Open-Economy

Macroeconomics:
31
Basic Concepts

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 Open-Economy Macroeconomics:
Basic Concepts
• Open and Closed Economies
• A closed economy is one that does not interact with
other economies in the world.
• There are no exports, no imports, and no capital flows.
• An open economy is one that interacts freely with
other economies around the world.
• An Open Economy
• An open economy interacts with other countries in
two ways.
• It buys and sells goods and services in world product
markets.
• It buys and sells capital assets in world financial markets.
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 THE INTERNATIONAL FLOW OF
GOODS AND CAPITAL
• An Open Economy
• The United States is a very large and open economy
—it imports and exports huge quantities of goods
and services.
• Over the past four decades, international trade and
finance have become increasingly important.

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The Flow of Goods: Exports, Imports, Net
Exports
• Exports are goods and services that are
produced domestically and sold abroad.
• Imports are goods and services that are
produced abroad and sold domestically.
• Net exports (NX) are the value of a nation’s
exports minus the value of its imports.
• Net exports are also called the trade balance.

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The Flow of Goods: Exports, Imports, Net
Exports
• A trade deficit is a situation in which net exports (NX) are
negative.
• Imports > Exports
• A trade surplus is a situation in which net exports (NX) are
positive.
• Exports > Imports
• Balanced trade refers to when net exports are zero—exports
and imports are exactly equal.
• Factors That Affect Net Exports
• The tastes of consumers for domestic and foreign goods.
• The prices of goods at home and abroad.
• The exchange rates at which people can use domestic currency to buy
foreign currencies.
• The incomes of consumers at home and abroad.
• The costs of transporting goods from country to country.
• The policies of the government toward international trade.
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 Figure 1 The Internationalization of the U.S.
Economy

Percent
of GDP

15

Imports

10
Exports

0
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

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The Flow of Financial Resources: Net Capital
Outflow
• Net capital outflow ; pembelian aset luar negeri
oleh penduduk dalam negeri dikurangi
pembelian aset dalam negeri oleh penduduk
luar negeri
• Mis; Jepang membeli obligasi yang diterbitkan
oleh AS maka akan mengurangi investasi luar
negeri neto AS
• Mc Donalds buka di Rusia : investasi asing
langsung (FDI)
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The Flow of Financial Resources: Net Capital
Outflow
• Variabel yang mempengaruhi Net Capital
Outflow
• Suku bunga riil yang dibayarkan atas aset luar
negeri dan dalam negeri
• Risiko ekonomis dan politis dari kepemilikan aset
di luar negeri
• Kebijakan pemerintah mempengaruhi aset

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The Equality of Net Exports and Net Capital
Outflow
• Net exports (NX) and net capital outflow (NCO)
are closely linked.
• For an economy as a whole, NX and NCO must
balance each other so that:
NCO = NX
• This holds true because every transaction that
affects one side must also affect the other side by
the same amount.

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Saving, Investment, and Their Relationship to
the International Flows
• Net exports is a component of GDP:
Y = C + I + G + NX
• National saving is the income of the nation that
is left after paying for current consumption and
government purchases:
Y - C - G = I + NX

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Saving, Investment, and Their Relationship to
the International Flows
• National saving (S) equals Y - C - G so:
S = I + NX
or
Saving =
Domestic + Net Capital
Investment Outflow
S = I + NCO

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 THE PRICES FOR INTERNATIONAL
TRANSACTIONS: REAL AND NOMINAL
EXCHANGE RATES
• International transactions are influenced by
international prices.
• The two most important international prices are
the nominal exchange rate and the real
exchange rate.

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Kurs nominal adalah harga relatif dari mata uang dua negara.
Contohnya, jika kurs antara dolar AS dan yen Jepang adalah 120
yen per dolar, maka Anda dapat menukar satu dolar untuk 120
yen dalam pasar dunia untuk mata uang asing.

Seorang Jepang yang ingin memperoleh dolar akan membayar

120 yen untuk tiap dolar yang ia beli.

Seorang Amerika yang ingin memperoleh yen akan mendapat

120 yen untuk tiap dolar yang ia bayar. Jika orang merujuk pada
“kurs” antara dua negara, biasanya berarti kurs nominal.

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Nominal Exchange Rates

• Appreciation ; meningkatnya mata uang suatu

negara yang diukur dari mata uang negara lain
yang dapat dibeli
• Depreciation : menurunnya mata uang suatu
negara yang diukur dari mata uang negara lain
yang dapat dibeli
• If a dollar buys more foreign currency, there is
an appreciation of the dollar.
• If it buys less there is a depreciation of the
dollar.
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 
Kurs riil adalah harga relatif barang-barang di antara dua negara. Kurs riil
menyatakan tingkat di mana kita bisa memperdagangkan barang- barang suatu
negara untuk barang-barang negara lain.

Untuk melihat perbedaan antara kurs riil dan nominal, misalkan barang yang
diproduksi di banyak negara : mobil. Anggap harga mobil Amerika
$10.000 dan harga mobil Jepang 2.400.000 yen.

