Samenvatting International Finance Theory and Policy, Global Edition

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ISBN-10 1292065192 ISBN-13 9781292065199
311 Flashcards en notities
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Dit is de samenvatting van het boek "International Finance Theory and Policy, Global Edition". De auteur(s) van het boek is/zijn Paul Krugman Maurice Obstfeld Marc Melitz. Het ISBN van dit boek is 9781292065199 of 1292065192. Deze samenvatting is geschreven door studenten die effectief studeren met de studietool van Study Smart With Chris.

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Samenvatting - International Finance Theory and Policy, Global Edition

  • 13 National income accounting and the balance of payments

  • Four main aspects in macroeconomics
    Unemployment, saving, trade imbalances & money and the price level.
  • Do chimpansees or humans have a better short-term memory?
    Chimpansees!
  • Hebben chimpansees of mensen een beter kortetermijngeheugen?
    Chimpansees!
  • Two essential tools in macroeconomics
    National income accounting & balance of payment accounting
  • 13.1 The National Income Accounts

  • The GNP (Gross National Product) is..
    The value of all the goods and services provided by the country's factors of production and sold on the market. (The market value of all expenditures on final output.)
  • Do chimpansees or humans have a better short-term memory?
    Chimpansees!
  • Do chimpansees or humans have a better short-term memory?
    Chimpansees!
  • Gross national product (GNP)
    The value of all final goods and services produced by the country's factors of production and sold on the market in a given time period. It is the market value of all expenditures on final output. A country's final output is purchased through: Consumption, Investment, Government purchases and the current account balance. 
  • Gross national income = 
    Consumption + investment + government purchases + current account balance (Y = C + I + G + E - M)
  • National income accounting is.. 
    Classifying each transaction that contributes to national income according to he type of expenditure that gives rise to it.
  • 13.1.1 National Product and National Income

  • GNP a country generates over some time period must equal its national income, because every dollar used to purchase goods or services automatically ends up in somebody's pocket.
  • GNP must equal its national income
    every dollar used to purchase goods or services automatically ends up in somebody's pocket. (it is only about the sale of final goods, so it was counted in GNP at the time it was first sold.)
  • Which sales are excluded from the GNP?
    Sales of intermediate goods and used goods. (To avoid double counting.)
  • 13.1.2 Capital Depreciation and International Transfers

  • NNP (Net National Product) = 
    GNP - depreciation
  • Depreciation
    Reduces the income of capital owners (GNP does not take this into account)
  • National Income = 
    GNP - depreciation + unilateral transfers
  • Net national product (NNP)
    GNP - depreciation
  • Unilateral transfers are
    Gifts from residents of foreign countries
  • Unilateral transfers
    gifts from residents of foreign countries. Are part of a country's income but are not part of its product, and they must be added to NNP in calculations of national income. 
  • National income
    = GNP - depreciation + net unilateral transfers. 
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