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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.
In particular, the second equation separates national saving into two pieces: private saving (Y T C) and public saving (T G). Consider each of these two pieces: Private saving is the amount of income that households have left after paying their taxes and paying for their consumption. closed economy is an economy that does not interact with other economies. Y = C + I + G That was exactly what you stated In particular, a closed economy does not engage in international trade in goods and services, nor does it engage in international borrowing and lending.