Rent 9780321336378 | International Economics | Husted, Steven; Melvin, Michael @knetbooks.com

Summary Table of Contents

Husted and Melvin are widely praised for this accessible introduction to international economics. They use real data and issues to motivate the theoretical discussions, so that students leave the course with a practical understanding of major policy questions.

International Economics, Seventh Edition, uses accessible discussions of current topics to present core theory and policy in an intuitive framework. An emphasis on business applications of international trade and finance theories enhances the practical nature... MORE

Preface	p. xv
About the Authors	p. xix
An Introduction to International Trade	p. 1
Characteristics of National Economies	p. 3
Economic Growth	p. 8
International Trade	p. 9
The Direction of International Trade	p. 12
What Goods Do Countries Trade?	p. 17
Summary	p. 23
Exercises	p. 25
Int... MOREernet Applications	p. 25
Tools of Analysis for International Trade Models	p. 27
Some Methodological Preliminaries	p. 29
The Basic Model: Assumptions	p. 30
The Basic Model: Solutions	p. 40
Measuring National Welfare	p. 43
National Supply and Demand	p. 45
Measurement of Real Income	p. 46
Summary	p. 50
Exercises	p. 51
Internet Applications	p. 52
The Classical Model of International Trade	p. 53
Absolute Advantage as a Basis for Trade: Adam Smith's Model	p. 54
Comparative Advantage as a Basis for Trade: David Ricardo's Model	p. 60
The General Equilibrium Solution of the Classical Model	p. 62
The Gains from International Trade	p. 67
Japan's Gains from Entry into World Trade in 1858	p. 69
The Relationship Between Trade and Wages	p. 70
Wage and Productivity Comparisons for the United States and Mexico	p. 73
An Evaluation of the Classical Model	p. 74
Summary	p. 75
Exercises	p. 76
Internet Applications	p. 78
The Classical Model with Many Goods	p. 79
Offer Curves and the Terms of Trade	p. 81
The Heckscher-Ohlin Model	p. 85
The HO Model: Basic Assumptions	p. 87
Capital/Labor Ratios of Selected U.S. Industries	p. 89
Capital/Labor Ratios of Selected Countries	p. 91
The HO Theorem	p. 94
Equilibrium in the HO Model	p. 96
Some New HO Theorems	p. 102
Trade, Wages, and Jobs in the U.S. Economy	p. 106
Some Final Observations	p. 108
Summary	p. 109
Exercises	p. 110
Internet Applications	p. 111
Alternate Proofs of Selected HO Theorems	p. 112
The Specific Factors Model	p. 118
Tests of Trade Models: The Leontief Paradox and Its Aftermath	p. 121
Tests of the Classical Model	p. 122
Tests of the HO Model	p. 124
Attempted Reconciliations of Leontief's Findings	p. 126
Other Tests of the HO Model	p. 129
Recent Tests of the HO Model	p. 130
Alternative Theories of Comparative Advantage	p. 133
Human Skills Theory	p. 133
Product Life Cycle Theory	p. 134
Similarity of Preferences Theory	p. 135
Intraindustry Trade	p. 136
Increasing Returns and Imperfect Competition	p. 139
Conclusions	p. 143
Summary	p. 144
Exercises	p. 145
References	p. 146
Internet Applications	p. 146
Tariffs	p. 147
The Gains from Free Trade	p. 148
Tariffs: An Introduction	p. 151
Tariffs: An Economic Analysis	p. 155
The Gains from Free Trade: One More Time	p. 157
The Welfare Cost of Tariffs	p. 160
Some Complications	p. 163
The Welfare Costs of Tariffs: Estimates from Certain U.S. Industries	p. 164
The Optimal Tariff	p. 164
The Smoot-Hawley Tariff and Its Aftermath	p. 169
How High Are Tariffs?	p. 171
Effective Rate of Protection	p. 171
Summary	p. 177
Exercises	p. 177
References	p. 179
Internet Applications	p. 179
Nontariff Barriers and Arguments for Protection	p. 181
Quotas	p. 182
The Welfare Effects of Quotas	p. 185
