Flow of Money - Sectoral Balances
Автор: Wayne Vernon
Загружено: 2015-09-04
Просмотров: 6085
Описание:
The National Debt = The National Savings (and foreign dollar savings)
Sectoral Balances is an accounting identity first proposed by British economist Wynne Godley. The identity is meant to illustrate the flow of funds by examining the net position over time between the Domestic Private Sector (I - S), the Government Sector (G - T), and the foreign sector (X - M).
If any sector runs a deficit, than another sector must run a surplus. This view suggests that government deficits are not only good, but critically necessary for a healthy economy to accommodate the private sector's desire to save and deleverage debt.
Disclaimer: Comments made about the government being able to sustain debt indefinitely are unique to countries with sovereign free-floating currencies. Countries with fixed-exchange rates, or governments who borrow in currencies other than their domestic currency can become insolvent, and are constrained as currency users, rather than currency issuers.
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