Global economics:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
[S.l.]
South-Western Cengage Learning
2011
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| Ausgabe: | 13. ed., International ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 12. Aufl. u.d.T.: International economics |
| Beschreibung: | XX, 602 S. graph. Darst. |
| ISBN: | 9781439040447 1439040443 |
Internformat
MARC
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| 100 | 1 | |a Carbaugh, Robert J. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Global economics |c Robert J. Carbaugh |
| 250 | |a 13. ed., International ed. | ||
| 264 | 1 | |a [S.l.] |b South-Western Cengage Learning |c 2011 | |
| 300 | |a XX, 602 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a 12. Aufl. u.d.T.: International economics | ||
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Datensatz im Suchindex
| _version_ | 1804143460067835904 |
|---|---|
| adam_text | Titel: Global economics
Autor: Carbaugh, Robert J.
Jahr: 2011
Preface ........................................................................................xv
CHAPTER 1
The International Economy and Globalization ....................................... 1
Globalization of Economic Activity.................. 2 Dell Sells Factories in Effort to Slash Costs .... 17
Waves of Globalization ................................. 3 Common Fallacies of International Trade........ 18
First Wave of Globalization: 1870-1914......... 4 Does Free Trade Apply to Cigarettes?............. 19
Second Wave of Globalization: 1945-1980...... 4 Is International Trade an Opportunity
Latest Wave of Globalization ...................... 5 or a Threat to Workers?.............................. 20
The United States as an Open Economy ........... 7 Backlash Against Globalization ..................... 22
Trade Patterns 7 Terrorism lofts the Global Economy .............. 24
Labor and Capital................................... 10 Competition in the World Steel
Industry ................................................ 25
Why Is Globalization Important? .................. 11
The Global Recession of 2007-2009 ........... 12
The Plan of this Text.................................. 26
Summary ................................................. 26
Globalization: Increased Competition From
Abroad................................................. 16 Key Concepts Terms ............................... 27
Bicycle Imports Force Schwinn to Downshift .. 16 Study Questions ........................................ 27
PART 1: International Trade Relations 29
CHAPTER 2
Foundations of Modern Trade Theory: Comparative Advantage............ 31
Historical Development of Modern Production Gains from Specialization........... 39
Trade Theory............................................ 31 Consumption Gains from Trade.................. 40
The Mercantilists .................................... 31
Distributing the Gains from Trade .............. 42
Why Nations Trade: Absolute Advantage...... 32 Equilibrium Terms of Trade ...................... 43
Why Nations Trade: Comparative BaDe Ruth and the Principle of
Advantage.............................................34 Comparative Advantage........................... 44
David Ricardo......................................... 36 Terms-of-Trade Estimates.......................... 44
Production Possibilities Schedules.................. 37 Dynamic Gains From Trade......................... 45
Trading Under Constant-Cost Conditions ....... 38 How Global Competition Led to Productivity
Basis for Trade and Direction of Trade ........ 38 Gains for U.S. Iron Ore Workers................. 46
Changing Comparative Advantage................. 47 Does Comparative Advantage Apply in the
Trading Under Increasing-Cost Face of Job Outsourcing?............................. 58
Conditions ............................................... 49 Advantages of Outsourcing........................ 58
Increasing-Cost Trading Case.....................50 Outsourcing of Boeing 787 Dreamliner
Triggers Machinist s Strike........................ 60
Partial Specialization ............................... 52
The Impact of Trade on lobs........................ 52
Outsourcing and the U.S. Automobile
Industry................................................ 61
Comparative Advantage Extended to Many Burdens of Outsourcing ............................61
Products and Countries............................... 53
Some U.S. Manufacturers Prosper by Keeping
Production in the United States ..................62
Summary ................................................. 63
Key Concepts Terms ............................... 64
More Than Two Products ......................... 54
More Than Two Countries ........................ 55
Exit Barriers ............................................. 55
Empirical Evidence on Comparative
Advantage................................................ 56 Study QueStionS ........................................ 64
Exploring Further ...................................... 67
CHAPTER 3
Sources of Comparative Advantage.................................................... 79
Factor Endowments as a Source of Intra-industry Trade.................................. 101
Comparative Advantage .............................. 79 Technology as a Source of Comparative
The Factor-Endowments Theory.................. 80 Advantage: The Product Cycle Theory........... 103
Visualizing the Factor-Endowment Radios, Pocket Calculators, and the
Theory.................................................. 82 International Product Cycle ..................... 105
Applying the Factor-Endowment Theory Dynamic Comparative Advantage:
to U.S.-China Trade ................................ 83 Industrial Policy ....................................... 106
Factor-Price Equalization .......................... 84 Government Subsidies Support Boeing
Who Gains and Loses From Trade?
