Transcription of Chapter 12 The Balance of Payments and the Exchange Rate
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Chapter 12 The Balance of Payments and the Exchange Rate In today's global economy world, the phenomenon of the "closed economy" one that is unaffected by international trade and capital flows is little more than an abstract textbook concept. The notion of a closed economy is nevertheless quite useful in intermediate macroeconomics, as it allows for the analysis of the fundamental aspects of the economy ( the impact of monetary and fiscal policy) without considering the complicating effects of globalization.
12.1 Chapter 12 The Balance of Payments and the Exchange Rate ... We shall start by introducing the two fundamental concepts of the open economy: the balance of payments (BoP) and the exchange rate. ... financial, accounting, legal, and other services that are tradable across countries.
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