申論題內容
(3) The COVID-19 crisis is having a devastating effect on all economic sectors.
Suppose that governments around the world begin to engage in expansionary fiscal
policy (run large budget deficits) in order to stimulate economic activity in their
countries. The fiscal expansion in the rest of the world would raise the world interest
rate and lower domestic investment. As a result, the exchange rate will depreciate and
the trade balance will move toward surplus. (Assume that the country starts from a
position of trade balance.)
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