and Airbus .............................................. 108
The Stolper-Samuelson Theorem ................. 86 Government Regulatory Policies and
Globalization Drives Changes for Comparative Advantage ............................. 109
U.S. Automakers ..................................... 88 Transportation Costs and Comparative
Is International Trade a Substitute Advantage............................................... 111
for Migration?........................................ 90 Trade Effects........................................ 111
Specific Factors: Trade and the Distribution Falling Transportation Costs Foster
of Income in the Short Run .......................91 Trade Boom......................................... 113
Does Trade Make the Poor Even Poorer?........ 92 Rising Energy Costs Hinder Trade
Does a Flat World Make Ricardo Flows.................................................. 114
Wrong? ................................................. 94 Terrorist Attack Results in Added Costs and
Skill as a Source of Comparative Advantage .... 95 Slowdowns for U.S. Freight System:
A New Kind of Trade Barrier? ................. 115
Increasing Returns to Scale and Comparative
Advantage................................................ 97 Summary ................................................ 117
External Economies of Scale and Comparative KeY Concepts Terms .............................. 118
Advantage................................................ 99 Study Questions ....................................... 118
Overlapping Demands as a Basis for Trade..... 100 Exploring Further ..................................... 120
CHAPTER 4
Tariffs............................................................................................. 123
The Tariff Concept ................................... 124 Tariff Welfare Effects: Large-Nation Model..... 143
Types of Tariffs........................................ 125 The Optimum Tariff and Retaliation ......... 146
Specific Tariff....................................... 125 Gains from Eliminating Import
Ad Valorem Tariff................................. 126 Tariffs ................................................. 147
Compound Tariff.................................. 126 How a Tariff Burdens Exporters................... 147
Effective Rate of Protection ......................... 127 Steel Tariffs BuY Time for Troubled
Tariff Escalation ....................................... 129
Industry.................................................. 150
Tariffs and the Poor .................................. 151
Outsourcing and Offshore-Assembly
Provision 131 Arguments for Trade Restrictions................. 152
Dodging Import Tariffs: Tariff Avoidance Job Protection....................................... 153
and Tariff Evasion .................................... 132 Protection Against Cheap Foreign Labor..... 154
Ford Strips Its Wagons to Avoid Fairness in Trade: A Level Playing Field ..... 155
High 1 ariff.......................................... 132 Maintenance of the Domestic Standard
Smuggled Steel Evades U.S. Tariffs............. 133 of Living ............................................. 156
Postponing Import Tariffs .......................... 134 Equalization of Production Costs .............. 157
Bonded Warehouse................................ 134 Infant-Industry Argument ....................... 157
Foreign-Trade Zone ............................... 134 Noneconomic Arguments......................... 157
FTZ s Benefit Motor Vehicle Importers ....... 136 Petition of the Candle Makers ................. 159
Tariff Effects: An Overview......................... 136 The Political Economy of Protectionism ...... 159
Tariff Welfare Effects: Consumer Surplus A Supply and Demand View of
and Producer Surplus ................................ 137 Protectionism ....................................... 161
Tariff Welfare Effects: Small-Nation Model..... 139 Summary ................................................ 162
Trade Protectionism Intensifies Key Concepts 8c Terms .............................. 163
as Global Economy Falls Study Questions ....................................... 163
into Recession ...................................... 140
Exploring Further ..................................... 166
CHAPTER 5
Nontariff Trade Barriers ................................................................... 169
Import Quota .......................................... 169 Japanese Auto Restraints Put Brakes on
Trade and Welfare Effects ....................... 170 U.S. Motorists ...................................... 178
Allocating Quota Licenses........................ 173 Domestic Content Requirements .................. 179
Quotas Versus Tariffs ................................ 173
Subsidies................................................. 180
Tariff-Rate Quota: A Two-Tier Tariff............ 175 Domestic Production Subsidy ................... 180
Sugar Tariff-Rate Quota Bittersweet How Foreign Is Your Car? .................... 182
for Consumers ...................................... 176 Export Subsidy ..................................... 183
Export Quotas.......................................... 177 Dumping ................................................ 184
Forms of Dumping ................................ 184 Are Antidumping Duties Overused? ........... 192
International Price Discrimination ............ 184 Other Nontariff Trade Barriers .................... 192
