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International Economics

ISBN: 9780321011442 | 0321011449
Edition: 4th
Format: Hardcover
Publisher: Prentice Hall
Pub. Date: 10/1/1997

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SummaryTable of Contents
Provides an introduction to international trade. Discusses the tools for analysis for international trade models, and the classical model of international trade. Covers foreigh-exchange market, exchange rate theories and more. DLC: International economic relations.
Prefacexiii
1 AN INTRODUCTION TO INTERNATIONAL TRADE
1(26)
Characteristics of National Economies
3(9)
... MORE
Economic Growth
8(1)
International Trade
9(3)
The Direction of International Trade
12(5)
What Goods Do Countries Trade?
17(6)
Summary
23(1)
Exercises
24(1)
Internet Applications
25(2)
2 TOOLS OF ANALYSIS FOR INTERNATIONAL TRADE MODELS
27(32)
Some Methodological Preliminaries
29(2)
The Basic Model: Assumptions
31(9)
The Basic Model: Solutions
40(3)
Measuring National Welfare
43(3)
ITEM 2.1: RELATIVE PRICES IN SAUDI ARABIA
44(2)
National Supply and Demand
46(5)
ITEM 2.2: MEASUREMENT OF REAL INCOME
47(4)
Summary
51(1)
Exercises
51(2)
APPENDIX 2.1 An Advanced Tool of General Equilibrium Models
53(6)
3 THE CLASSICAL MODEL OF INTERNATIONAL TRADE
59(32)
Absolute Advantage as a Basis for Trade: Adam Smith's Model
60(6)
Comparative Advantage as a Basis for Trade: David Ricardo's Model
66(1)
The General Equilibrium Solution of the Classical Model
67(6)
The Gains from International Trade
73(3)
ITEM 3.1: JAPAN'S GAINS FROM ENTRY INTO WORLD TRADE IN 1858
75(1)
The Relationship between Trade and Wages
76(5)
ITEM 3.2: WAGE AND PRODUCTIVITY COMPARISONS FOR THE UNITED STATES AND MEXICO
79(2)
An Evaluation of the Classical Model
81(1)
Summary
82(1)
Exercises
82(2)
Internet Applications
84(1)
APPENDIX 3.1 The Classical Model with Many Goods
85(2)
APPENDIX 3.2 Offer Curves and the Terms of Trade
87(4)
4 THE HECKSCHER-OHLIN THEORY
91(34)
The HO Model: Basic Assumptions
93(7)
ITEM 4.1: CAPITAL/LABOR RATIOS OF SELECTED U.S. INDUSTRIES
96(1)
ITEM 4.2: CAPITAL/LABOR RATIOS OF SELECTED COUNTRIES
97(3)
The HO Theorem
100(2)
Equilibrium in the HO Model
102(6)
Some New HO Theorems
108(7)
ITEM 4.3: TRADE, WAGES, AND JOBS IN THE U.S. ECONOMY
112(3)
Some Final Observations
115(1)
Summary
116(1)
Exercises
116(2)
Internet Applications
118(1)
APPENDIX 4.1 Alternate Proofs of Selected HO Theorems
119(6)
5 TESTS OF TRADE MODELS: THE LEONTIEF PARADOX AND ITS AFTERMATH
125(26)
Tests of the Classical Model
126(2)
Tests of the HO Model
128(2)
Attempted Reconciliations of Leontief's Findings
130(3)
Other Tests of the HO Model
133(1)
Recent Tests of the HO Model
134(3)
Alternative Theories of Comparative Advantage
137(3)
Human Skills Theory
137(1)
Product Life Cycle Theory
138(1)
Similarity of Preferences Theory
139(1)
Intraindustry Trade
140(2)
Increasing Returns and Imperfect Competition
142(5)
Conclusions
147(1)
Summary
148(1)
Exercises
148(1)
Internet Applications
149(1)
References
150(1)
6 TARIFFS
151(38)
The Gains from Free Trade
152(3)
Tariffs: An Introduction
155(3)
Tariffs: An Economic Analysis
158(2)
The Gains from Free Trade: One More Time
160(2)
The Welfare Cost of Tariffs
162(6)
Some Complications
168(13)
The Optimal Tariff
168
ITEM 6.1: THE WELFARE COSTS OF TARIFFS: SOME RECENT ESTIMATES FROM CERTAIN U.S. INDUSTRIES
167(6)
ITEM 6.2: THE SMOOT-HAWLEY TARIFF AND ITS AFTERMATH
173(2)
How High Are Tariffs?
175(1)
Effective Rate of Protection
175(6)
Summary
181(1)
Exercises
181(2)
Internet Applications
183(1)
References
184(1)
APPENDIX 6.1 The Imperfect Substitutes Model
185(4)
7 NONTARIFF BARRIERS AND ARGUMENTS FOR PROTECTION
189(36)
Quotas
190(3)
The Welfare Effects of Quotas
193(3)
The Equivalence or Nonequivalence of Tariffs and Quotas
196(2)
Other Nontariff Barriers
198(5)
Export Subsidies
198(1)
Government Procurement Policies
199(1)
Health and Safety Standards
200(1)
Failure To Protect Intellectual Property Rights
201(1)
ITEM 7.1: U.S.-CHINESE DISPUTES OVER INTELLECTUAL PROPERTY RIGHTS
202(1)
How Important Are Nontariff Barriers?
