A country considers encouraging its investments through public policies. There are two alternatives: to reduce tax on private saving, or to reduce the government budget deficit by reducing government expenditures. (1) Draw a supply-demand diagram of the

9．政府政策与投资 Government policy and investment
一国政府考虑通过公共政策以鼓励投资。有两种可以选择的方法：一是对私人储蓄减税；二是通过减少政府支出来减少政府预算赤字。

A country considers encouraging its investments through public policies．There are two alternatives：to reduce tax on private saving，or to reduce the government budget deficit by reducing government expenditures．
（1）画出该国的可贷资金供求曲形，标出均衡的利率和投资数量。
Draw a supply－demand diagram of the country＇s market for loanable funds．Label the equilibrium interest rate and investment．
（2）分别画图表示私人储蓄减税和减少预算赤字对可贷资金市场的影响。在每一种情况下，利率如何变动？投资数量如何变动？两种政策都能鼓励投资吗？
Draw separate graphs to show the effects on this market of reducing tax on private saving and of reducing the government budget deficit．In each case，how does the interest rate change？How does the investment change？Can each policy encourage investment？
（3）虽然图形上不易看出，但你能说出两种政策是否都鼓励了私人储蓄？解释你的理由。 Although it＇s not easy to see in the graphs，can you tell how the private saving changes in each case？Explain．
1
（4）如果投资对利率的弹性比预想的更大，上述两种政策各自对于投资的影响是更大还是更小？用图形表示你的答案。
If the interest rate elasticity of investment is larger than expected，will the effect of each policy on investment be larger or smaller？Show your answers clearly by graphs．
（5）如果私人储蓄对利率的弹性比预想的更大，上述两种政策各自对于投资的影响是更大还是更小？画出图形以表示你的答案。
If the interest rate elasticity of private saving is larger than expected，will the effect of each policy on investment be larger or smaller？Show your answers clearly by graphs．
（6）政府同时实施这两项政策是困难的。为什么？
Why is it difficult to implement both of these policies at the same time？
（7）给定这一困难，当投资对利率弹性较大时，你倾向于推荐哪一项政策？当私人储蓄利率弹性较大时，你倾向于推荐哪一项政策？说出你的理由。
Given this difficulty，when the interest rate elasticity of investment becomes larger，which policy do you tend to rely on？When the interest rate elasticity of private saving becomes larger，which policy do you tend to rely on？Explain your answers．