Antidumping Regulations ........................... 187 Government Procurement Policies ............. 193
Smith Corona Finds Antidumping U.S. Fiscal Stimulus and Buy American
Victories Are Hollow.............................. 188 Legislation ........................................... 194
Canadians Press Washington Apple Social Regulations.................................. 194
Producers for Level Playing Field .............. 188 Sca Transport ami Frejght
Swimming Upstream: The Case of Regulations.......................................... 196
Vietnamese Catfish................................ 189 Summary ................................................ 197
Is Antidumping Law Unfair? ....................... 190 Key Concepts Terms .............................. 198
Should Average Variable Cost Be the Study Questions 198
Yardstick for Defining Dumping? .............. 190
Should Antidumping Law Reflect Currency
Fluctuations?........................................ 191
Exploring Further ..................................... 201
CHAPTER 6
Trade Regulations andh Industrial Policies .......................................... 207
U.S. Tariff Policies Before 1930 .................... 207 U.S. Safeguards Limit Surging Imports
Smoot-Hawley Act .................................... 208 of Textiles from China............................ 225
Reciprocal Trade Agreements Act................. 210 Countervailing Duties: Protection Against
Foreign Export Subsidies ............................ 226
General Agreement on Tariffs and Trade ....... 210
Trade Without Discrimination ................. 211
Lumber Duties Hammer Home Buyers ....... 227
Antidumping Duties: Protection Against
Promoting Freer Trade ........................... 212 Fordgn Dumping ..................................... 227
Predictability: Through Binding Remedies Against Dumped and
and Transparency ................................. 213 Subsidized Imports ................................ 229
Multilateral Trade Negotiations ................ 213 U.S. Steel Companies Lost an Unfair
World Trade Organization.......................... 215 Trade Case and Still Win........................ 231
Settling Trade Disputes........................... 216 Section 301: Protection Against Unfair
Does the WTO Reduce National Trading Practices ...................................... 232
Sovereignty? ......................................... 217 Protection of Intellectual Property Rights ....... 233
Should Retaliatory Tariffs Be Used for Trade Adjustment Assistance....................... 235
................................ Will Wage and Health Insurance Make Free
Does the WTO Harm the Trade More Acceptable to Workers? ............. 236
Industrial Policies of the United States........... 238
Export Promotion and Financing .............. 239
Environment?....................................... 219
Burning Rubber: Obama s Tire Tariff
Ignites Chinese Officials ......................... 221
Industrial Policies of Japan.......................... 240
From Doha To Hong Kong: Failed Trade
Negotiations ............................................ 222 Strategic Trade Policy ................................ 241
Economic Sanctions .................................. 243
Trade Promotion Authority
(Fast-Track Authority) ......
Safeguards (The Escape Clai
Protection From Imports............................ 223
(Fast-Track Authority) ............................... 223 Factors Influencing the Success
Safeguards (The Escape Clause): Emergency of Sanctions ......................................... 245
Economic Sanctions and Weapons of Mass Key Concepts Terms .............................. 248
Destruction: North Korea and Iran............ 245
Do Automaker Subsidies Weaken
the WTO? ............................................ 247
Summary ................................................ 247
Study Questions ....................................... 249
Exploring Further ..................................... 251
CHAPTER 7
Trade Policies for the Developing Nations......................................... 255
Developing-Nation Trade Characteristics........ 255 Does Aid Promote Growth of
Tensions Between Developing and Advanced Developing Nations?............................... 277
Nations .................................................. 257 How to Bring Developing Nations in
Trade Problems of the Developing Nations..... 258 From the Cold...................................... 277
Unstable Export Markets......................... 258 Economic Growth Strategies: Import
Substitution Versus Export-Led
Falling Commodity Prices Threaten
Growth of Exporting Nations................... 259
Import Substitution ............................... 279
Worsening Terms of Trade ...................... 260
Import-Substitution Laws Backfire
on Brazil............................................. 280
Limited Market Access............................ 262
Agricultural Export Subsidies of Export-Led Growth................................ 281
Advanced Nations ................................. 264 Is Economic Growth Good for
Stabilizing Primary-Product Prices................ 265 the Poor?............................................. 283
Production and Export Controls................ 265 Can All Developing Nations Achieve
Buffer Stocks ........................................ 266 Export-Led Growth?............................... 283
Multilateral Contracts ............................ 267 East Asian Economies................................ 284
