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Chapter25—SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEMChapter25—SAVING,INVESTMENT,ANDTHEFINANCIALSYSTEMHarcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.Harcourt,Inc.itemsandderiveditemscopyright2001byHarcourt,Inc.25TITLE\*MERGEFORMATSAVING,INVESTMENT,ANDTHEFINANCIALSYSTEMWHAT’SNEW:Thesectionon“Policy3”nowdiscussesbudgetdeficitandsurpluseffectsonthesupplyofloanablefunds.TheCaseStudyongovernmentdebthasbeenrewrittenandisnowcalled“TheHistoryofU.S.GovernmentDebt.”ThereisalsoanewCaseStudyon“TheDebateovertheBudgetSurplus.”Inaddition,thereisanewIntheNewsboxon“TheStockMarketBoomofthe1990s”andanewFYIboxon“PresentValue.”LEARNINGOBJECTIVES:Bytheendofthischapter,studentsshouldunderstand:someoftheimportantfinancialinstitutionsintheU.S.economy.howthefinancialsystemisrelatedtokeymacroeconomicvariables.themodelofthesupplyanddemandforloanablefundsinfinancialmarkets.howtousetheloanable-fundsmodeltoanalyzevariousgovernmentpolicies.howgovernmentbudgetdeficitsaffecttheU.S.economy.KEYPOINTS:TheU.S.financialsystemismadeupofmanytypesoffinancialinstitutions,suchasthebondmarket,thestockmarket,banks,andmutualfunds.Alltheseinstitutionsacttodirecttheresourcesofhouseholdswhowanttosavesomeoftheirincomeintothehandsofhouseholdsandfirmswhowanttoborrow.Nationalincomeaccountingidentitiesrevealsomeimportantrelationshipsamongmacroeconomicvariables.Inparticular,foraclosedeconomy,nationalsavingmustequalinvestment.Financialinstitutionsarethemechanismthroughwhichtheeconomymatchesoneperson’ssavingwithanotherperson’sinvestment.Theinterestrateisdeterminedbythesupplyanddemandforloanablefunds.Thesupplyofloanablefundscomesfromhouseholdswhowanttosavesomeoftheirincomeandlenditout.Thedemandforloanablefundscomesfromhouseholdsandfirmswhowanttoborrowforinvestment.Toanalyzehowanypolicyoreventaffectstheinterestrate,onemustconsiderhowitaffectsthesupplyanddemandforloanablefunds.Nationalsavingequalspr
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