International economics: theory & policy
Gespeichert in:
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| Format: | Buch |
| Sprache: | English |
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Harlow, England ; London ; New York
Pearson
[2023]
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| Ausgabe: | Twelfth edition, global edition |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Enthält Index |
| Beschreibung: | 817 Seiten Illustrationen, Diagramme, Karten |
| ISBN: | 9781292409719 |
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Brief Contents »шінііёЁёШЁЁЁЁЁЁёЁЁЁёёЁЁ^ШЁЁШШёёёіШіЁШёЁЁЁШШЁЁЁІёёёёт. Contents 5 Preface 19 Introduction 27 International Trade Theory 36 2 World Trade: An Overview 36 3 Labor Productivity and Comparative Advantage: The Ricardian Model 50 4 Specific Factors and Income Distribution 77 5 Resources and Trade: The Heckscher-Ohlin Model 113 6 The Standard Trade Model 149 7 External Economies of Scale and the International Location of Production 177 Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises 196 International Trade Policy 242 The Instruments of Trade Policy 242 10 The Political Economy of Trade Policy 276 11 Trade Policy in Developing Countries 313 12 Controversies in Trade Policy 327 Exchange Rates and Open-Economy Macroeconomics 350 13 National Income Accounting and the Balance of Payments 350 14 Exchange Rates and the Foreign Exchange Market: An Asset Approach 381 15 Money, Interest Rates, and Exchange Rates 417 16 Price Levels and the Exchange Rate in the Long Run 452 17 Output and the Exchange Rate in the Short Run 490 18 Fixed Exchange Rates and Foreign Exchange Intervention 543 1 PART 1 8 PART 2 9 PART 3 З
Brief Contents 4 PART 4 International Macroeconomic Policy 589 19 International Monetary Systems: A Historical Overview 589 20 Financial Globalization: Opportunity and Crisis 653 21 Optimum Currency Areas and the Euro 692 22 Developing Countries: Growth, Crisis, and Reform 732 Mathematical Postscripts 778 Postscript to Chapter 5: The Factor-Proportions Model.778 Postscript to Chapter 6: The Trading World Economy. 782 Postscript to Chapter 8: The Monopolistic Competition Model. 790 Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification.792 Index 804
Contents ‘ѵМШМ1 MüMİlttH ШШ аівіЁійй Preface.19 1 Introduction 27 What Is Internationa] Economics About?. 29 The Gains from Trade.30 The Pattern of Trade. 31 How Much Trade?. 31 Balance of Payments. 32 Exchange Rate Determination.33 International Policy Coordination.33 The International Capital Market.34 International Economics: Trade and Money.35 PART 1 2 International Trade Theory 36 World Trade: An Overview 36 Who Trades with
Whom?.36 Size Matters: The Gravity Model.37 Using the Gravity Model: Looking for Anomalies.39 Impediments to Trade: Distance, Barriers, and Borders. 40 The Changing Pattern of World Trade. 42 Has the World Gotten Smaller?.42 What Do We Trade?. 44 Service Offshoring. 46 Do Old Rules Still Apply?. 47 Summary.48 3 Labor Productivity and Comparative Advantage: The Ricardian Model 50 The Concept of Comparative Advantage.51 A One-Factor
Economy. 52 Production Possibilities.53 Relative Prices and Supply. 54 Trade in a One-Factor World. 55 Determining the Relative Price after Trade.56 box: Comparative Advantage in Practice: The Case of Usain Bolt. 59 The Gains from Trade.60 A Note on Relative Wages. 61 box: Economic Isolation and Autarky Over Time and Over Space. 62 Misconceptions about Comparative Advantage.63 Productivity and Competitiveness. 63 box: Do Wages Reflect Productivity?.64 The Pauper Labor
Argument.65 Exploitation. 65 Comparative Advantage with Many Goods.66 Setting Up the Model.66 Relative Wages and Specialization. 66 Determining the Relative Wage in the Multigood Model.68
6 Contents Adding Transport Costs and Nontraded Goods. 70 Empirical Evidence on the Ricardian Model. 71 Summary. 73 4 Specific Factors and Income Distribution 77 The Specific Factors Model. 78 box: What is a Specific Factor?. 79 Assumptions of the Model.79 Production Possibilities. 80 Prices, Wages, and Labor Allocation.83 Relative Prices and the Distribution of Income.87 International Trade in the Specific Factors Model. 89 Income Distribution and the Gains from Trade.90 The Political Economy of
Trade: A Preliminary View.93 The Politics of Trade Protection. 94 Trade and Unemployment. 95 case study: U.S. Manufacturing Employment and Chinese Import Competition. 96 box: The Trump Trade War.98 International Labor Mobility. 99 case study: Wage and Social Benefits Convergence: Migrant Mobility in China. 101 case study: Immigration and the U. S. Economy. 103 Summary. 105 to chapter 4: Further Details on Specific Factors. 110 Marginal and Total Product. 110 Relative Prices and the Distribution of Income. Ill Appendix 5 Resources and Trade: The Heckscher-Ohlin Model 113 Model
of a Two-Factor Economy. 114 Prices and Production.114 Choosing the Mix of Inputs. 117 Factor Prices and Goods Prices.119 Resources and Output.122 Effects of International Trade between Two-Factor Economies.123 Relative Prices and the Pattern of Trade. 124 Trade and the Distribution of Income.125 case study: North-South Trade and Income Inequality. 126 Skill-Biased Technological Change and Income Inequality. 128 box: The Declining Labor Share of Income and Capital-Skill Complementarity.132 Factor-Price Equalization. 133 Empirical Evidence on the Heckscher-Ohlin
Model.135 Trade in Goods as a Substitute for Trade in Factors: Factor Content of Trade.135 Patterns of Exports between Developed and Developing Countries. 138 Implications of the Tests. 141 Summary. 141 chapter 5: Factor Prices, Goods Prices, and Production Decisions. 145 Choice of Technique.145 Goods Prices and Factor Prices.146 More on Resources and Output.147 Appendix TO 6 The Standard Trade Model 149 A Standard Model of a Trading Economy.150 Production Possibilities and Relative Supply. 150 Relative Prices and Demand. 151 The Welfare Effect of Changes in the Terms of
Trade.154
7 Contents U.S. Consumer Gains from Chinese Imports. 155 Determining Relative Prices. 155 Economic Growth: A Shift of the RS Curve. 157 Growth and the Production Possibility Frontier. 157 World Relative Supply and the Terms of Trade.159 International Effects of Growth. 159 case study: Has the Growth of Newly Industrialized Economies Hurt Advanced Nations?. 161 box: The Exposure of Developing Countries to Terms of Trade Shocks and the COVID-19 Pandemic.163 Tariffs and Export Subsidies: Simultaneous Shifts in RS and RD. 163 Relative Demand and Supply Effects of a Tariff.164 Effects of an Export Subsidy. 165 Implications of Terms of Trade Effects: Who