Does the Fair-Trade Movement Help Flying-Geese Pattern of Growth ................ 285
Poor Cofffee Farmers? 268
JJ .............................. China s Transformation to Capitalism ........... 286
The OPEC Oil Cartel................................. 269
China s Export Boom Comes at a Cost:
Maximizing Cartel Profits ....................... 269 How to Makee Factories Play Fair.............. 288
OPEC as a Cartel.................................. 271 poes Foreign Direct Investment
Are International Labor Standards Hinder or Help Economic
Needed to Prevent Social Dumping? ........ 272 Development? ...................................... 289
Aiding the Developing Nations .................... 273 India: Breaking Out of the Third World ........ 290
The World Bank................................... 273 Summary ................................................ 292
International Monetary Fund................... 275 Key Concepts Terms .............................. 293
Generalized System of Preferences ............. 276 Study Questions ....................................... 293
CHAPTER 8
Regional Trading Arrangements ....................................................... 295
Regional Integration Versus Missing Benefits: The United States
Multilateralism......................................... 295 Falls Behind on Trade
Types of Regional Trading Liberalization ....................................... 298
Arrangements .......................................... 296 Impetus for Regionalism............................. 299
Effects of a Regional Trading Arrangement..... 299 NAFTA s Benefits and Costs for Mexico
Static Effects ........................................ 300 and Canada......................................... 317
Did the United Kingdom (UK) Gain from NAFTA s Benefits and Costs for the
Entering the European Union?.................. 302 United States........................................ 318
Dynamic Effects .................................... 302 NAFTA and Trade Diversion: Textiles
and Apparel......................................... 321
The European Union................................. 304 rr
Pursuing Economic Integration................. 304 Is NAFTA an Optimum Currency Area?..... 322
French and Dutch Voters Sidetrack
Integration .......................................... 306
From NAFTA to CAFTA........................... 323
Free Trade Area of the Americas.................. 324
Agricultural Policy................................. 307 Asia-Pacific Economic Cooperation............... 326
Economic Costs and Benefits of a Common Transition Economies ................................ 326
Currency: The European Monetary Union...... 310 The Transition Toward a Market-Oriented
Optimum Currency Area ........................ 311 Economy............................................. 327
Europe as a Suboptimal Currency Area ...... 312 Russia and the World Trade
Challenges for the EMU.......................... 313 Organization........................................ 329
The Euro, Ten Years Later: How Has Summary................................................ 330
It Performed? ....................................... 314 Key Concepts Terms .............................. 331
Does the Eurozone Need a Bailout Fund?.... 314 Study Questions ....................................... 332
North American Free Trade Agreement......... 316 Exploring Further ..................................... 333
CHAPTER 9
International Factor Movements and Multinational Enterprises........... 339
The Multinational Enterprise....................... 339 Multinational Enterprises as a Source
Motives for Foreign Direct Investment .......... 341
of Conflict............................................... 355
Demand Factors ................................... 342 Employment......................................... 355
Do U.S. Multinationals Exploit Technology Transfer............................... 356
Foreign Workers? .................................. 343 National Sovereignty.............................. 358
Cost Factors......................................... 344 Balance of Payments.............................. 359
Supplying Products to Foreign Buyers: Transfer Pricing.................................... 359
Whether to Produce Domestically Does the U.S. Tax Code Send American
or Abroad ............................................... 345 Jobs offshore?...................................... 360
Direct Exporting versus Foreign Direct International Labor Mobility: Migration......... 361
Investment/Licensing.............................. 345 The Effects of Migmtion ......................... 361
Foreign Direct Investment versus
Licensing............................................. 346
Immigration as an Issue ......................... 364
Does U.S. Immigration Policy Harm
Country Risk Analysis ............................... 348 Domestic Workers?................................ 366
International Trade Theory and Reall Hurt American
Multinational Enterprise............................. 349 Worker/Wages?................................... 367
fapanese Transplants in the U.S. Automobile
Industry.................................................. 350 Summary ................................................ 3
International Joint Ventures ........................ 351 Key ConceptS TermS .............................. 368
Welfare Effects...................................... 353 StudY Questions ....................................... 368
PART 2: International Monetary Relations 371
