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...The classical model of an open economy bartlomiejrokicki associate professor chair macroeconomics and international trade theory faculty economic sciences university warsaw bart rokicki economymacroeconomics basic assumptions main are exactly same as in a closed only difference is that real interest rate do not necessary balance national savings investment since our country has access to capital markets we small means cannot influence other countries equals world s production level determined by technology stocks factors function given y af k l consumption depends positively on disposable income c t turn negatively r i also know g nx ca solving for have where determinants havethat above equation shows what determines thus equilibrium it must equal current account depend fiscal policy lower or higher taxes ceteris paribus domestic saving so between at global why developing often run deficit...