Gains and Who Loses?. 165 International Borrowing and Lending.167 Intertemporal Production Possibilities and Trade. 167 The Real Interest Rate. 168 Intertemporal Comparative Advantage. 169 Summary.170 box: Appendix 7 to chapter 6: More on Intertemporal Trade. 174 External Economies of Scale and the International Location of Production 177 Economies of Scale and International Trade: An Overview. 178 Economies of Scale and Market Structure. 179 The Theory of External Economies. 180 Specialized Suppliers. 180 Labor Market Pooling. 181
Knowledge Spillovers. 182 External Economies and Market Equilibrium. 183 External Economies and International Trade. 184 External Economies, Output, and Prices. 184 External Economies and the Pattern of Trade. 185 Trade and Welfare with External Economies.187 box: Holding the World Together.188 Dynamic Increasing Returns. 189 Interregional Trade and Economic Geography. 190 box: The City and the Street.192 Summary.193 8 Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises 196 The Theory of Imperfect
Competition.197 Monopoly: A Brief Review.198 Monopolistic Competition. 200 Monopolistic Competition and Trade. 205 The Effects of Increased Market Size. 205 Gains from an Integrated Market: A Numerical Example.207 The Significance of Intra-Industry Trade. 210 case study: Automobile Intra-Industry Trade within ASEAN-4: 1998-2002. 212 Firm Responses to Trade: Winners, Losers, and Industry Performance. 213 Performance Differences across Producers. 214 The Effects of Increased Market Size. 216 Trade Costs and Export Decisions. 217
8 Contents Dumping. 220 case study: Antidumping as Protectionism. 221 Multinationals and Foreign Direct Investment. 222 Patterns of Foreign Direct Investment Flows around the World. 224 COVID-19 and Foreign Direct Investment Flows around the World.226 case study: Foreign Direct Investment and Foreign Sourcing Decisions. 229 The Horizontal FDI Decision. 229 The Foreign Sourcing Decision. 230 The Outsourcing Decision: Make or Buy.231 box: Whose Trade Is It?. 232 Shipping Jobs Overseas? Offshoring and Labor Market Outcomes in Germany. 233 case study: Consequences of Multinationals and Foreign
Outsourcing.235 Summary.236 Appendix PART 2 9 to chapter 8: Determining Marginal Revenue. 241 International Trade Policy The Instruments of Trade Policy 242 Basic Tariff Analysis.242 Supply, Demand, and Trade in a Single Industry. 243 Effects of a Tariff.245 Measuring the Amount of Protection. 246 Costs and Benefits of a Tariff. 248 Consumer and Producer Surplus. 248 Measuring the Costs and Benefits.250 case study: Winners and Losers of the Trump Trade War. .253 box: Tariffs and
Retaliation. 257 Other Instruments of Trade Policy.258 Export Subsidies: Theory. 258 The Unfriendly Skies: Settling the Longest Running Trade Dispute. 259 Import Quotas: Theory. 259 case study: Tariff-Rate Quota Origin and its Application in Practice with Oilseeds. 260 Voluntary Export Restraints.264 Local Content Requirements.265 box: Healthcare Protection with Local Content Requirements. 266 Other Trade Policy Instruments. 267 box: The Effects of Trade Policy: A Summary.267 Summary. 268 to chapter 9: Tariffs and Import Quotas
in the Presence of Monopoly. 272 The Model with Free Trade.272 The Model with a Tariff. 273 The Model with an Import Quota. 274 Comparing a Tariff and a Quota. 274 Appendix 10 The Political Economy of Trade Policy 276 The Case for Free Trade.277 Free Trade and Efficiency. 277 Additional Gains from Free Trade. 278 Rent Seeking. 279 Political Argument for Free Trade. 279
Contents 9 National Welfare Arguments against Free Trade.280 The Terms of Trade Argument for a Tariff. 280 The Domestic Market Failure Argument against Free Trade. 281 How Convincing Is the Market Failure Argument?.283 Income Distribution and Trade Policy. 284 Electoral Competition.285 Collective Action.286 box: Politicians for Sale: Evidence from the 1990s. 287 Modeling the Political Process. 288 Who Gets Protected?. 288 International Negotiations and Trade Policy. 290 The Advantages of Negotiation.290 International Trade
Agreements: A Brief History.292 The Uruguay Round. 294 Trade Liberalization. 294 Administrative Reforms: From the GATT to the WTO. 295 Benefits and Costs. 296 box: Settling a Dispute—and Creating One. 297 case study: Testing the WTO's Metal. 298 The End of Trade Agreements?. 299 box: Do Agricultural Subsidies Hurt the Third World?. 300 Preferential Trading Agreements.301 Free Trade Area Versus Customs Union. 303 box: Brexit. 304 case study: Trade Diversion in South
America. 304 The Trans-Pacific Partnership. 305 box: Summary.306 to chapter 10: Proving That the Optimum Tariff Is Positive. 310 Demand and Supply. 310 The Tariff and Prices. 310 The Tariff and Domestic Welfare.311 Appendix 11 Trade Policy in Developing Countries 313 Import-Substituting Industrialization. 314 The Infant Industry Argument.314 Promoting Manufacturing through Protection. 316 case study: Export-Led Strategy. 318 Results of Favoring Manufacturing: Problems of Import-Substituting
Industrialization. 319 Trade Liberalization since 1985. 320 Trade and Growth: Takeoff in Asia.322 box: India's Boom. 324 Summary. 325 12 Controversies in Trade Policy 327 Sophisticated Arguments for Activist Trade Policy.328 Technology and Externalities.328 Imperfect Competition and Strategic Trade Policy.331 box: A Warning From Intel’s Founder. 333 case study: When the Chips Were Up.334 Globalization and Low-Wage Labor.336 The Anti-
Globalization Movement. 336 Trade and Wages Revisited. 337
Contents 10 Labor Standards and Trade Negotiations.339 Environmental and Cultural Issues. 339 The WTO and National Independence.340 case study: A Tragedy in Bangladesh.341 Globalization and the Environment. 342 Globalization, Growth, and Pollution. 342 The Problem of “Pollution Havens”. 344 The Carbon Tariff Dispute. 345 Trade Shocks and Their Impact on Communities.346 Summary.347 PART 3 13 Exchange Rates and Open-Economy Macroeconomics 350 National Income Accounting and the Balance of Payments 350 The National Income Accounts. 352
