International economics in an integrated world:
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| Main Authors: | , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Glenview, Ill.
Scott, Foresman
1982
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIX, 438 S. graph.Darst. |
| ISBN: | 0673160203 |
Staff View
MARC
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| 100 | 1 | |a Laffer, Arthur B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a International economics in an integrated world |c Arthur B. Laffer ; Marc A. Miles* |
| 264 | 1 | |a Glenview, Ill. |b Scott, Foresman |c 1982 | |
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Record in the Search Index
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| adam_text | Titel: International economics in an integrated world
Autor: Laffer, Arthur B
Jahr: 1982
CONTENTS
Preface xi
SECTIONONE THE PURE THEORY OF TRADE 1
Chapter 1 Introduction 3
An Overview of Trade 3
The Ricardian One-Factor Model 9
Summary 17
References 17
Appendix 1 Some Basic Propositions of the Ricardian Model 17
The Ricardian Production Possibilities Curve Is a Straight Line
Wfiose Slope Is the Ratio of the Marginal Products of Labor in
the Two Industries 18
The Slope of the Production Possibilities Curve Equals the Autarkie
Equilibrium Relative Price of the Two Goods 20
Chapter 2 The Supply Side in a Nontrading Country 22
The Production Possibilities Curve, Production Functions, and Factors of
Production 22
Factor Proportions and Factor Returns Within a Given Industry 25
Factor Proportions Across Industries 31
Factor Returns, Factor Proportions, and the Production Possibilities
Curve 37
Summary 43
References 44
Appendix 2 The Edgeworth Box and Euler s Theorem 44
The Edgeworth Box 44
Euler s Theorem 50
Appendix Notes 51
Chapter 3 The Supply Side of an Open Country 52
Relative Goods Prices and Relative Factor Prices 52
Factor Price Equalization 54
The Stolper-Samuelson Theorem 57
The Rybczynski Theorem 59
The Relevance of These Three Theorems 63
Summary 66
References 66
Notes 67
Appendix 3 The Factor Price Equalization Theorem 67
Absolute Factor Price Equalization 70
The Stolper-Samuelson Theorem 71
viii Contents
The Rybczynslii Theorem 74
Appendix Notes 75
Chapter 4 Introducing Demand and the Gains From Trade 76
A Representation of Demand 76
Equilibrium in Autarky 79
Equilibrium with Trade 80
The Gains from Trade 82
The Heckscher-Ohlin Model 85
The Incentives for Free Trade 88
Summary 89
References 90
Notes 91
Chapter 5 The Effects of Tariffs on Trade and Relative Prices 92
Deriving Mutatis Mutandis Demand and Supply Schedules 93
The Effects of a Tariff 95
The Costs of a Tariff for a Small Country 98
The Lern er Symmetry Theorem 101
Tariffs and Quotas as Alternatives 101
The Equivalence of a Tariff and a Quota in a Static World 102
The Effects of Tariffs and Quotas in a Changing World 103
Tariff Versus Quota-Some Other Considerations 105
Political Pressures for Trade Restrictions-The Specificity of
Factors 106
Import Restrictions and the Trade Balance 108
Tariffs and the Laffer Curve 110
Summary 111
References 112
Notes 113
Chapter 6 Trade Barriers and Alternatives: Policy Interventions to
Correct Distortions 114
Types of Distortions 114
The Effects of Tariffs in a Large Country 117
A Mutatis Mutandis Derivation of the Optimum Tariff 119
Optimal Intervention 123
Case 1-Steel Imports 1977 125
Case 2-Infant Industry Argument 128
Summary 129
References 130
Notes 130
Chapter 7 Transfers, Growth, and the Terms of Trade 131
The Transfer Problem 131
Limitations to the Terms of Trade Effect 135
The Inverse Proposition: Changes in the Terms of Trade and the Trade
Balance 136
Growth and the Terms of Trade 137
Factor Mobility 139
Factor Mobility and National Weifare 142
Contents
Summary 143
References 144
Notes 145
Appendix 7 A Mathematical Model 145
The Terms of Trade and the Trade Balance-Stability
Conditions 145
The Transfer Problem 147
The Effect of Prices on the Trade Balance 148
Transfers, the Terms of Trade, and Income 149
Appendix Notes 150
Chapter 8 A Wedge or Supply Side Model of Production, Tax
Revenues, and the Trade Balance 151
