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LEARNING OBJECTIVES. A. When an economy is closed then (1) aggregate spending must equal domestic production, and (2) national saving must equal domestic investment. B. When the economy is open, these conditions do not have to hold.a. Aggregate spending does not have to equal domestic production in each period.II. Relation between Saving, Investment, foreign trade, and foreign lending. Case 1. In a Small Open Economy. A. Small open economy: an economy which its saving/investment activities have no effect on the world real interest rate. 1. World real interest rate (rw) is determined in the international financial market. 2.
â¢ In a closed economy the level of interest rate would be determined by the intersection of investment curve and savings curve (r clo). â¢ In case of small open economy, when worldâs interest rate is higher than for closed economy (r 1 *) we will face a current account surplus. Yet, in case of a big country, we suppose that its policy may influence worldâs interest rate. Hence, an expansionary fiscal policy will cause a decrease in worldâs savings and an increase in worldâs interest rate. As a result, small open economy will face capital account deficit and current account surplus.