为什么出口增加反而资本流出增加

问题如下：

Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most correct response

选项：

A.A decrease in the government deficit. B.A decrease in net exports and increased capital inflow. C.An increase in net exports and increased capital outflow.

解释：

The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S = I + (G — T) + (X —M). Given the levels of output and investment spending, an increase in saving (reduction in consumption) must be offset by either an increase in the fiscal deficit or an increase in net exports. Increasing the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capita] outflows (increased lending to foreigners and/or increased purchases of assets from foreigners) is the correct response.

中文解析：

储蓄、投资、财政平衡和贸易平衡之间的基本关系是S = I + (G - T) + (X - m)。鉴于产出和投资支出的水平，储蓄的增加(消费的减少)必须被财政赤字的增加或净出口的增加所抵消。增加财政赤字不是选项之一，因此增加净出口和相应的净资本流出(增加对外国人的贷款和/或增加从外国人手中购买资产)是正确的回应。