National Product and National Income. 353 Capital Depreciation and International Transfers. . 354 Gross Domestic Product. 355 National Income Accounting for an Open Economy.355 Consumption. 355 Investment.355 Government Purchases. 356 The National Income Identity for an Open Economy.356 An Imaginary Open Economy.357 The Current Account and Foreign Indebtedness. 357 Saving and the Current Account. 360 Private and Government Saving. 361 box: The Mystery of the Missing
Deficit.361 The Balance of Payments Accounts.363 Examples of Paired Transactions. 364 The Fundamental Balance of Payments Identity. 365 The Current Account, Once Again. 366 The Capital Account.367 The Financial Account. 368 Statistical Discrepancy. 368 box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP.369 Official Reserve Transactions.371 case study: The Assets and Liabilities of the World’s Biggest Debtor. 372 Summary.377 14 Exchange Rates and the Foreign Exchange Market: An
Asset Approach 381 Exchange Rates and International Transactions. 382 Domestic and Foreign Prices.382 Exchange Rates and Relative Prices. 384 The Foreign Exchange Market.385 The Actors.385 Characteristics of the Market.387 Spot Rates and Forward Rates.388 Foreign Exchange Swaps. 390 Futures and Options.390 The Demand for Foreign Currency Assets. 390 Assets and Asset Returns. 391 Risk and
Liquidity.392
Contents 11 Interest Rates. 393 Exchange Rates and Asset Returns. 393 A Simple Rule.395 Return, Risk, and Liquidity in the Foreign Exchange Market. 396 Equilibrium in the Foreign Exchange Market. 397 Interest Parity: The Basic Equilibrium Condition.397 How Changes in the Current Exchange Rate Affect Expected Returns.398 The Equilibrium Exchange Rate.401 Interest Rates, Expectations, and Equilibrium. 402 The Effect of Changing Interest Rates on the Current Exchange Rate. 403 The Effect of Changing Expectations on the Current Exchange Rate. 404 case study: What Explains the Cany Trade?. 405 Forward Exchange Rates and Covered Interest Parity. 408
Summary.411 15 Money, Interest Rates, and Exchange Rates 417 Money Defined: A Brief Review.418 Money as a Medium of Exchange. 418 Money as a Unit of Account. 418 Money as a Store of Value. 419 What Is Money?.419 How the Money Supply Is Determined.419 The Demand for Money by Individuals.420 Expected Return. 420 Risk. 421 Liquidity. 421 Aggregate Money
Demand. 421 The Equilibrium Interest Rate: The Interaction of Money Supply and Demand. 423 Equilibrium in the Money Market. 424 Interest Rates and the Money Supply. 425 Output and the Interest Rate. 426 The Money Supply and the Exchange Rate in the Short Run. 427 Linking Money, the Interest Rate, and the Exchange Rate.427 U.S. Money Supply and the Dollar/Euro Exchange Rate.:. 430 Europe’s Money Supply and the Dollar/Euro Exchange Rate. 430 Money, the Price Level, and the Exchange Rate in the Long Run. 433 Money and Money Prices.433 The Long-Run Effects of Money Supply Changes. 434 Empirical Evidence on Money Supplies and Price Levels.435 Money and the Exchange
Rate in the Long Run.436 Inflation and Exchange Rate Dynamics.437 Short-Run Price Rigidity versus Long-Run Price Flexibility. 437 box: Money Supply Growth and Hyperinflation in Zimbabwe. 439 Permanent Money Supply Changes and the Exchange Rate. 442 Exchange Rate Overshooting. 443 case study: Inflation Targeting and Exchange Rate in Emerging Countries. 445 Summary. 448 16 Price Levels and the Exchange Rate in the Long Run 452 The Law of One Price.453 Purchasing Power Parity. 454 The Relationship between PPP and the Law of One Price.454 Absolute PPP and Relative PPP.455
Contents 12 A Long-Run Exchange Rate Model Based on PPP. 456 The Fundamental Equation of the Monetary Approach.456 Ongoing Inflation, Interest Parity, and PPP. 458 The Fisher Effect. 459 Empirical Evidence on PPP and the Law of One Price. 462 Explaining the Problems with PPP.464 Trade Barriers and Nontradables.464 Departures from Free Competition. 465 Differences in Consumption Patterns and Price Level Measurement.466 box: Measuring And Comparing Countries’ Wealth Worldwide: The International Comparison Program (ICP). 466 PPP in the Short Run and in the Long Run.469 case study: Why Price Levels Are Lower in Poorer Countries. 470 Beyond Purchasing Power Parity: A
General Model of Long-Run Exchange Rates.472 The Real Exchange Rate. 472 Demand, Supply, and the Long-Run Real Exchange Rate. 474 box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops. 475 Nominal and Real Exchange Rates in Long-Run Equilibrium.477 International Interest Rate Differences and the Real Exchange Rate. 480 Real Interest Parity. 481 Summary. 482 Appendix to chapter 16: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach. 487 17 Output and the Exchange Rate in the Short Run 490 Determinants of Aggregate Demand in an Open Economy. 491 Determinants of Consumption Demand. 491 Determinants of the Current Account. :.492 How Real Exchange Rate
Changes Affect the Current Account. 493 How Disposable Income Changes Affect the Current Account.494 The Equation of Aggregate Demand. 494 The Real Exchange Rate and Aggregate Demand. 494 Real Income and Aggregate Demand.495 How Output Is Determined in the Short Run.496 Output Market Equilibrium in the Short Run: The DD Schedule.497 Output, the Exchange Rate, and Output Market Equilibrium.497 Deriving the DD Schedule.498 Factors That Shift the DD Schedule.499 Asset Market Equilibrium in the Short Run: The A A Schedule.502 Output, the Exchange Rate, and Asset Market Equilibrium.502 Deriving the AA Schedule. 504 Factors That Shift the A A
Schedule.504 Short-Run Equilibrium for an Open Economy: Putting the DD and A A Schedules Together. 505 Temporary Changes in Monetary and Fiscal Policy.507 Monetary Policy. 508 Fiscal Policy. 508 Policies to Maintain Full Employment. 509 Inflation Bias and Other Problems of Policy Formulation. 511 Permanent Shifts in Monetary and Fiscal Policy.512 A Permanent Increase in the Money Supply. 512 Adjustment to a Permanent Increase in the Money Supply.513
13 Contents A Permanent Fiscal Expansion.515 Macroeconomic Policies and the Current Account. 516 Gradual Trade Flow Adjustment and Current Account Dynamics. 518 The J-Curve. 518 Exchange Rate Pass-Through and Inflation. 519 Global Value Chains and Exchange Rate Effects on Export and Import Prices. 520 The Current Account, Wealth, and Exchange Rate Dynamics. 522 Understanding Pass-Through to Import and Export Prices. 522 The Liquidity Trap. *. 524 case study: How Big Is the Government Spending Multiplier?. . 527 Summary.529 box: Appendix 1 to chapter 17: Intertemporal Trade and Consumption Demand. 533 to chapter 17: The Marshall-Lerner Condition and Empirical Estimates of Trade
