Elements of international economics: with 41 figures and 9 tables
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | German |
| Veröffentlicht: |
Berlin [u.a.]
Springer
2004
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| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XV, 341 S. graph. Darst. |
| ISBN: | 3540211330 |
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| 245 | 1 | 0 | |a Elements of international economics |b with 41 figures and 9 tables |c Giancarlo Gandolfo |
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Datensatz im Suchindex
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| adam_text | Titel: Elements of international economics
Autor: Gandolfo, Giancarlo
Jahr: 2004
Contents
1 Introduction 1
1.1 International Economics as a Distinct Subject 1
1.2 Structure of the Book 3
1.2.1 International Finance 3
1.2.2 The Theory and Policy of International Trade 4
1.2.3 Small and Large Open Economies 5
1 The Basics 7
2 The Foreign Exchange Market 9
2.1 Introduction: The Exchange Rate 9
2.1.1 The Real Exchange Rate 11
2.1.2 The Effective Exchange Rate 13
2.2 The Spot Exchange Market 14
2.3 The Forward Exchange Market 17
2.3.1 Introduction 17
2.3.2 Various Covering Alternatives; Forward Premium and
Discount 19
2.4 The Transactors in the Foreign Exchange Market 22
2.4.1 Speculators 23
2.4.2 Non-Speculators 24
2.4.3 Monetary Authorities 24
2.5 Currency Derivatives 24
2.5.1 Futures 25
2.5.2 Options 26
2.5.3 Swap Transactions 27
2.6 Eurodollars and Xeno-Currencies 29
2.7 Selected Further Reading 30
3 Exchange-Rate Regimes and the International Monetary
System 31
3.1 The Two Extremes 31
3.2 The Bretton Woods System 32
IX
X Contents
3.2.1 The Monetary Authorities Intervention 33
3.3 Other Limited-Flexibility Systems 35
3.4 The Current Nonsystem 36
3.5 Key Events in the Postwar International Monetary System . . 38
3.5.1 Collapse of Bretton Woods 38
3.5.2 Petrodollars 41
3.5.3 Demonetization of Gold 41
3.5.4 EMS and EMU 43
3.5.5 The International Debt Crisis 43
3.5.6 The Asian and Other Crises 43
3.6 International Organisations 43
3.6.1 The IMF 43
3.6.2 The World Bank 45
3.6.3 GATT and WTO 46
3.6.4 The Bank for International Settlements 47
3.7 Suggested Further Reading 48
4 International Interest-Rate Parity Conditions 49
4.1 Covered Interest Parity (CIP) 49
4.2 Uncovered Interest Parity (UIP) 51
4.3 Uncovered Interest Parity with Risk Premium 52
4.4 Real Interest Parity 52
4.5 Efficiency of the Foreign Exchange Market 53
4.6 Perfect Capital Mobility, Perfect Asset Substitutability, and
Interest Parity Conditions 54
4.7 Suggested Further Reading 56
5 The Balance of Payments 57
5.1 Balance-of-Payments Accounting and Presentation 57
5.1.1 Introduction 57
5.1.2 Standard Components 59
5.1.2.1 Current Account 59
5.1.2.2 Capital and Financial Account 60
5.2 The Meaning of Surplus, Deficit, and Equilibrium in the
Balance of Payments 63
5.3 Some Important Accounting Relations 65
5.4 Suggested Further Reading 70
II International Finance and Open-Economy
Macroeconomics 71
6 The Basic Models: Elasticities, Multiplier, Mundell-Fleming 73
6.1 The Elasticity Approach 73
Contents XI
6.1.1 Critical Elasticities and the Marshall-Lemer Condition 74
6.2 The Multiplier Approach 78
6.2.1 Balance-of-Payments Adjustment 81
6.3 Elasticities and Multipliers 84
6.4 The Mundell-Fleming Model 85
6.4.1 Fixed Exchange Rates 85
6.4.1.1 Graphic Representation of the Equilibrium
Conditions 86
6.4.1.2 Simultaneous Real, Monetary and External
Equilibrium; Stability 90
6.4.2 Flexible Exchange Rates 93
6.4.3 Capital Mobility and Economic Policy 95
6.4.4 Some Observations on the Model 98
6.5 Suggested Further Reading 99
7 The Monetary and Portfolio Approaches 101
7.1 The Monetary Approach 101
7.1.1 The Basic Propositions and Implications 102
7.1.2 A Simple Model 104
7.1.3 Concluding Remarks 105
7.2 The Portfolio Approach 106
7.2.1 A Graphic Representation 108
7.2.2 Monetary Policy, Portfolio Equilibrium, and Capital