The Equivalence or Nonequivalence of Tariffs and Quotas	p. 188
Other Nontariff Barriers	p. 190
Export Subsidies	p. 190
Government Procurement Policies	p. 191
Health and Safety Standards	p. 192
Failure to Protect Intellectual Property Rights	p. 193
How Important Are Nontariff Barriers?	p. 195
Arguments for Protection	p. 196
Invalid Arguments	p. 197
Valid Arguments	p. 199
Summary	p. 212
Exercises	p. 213
References	p. 214
Internet Applications	p. 214
Commercial Policy: History and Practice	p. 215
History of U.S. Commercial Policy	p. 216
The GATT Agreement	p. 221
The Uruguay Round and the Creation of the WTO	p. 224
U.S. Tuna Quotas to Save Dolphins	p. 227
The Doha Round	p. 229
The Conduct of U.S. Commercial Policy	p. 230
Dumping	p. 231
Antidumping Law	p. 233
Countervailing Duty Law	p. 236
Canada Softwood Lumber	p. 238
Unfair Foreign Practices: Section 301	p. 239
The Escape Clause: Section 201	p. 240
Escape Clause Tariffs on U.S. Steel Imports	p. 241
Other Measures	p. 243
Comparisons with Policies in Other Countries	p. 244
Summary	p. 245
Exercises	p. 246
References	p. 247
Internet Applications	p. 247
Preferential Trade Arrangements	p. 249
Preferential Trade Arrangements: Economic Analysis	p. 251
North American Free Trade Agreement	p. 255
NAFTA and the U.S. Economy: Twelve Years Later	p. 257
Details of the NAFTA	p. 258
European Union	p. 262
The EU Government	p. 262
The Europe 1992 Initiative	p. 264
Regionalism versus Multilateralism	p. 265
Other Preferential Trade Arrangements	p. 266
Summary	p. 268
Exercises	p. 269
References	p. 270
Internet Applications	p. 270
International Trade and Economic Growth	p. 271
Trade and Development	p. 272
Primary-Export-Led Development Policies	p. 273
Import-Substitution Development Policies	p. 276
Outward-Looking Development Policies	p. 277
Trade and Growth	p. 277
Trade and Growth: Some Additional Comments	p. 286
Technological Change	p. 286
Growth, Prices, and Welfare	p. 287
The Dutch Disease	p. 289
International Flows of Factors	p. 290
Labor	p. 290
Capital	p. 292
Economic Analysis	p. 295
U.S. Outsourcing	p. 296
Summary	p. 300
Exercises	p. 301
References	p. 302
Internet Applications	p. 302
An Introduction to International Finance	p. 303
The Balance of Payments	p. 304
Exchange Rates	p. 304
Prices and Exchange Rates	p. 307
Interest Rates and Exchange Rates	p. 308
Additional Major Topics	p. 310
Summary	p. 311
Exercises	p. 312
Internet Applications	p. 312
The Balance of Payments	p. 313
Current Account	p. 317
Financing the Current Account: The Financial Account	p. 319
National Saving, Investment, and the Current Account	p. 320
The World's Largest Debtor	p. 321
Additional Summary Measures	p. 322
Transactions Classification	p. 323
Balance-of-Payments Equilibrium and Adjustment	p. 326
Summary	p. 328
Exercises	p. 328
References	p. 329
Internet Applications	p. 330
The Foreign-Exchange Market	p. 331
Spot Rates	p. 332
Arbitrage	p. 334
Forward Rates	p. 337
Swaps	p. 339
The Futures Market	p. 341
Foreign-Currency Options	p. 341
Exchange Rate Supply and Demand and Central-Bank Intervention	p. 343
Black Markets and Parallel Markets	p. 344
Summary	p. 346
Exercises	p. 346
References	p. 347
Internet Applications	p. 348
Exchange Rate Indexes	p. 349
Prices and Exchange Rates: Purchasing Power Parity	p. 351
Absolute Purchasing Power Parity	p. 352
The U.S. Consumer Price Index	p. 353
Relative Purchasing Power Parity	p. 355
Time, Inflation, and PPP	p. 356
Hyperinflation in Bolivia	p. 357
Deviations from PPP	p. 358
"Overvalued" and "Undervalued" Currencies	p. 363
Real Exchange Rates	p. 366
Summary	p. 367
Exercises	p. 367
References	p. 368