Elasticities. 535 Appendix 2 Appendix 3 18 to chapter 17: The IS-LM Model and the DD-AA Model. 538 Fixed Exchange Rates and Foreign Exchange Intervention 543 Why Study Fixed Exchange Rates?.544 Central Bank Intervention and the Money Supply. 545 The Central Bank Balance Sheet and the Money Supply.545 Foreign Exchange Intervention and the Money Supply.547 Sterilization. 548 The Balance of Payments and the Money Supply.548 How the Central Bank Fixes the Exchange Rate.549 Foreign Exchange Market Equilibrium under a Fixed Exchange Rate. 550 Money Market Equilibrium under a Fixed Exchange Rate.550 A Diagrammatic Analysis.551 Stabilization Policies with a Fixed Exchange
Rate. 552 Monetary Policy.553 Fiscal Policy. 554 Changes in the Exchange Rate. 555 Adjustment to Fiscal Policy and Exchange Rate Changes.556 Balance of Payments Crises and Capital Flight. 557 Managed Floating and Sterilized Intervention.560 Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention. 560 case study: Can Markets Attack a Strong Currency? The Case of Switzerland, 2011-2015.561 Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability. 564 The Effects of Sterilized Intervention with Imperfect Asset Substitutability.565 Evidence on the Effects of Sterilized Intervention. 566 Reserve Currencies in the World Monetary System. 567 The Mechanics of a Reserve Currency
Standard.568 The Asymmetric Position of the Reserve Center.568 The Gold Standard.569 The Mechanics of a Gold Standard. 569 Symmetric Monetary Adjustment under a Gold Standard.570 Benefits and Drawbacks of the Gold Standard. 570 The Bimetallic Standard.571 The Gold Exchange Standard. 572 The Demandfor International Reserves. 572 Summary.576 case study: chapter 18: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability. 581 Appendix 1 TO
14 Contents Demand.581 Supply.582 Equilibrium. 582 Appendix 2 to chapter 18: The Timing of Balance of Payments Crises.584 Appendix 3 to chapter 18: The Monetary Approach to the Balance of Payments.587 PART 4 19 International Macroeconomic Policy International Monetary Systems: A Historical Overview 589 Macroeconomic Policy Goals in an Open Economy. 590 Internal Balance: Full Employment and Price Level Stability. 591 External Balance: The Optimal Level of the Current Account.592 box: Can a Country Borrow Forever? The Case of New Zealand.594 Classifying Monetary Systems: The Open-Economy Monetary Trilemma.598 International Macroeconomic Policy under the Gold Standard, 1870-1914.599 Origins of the Gold Standard. 600 External Balance under the Gold
Standard. 600 The Price-Specie-Flow Mechanism. 600 The Gold Standard “Rules of the Game”: Myth and Reality.601 Internal Balance under the Gold Standard.602 case study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Standard during the 1890s. 603 The Interwar Years, 1918-1939.604 The Fleeting Return to Gold.605 International Economic Disintegration. 605 case study: The International Gold Standard and the Great Depression. 606 The Bretton Woods System and the International Monetary Fund.607 Goals and Structure of the IMF. 608 Convertibility and the Expansion of Private Financial Flows.609 Speculative Capital Flows and
Crises.610 Analyzing Policy Options for Reaching Internal and External Balance.611 Maintaining Internal Balance.612 Maintaining External Balance. 613 Expenditure-Changing and Expenditure-Switching Policies. 613 The External Balance Problem of the United States under Bretton Woods.615 case study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates. 616 The Mechanics of Imported Inflation.617 Assessment. 619 The Case for Floating Exchange Rates. 619 Monetary Policy Autonomy.619 Symmetry.621 Exchange Rates as Automatic
Stabilizers. 621 Exchange Rates and External Balance.623 case study: The First Years of Floating Rates, 1973-1990. 623 Macroeconomic Interdependence under a Floating Rate. 628 case study: Transformation and Crisis in the World Economy.629 box: The Thorny Problem of Currency Manipulation. 636 case study: The Dangers of Deflation.638 What Has Been Learned Since 1973?. 640 Monetary Policy Autonomy.640 Symmetry.640
Contents 15 The Exchange Rate as an Automatic Stabilizer.642 External Balance. 642 The Problem of Policy Coordination. 643 Are Fixed Exchange Rates Even an Option for Most Countries?. 643 Summary.644 Appendix to chapter 19: International Policy Coordination Failures. 650 20 Financial GlobaHzation: Opportunity and Crisis 653 The International Capital Market and the Gains from Trade. 654 Three Types of Gain from Trade.654 Risk Aversion.656 Portfolio Diversification as a Motive for International Asset Trade.656 The Menu of International Assets: Debt versus Equity.657 International Banking and the International Capital Market. 658 The Structure of the International Capital
Market.658 Offshore Banking and Offshore Currency Trading.659 The Shadow Banking System. 661 Banking and Financial Fragility. 661 The Problem of Bank Failure. 661 Government Safeguards against Financial Instability. 664 Moral Hazard and the Problem of “Too Big to Fail”. 667 box: Does the IMF Create Moral Hazard?. 667 The Challenge of Regulating International Banking.669 The Financial Trilemma.669 International Regulatory Cooperation through 2007. ;. 671 case study: The Global Financial Crisis of2007-2009. 672 box: Foreign Exchange Instability and Central Bank Swap Lines. 675 International Regulatory Initiatives
after the Global Financial Crisis. 677 Metrics for International Capital Market Performance. 679 The Extent of International Portfolio Equity Diversification. 680 The Extent of Intertemporal Trade. 680 The Efficiency of International Asset-Price Arbitrage. 682 The Efficiency of the Foreign Exchange Market.683 Summary.687 21 Optimum Currency Areas and the Euro 692 How the European Single Currency Evolved. 694 What Has Driven European Monetary Cooperation?. 694 box: Brexit. 695 The European Monetary System, 1979-1998. 698 German Monetary Dominance and the Credibility Theory of the EMS. 699 Market Integration
