The Role of Net Exports
Consider the expenditure on an economy’s output of goods and services. In a
closed economy, all output is sold domestically, and expenditure is divided into
three components: consumption, investment, and government purchases. In an
open economy, some output is sold domestically and some is exported to be
sold abroad.We can divide expenditure on an open economy’s output Y into
four components:
➤ Cd, consumption of domestic goods and services,
➤ I d, investment in domestic goods and services,
➤ Gd, government purchases of domestic goods and services,
➤ EX, exports of domestic goods and services.
The division of expenditure into these components is expressed in the identity
Y = Cd + I d + Gd + EX.
The sum of the first three terms,Cd + I d + Gd, is domestic spending on domestic
goods and services. The fourth term, EX, is foreign spending on domestic
goods and services.
We now want to make this identity more useful.To do this, note that domestic
spending on all goods and services is the sum of domestic spending on domestic
goods and services and on foreign goods and services. Hence, total consumption
C equals consumption of domestic goods and services Cd plus consumption of
foreign goods and services Cf; total investment I equals investment in domestic
goods and services Id plus investment in foreign goods and services I f; and total
government purchases G equals government purchases of domestic goods and
services Gd plus government purchases of foreign goods and services Gf.Thus,
C = Cd + Cf,
I = I d + I f,
G = Gd + Gf.
We substitute these three equations into the identity above:
Y = (C - Cf ) + (I - I f ) + (G - Gf ) + EX.
We can rearrange to obtain
Y = C + I + G + EX - (Cf + I f + Gf ).
The sum of domestic spending on foreign goods and services (Cf + I f + Gf) is
expenditure on imports (IM).We can thus write the national income accounts
identity as
Y = C + I + G + EX - IM.
Because spending on imports is included in domestic spending (C + I + G), and
because goods and services imported from abroad are not part of a country’s
output, this equation subtracts spending on imports. Defining net exports to
be exports minus imports (NX = EX - IM ), the identity becomes
Y = C + I + G + NX.
This equation states that expenditure on domestic output is the sum of consumption,
investment, government purchases, and net exports. This is the most
common form of the national income accounts identity; it should be familiar
from Chapter 2.
The national income accounts identity shows how domestic output, domestic
spending, and net exports are related. In particular,
NX = Y - (C + I + G)
Net Exports = Output - Domestic Spending.
International Capital Flows and the Trade Balance
In an open economy, as in the closed economy we discussed in Chapter 3, financial
markets and goods markets are closely related. To see the relationship, we
must rewrite the national income accounts identity in terms of saving and investment.
Begin with the identity
Y = C + I + G + NX.
Subtract C and G from both sides to obtain
Y - C - G = I + NX.
Recall from Chapter 3 that Y - C - G is national saving S, the sum of private
saving, Y - T - C, and public saving, T - G.Therefore,
S = I + NX.
Subtracting I from both sides of the equation,we can write the national income
accounts identity as
S - I = NX.
This form of the national income accounts identity shows that an economy’s net
exports must always equal the difference between its saving and its investment
以上内容来自曼昆宏观经济学电子版。中文版:曼昆宏观经济学第五版,111页。
您现在可以看出来,“本题之所以能计算,必须另出假设“y=c+i+g+x-m”中c不包含对国外最终产品的支出。这种假设就是不自然的”正好说反了,如果C里不包含对国外最终产品的支出,根本无法计算。