203(2)
Arguments for Protection
205(17)
Invalid Arguments
206(2)
Valid Arguments
208(2)
Income Redistribution
210(1)
Noneconomic Goals
211(3)
Infant Industry Protection
214(8)
Domestic Distortions
215(1)
Protecting the Environment
216(2)
Strategic Trade Policies
218(4)
Summary
222(1)
Exercises
222(2)
Internet Applications
224(1)
References
224(1)
8 COMMERCIAL POLICY: HISTORY AND PRACTICE
225(32)
U.S. Commercial Policy: History
226(7)
ITEM 8.1: THE GATT AGREEMENT
232(1)
The Uruguay Round and the Creation of the WTO
233(5)
TRADE POLICY CASE STUDY 1: U.S. TUNA QUOTAS TO SAVE DOLPHINS
234(4)
The Conduct of U.S. Commercial Policy
238(15)
Dumping
238(3)
Antidumping Law
241(2)
Countervailing Duty Law
243(1)
TRADE POLICY CASE STUDY 2: COMPUTER DISPLAY SCREENS
244(2)
Unfair Foreign Practices: Section 301
246(2)
TRADE POLICY CASE STUDY 3: U.S.-CANADA BEER WARS
248(1)
The Escape Clause: Section 201
249(1)
Other Measures
250(1)
Comparisons with Policies in Other Countries
251(2)
Summary
253(1)
Exercises
253(1)
Internet Applications
254(1)
References
255(2)
9 PREFERENTIAL TRADING ARRANGEMENTS
257(24)
Preferential Trade Arrangements: Economic Analysis
259(4)
North American Free Trade Agreement
263(7)
NAFTA and the U.S. Economy: Three Years Later
265(5)
ITEM 9.1: DETAILS OF THE NAFTA
266(4)
European Union
270(3)
The EU Government
270(2)
The Europe 1992 Initiative
272(1)
Regionalism Versus Multilateralism
273(4)
ITEM 9.2: OTHER PREFERENTIAL TRADE ARRANGEMENTS
274(3)
Summary
277(1)
Exercises
277(1)
Internet Applications
278(1)
References
279(2)
10 INTERNATIONAL TRADE AND ECONOMIC GROWTH
281(32)
Trade and Development
282(5)
Primary-Export-Led Development Policies
283(3)
Import-Substitution Development Policies
286(1)
Outward-Looking Development Policies
287(1)
Trade and Growth
287(10)
ITEM 10.1: OUTWARD-LOOKING VERSUS IMPORT-SUBSTITUTION GROWTH POLICIES
289(8)
Trade and Growth: Some Additional Comments
297(3)
Technological Change
297(1)
Growth, Prices, and Welfare
298(2)
International Flows of Factors
300(10)
Labor
300(1)
ITEM 10.2: THE DUTCH DISEASE
301(3)
Capital
304(3)
Economic Analysis
307(3)
Summary
310(1)
Exercises
311(1)
Internet Applications
312(1)
References
312(1)
11 AN INTRODUCTION TO INTERNATIONAL FINANCE
313(12)
The Balance of Payments
314(1)
Exchange Rates
315(2)
Prices and Exchange Rates
317(1)
Interest Rates and Exchange Rates
318(2)
Additional Major Topics
320(2)
Summary
322(1)
Exercises
322(1)
Internet Applications
322(1)
References
323(2)
12 THE BALANCE OF PAYMENTS
325(20)
Current Account
326(7)
Financing the Current Account: The Capital Account
329(3)
National Saving, Investment, and the Current Account
332(1)
Additional Summary Measures
333(3)
ITEM 12.1: THE WORLD'S LARGEST DEBTOR
334(2)
Transactions Classification
336(2)
Balance-of-Payments Equilibrium and Adjustment
338(3)
Summary
341(1)
Exercises
342(1)
Internet Applications
343(1)
References
343(2)
13 THE FOREIGN-EXCHANGE MARKET
345(30)
Spot Rates
346(4)
ITEM 13.1: BID-ASK SPREADS AND POLITICS: THE SOUTH AFRICAN RAND
349(1)
Arbitrage
350(5)
Forward Rates
355(1)
Swaps
356(2)
The Futures Market
358(2)
Foreign-Currency Options
360(3)
Central-Bank Intervention
363(3)
Black Markets and Parallel Markets
366(3)
ITEM 13.2: DOLLARS FOR DINARS
368(1)
Summary
369(1)
Exercises
369(1)
Internet Applications
370(1)
References
371(1)
APPENDIX 13.1 Exchange Rate Indexes
372(3)
14 PRICES AND EXCHANGE RATES: PURCHASING POWER PARITY
375(18)
Absolute Purchasing Power Parity
376(3)
ITEM 14.1: THE U.S. CONSUMER PRICE INDEX
377(2)
Relative Purchasing Power Parity
379(1)
Time, Inflation, and PPP
380(2)
ITEM 14.2: HYPERINFLATION IN BOLIVIA
381(1)
Deviations from PPP
382(5)
"Overvalued" and "Undervalued" Currencies