Initiatives. 701 European Economic and Monetary Union.701 The Euro and Economic Policy in the Euro Zone.702 The Maastricht Convergence Criteria and the Stability and Growth Pact.703 The European Central Bank and the Eurosystem.704 The Revised Exchange Rate Mechanism.704 The Theory of Optimum Currency Areas. 705 Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule. 705 Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule. 707 The Decision to Join a Currency Area: Putting the GG and LL Schedules Together. 709
16 Contents What Is an Optimum Currency Area?.711 Other Important Considerations. 711 case study: Is Europe an Optimum Currency Area?. 713 The Euro Crisis and the Future of EMU.716 Origins of the Crisis. 716 Self-Fulfilling Government Default and the “Doom Loop”.722 A Broader Crisis and Policy Responses. 723 ECB Outright Monetary Transactions. 725 Response to the COVID-19 Pandemic. 725 The Future of EMU. 726 Summary.727 22 Developing Countries: Growth, Crisis, and Reform 732 Income, Wealth, and Growth in the World
Economy. 733 The Gap between Rich and Poor. 733 Has the World Income Gap Narrowed Over Time?.734 The Importance of Developing Countries for Global Growth.736 Structural Features of Developing Countries.737 box: The Commodity Super Cycle. 739 Developing-Country Borrowing and Debt. 742 The Economics of Financial Inflows to Developing Countries.743 The Problem of Default. 744 Alternative Forms of Financial Inflow.746 The Problem of “Original Sin”. 747 The Debt Crisis of the 1980s.749 Reforms, Capital Inflows, and the Return of
Crisis. 750 East Asia: Success and Crisis. 754 The East Asian Economic Miracle.754 box: Why Have Developing Countries Accumulated High Levels of International Reserves?. 755 Asian Weaknesses. 756 box: What Did East Asia Do Right?. 758 The Asian Financial Crisis. 758 Lessons of Developing-Country Crises. 759 Reforming the World’s Financial “Architecture”. 761 Capital Mobility and the Trilemma of the Exchange Rate Regime. 762 “Prophylactic” Measures. 763 Coping with
Crisis.764 box: Emerging Markets and Global Financial Cycles. 765 Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?.768 box: Capital Paradoxes. 769 Summary.773 Mathematical Postscripts 778 Postscript to Chapter 5: The Factor-Proportions Model.778 Factor Prices and Costs. 778 Goods Prices and Factor Prices. 780 Factor Supplies and Outputs.781 Postscript to Chapter 6: The Trading World Economy. 782 Supply, Demand, and Equilibrium.
782 Supply, Demand, and the Stability of Equilibrium. 784 Effects of Changes in Supply and Demand. 786
Contents Economic Growth. 787 A Transfer of Income.788 A Tariff.789 Postscript to Chapter 8: The Monopolistic Competition Model.790 Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification.792 An Analytical Derivation of the Optimal Portfolio.792 A Diagrammatic Derivation of the Optimal Portfolio. 793 The Effects of Changing Rates of Return.795 Merchandise Trade Flows with the United States (in 2018 U.S. dollars). 800 Gross National Product per Capita (in 2019 U.S. dollars).802 Index.804 17 |
| adam_txt |
Brief Contents »шінііёЁёШЁЁЁЁЁЁёЁЁЁёёЁЁ^ШЁЁШШёёёіШіЁШёЁЁЁШШЁЁЁІёёёёт. Contents 5 Preface 19 Introduction 27 International Trade Theory 36 2 World Trade: An Overview 36 3 Labor Productivity and Comparative Advantage: The Ricardian Model 50 4 Specific Factors and Income Distribution 77 5 Resources and Trade: The Heckscher-Ohlin Model 113 6 The Standard Trade Model 149 7 External Economies of Scale and the International Location of Production 177 Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises 196 International Trade Policy 242 The Instruments of Trade Policy 242 10 The Political Economy of Trade Policy 276 11 Trade Policy in Developing Countries 313 12 Controversies in Trade Policy 327 Exchange Rates and Open-Economy Macroeconomics 350 13 National Income Accounting and the Balance of Payments 350 14 Exchange Rates and the Foreign Exchange Market: An Asset Approach 381 15 Money, Interest Rates, and Exchange Rates 417 16 Price Levels and the Exchange Rate in the Long Run 452 17 Output and the Exchange Rate in the Short Run 490 18 Fixed Exchange Rates and Foreign Exchange Intervention 543 1 PART 1 8 PART 2 9 PART 3 З
Brief Contents 4 PART 4 International Macroeconomic Policy 589 19 International Monetary Systems: A Historical Overview 589 20 Financial Globalization: Opportunity and Crisis 653 21 Optimum Currency Areas and the Euro 692 22 Developing Countries: Growth, Crisis, and Reform 732 Mathematical Postscripts 778 Postscript to Chapter 5: The Factor-Proportions Model.778 Postscript to Chapter 6: The Trading World Economy. 782 Postscript to Chapter 8: The Monopolistic Competition Model. 790 Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification.792 Index 804
Contents ‘ѵМШМ1 MüMİlttH ШШ аівіЁійй Preface.19 1 Introduction 27 What Is Internationa] Economics About?. 29 The Gains from Trade.30 The Pattern of Trade. 31 How Much Trade?. 31 Balance of Payments. 32 Exchange Rate Determination.33 International Policy Coordination.33 The International Capital Market.34 International Economics: Trade and Money.35 PART 1 2 International Trade Theory 36 World Trade: An Overview 36 Who Trades with
Whom?.36 Size Matters: The Gravity Model.37 Using the Gravity Model: Looking for Anomalies.39 Impediments to Trade: Distance, Barriers, and Borders. 40 The Changing Pattern of World Trade. 42 Has the World Gotten Smaller?.42 What Do We Trade?. 44 Service Offshoring. 46 Do Old Rules Still Apply?. 47 Summary.48 3 Labor Productivity and Comparative Advantage: The Ricardian Model 50 The Concept of Comparative Advantage.51 A One-Factor
Economy. 52 Production Possibilities.53 Relative Prices and Supply. 54 Trade in a One-Factor World. 55 Determining the Relative Price after Trade.56 box: Comparative Advantage in Practice: The Case of Usain Bolt. 59 The Gains from Trade.60 A Note on Relative Wages. 61 box: Economic Isolation and Autarky Over Time and Over Space. 62 Misconceptions about Comparative Advantage.63 Productivity and Competitiveness. 63 box: Do Wages Reflect Productivity?.64 The Pauper Labor
Argument.65 Exploitation. 65 Comparative Advantage with Many Goods.66 Setting Up the Model.66 Relative Wages and Specialization. 66 Determining the Relative Wage in the Multigood Model.68