A Wedge Model of an Economy 153
Some Background Assumptions for a Wedge Model of the Trade
Balance 159
A Wedge Model of the Trade Balance 161
A Wedge Model for a Small Country 166
An Increase in Government Expenditure 166
An Increase in Taxes 171
The Wedge Model of a Large Country 173
The World as a Whole 174
Countries Where No Government Expenditure Increase
Occurs 174
The Country Where the Government Expenditure Rose 176
A Supply Side Shock in a Large Country: The Effect of Transfers
Again 179
Summary 182
Notes 182
SECTION TWO THE INTERNATIONAL FINANCIAL SYSTEM
IN AN INTEGRATED WORLD 183
Chapter 9 The Basic Model of an Open Economy 185
The Closed Economy Model 186
A.J The TraditionaJ IS-LM Framework-Oniy Money and
Goods 186
B.) Bonds-The Third lmplicit Market 188
C.) Goods, Money, and Bonds-The Closed Economy Walrasian
Framework 189
Adjustment in the Small, Open Economy 191
Walras Law in the Small, Open Economy 194
Summary 195
References 196
Notes 196
Appendix 9 Derivation of the IS-LM Framework of the
Closed Economy 196
x Contents
Chapter 10 The Balance of Payments Accounts 202
The Accountant vs. the Economist 202
Balance of Payments Statistics 204
The Merchandise Trade Balance 204
The Current Account 206
The Capital Account and the Balance of Payments 207
Recent Developments 209
Stock vs. Flow Definition 214
The Global Balance of Payments 214
Theoretical Approaches to Understanding the Balance of Payments
215
Summary 216
References 217
Notes 217
Chapter 11 The World as an Integrated Market 218
The Concept of Integrated World Markets 218
Measuring World Integration 221
Internal Quantity Integration 222
External Quantity Integration 226
The Flow of Goods 226
The Flow of Financial Assets 229
Prices and Economic Integration 231
Summary 238
References 238
Notes 240
Chapter 12 The Monetary Approach to the Balance of Payments:
The Adjustment of Money Markets in an Integrated World I 243
The Balance of Payments of a Small Country 243
The Balance of Payments of a Large Country 245
The Effects of Changes in the Money Supply 248
Bürden of Adjustment and Relative Size 251
Summary 254
References 255
Notes 255
Appendix 12 A Graphical Technique for Determining Equilibrium
Distributions in the World 256
Chapter 13 Inflation: The Adjustment of Money Markets in an
Integrated World II 258
Introduction 258
The Breakdown of the Bretton Woods System and the Emergence of
Inflation 259
World Inflation and the World Money Supply 262
Eurodollars 263
World Inflation and the World Money Supply (continued) 273
Summary 276
References 277
Notes 277
Contents xi
Chapter 14 Determinants of the Trade Balance:
The Adjustment of the Goods Market in an Integrated World 279
The Basis of the Trade Balance Model 279
The Trade Balance of a Small Country 280
The Trade Balance of a Large Country 282
The OPEC Transfer and the Trade Balance 286
Summary 291
References 291
Chapter 15 The Capital Account: Adjustment of the
Bond Market in an Integrated World 292
The Capital Account 292
Capital Controls 294
Voluntary Foreign Credit Restraint Program 295
Summary 297
References 298
Notes 298
Chapter 16 The IS-LM-FF Model: A Keynesian Model of
Internal-External Balance 299
The Basic IS-LM-FF Model 299
Some Fundamental Differences between the Internal-External Balance
Model and the Model of the Integrated World 302
The Role of Monetary and Fiscal Policy in the IS-LM-FF
Model 303
The Small Country Case within the IS-LM-FF Model 307
Summary 310
References 311
Notes 311
Appendix 16 Expanding the IS-LM Framework to an
Open Economy Model 311
Adjusting the IS Curve to the Open Economy 312
Adjusting the LM Curve to the Open Economy 314
The New Curve-The FF Curve 316
An Algebraic Summary 318
Chapter 17 Devaluation 319
Devaluation in an Integrated World 319
The Early Keynesian Models 325
A Further Complication 327
Bringing Money into the Analysis 330
A Simple Model With Money 330
Stock vs. Flow Adjustment 333
Including the Bonds Market 334
Summary 337
What Tests of the Raw Data Teil Us 338
Including the Effects of Other Factors 341
Summary 345
References 346
Notes 346
xii Contents
Appendix 17 The Portfolio Equilibrium Model 347
