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International Economics

by: Husted, Steven L.; Melvin, Michael

International Economics

by: Husted, Steven L.; Melvin, Michael

ISBN 13:
9780321077462
ISBN 10:
0321077466
Edition: 5th
Format: Hardcover
Copyright: 08/01/2000
Publisher: Addison-Wesley
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Summary

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.

Preface

xiii

An Introduction to International Trade

(26)

Characteristics of National Economies

(10)

Economic Growth

(1)

International Trade

(4)

The Direction of International Trade

(4)

What Goods Do Countries Trade?

(7)

Summary

(1)

Exercises

(1)

Internet Applications

(2)

Tools of Analysis for International Trade Models

(26)

Some Methodological Preliminaries

(1)

The Basic Model: Assumptions

(10)

The Basic Model: Solutions

(4)

Relative Prices in Saudi Arabia

(1)

Measuring National Welfare

(2)

National Supply and Demand

(5)

Measurement of Real Income

(4)

Summary

(1)

Exercises

(1)

Internet Applications

(1)

The Classical Model of International Trade

(32)

Absolute Advantage as a Basis for Trade: Adam Smith's Model

(6)

Comparative Advantage as a Basis for Trade: David Ricardo's Model

(2)

The General Equilibrium Solution of the Classical Model

(5)

The Gains from International Trade

(3)

Japan's Gains From Entry Into World Trade in 1858

(1)

The Relationship between Trade and Wages

(5)

Wage and Productivity Comparisons for the United States and Mexico

(2)

An Evaluation of the Classical Model

(1)

Summary

(1)

Exercises

(2)

Internet Applications

(1)

The Classical Model with Many Goods

(2)

Offer Curves and the Terms of Trade

(4)

The Heckscher-Ohlin Theory

(36)

The HO Model: Basic Assumptions

(7)

Capital/Labor Ratios of Selected U.S. Industries

(2)

Capital/Labor Ratios of Selected Countries

(3)

The HO Theorem

(2)

Equilibrium in the HO Model

(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)

Glossary

543

(8)

Index

551

Amazon no longer offers textbook rentals. We do!

International Economics

International Economics

9780321077462

0321077466

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

International Economics

International Economics

9780321077462

0321077466

Summary

Table of Contents

Supplemental Materials

Write a Review

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