchange rate Domestic price Real exchange rate = Foreign price

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A FIRST THEORY OF EXCHANGE-RATE DETERMINATION: PURCHASING-POWER PARITY

Purchasing-power parity theory

(Teori Pariti Kuasa Beli) (Teori Kesetaraan Kuasa Beli)

Arbitrage

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Basic Logic of Purchasing-Power Parity

The theory of purchasing-power parity is

based on a principle called the law of one price.

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Figure 3 Money, Prices, and the Nominal Exchange Rate During the German Hyperinflation
Indexes (Jan. 1921 5 100)

1,000,000,000,000,000

10,000,000,000 Price level 100,000

Money supply

.00001

Exchange rate

.0000000001 1921 1922 1923 1924 1925

Copyright 2004 South-Western

Limitations of Purchasing-Power Parity

Many goods are not easily traded or shipped

from one country to another.

Tradable goods are not always perfect

substitutes when they are produced in different countries.

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Summary
Net exports are the value of domestic goods and services sold

abroad minus the value of foreign goods and services sold domestically. Net capital outflow is the acquisition of foreign assets by domestic residents minus the acquisition of domestic assets by foreigners. An economys net capital outflow always equals its net exports. An economys saving can be used to either finance investment at home or to buy assets abroad. The nominal exchange rate is the relative price of the currency of two countries. The real exchange rate is the relative price of the goods and services of two countries.
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Summary
When the nominal exchange rate changes so that each dollar

buys more foreign currency, the dollar is said to appreciate or strengthen. When the nominal exchange rate changes so that each dollar buys less foreign currency, the dollar is said to depreciate or weaken. According to the theory of purchasing-power parity, a unit of currency should buy the same quantity of goods in all countries. The nominal exchange rate between the currencies of two countries should reflect the countries price levels in those countries.

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