Flows 110
7.3 Suggested Further Reading Ill
8 Capital Movements, Speculation, and Currency Crises 113
8.1 Long-Term Capital Movements 113
8.1.1 Multinational Enterprises and Foreign Direct
Investment 115
8.2 Short-Term Capital Movements and Foreign Exchange
Speculation 116
8.2.1 Flexible Exchange Rates and Speculation 118
8.3 Speculative Attacks and Currency Crises 119
8.3.1 The Bipolar View 123
8.4 Suggested Further Reading 124
9 Exchange-Rate Determination 125
9.1 The Purchasing-Power-Parity Theory 125
9.2 The Traditional Flow Approach 127
9.3 The Modern Approach: Money and Assets in Exchange-Rate
Determination 128
9.3.1 Introductory Remarks 128
9.3.2 The Monetary Approach 129
XII Contents
9.3.2.1 Sticky Prices, Rational Expectations, and
Overshooting of the Exchange-Rate 130
9.3.3 The Portfolio Approach 131
9.3.3.1 Interaction Between Current and Capital
Accounts 132
9.4 The Exchange Rate in Macroeconometric Models 134
9.5 Fixed Vs Flexible Exchange Rates 138
9.5.1 The Traditional Arguments 138
9.5.2 The Modern View 141
9.5.2.1 Money Demand Shock 141
9.5.2.2 Aggregate Demand Shock 142
9.5.2.3 Aggregate Supply Shock 142
9.5.2.4 Conclusion 143
9.6 Suggested Further Reading 143
10 The Intertemporal Approach to the Balance of Payments 145
10.1 Introduction: The Absorption Approach 145
10.2 Intertemporal Decisions, the Current Account, and Capital
Flows 148
10.2.1 The Feldstein-Horioka Puzzle 152
10.3 Intertemporal Approaches to the Real Exchange Rate 153
10.4 Suggested Further Reading 154
11 International Monetary Integration and European Monetary
Union 155
11.1 Introduction 155
11.2 The Theory of Optimum Currency Areas 156
11.2.1 The Traditional Approach 157
11.2.2 The Cost-Benefit Approach 159
11.2.3 The new Theory 162
11.2.4 Optimum for whom? 163
11.3 The Common Monetary Policy Prerequisite, and the
Inconsistent Triad 164
11.4 The Single-Currency Problem 166
11.5 The European Monetary Union 168
11.5.1 The European Monetary System 168
11.5.2 The Maastricht Treaty and the Gradual Approach to
EMU 170
11.5.3 The Institutional Aspects 172
11.5.3.1 The ECB s Monetary Policy 174
11.5.4 The Maastricht Criteria 175
11.5.5 The new Theory of Optimum Currency Areas
and EMU 178
11.5.6 The Euro and the Dollar 180
Contents XIII
11.6 Suggested Further Reading 183
12 Problems of the International Monetary System 185
12.1 Introduction 185
12.2 International Policy Coordination 186
12.2.1 Policy Optimization, Game Theory, and International
Coordination 186
12.2.2 The Problem of the Reference Model and the Obstacles
to Coordination 191
12.3 The International Debt Crisis 193
12.4 Growth-Oriented Adjustment Programs 196
12.5 Proposals for the International Management
of Exchange Rates 199
12.5.1 Introduction 199
12.5.2 McKinnon s Global Monetary Objective 199
12.5.3 John Williamson s Target Zones 200
12.5.4 The Tobin Tax 201
12.6 Suggested Further Reading 203
III International Trade Theory and Policy 205
13 The Orthodox Theory: Comparative Cost, Factor
Endowments, Demand 207
13.1 Comparative Costs and International Trade: The Ricardian
Theory 207
13.1.1 A Graphic Representation 210
13.2 The Heckscher-Ohlin Model 212
13.2.1 Basic Assumptions and their Meaning 212
13.2.2 Proof of the Fundamental Theorem 214
13.3 The Neoclassical Theory 218
13.3.1 A Digression on Walras Law 220
13.3.2 International Trade 221
13.4 Offer Curves and International Equilibrium 223
13.5 The Gains from Trade 225
13.6 The Four Core Theorems 227
13.6.1 The Factor-Price-Equalization Theorem 227
13.6.2 The Stolper-Samuelson Theorem 229
13.6.3 The Rybczynski Theorem 230
13.7 International Factor Mobility and Trade in Factors 232
13.8 The Specific Factors Model 233
13.9 Suggested Further Reading 235
XIV Contents
14 Tariffs, and Non-Tariff Barriers 237
14.1 Introduction 237
14.2 Effects of a Tariff 238
14.3 The Social Costs of a Tariff 240
14.4 Quotas and Other Non-Tariff Barriers 242
14.4.1 Quotas 243
14.4.2 International Cartels 245
