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International Economics

ISBN: 9780321077462 | 0321077466
Edition: 5th
Format: Hardcover
Publisher: Addison-Wesley
Pub. Date: 8/1/2000

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SummaryTable of Contents
Husted and Melvin's International Economics provides a compact, accessible treatment of international economics that includes the most recent policy controversies in an issues-oriented analytical framework. Intuition and application of theory is stressed consistently, rather than memorization of competing theories and technical analysis.
Prefacexiii
An Introduction to International Trade
1(26)
Characteristics of National Economies
3(10)
... MORE
Economic Growth
8(1)
International Trade
9(4)
The Direction of International Trade
13(4)
What Goods Do Countries Trade?
17(7)
Summary
24(1)
Exercises
25(1)
Internet Applications
25(2)
Tools of Analysis for International Trade Models
27(26)
Some Methodological Preliminaries
29(1)
The Basic Model: Assumptions
30(10)
The Basic Model: Solutions
40(4)
Relative Prices in Saudi Arabia
43(1)
Measuring National Welfare
44(2)
National Supply and Demand
46(5)
Measurement of Real Income
47(4)
Summary
51(1)
Exercises
51(1)
Internet Applications
52(1)
The Classical Model of International Trade
53(32)
Absolute Advantage as a Basis for Trade: Adam Smith's Model
54(6)
Comparative Advantage as a Basis for Trade: David Ricardo's Model
60(2)
The General Equilibrium Solution of the Classical Model
62(5)
The Gains from International Trade
67(3)
Japan's Gains From Entry Into World Trade in 1858
69(1)
The Relationship between Trade and Wages
70(5)
Wage and Productivity Comparisons for the United States and Mexico
73(2)
An Evaluation of the Classical Model
75(1)
Summary
76(1)
Exercises
76(2)
Internet Applications
78(1)
The Classical Model with Many Goods
79(2)
Offer Curves and the Terms of Trade
81(4)
The Heckscher-Ohlin Theory
85(36)
The HO Model: Basic Assumptions
87(7)
Capital/Labor Ratios of Selected U.S. Industries
89(2)
Capital/Labor Ratios of Selected Countries
91(3)
The HO Theorem
94(2)
Equilibrium in the HO Model
96(6)
Some New HO Theorems
102(6)
Trade, Wages, and Jobs in the U.S. Economy
106(2)
Some Final Observations
108(1)
Summary
109(1)
Exercises
110(1)
Internet Applications
111(1)
Alternate Proofs of Selected HO Theorems
112(6)
The Specific Factors Model
118(3)
Tests of Trade Models: The Leontief Paradox and Its Aftermath
121(26)
Tests of the Classical Model
122(2)
Tests of the HO Model
124(2)
Attempted Reconciliations of Leontief's Findings
126(3)
Other Tests of the HO Model
129(1)
Recent Tests of the HO Model
130(3)
Alternative Theories of Comparative Advantage
133(3)
Human Skills Theory
133(1)
Product Life Cycle Theory
134(1)
Similarity of Preferences Theory
135(1)
Intraindustry Trade
136(3)
Increasing Returns and Imperfect Competition
139(4)
Conclusions
143(1)
Summary
144(1)
Exercises
145(1)
References
146(1)
Internet Applications
146(1)
Tariffs
147(42)
The Gains from Free Trade
148(3)
Tariffs: An Introduction
151(4)
Tariffs: An Economic Analysis
155(1)
The Gains from Free Trade: One More Time
156(3)
The Welfare Cost of Tariffs
159(5)
The Welfare Costs of Tariffs: Some Recent Estimates From Certain U.S. Industries
163(1)
Some Complications
164(13)
The Optimal Tariff
165(4)
The Smoot-Hawley Tariff and Its Aftermath
169(2)
How High Are Tariffs?
171(1)
Effective Rate of Protection
171(6)
Summary
177(1)
Exercises
177(2)
References
179(1)
Internet Applications
179(1)
The Imperfect Substitutes Model
180(9)
Nontariff Barriers and Arguments for Protection
189(30)
Quotas
184(3)
The Welfare Effects of Quotas
187(3)
The Equivalence or Nonequivalence of Tariffs and Quotas
190(2)
Other Nontariff Barriers
192(5)
Export Subsidies
192(1)
Government Procurement Policies
193(1)
Health and Safety Standards
194(1)
Failure to Protect Intellectual Property Rights
195(1)
U.S.-Chinese Disputes Over Intellectual Property Rights
196(1)
How Important Are Nontariff Barriers?