Internet Applications	p. 368
Exchange Rates, Interest Rates, and Interest Parity	p. 369
Interest Parity	p. 370
Interest Rates and Inflation	p. 374
Lenders and Borrowers, Losers and Winners	p. 375
Exchange Rates, Interest Rates, and Inflation	p. 375
Expected Exchange Rates and the Term Structure of Interest Rates	p. 376
Summary	p. 379
Exercises	p. 379
References	p. 380
Internet Applications	p. 380
Taxation and Interest Rate Parity	p. 381
Foreign-Exchange Risk, Forecasting, and International Investment	p. 383
Types of Foreign-Exchange Risk	p. 384
Foreign-Exchange Risk Premium	p. 387
Market Efficiency	p. 390
Foreign-Exchange Forecasting	p. 391
International Investment and Portfolio Diversification	p. 393
Direct Foreign Investment	p. 396
Capital Elight	p. 400
Capital Inflow Issues	p. 401
International Lending and Crises	p. 402
Summary	p. 405
Exercises	p. 406
References	p. 407
Internet Applications	p. 407
Basic Theories of the Balance of Payments	p. 409
The Elasticities Approach to the Balance of Trade	p. 410
Elasticities and J Curves	p. 413
The Currency-Contract Period	p. 414
The Pass-Through Period	p. 416
The Pass-Through Effect and Profits	p. 419
The Evidence from Devaluations	p. 420
The Absorption Approach	p. 421
The Monetary Approach to the Balance of Payments	p. 422
Summary	p. 427
Exercises	p. 428
References	p. 429
Internet Applications	p. 429
Stable Foreign-Exchange Markets and the Marshall-Lerner Condition	p. 430
Exchange Rate Theories	p. 435
The Asset Approach	p. 436
The Monetary Approach	p. 438
The Portfolio Balance Approach	p. 442
Sterilization	p. 443
Exchange Rates and the Trade Balance	p. 446
Overshooting Exchange Rates	p. 448
Currency Substitution	p. 451
The Role of News	p. 453
Foreign-Exchange Market Microstructure	p. 454
Summary	p. 456
Exercises	p. 457
References	p. 458
Internet Applications	p. 458
Alternative International Monetary Standards	p. 459
The Gold Standard: 1880-1914	p. 460
The Interwar Period: 1918-1939	p. 463
The Gold Exchange Standard: 1944-1970	p. 464
The International Monetary Fund	p. 465
The Transition Years: 1971-1973	p. 467
Floating Exchange Rates: Since 1973	p. 467
The Choice of an Exchange Rate System	p. 470
Optimum Currency Areas	p. 473
The European Monetary System and the Euro	p. 475
Target Zones	p. 477
Currency Boards	p. 479
Speculative Attacks and the Mexican and Asian Financial Crises	p. 480
International Reserve Currencies	p. 481
Multiple Exchange Rates	p. 485
Summary	p. 486
Exercises	p. 486
References	p. 487
Internet Applications	p. 488
International Banking, Debt, and Risk	p. 489
The Origins of Offshore Banking	p. 490
Libor	p. 492
International Banking Facilities	p. 494
Offshore Banking Practices	p. 495
International Debt	p. 498
Islamic Banking	p. 499
IMF Conditionality	p. 501
The Role of Corruption	p. 503
Country-Risk Analysis	p. 503
Blocked Funds	p. 504
Summary	p. 508
Exercises	p. 508
References	p. 509
Internet Applications	p. 509
Open-Economy Macroeconomic Policy and Adjustment	p. 511
Internal and External Macroeconomic Equilibrium	p. 512
The IS Curve	p. 513
The LM Curve	p. 515
The BP Curve	p. 517
Equilibrium	p. 518
Monetary Policy under Fixed Exchange Rates	p. 518
Fiscal Policy under Fixed Exchange Rates	p. 520
Monetary Policy under Floating Exchange Rates	p. 521
Fiscal Policy under Floating Exchange Rates	p. 522
The New Open-Economy Macroeconomics	p. 523
International Policy Coordination	p. 524
The Plaza Agreement	p. 526
The Open-Economy Multiplier	p. 528
Summary	p. 530
Exercises	p. 531
References	p. 532
Internet Applications	p. 532
Glossary	p. 533
Index	p. 541
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