14.4.3 Other Impediments to Free Trade 250
14.5 Suggested Further Reading 252
15 Free Trade vs Protection, and Preferential Trade
Cooperation 253
15.1 The Optimum Tariff 253
15.2 The Infant Industry 255
15.3 Distortions 256
15.4 The Theory of Second Best 257
15.5 Preferential Trading Cooperation 259
15.5.1 The Various Degrees of Cooperation 259
15.5.2 The Effects of a Customs Union 260
15.5.3 How can we Measure the Effects of Integration? .... 263
15.6 The Main Cases of Preferential Trading Cooperation 264
15.6.1 The European Common Market (now European Union) 264
15.6.2 NAFTA 264
15.6.3 MERCOSUR 265
15.6.4 ASEAN 265
15.6.5 FTAA 266
15.7 Suggested Further Reading 266
16 The new Protectionism 267
16.1 Why the new Protectionism? 267
16.2 Voluntary Export Restraints and Import Expansion 268
16.3 Subsidies 270
16.4 The Political Economy of Protectionism 272
16.4.1 The Demand for and Supply of Protection 273
16.5 Administered and Contingent Protection, and Fair Trade . . . 275
16.5.1 Dumping and Antidumping 277
16.5.2 Countervailing Duty 280
16.5.3 Safeguard Actions 280
16.6 Suggested Further Reading 282
17 The new Theories of International Trade 283
17.1 Introduction 283
17.2 Classification of the new Theories 286
17.3 Precursors 288
Contents XV
17.3.1 Availability 288
17.3.2 Technology Gaps 289
17.3.3 The Product Cycle 290
17.3.4 Income Effects: Linder s Theory 291
17.3.5 Intra-industry Trade: First Explanations 292
17.4 Neo-Heckscher-Ohlin Theories 295
17.5 Monopolistic Competition and International Trade 297
17.6 Oligopoly and International Trade 299
17.6.1 Introduction 299
17.6.2 Homogeneous Commodities 300
17.6.3 Vertically Differentiated Goods 302
17.6.4 Horizontally Differentiated Goods 303
17.7 Strategic Trade Policy 305
17.8 Suggested Further Reading 307
18 Growth, Trade, Globalization 309
18.1 Endogenous Growth and International Trade 309
18.1.1 A Small Open Economy with Endogenous Technical
Progress 310
18.1.2 Endogenous Growth, North-South Trade and
Imitation: A new Version of the Product Cycle .... 312
18.2 Globalization and the new Economic Geography 315
18.2.1 Transport Cost, Location Theory, and Comparative
Advantage 316
18.2.2 Economic Geography, Globalization, and Trade .... 318
18.3 Suggested Further Reading 321
Index 323
List of Figures 337
List of Tables 339
List of Boxes 341
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| isbn | 3540211330 |
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| spelling | Gandolfo, Giancarlo Verfasser (DE-588)170260941 aut Elements of international economics with 41 figures and 9 tables Giancarlo Gandolfo Berlin [u.a.] Springer 2004 XV, 341 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Außenwirtschaftstheorie (DE-588)4120953-9 gnd rswk-swf Außenwirtschaftstheorie (DE-588)4120953-9 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=010723563&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Gandolfo, Giancarlo Elements of international economics with 41 figures and 9 tables Außenwirtschaftstheorie (DE-588)4120953-9 gnd |
| subject_GND | (DE-588)4120953-9 |
| title | Elements of international economics with 41 figures and 9 tables |
| title_auth | Elements of international economics with 41 figures and 9 tables |
| title_exact_search | Elements of international economics with 41 figures and 9 tables |
| title_full | Elements of international economics with 41 figures and 9 tables Giancarlo Gandolfo |
| title_fullStr | Elements of international economics with 41 figures and 9 tables Giancarlo Gandolfo |
| title_full_unstemmed | Elements of international economics with 41 figures and 9 tables Giancarlo Gandolfo |
| title_short | Elements of international economics |
| title_sort | elements of international economics with 41 figures and 9 tables |
| title_sub | with 41 figures and 9 tables |
| topic | Außenwirtschaftstheorie (DE-588)4120953-9 gnd |
| topic_facet | Außenwirtschaftstheorie |
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