6 Contents Adding Transport Costs and Nontraded Goods. 70 Empirical Evidence on the Ricardian Model. 71 Summary. 73 4 Specific Factors and Income Distribution 77 The Specific Factors Model. 78 box: What is a Specific Factor?. 79 Assumptions of the Model.79 Production Possibilities. 80 Prices, Wages, and Labor Allocation.83 Relative Prices and the Distribution of Income.87 International Trade in the Specific Factors Model. 89 Income Distribution and the Gains from Trade.90 The Political Economy of
Trade: A Preliminary View.93 The Politics of Trade Protection. 94 Trade and Unemployment. 95 case study: U.S. Manufacturing Employment and Chinese Import Competition. 96 box: The Trump Trade War.98 International Labor Mobility. 99 case study: Wage and Social Benefits Convergence: Migrant Mobility in China. 101 case study: Immigration and the U. S. Economy. 103 Summary. 105 to chapter 4: Further Details on Specific Factors. 110 Marginal and Total Product. 110 Relative Prices and the Distribution of Income. Ill Appendix 5 Resources and Trade: The Heckscher-Ohlin Model 113 Model
of a Two-Factor Economy. 114 Prices and Production.114 Choosing the Mix of Inputs. 117 Factor Prices and Goods Prices.119 Resources and Output.122 Effects of International Trade between Two-Factor Economies.123 Relative Prices and the Pattern of Trade. 124 Trade and the Distribution of Income.125 case study: North-South Trade and Income Inequality. 126 Skill-Biased Technological Change and Income Inequality. 128 box: The Declining Labor Share of Income and Capital-Skill Complementarity.132 Factor-Price Equalization. 133 Empirical Evidence on the Heckscher-Ohlin
Model.135 Trade in Goods as a Substitute for Trade in Factors: Factor Content of Trade.135 Patterns of Exports between Developed and Developing Countries. 138 Implications of the Tests. 141 Summary. 141 chapter 5: Factor Prices, Goods Prices, and Production Decisions. 145 Choice of Technique.145 Goods Prices and Factor Prices.146 More on Resources and Output.147 Appendix TO 6 The Standard Trade Model 149 A Standard Model of a Trading Economy.150 Production Possibilities and Relative Supply. 150 Relative Prices and Demand. 151 The Welfare Effect of Changes in the Terms of
Trade.154
7 Contents U.S. Consumer Gains from Chinese Imports. 155 Determining Relative Prices. 155 Economic Growth: A Shift of the RS Curve. 157 Growth and the Production Possibility Frontier. 157 World Relative Supply and the Terms of Trade.159 International Effects of Growth. 159 case study: Has the Growth of Newly Industrialized Economies Hurt Advanced Nations?. 161 box: The Exposure of Developing Countries to Terms of Trade Shocks and the COVID-19 Pandemic.163 Tariffs and Export Subsidies: Simultaneous Shifts in RS and RD. 163 Relative Demand and Supply Effects of a Tariff.164 Effects of an Export Subsidy. 165 Implications of Terms of Trade Effects: Who
Gains and Who Loses?. 165 International Borrowing and Lending.167 Intertemporal Production Possibilities and Trade. 167 The Real Interest Rate. 168 Intertemporal Comparative Advantage. 169 Summary.170 box: Appendix 7 to chapter 6: More on Intertemporal Trade. 174 External Economies of Scale and the International Location of Production 177 Economies of Scale and International Trade: An Overview. 178 Economies of Scale and Market Structure. 179 The Theory of External Economies. 180 Specialized Suppliers. 180 Labor Market Pooling. 181
Knowledge Spillovers. 182 External Economies and Market Equilibrium. 183 External Economies and International Trade. 184 External Economies, Output, and Prices. 184 External Economies and the Pattern of Trade. 185 Trade and Welfare with External Economies.187 box: Holding the World Together.188 Dynamic Increasing Returns. 189 Interregional Trade and Economic Geography. 190 box: The City and the Street.192 Summary.193 8 Firms in the Global Economy: Export and Foreign Sourcing Decisions and Multinational Enterprises 196 The Theory of Imperfect
Competition.197 Monopoly: A Brief Review.198 Monopolistic Competition. 200 Monopolistic Competition and Trade. 205 The Effects of Increased Market Size. 205 Gains from an Integrated Market: A Numerical Example.207 The Significance of Intra-Industry Trade. 210 case study: Automobile Intra-Industry Trade within ASEAN-4: 1998-2002. 212 Firm Responses to Trade: Winners, Losers, and Industry Performance. 213 Performance Differences across Producers. 214 The Effects of Increased Market Size. 216 Trade Costs and Export Decisions. 217
8 Contents Dumping. 220 case study: Antidumping as Protectionism. 221 Multinationals and Foreign Direct Investment. 222 Patterns of Foreign Direct Investment Flows around the World. 224 COVID-19 and Foreign Direct Investment Flows around the World.226 case study: Foreign Direct Investment and Foreign Sourcing Decisions. 229 The Horizontal FDI Decision. 229 The Foreign Sourcing Decision. 230 The Outsourcing Decision: Make or Buy.231 box: Whose Trade Is It?. 232 Shipping Jobs Overseas? Offshoring and Labor Market Outcomes in Germany. 233 case study: Consequences of Multinationals and Foreign
Outsourcing.235 Summary.236 Appendix PART 2 9 to chapter 8: Determining Marginal Revenue. 241 International Trade Policy The Instruments of Trade Policy 242 Basic Tariff Analysis.242 Supply, Demand, and Trade in a Single Industry. 243 Effects of a Tariff.245 Measuring the Amount of Protection. 246 Costs and Benefits of a Tariff. 248 Consumer and Producer Surplus. 248 Measuring the Costs and Benefits.250 case study: Winners and Losers of the Trump Trade War. .253 box: Tariffs and
Retaliation. 257 Other Instruments of Trade Policy.258 Export Subsidies: Theory. 258 The Unfriendly Skies: Settling the Longest Running Trade Dispute. 259 Import Quotas: Theory. 259 case study: Tariff-Rate Quota Origin and its Application in Practice with Oilseeds. 260 Voluntary Export Restraints.264 Local Content Requirements.265 box: Healthcare Protection with Local Content Requirements. 266 Other Trade Policy Instruments. 267 box: The Effects of Trade Policy: A Summary.267 Summary. 268 to chapter 9: Tariffs and Import Quotas
in the Presence of Monopoly. 272 The Model with Free Trade.272 The Model with a Tariff. 273 The Model with an Import Quota. 274 Comparing a Tariff and a Quota. 274 Appendix 10 The Political Economy of Trade Policy 276 The Case for Free Trade.277 Free Trade and Efficiency. 277 Additional Gains from Free Trade. 278 Rent Seeking. 279 Political Argument for Free Trade. 279