387(3)
Summary
390(1)
Exercises
391(1)
Internet Applications
392(1)
References
392(1)
15 EXCHANGE RATES, INTEREST RATES, AND INTEREST PARITY
393(16)
Interest Parity
394(4)
Interest Rates and Inflation
398(2)
ITEM 15.1: LENDERS AND BORROWERS, LOSERS AND WINNERS
399(1)
Exchange Rates, Interest Rates, and Inflation
400(2)
Expected Exchange Rates and the Term Structure of Interest Rates
402(2)
Summary
404(1)
Exercises
405(1)
Internet Applications
406(1)
References
406(1)
APPENDIX 15.1 Taxation and Interest Rate Parity
407(2)
16 FOREIGN-EXCHANGE RISK, FORECASTING, AND INTERNATIONAL INVESTMENT
409(24)
Types of Foreign-Exchange Risk
410(3)
Foreign Exchange Risk Premium
413(3)
Market Efficiency
416(1)
Foreign-Exchange Forecasting
417(2)
International Investment and Portfolio Diversification
419(3)
Direct Foreign Investment
422(4)
Capital Flight
426(1)
Capital Inflow Issues
427(2)
Summary
429(1)
Exercises
429(1)
Internet Applications
430(1)
References
431(2)
17 BASIC THEORIES OF THE BALANCE OF PAYMENTS
433(30)
The Elasticities Approach to the Balance of Trade
434(3)
Elasticities and J Curves
437(6)
The Currency-Contract Period
438(1)
The Pass-Through Period
439(4)
The Evidence from Devaluations
443(4)
ITEM 17.1: THE PASS-THROUGH EFFECT AND PROFITS
444(3)
The Absorption Approach to the Balance of Trade
447(1)
The Monetary Approach to the Balance of Payments
448(6)
Summary
454(1)
Exercises
455(1)
Internet Applications
456(1)
References
457(1)
APPENDIX 17.1 Stable Foreign-Exchange Markets and the Marshall-Lerner Condition
458(5)
18 EXCHANGE RATE THEORIES
463(20)
The Asset Approach
464(3)
Sterilization
467(3)
Exchange Rates and the Trade Balance
470(3)
Overshooting Exchange Rates
473(2)
Currency Substitution
475(3)
The Role of News
478(1)
Summary
479(1)
Exercises
480(1)
Internet Applications
481(1)
References
482(1)
19 ALTERNATIVE INTERNATIONAL MONETARY STANDARDS
483(30)
The Gold Standard: 1880-1914
484(3)
The Interwar Period: 1918-1939
487(1)
The Gold Exchange Standard: 1944-1970
488(3)
ITEM 19.1: THE INTERNATIONAL MONETARY FUND
489(2)
The Transition Years: 1971-1973
491(1)
Floating Exchange Rates: Since 1973
491(3)
The Choice of an Exchange Rate System
494(3)
Optimum Currency Areas
497(1)
The European Monetary System
498(2)
Target Zones
500(2)
Currency Boards
502(1)
ITEM 19.2: SPECULATIVE ATTACKS AND THE MEXICAN PESO CRISIS
503(1)
International Reserve Currencies
503(4)
Composite Reserve Currencies
507(2)
Multiple Exchange Rates
509(1)
Summary
510(1)
Exercises
510(1)
Internet Applications
511(1)
References
512(1)
20 INTERNATIONAL BANKING, DEBT, AND RISK
513(24)
The Origins of Offshore Banking
514(4)
ITEM 20.1: FROZEN DOLLARS IN MANILA
516(2)
International Banking Facilities
518(1)
Offshore Banking Practices
519(3)
International Debt
522(3)
ITEM 20.2: ISLAMIC BANKING
522(3)
IMF Conditionality
525(2)
ITEM 20.3: THE CLASSIC DEBT/EQUITY SWAP
525(2)
Country-Risk Analysis
527(8)
ITEM 20.4: BLOCKED FUNDS
530(5)
Summary
535(1)
Exercises
535(1)
Internet Applications
536(1)
References
536(1)
21 OPEN-ECONOMY MACROECONOMIC POLICY AND ADJUSTMENT
537(21)
Internal and External Macroeconomic Equilibrium
538(1)
The IS Curve
539(2)
The LM Curve
541(2)
The BP Curve
543(1)
Equilibrium
544(1)
Monetary Policy Under Fixed Exchange Rates
544(2)
Fiscal Policy Under Fixed Exchange Rates
546(1)
Monetary Policy Under Floating Exchange Rates
547(1)
Fiscal Policy Under Floating Exchange Rates
548(1)
International Policy Coordination
549(4)
ITEM 21.1: THE PLAZA AGREEMENT
552(1)
The Open-Economy Multiplier
553(2)
Summary
555(1)
Exercises
556(1)
Internet Applications
557(1)
References
557(1)
Glossary558(5)
Index563

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