CHAPTER 10
The Balance of Payments................................................................. 373
Double-Entry Accounting ........................... 373 Is a Current Account Deficit a Problem?..... 386
International Payments Process ............... 375 Business Cycles, Economic Growth,
Balance-of-Payments Structure..................... 376 and the Current Account ........................ 387
Current Account ................................... 376
Capital and Financial Account................. 377
Economic Downturn of 2007-2009:
Effect on Foreign Investment
in the United States............................... 388
Statistical Discrepancy: Errors How the United States Has Borrowed
and Omissions...................................... 379
at Very Low Cost.................................. 389
Do Current Account Deficits Cost
The Paradox of Capital Flows Americans Jobs?.................................... 390
U.S. Balance of Payments ........................... 380
from Developing to Industrial
Countries............................................. 382
What Does a Current Account Deficit
(Surplus) Mean? ....................................... 384
Can the United States Continue to Run
Current Account Deficits Indefinitely? ........ 391
Balance of International Indebtedness............ 393
United States as a Debtor Nation.............. 395
Net Foreign Investment and the Current
Account Balance ................................... 384 Summary ................................................ 395
Impact of Capital Flows on the KeY Concepts 8c Terms .............................. 396
Current Account ................................... 385 Study Questions ....................................... 396
CHAPTER 11
Foreign Exchange ........................................................................... 399
Foreign-Exchange Market ........................... 399 Arbitrage ................................................ 415
Types of Foreign-Exchange The Forward Market ................................. 417
Transactions ............................................ 401 The Forward Rate ................................. 417
Interbank Trading..................................... 403 Relation Between the Forward Rate
Reading Foreign-Exchange Quotations........... 405 and Spot Rate ...................................... 418
Forward and Futures Markets...................... 407 Managing Your Foreign Exchange Risk:
Foreign-Currency Options .......................... 409 Forward Foreign-Exchange Contract .......... 419
Exchange-Rate Determination...................... 410 How Markel Rides Foreign-Exchange
Fluctuations......................................... 421
Volkswagen Hedges Against
Foreign-Exchange Risk............................ 422
Demand for Foreign Exchange.................. 410
Weak Dollar Is a Bonanza for
European Tourists ................................. 411
Does Foreign-Currency Hedging
Supply of Foreign Exchange ..................... 411
Equilibrium Rate of Exchange .................. 412
Pay Off?.............................................. 422
Exchange-Rate Risk: The Hazard of
Indexes of the Foreign-Exchange Value of Investing Abroad .................................. 424
the Dollar: Nominal and Real
Exchange Rates ........................................ 413
Interest Arbitrage...................................... 424
Uncovered Interest Arbitrage.................... 425 Foreign Exchange Traders Hired by
Covered Interest Arbitrage....................... 426 Commercial Banks, Companies,
and Central Banks ................................ 430
Foreign-Exchange Market
Speculation 427 Currency Markets Draw Day Traders ........ 430
How to Play the Falling (Rising) Summary ................................................ 431
Dollar ................................................. 429 Key Concepts Terms .............................. 432
Foreign Exchange Trading as Study Questions ....................................... 432
Exploring Further ..................................... 435
a Career.................................................. 429
CHAPTER 12
Exchange-Rate Determination .......................................................... 443
What Determines Exchange Rates? ............... 443 Diversification, Safe Havens, and
Determining Long-Term Exchange Rates ....... 445 Investment Flows .................................. 459
Relative Price Levels............................... 446 The UPS and Downs of the Dollar................ 459
Relative Productivity Levels...................... 446
Preferences for Domestic or Foreign
The 1980s............................................ 459
The 1990s............................................ 460
Goods................................................. 446 The First Decade of the 2000s .................. 461
Trade Barriers...................................... 448 Exchange-Rate Overshooting ....................... 461
Inflation Rates, Purchasing Power Parity, Forecasting Foreign-Exchange Rates.............. 463
and Long-Term Exchange Rates................... 448 Judgmental Forecasts.............................. 464
Law of One Price .................................. 448 Technical Forecasts................................ 464
The Big Mac Index and the Law of Fundamental Analysis............................ 466
0ne Pnce............................................ 449 International Comparisons of GDP:
Purchasing Power Parity......................... 450 Purchasing Power Parity......................... 467
Determining Short-Term Exchange Rates: Comercial Mexicana Gets Burned
The Asset-Market Approach........................ 453 By Speculation ..................................... 468
Inflation Differentials and the
Summary................................................ 468
Exchange Rate...................................... 454 Key Concepts Terms .............................. 469
Relative Levels of Interest Rates ................ 455
Expected Change in the Exchange Rate....... 458
Study Questions ....................................... 469
Exploring Further ..................................... 471
CHAPTER 13
Mechanisms of International Adjustment .......................................... 473
Price Adjustments..................................... 474 Disadvantages of Automatic Adjustment
Gold Standard...................................... 474 Mechanisms ............................................ 479
Quantity Theory of Money ...................... 474 Monetary Adjustments............................... 479
Current-Account Adjustment ................... 475 Summary ................................................ 480
Financial Flows and Interest-Rate Key Concepts Terms .............................. 480
Differentials............................................. 476 Study Questions ....................................... 480
Income Adjustments.................................. 478 Exploring Further ..................................... 481
CHAPTER 14
Exchange-Rate Adjustments and the Balance of Payments ................. 485
Effects of Exchange-Rate Changes on Partial Exchange Rate Pass-Through.......... 497
Costs and Prices ....................................... 485 Invoice Practices ................................... 498
Japanese Firms Outsource Production Market Share Considerations ................... 498
Distribution Costs ................................. 499
to Limit Effects of Strong Yen ................. 488
Cost-Cutting Strategies of Manufacturers in
Why a Dollar Depreciation May Not
Response to Currency Appreciation .............. 489 The Absorption Approach to Currency Depreciation............. 500
Appreciation of the Yen: Japanese The Absorption Approach to Currency
Manufacturers...................................... 489 Depreciation ............................................ 500
Appreciation of the Dollar: U.S. The Monetary Approach to Currency
Manufacturers...................................... 491
Will Currency Depreciation Reduce a
Trade Deficit? The Elasticity Approach.......... 491
I-Curve Effect: Time Path of
Depreciation ............................................ 502
Summary ................................................ 502
Key Concepts 8c Terms .............................. 503
Depreciation ............................................ 495 StudY Questions ....................................... 503
Exchange Rate Pass-Through....................... 497 Exploring Further ..................................... 505
CHAPTER 15
Exchange-Rate Systems and Currency Crises ..................................... 507
Exchange-Rate Practices ............................. 507 Exchange-Rate Stabilization and
Choosing an Exchange Rate System: Constraints Monetary Policy.................................... 522
Imposed by Free Capital Flows .................... 508 Is Exchange-Rate Stabilization Effective? ..... 524
Fixed Exchange-Rate System ....................... 510 The Crawling Peg ..................................... 525
Use of Fixed Exchange Rates.................... 510 Currency Crises........................................ 526
Par Value and Official Exchange Rate........ 511 Sources of Currency Crises....................... 528
Exchange-Rate Stabilization ..................... 512 Speculators Attack East Asian Currencies .... 530
Devaluation and Revaluation ................... 513 Capital Controls ....................................... 530
Bretton Woods System of Fixed Should Foreign-Exchange Transactions
Exchange Rates..................................... 515 Be Taxed? ........................................... 531
Is China a Currency Increasing the Credibility of Fixed
Manipulator?........................................ 516 Exchange Rates ........................................ 532
Floating Exchange Rates............................. 517 Currency Board .................................... 533
Achieving Market Equilibrium.................. 517 For Argentina, No Panacea in a
Trade Restrictions, Jobs, and Floating Currency Board .................................... 535
Exchange Rates..................................... 519 Dollarization........................................ 535
Arguments for and Against The Global Economic Crisis of
Floating Rates ...................................... 519 2007-2009........................................... 538
Managed Floating Rates ............................. 520 Summary ................................................ 539
Managed Floating Rates in the Short Key Concepts Terms .............................. 540
andLongTerms ................................... 521 Study Questions ....................................... 540
CHAPTER 16
Macroeconomic Policy in an Open Economy ..................................... 541
Economic Objectives of Nations................... 541 Macroeconomic Stability and the
Policy Instruments 542 Current Account: Policy Agreement Versus