Contents 9 National Welfare Arguments against Free Trade.280 The Terms of Trade Argument for a Tariff. 280 The Domestic Market Failure Argument against Free Trade. 281 How Convincing Is the Market Failure Argument?.283 Income Distribution and Trade Policy. 284 Electoral Competition.285 Collective Action.286 box: Politicians for Sale: Evidence from the 1990s. 287 Modeling the Political Process. 288 Who Gets Protected?. 288 International Negotiations and Trade Policy. 290 The Advantages of Negotiation.290 International Trade
Agreements: A Brief History.292 The Uruguay Round. 294 Trade Liberalization. 294 Administrative Reforms: From the GATT to the WTO. 295 Benefits and Costs. 296 box: Settling a Dispute—and Creating One. 297 case study: Testing the WTO's Metal. 298 The End of Trade Agreements?. 299 box: Do Agricultural Subsidies Hurt the Third World?. 300 Preferential Trading Agreements.301 Free Trade Area Versus Customs Union. 303 box: Brexit. 304 case study: Trade Diversion in South
America. 304 The Trans-Pacific Partnership. 305 box: Summary.306 to chapter 10: Proving That the Optimum Tariff Is Positive. 310 Demand and Supply. 310 The Tariff and Prices. 310 The Tariff and Domestic Welfare.311 Appendix 11 Trade Policy in Developing Countries 313 Import-Substituting Industrialization. 314 The Infant Industry Argument.314 Promoting Manufacturing through Protection. 316 case study: Export-Led Strategy. 318 Results of Favoring Manufacturing: Problems of Import-Substituting
Industrialization. 319 Trade Liberalization since 1985. 320 Trade and Growth: Takeoff in Asia.322 box: India's Boom. 324 Summary. 325 12 Controversies in Trade Policy 327 Sophisticated Arguments for Activist Trade Policy.328 Technology and Externalities.328 Imperfect Competition and Strategic Trade Policy.331 box: A Warning From Intel’s Founder. 333 case study: When the Chips Were Up.334 Globalization and Low-Wage Labor.336 The Anti-
Globalization Movement. 336 Trade and Wages Revisited. 337
Contents 10 Labor Standards and Trade Negotiations.339 Environmental and Cultural Issues. 339 The WTO and National Independence.340 case study: A Tragedy in Bangladesh.341 Globalization and the Environment. 342 Globalization, Growth, and Pollution. 342 The Problem of “Pollution Havens”. 344 The Carbon Tariff Dispute. 345 Trade Shocks and Their Impact on Communities.346 Summary.347 PART 3 13 Exchange Rates and Open-Economy Macroeconomics 350 National Income Accounting and the Balance of Payments 350 The National Income Accounts. 352
National Product and National Income. 353 Capital Depreciation and International Transfers. . 354 Gross Domestic Product. 355 National Income Accounting for an Open Economy.355 Consumption. 355 Investment.355 Government Purchases. 356 The National Income Identity for an Open Economy.356 An Imaginary Open Economy.357 The Current Account and Foreign Indebtedness. 357 Saving and the Current Account. 360 Private and Government Saving. 361 box: The Mystery of the Missing
Deficit.361 The Balance of Payments Accounts.363 Examples of Paired Transactions. 364 The Fundamental Balance of Payments Identity. 365 The Current Account, Once Again. 366 The Capital Account.367 The Financial Account. 368 Statistical Discrepancy. 368 box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP.369 Official Reserve Transactions.371 case study: The Assets and Liabilities of the World’s Biggest Debtor. 372 Summary.377 14 Exchange Rates and the Foreign Exchange Market: An
Asset Approach 381 Exchange Rates and International Transactions. 382 Domestic and Foreign Prices.382 Exchange Rates and Relative Prices. 384 The Foreign Exchange Market.385 The Actors.385 Characteristics of the Market.387 Spot Rates and Forward Rates.388 Foreign Exchange Swaps. 390 Futures and Options.390 The Demand for Foreign Currency Assets. 390 Assets and Asset Returns. 391 Risk and
Liquidity.392
Contents 11 Interest Rates. 393 Exchange Rates and Asset Returns. 393 A Simple Rule.395 Return, Risk, and Liquidity in the Foreign Exchange Market. 396 Equilibrium in the Foreign Exchange Market. 397 Interest Parity: The Basic Equilibrium Condition.397 How Changes in the Current Exchange Rate Affect Expected Returns.398 The Equilibrium Exchange Rate.401 Interest Rates, Expectations, and Equilibrium. 402 The Effect of Changing Interest Rates on the Current Exchange Rate. 403 The Effect of Changing Expectations on the Current Exchange Rate. 404 case study: What Explains the Cany Trade?. 405 Forward Exchange Rates and Covered Interest Parity. 408
Summary.411 15 Money, Interest Rates, and Exchange Rates 417 Money Defined: A Brief Review.418 Money as a Medium of Exchange. 418 Money as a Unit of Account. 418 Money as a Store of Value. 419 What Is Money?.419 How the Money Supply Is Determined.419 The Demand for Money by Individuals.420 Expected Return. 420 Risk. 421 Liquidity. 421 Aggregate Money
Demand. 421 The Equilibrium Interest Rate: The Interaction of Money Supply and Demand. 423 Equilibrium in the Money Market. 424 Interest Rates and the Money Supply. 425 Output and the Interest Rate. 426 The Money Supply and the Exchange Rate in the Short Run. 427 Linking Money, the Interest Rate, and the Exchange Rate.427 U.S. Money Supply and the Dollar/Euro Exchange Rate.:. 430 Europe’s Money Supply and the Dollar/Euro Exchange Rate. 430 Money, the Price Level, and the Exchange Rate in the Long Run. 433 Money and Money Prices.433 The Long-Run Effects of Money Supply Changes. 434 Empirical Evidence on Money Supplies and Price Levels.435 Money and the Exchange
Rate in the Long Run.436 Inflation and Exchange Rate Dynamics.437 Short-Run Price Rigidity versus Long-Run Price Flexibility. 437 box: Money Supply Growth and Hyperinflation in Zimbabwe. 439 Permanent Money Supply Changes and the Exchange Rate. 442 Exchange Rate Overshooting. 443 case study: Inflation Targeting and Exchange Rate in Emerging Countries. 445 Summary. 448 16 Price Levels and the Exchange Rate in the Long Run 452 The Law of One Price.453 Purchasing Power Parity. 454 The Relationship between PPP and the Law of One Price.454 Absolute PPP and Relative PPP.455
Contents 12 A Long-Run Exchange Rate Model Based on PPP. 456 The Fundamental Equation of the Monetary Approach.456 Ongoing Inflation, Interest Parity, and PPP. 458 The Fisher Effect. 459 Empirical Evidence on PPP and the Law of One Price. 462 Explaining the Problems with PPP.464 Trade Barriers and Nontradables.464 Departures from Free Competition. 465 Differences in Consumption Patterns and Price Level Measurement.466 box: Measuring And Comparing Countries’ Wealth Worldwide: The International Comparison Program (ICP). 466 PPP in the Short Run and in the Long Run.469 case study: Why Price Levels Are Lower in Poorer Countries. 470 Beyond Purchasing Power Parity: A