Untuk membandingkan harga kedua mobil tersebut, kita harus mengkonversinya ke

mata uang umum.
Jika satu dolar bernilai 120 yen, maka harga mobil Amerika 1.200.000 yen.

Membandingkan harga mobil Amerika (1.200.000 yen) dan harga mobil Jepang
(2.400.000 yen), kita simpulkan bahwa mobil Amerika berharga setengah mobil
Jepang.

Dengan kata lain, pada harga saat ini, kita dapat menukar dua mobil Amerika untuk
satu mobil Jepang.
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 
Kita dapat meringkas perhitungan kita sebagai berikut :
Kurs Riil = (120 yen/dollar)  (10.000 dolar/mobil Amerika)
(2.400.000 yen/mobil Jepang)
= 0,5 Mobil Jepang
Mobil Amerika
Pada harga-harga ini, dan kurs ini, kita peroleh setengah mobil Jepang
per mobil Amerika. Lebih umum, kita dapat menulis perhitungan ini
sebagai Kurs Riil =
Kurs Nominal  Harga Barang Dalam Negeri
Harga Barang Luar Negeri
Tingkat harga di mana kita memperdagangkan barang dalam dan luar
negeri bergantung pada harga barang dalam mata uang lokal dan pada
tingkat kurs yang terjadi.

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 Kurs Riil Kurs Nominal Rasio Tingkat
Harga

 = e × (P/P*)
Catat : P adalah tingkat harga domestik (diukur
dalam mata uang lokal) dan P* adalah tingkat harga
luar negeri (diukur dalam mata uang asing).

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 Kurs Riil Kurs Nominal Rasio Tingkat
Harga

 = e × (P/P*)

Kurs riil antara dua negara dihitung dari kurs nominal dan tingkat
harga di kedua negara. Jika kurs riil tinggi, barang-barang luar
negeri relatif murah, dan barang-barang domestik relatif mahal.
Jika kurs riil rendah, barang-barang luar negeri relatif mahal, dan
barang-barang domestik relatif murah.

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Bagaimana tingkat harga mempengaruhi kurs ? Tidak ada. Semua perubahan
pada tingkat harga suatu negara akan diserap penuh ke dalam kurs nominal. Ini
adalah hukum satu harga yang diterapkan untuk pasar internasional.

Paritas Daya Beli (Purchasing-Power Parity); teori nilai tukar yang

menyatakan bahwa suatu unit uang harus mampu membeli jumlah barang yang
sama di semua negara

Paritas Daya Beli (Purchasing-Power Parity) menyatakan bahwa pergerakan

kurs nominal terutama merefleksikan perbedaan tingkat harga negara-negara.
Ini menyatakan bahwa jika arbitrase internasional dimungkinkan, maka satu
dolar harus memiliki daya beli yang sama di setiap negara. Paritas daya beli
tidak selalu berlaku karena beberapa barang tidak mudah diperdagangkan, dan
kadang barang dagangan tidak selalu merupakan substitusi sempurna—tapi ini
memberi alasan untuk berharap bahwa fluktuasi kurs riil akan kecil dan
bersifat sementara.
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The Basic Logic of Purchasing-Power Parity

• Purchasing-power parity is a theory of exchange rates

whereby a unit of any given currency should be able to
buy the same quantity of goods in all countries.
• According to the purchasing-power parity theory, a
unit of any given currency should be able to buy the
same quantity of goods in all countries.
• The theory of purchasing-power parity is based on a
principle called the law of one price.
• According to the law of one price, a good must sell for the
same price in all locations.

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Basic Logic of Purchasing-Power Parity

• If the law of one price were not true, unexploited profit

opportunities would exist.
• The process of taking advantage of differences in
prices in different markets is called arbitrage.
• If arbitrage occurs, eventually prices that differed in
two markets would necessarily converge.
• According to the theory of purchasing-power parity, a
currency must have the same purchasing power in all
countries and exchange rates move to ensure that.

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 Implikasi
• Agar daya beli sama di kedua negara :
1/P=eP/P*
• Persamaan menjadi : 1=eP/P*
• Jika daya beli dolar selalu sama di dalam dan
luar negeri, maka nilai tukar riil dan harga
relatif barang dalam negeri dan luar negeri
tidak dapat berubah

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 Implikasi
• Implikasi nilai tukar nominal maka : eP*/P
• Berdasarkan teori paritas daya beli, nilai tukar
nominal antara mata uang dua negara harus
mencerminkan tingkat harga yang berbeda pada
kedua negara tersebut
• Ketika bank sentral mencetak uang dalam
jumlah yang banyak, mata uang tersebut akan
kehilangan nilainya terhadap barang dan jasa
yang bisa dibeli dan terhadap mata uang
lainnya yang bisa dibeli.
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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

Money supply
10,000,000,000

Price level
100,000

Exchange rate
.00001

.0000000001
1921 1922 1923 1924 1925
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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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