197(2)
Arguments for Protection
199(16)
Invalid Arguments
200(2)
Valid Arguments
202(13)
Summary
215(1)
Exercises
216(1)
References
217(1)
Internet Applications
217(2)
Commercial Policy: History and Practice
219(32)
History of U.S. Commercial Policy
220(8)
The Gatt Agreement
226(2)
The Uruguay Round and the Creation of the WTO
228(3)
Trade Policy Case Study 1: U.S. Tuna Quotas to Save Dolphins
231(2)
The Conduct of U.S. Commercial Policy
233(5)
Dumping
233(3)
Antidumping Law
236(2)
Trade Policy Case Study 2: Computer Display Screens
238(5)
Countervailing Duty Law
240(1)
Unfair Foreign Practices: Section 301
241(2)
Trade Policy Case Study 3: U.S.-EU Bananas Dispute
243(5)
The Escape Clause: Section 201
244(1)
Other Measures
245(1)
Comparisons with Policies in Other Countries
246(2)
Summary
248(1)
Exercises
248(1)
References
249(1)
Internet Applications
249(2)
Preferential Trade Arrangements
251(22)
Preferential Trade Arrangements: Economic Analysis
253(4)
North American Free Trade Agreement
257(4)
Details of the NAFTA
259(2)
NAFTA and the U.S. Economy: Six Years Later
261(3)
European Union
264(3)
The EU Government
265(1)
The Europe 1992 Initiative
266(1)
Regionalism versus Multilateralism
267(4)
Other Preferential Trade Arrangements
268(3)
Summary
271(1)
Exercises
271(1)
References
272(1)
Internet Applications
272(1)
International Trade and Economic Growth
273(32)
Trade and Development
274(7)
Primary-Export-Led Development Policies
275(3)
Import-Substitution Development Policies
278(1)
Outward-Looking Development Policies
279(2)
Outward-Looking Versus Import-Substitution Growth Policies
281(1)
Trade and Growth
281(8)
Trade and Growth: Some Additional Comments
289(4)
Technological Change
290(1)
Growth, Prices, and Welfare
290(2)
The Dutch Disease
292(1)
International Flows of Factors
293(9)
Labor
293(3)
Capital
296(3)
Economic Analysis
299(3)
Summary
302(1)
Exercises
303(1)
References
304(1)
Internet Applications
304(1)
An Introduction to International Finance
305(12)
The Balance of Payments
306(1)
Exchange Rates
306(3)
Prices and Exchange Rates
309(1)
Interest Rates and Exchange Rates
310(2)
Additional Major Topics
312(2)
Summary
314(1)
Exercises
314(1)
Internet Applications
315(2)
The Balance of Payments
317(20)
Current Account
318(8)
Financing the Current Account: The Capital Account
321(3)
National Saving, Investment, and the Current Account
324(1)
The World's Largest Debtor
325(1)
Additional Summary Measures
326(2)
Transactions Classification
328(2)
Balance-of-Payments Equilibrium and Adjustment
330(3)
Summary
333(1)
Exercises
333(2)
References
335(1)
Internet Applications
335(2)
The Foreign-Exchange Market
337(26)
Spot Rates
338(5)
Bid-Ask Spreads and Politics: The South African Rand
341(2)
Arbitrage
343(3)
Forward Rates
346(2)
Swaps
348(2)
The Futures Market
350(3)
Foreign-Currency Options
353(2)
Central-Bank Intervention
355(1)
Black Markets and Parallel Markets
356(3)
Dollars For Dinars
358(1)
Summary
359(1)
Exercises
359(1)
References
360(1)
Internet Applications
360(1)
Exchange Rate Indexes
361(2)
Prices and Exchange Rates: Purchasing Power Parity
363(18)
Absolute Purchasing Power Parity
364(3)
The U.S. Consumer Price Index
365(2)
Relative Purchasing Power Parity
367(1)
Time, Inflation, and PPP
368(2)
Hyperinflation in Bolivia
369(1)
Deviations from PPP
370(5)
``Overvalued'' and ``Undervalued'' Currencies
375(3)
Summary
378(1)
Exercises
378(1)
References
379(1)
Internet Applications
380(1)
