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Chapter29—OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTSChapter29—OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTSHarcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.OPEN-ECONOMYMACROECONOMICS:BASICCONCEPTS29TITLE\*MERGEFORMATWHAT’SNEW:ThereisanewFYIboxon“TheEuro”andanewIntheNewsboxon“It’sthe21stCentury,DoYouKnowWhereYourCapitalIs?”AnewCaseStudyon“TheHamburgerStandard”hasalsobeenadded.LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:hownetexportsmeasuretheinternationalflowofgoodsandservices.hownetforeigninvestmentmeasurestheinternationalflowofcapital.whynetexportsmustalwaysequalnetforeighinvestment.howsaving,domesticinvestment,andnetforeigninvestmentarerelated.themeaningofthenominalexchangerateandtherealexchangerate.purchasing-powerparityasatheoryofhowexchangeratesaredetermined.KEYPOINTS:Netexportsarethevalueofdomesticgoodsandservicessoldabroadminusthevalueofforeigngoodsandservicessolddomestically.Netforeigninvestmentistheacquisitionofforeignassetsbydomesticresidentsminustheacquisitionofdomesticassetsbyforeigners.Becauseeveryinternationaltransactioninvolvesanexchangeofanassetforagoodorservice,aneconomy’snetforeigninvestmentalwaysequalsitsnetexports.Aneconomy’ssavingcanbeusedtofinanceinvestmentathomeorbuyassetsabroad.Thus,nationalsavingequalsdomesticinvestmentplusnetforeigninvestment.Thenominalexchangerateistherelativepriceofthecurrencyoftwocountries,andtherealexchangerateistherelativepriceofthegoodsandservicesoftwocountries.Whenthenominalexchangeratechangessothateachdollarbuysmoreforeigncurrency,thedollarissaidtoappreciateorstrengthen.Whenthenominalexchangeratechangessothateachdollarbuyslessforeigncurrency,thedollarissaidtodepreciateorweaken.Accordingtothetheoryofpurchasing-powerparity,adollar(oraunitofanyothercurrency)shouldbeabletobuythesamequantityofgoodsinallcountries.Th
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