Chapter 18 The Reserve Currency Country Model 352
A Simple Reserve Currency Model 352
An Open Market Operation by the Nonreserve Country 354
An Open Market Operation by the Reserve Country 356
An Open Market Operation by a Reserve Currency Country Fixing the
Value of Its Currency to a Commodity 358
A Once-for-All Increase in the Money Supply by the Nonreserve
Country 359
Devaluation by a Nonreserve Currency Country 361
Some Empirical Evidence of the Reserve Currency Country
Model 362
Some Additional Implications of the Reserve Currency Model 364
Summary 365
References 365
Notes 366
Chapter 19 Currency Substitution 367
Introduction 367
A Simple Model of Currency Substitution 368
Currency Substitution and Monetary Policy 370
A Once-for-All Increase in CA 371
An Increase in the Rate of CA Growth from Zero to a Positive
Number 372
AJJowing PB Also to Adjust 373
Some Implications of this Analysis 373
Empirical Models of Currency Substitution 376
Direct Measurements of Portfolio Behavior 376
An Alternative Test for the Presence of Currency
Substitution 380
The Implications of Currency Substitution for Devaluation 381
Summary 385
References 385
Notes 386
Appendix 19 Derivation of the Equation for Directly Estimating
the Elasticity of Substitution Between Currencies 387
Chapter 20 Fixed vs. Flexible Exchange Rates 389
The Natural Equilibration Argument 390
Independent Monetary Policy 390
Freedom for All Prices to Adjust 394
Surveillance 394
Weifare 395
Monetary Constraints 396
Ending World Inflation-The Case for a New Price Rule 398
How a Price Rule Differs from a Quantity Rule 400
Summary 402
References 402
Notes 403
Contents xiii
Chapter 21 Some Recent Developments in the International
Economy 404
The Dollars Downward Slide 405
Determining the Dollar s Value 409
The Bück Stops Here 414
The European Monetary System 419
Summary 423
Notes 423
|
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| language | English |
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| spelling | Laffer, Arthur B. Verfasser aut International economics in an integrated world Arthur B. Laffer ; Marc A. Miles* Glenview, Ill. Scott, Foresman 1982 XIX, 438 S. graph.Darst. txt rdacontent n rdamedia nc rdacarrier Internationale economie gtt Internationale economische betrekkingen gtt Internationale handel gtt Relations économiques internationales - Modèles mathématiques Mathematisches Modell Welthandel Weltwirtschaft International economic relations Mathematical models Weltwirtschaft (DE-588)4065468-0 gnd rswk-swf Weltwirtschaft (DE-588)4065468-0 s DE-604 Miles, Marc A. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=003749348&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Laffer, Arthur B. Miles, Marc A. International economics in an integrated world Internationale economie gtt Internationale economische betrekkingen gtt Internationale handel gtt Relations économiques internationales - Modèles mathématiques Mathematisches Modell Welthandel Weltwirtschaft International economic relations Mathematical models Weltwirtschaft (DE-588)4065468-0 gnd |
| subject_GND | (DE-588)4065468-0 |
| title | International economics in an integrated world |
| title_auth | International economics in an integrated world |
| title_exact_search | International economics in an integrated world |
| title_full | International economics in an integrated world Arthur B. Laffer ; Marc A. Miles* |
| title_fullStr | International economics in an integrated world Arthur B. Laffer ; Marc A. Miles* |
| title_full_unstemmed | International economics in an integrated world Arthur B. Laffer ; Marc A. Miles* |
| title_short | International economics in an integrated world |
| title_sort | international economics in an integrated world |
| topic | Internationale economie gtt Internationale economische betrekkingen gtt Internationale handel gtt Relations économiques internationales - Modèles mathématiques Mathematisches Modell Welthandel Weltwirtschaft International economic relations Mathematical models Weltwirtschaft (DE-588)4065468-0 gnd |
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