Aggregate Demand and Aggregate Supply:
Policy Conflict ......................................... 550
A Brief Review 542 Inflation With Unemployment..................... 551
Monetary and Fiscal Policy Respond to International Economic-Policy
Financial Turmoil in the Economy ............ 543 Coordination ........................................... 552
Monetary and Fiscal Policy in a G 20 Agrees to Cooperate on Global
Closed Economy....................................... 544 Economic Policy: International Policy
Coordination ........................................ 553
Monetary and Fiscal Policy in an
Open Economy 546 Policy Coordination in Theory.................. 554
Does Crowding Occur in an Does Policy Coordination Work?............... 555
Open Economy?.................................... 547 Summary................................................ 556
Effect of Fiscal and Monetary Policy Under Key Concepts Terms .............................. 557
Fixed Exchange Rates............................. 548 Study Questions ....................................... 557
Effect of Fiscal and Monetary Policy Under
Floating Exchange Rates ......................... 549
CHAPTER 17
International Banking: Reserves, Debt, and Risk................................. 559
Nature of International Reserves .................. 559 IMF Drawings...................................... 571
Demand for International Reserves ............... 560 General Arrangements to Borrow.............. 571
Exchange-Rate Flexibility ........................ 560 Swap Arrangements ............................... 572
Other Determinants ............................... 562 International Lending Risk.......................... 572
Supply of International Reserves................... 563 The Problem of International Debt ............... 573
Foreign Currencies.................................... 563 Dealing with Debt-Servicing
Should SDRs Replace the Dollar as Difficulties........................................... 574
the World s Reserve Currency? ................ 564 Reducing Bank Exposure to Developing-
Gold ...................................................... 567
Nation Debt ............................................ 575
International Gold Standard.................... 567 Debt Reduction and Debt Forgiveness ........... 576
Gold Exchange Standard......................... 568 The Eurodollar Market............................... 577
Demonetization of Gold.......................... 569 Summary ................................................ 578
Special Drawing Rights .............................. 570 KeY Concepts Terms .............................. 578
Facilities for Borrowing Reserves .................. 570 Study Questions ....................................... 579
Glossary .................................................................................... 581
Index ........................................................................................ 593
|
| any_adam_object | 1 |
| author | Carbaugh, Robert J. |
| author_facet | Carbaugh, Robert J. |
| author_role | aut |
| author_sort | Carbaugh, Robert J. |
| author_variant | r j c rj rjc |
| building | Verbundindex |
| bvnumber | BV036783658 |
| classification_rvk | QM 000 |
| ctrlnum | (OCoLC)705979259 (DE-599)BVBBV036783658 |
| dewey-full | 337 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 337 - International economics |
| dewey-raw | 337 |
| dewey-search | 337 |
| dewey-sort | 3337 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 13. ed., International ed. |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV036783658 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T22:48:00Z |
| institution | BVB |
| isbn | 9781439040447 1439040443 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020700211 |
| oclc_num | 705979259 |
| open_access_boolean | |
| owner | DE-92 DE-2070s DE-739 |
| owner_facet | DE-92 DE-2070s DE-739 |
| physical | XX, 602 S. graph. Darst. |
| publishDate | 2011 |
| publishDateSearch | 2011 |
| publishDateSort | 2011 |
| publisher | South-Western Cengage Learning |
| record_format | marc |
| spelling | Carbaugh, Robert J. Verfasser aut Global economics Robert J. Carbaugh 13. ed., International ed. [S.l.] South-Western Cengage Learning 2011 XX, 602 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier 12. Aufl. u.d.T.: International economics Welthandel (DE-588)4065365-1 gnd rswk-swf Weltwirtschaft (DE-588)4065468-0 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Weltwirtschaft (DE-588)4065468-0 s DE-604 Welthandel (DE-588)4065365-1 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020700211&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Carbaugh, Robert J. Global economics Welthandel (DE-588)4065365-1 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| subject_GND | (DE-588)4065365-1 (DE-588)4065468-0 (DE-588)4123623-3 |
| title | Global economics |
| title_auth | Global economics |
| title_exact_search | Global economics |
| title_full | Global economics Robert J. Carbaugh |
| title_fullStr | Global economics Robert J. Carbaugh |
| title_full_unstemmed | Global economics Robert J. Carbaugh |
| title_short | Global economics |
| title_sort | global economics |
| topic | Welthandel (DE-588)4065365-1 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| topic_facet | Welthandel Weltwirtschaft Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020700211&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT carbaughrobertj globaleconomics |