Exchange Rates, Interest Rates, and Interest Parity
381(16)
Interest Parity
382(4)
Interest Rates and Inflation
386(2)
Lenders and Borrowers, Losers and Winners
387(1)
Exchange Rates, Interest Rates, and Inflation
388(1)
Expected Exchange Rates and the Term Structure of Interest Rates
389(3)
Summary
392(1)
Exercises
393(1)
References
393(1)
Internet Applications
394(1)
Taxation and Interest Rate Parity
395(2)
Foreign-Exchange Risk, Forecasting, and International Investment
397(26)
Types of Foreign-Exchange Risk
398(3)
Foreign Exchange Risk Premium
401(3)
Market Efficiency
404(1)
Foreign-Exchange Forecasting
405(2)
International Investment and Portfolio Diversification
407(4)
Direct Foreign Investment
411(4)
Capital Inflow Issues
415(2)
International Lending and Crisis
417(2)
Summary
419(1)
Exercises
420(1)
References
421(1)
Internet Applications
421(2)
Basic Theories of the Balance of Payments
423(28)
The Elasticities Approach to the Balance of Trade
424(3)
Elasticities and J Curves
427(6)
The Currency-Contract Period
428(2)
The Pass-Through Period
430(3)
The Evidence from Devaluations
433(1)
The Absorption Approach to the Balance of Trade
433(3)
The Pass-Through Effect and Profits
434(2)
The Monetary Approach to the Balance of Payments
436(6)
Summary
442(1)
Exercises
443(1)
References
444(1)
Internet Applications
444(1)
Stable Foreign-Exchange Markets and the Marshall-Lerner Condition
445(6)
Exchange Rate Theories
451(20)
The Asset Approach
452(3)
Sterilization
455(3)
Exchange Rates and the Trade Balance
458(2)
Overshooting Exchange Rates
460(3)
Currency Subsitution
463(2)
The Role of News
465(1)
Foreign Exchange Market Microstructure
466(2)
Summary
468(1)
Exercises
469(1)
References
470(1)
Internet Applications
470(1)
Alternative International Monetary Standards
471(30)
The Gold Standard: 1880-1914
472(3)
The Interwar Period: 1918-1939
475(1)
The Gold Exchange Standard: 1944-1970
476(3)
The International Monetary Fund
477(2)
The Transition Years: 1971-1973
479(1)
Floating Exchange Rates: Since 1973
479(3)
The Choice of an Exchange-Rate System
482(3)
Optimum Currency Areas
485(2)
The European Monetary System and the Euro
487(1)
Target Zones
488(2)
Currency Boards
490(2)
Speculative Attacks and the Mexican and Asian Financial Crises
491(1)
International Reserve Currencies
492(3)
Composite Reserve Currencies
495(1)
Multiple Exchange Rates
496(1)
Summary
497(1)
Exercises
497(1)
References
498(1)
Internet Applications
499(2)
International Banking, Debt, and Risk
501(22)
The Origins of Offshore Banking
502(4)
Frozen Dollars in Manila
504(2)
International Banking Facilities
506(1)
Offshore Banking Practices
507(4)
Islamic Banking
510(1)
International Debt
511(2)
IMF Conditionality
513(2)
Country-Risk Analysis
515(6)
Blocked Funds
516(5)
Summary
521(1)
Exercises
521(1)
References
522(1)
Internet Applications
522(1)
Open-Economy Macroeconomic Policy and Adjustment
523(20)
Internal and External Macroeconomic Equilibrium
524(1)
The IS Curve
525(2)
The LM Curve
527(2)
The BP Curve
529(1)
Equilibrium
530(1)
Monetary Policy under Fixed Exchange Rates
530(2)
Fiscal Policy under Fixed Exchange Rates
532(1)
Monetary Policy under Floating Exchange Rates
533(1)
Fiscal Policy under Floating Exchange Rates
534(1)
International Policy Coordination
535(3)
The Plaza Agreement
537(1)
The Open-Economy Multiplier
538(3)
Summary
541(1)
Exercises
541(1)
References
542(1)
Internet Applications
542(1)
Glossary543(8)
Index551

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