General Model of Long-Run Exchange Rates.472 The Real Exchange Rate. 472 Demand, Supply, and the Long-Run Real Exchange Rate. 474 box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops. 475 Nominal and Real Exchange Rates in Long-Run Equilibrium.477 International Interest Rate Differences and the Real Exchange Rate. 480 Real Interest Parity. 481 Summary. 482 Appendix to chapter 16: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach. 487 17 Output and the Exchange Rate in the Short Run 490 Determinants of Aggregate Demand in an Open Economy. 491 Determinants of Consumption Demand. 491 Determinants of the Current Account. :.492 How Real Exchange Rate
Changes Affect the Current Account. 493 How Disposable Income Changes Affect the Current Account.494 The Equation of Aggregate Demand. 494 The Real Exchange Rate and Aggregate Demand. 494 Real Income and Aggregate Demand.495 How Output Is Determined in the Short Run.496 Output Market Equilibrium in the Short Run: The DD Schedule.497 Output, the Exchange Rate, and Output Market Equilibrium.497 Deriving the DD Schedule.498 Factors That Shift the DD Schedule.499 Asset Market Equilibrium in the Short Run: The A A Schedule.502 Output, the Exchange Rate, and Asset Market Equilibrium.502 Deriving the AA Schedule. 504 Factors That Shift the A A
Schedule.504 Short-Run Equilibrium for an Open Economy: Putting the DD and A A Schedules Together. 505 Temporary Changes in Monetary and Fiscal Policy.507 Monetary Policy. 508 Fiscal Policy. 508 Policies to Maintain Full Employment. 509 Inflation Bias and Other Problems of Policy Formulation. 511 Permanent Shifts in Monetary and Fiscal Policy.512 A Permanent Increase in the Money Supply. 512 Adjustment to a Permanent Increase in the Money Supply.513
13 Contents A Permanent Fiscal Expansion.515 Macroeconomic Policies and the Current Account. 516 Gradual Trade Flow Adjustment and Current Account Dynamics. 518 The J-Curve. 518 Exchange Rate Pass-Through and Inflation. 519 Global Value Chains and Exchange Rate Effects on Export and Import Prices. 520 The Current Account, Wealth, and Exchange Rate Dynamics. 522 Understanding Pass-Through to Import and Export Prices. 522 The Liquidity Trap. *. 524 case study: How Big Is the Government Spending Multiplier?. . 527 Summary.529 box: Appendix 1 to chapter 17: Intertemporal Trade and Consumption Demand. 533 to chapter 17: The Marshall-Lerner Condition and Empirical Estimates of Trade
Elasticities. 535 Appendix 2 Appendix 3 18 to chapter 17: The IS-LM Model and the DD-AA Model. 538 Fixed Exchange Rates and Foreign Exchange Intervention 543 Why Study Fixed Exchange Rates?.544 Central Bank Intervention and the Money Supply. 545 The Central Bank Balance Sheet and the Money Supply.545 Foreign Exchange Intervention and the Money Supply.547 Sterilization. 548 The Balance of Payments and the Money Supply.548 How the Central Bank Fixes the Exchange Rate.549 Foreign Exchange Market Equilibrium under a Fixed Exchange Rate. 550 Money Market Equilibrium under a Fixed Exchange Rate.550 A Diagrammatic Analysis.551 Stabilization Policies with a Fixed Exchange
Rate. 552 Monetary Policy.553 Fiscal Policy. 554 Changes in the Exchange Rate. 555 Adjustment to Fiscal Policy and Exchange Rate Changes.556 Balance of Payments Crises and Capital Flight. 557 Managed Floating and Sterilized Intervention.560 Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention. 560 case study: Can Markets Attack a Strong Currency? The Case of Switzerland, 2011-2015.561 Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability. 564 The Effects of Sterilized Intervention with Imperfect Asset Substitutability.565 Evidence on the Effects of Sterilized Intervention. 566 Reserve Currencies in the World Monetary System. 567 The Mechanics of a Reserve Currency
Standard.568 The Asymmetric Position of the Reserve Center.568 The Gold Standard.569 The Mechanics of a Gold Standard. 569 Symmetric Monetary Adjustment under a Gold Standard.570 Benefits and Drawbacks of the Gold Standard. 570 The Bimetallic Standard.571 The Gold Exchange Standard. 572 The Demandfor International Reserves. 572 Summary.576 case study: chapter 18: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability. 581 Appendix 1 TO
14 Contents Demand.581 Supply.582 Equilibrium. 582 Appendix 2 to chapter 18: The Timing of Balance of Payments Crises.584 Appendix 3 to chapter 18: The Monetary Approach to the Balance of Payments.587 PART 4 19 International Macroeconomic Policy International Monetary Systems: A Historical Overview 589 Macroeconomic Policy Goals in an Open Economy. 590 Internal Balance: Full Employment and Price Level Stability. 591 External Balance: The Optimal Level of the Current Account.592 box: Can a Country Borrow Forever? The Case of New Zealand.594 Classifying Monetary Systems: The Open-Economy Monetary Trilemma.598 International Macroeconomic Policy under the Gold Standard, 1870-1914.599 Origins of the Gold Standard. 600 External Balance under the Gold
Standard. 600 The Price-Specie-Flow Mechanism. 600 The Gold Standard “Rules of the Game”: Myth and Reality.601 Internal Balance under the Gold Standard.602 case study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Standard during the 1890s. 603 The Interwar Years, 1918-1939.604 The Fleeting Return to Gold.605 International Economic Disintegration. 605 case study: The International Gold Standard and the Great Depression. 606 The Bretton Woods System and the International Monetary Fund.607 Goals and Structure of the IMF. 608 Convertibility and the Expansion of Private Financial Flows.609 Speculative Capital Flows and
Crises.610 Analyzing Policy Options for Reaching Internal and External Balance.611 Maintaining Internal Balance.612 Maintaining External Balance. 613 Expenditure-Changing and Expenditure-Switching Policies. 613 The External Balance Problem of the United States under Bretton Woods.615 case study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates. 616 The Mechanics of Imported Inflation.617 Assessment. 619 The Case for Floating Exchange Rates. 619 Monetary Policy Autonomy.619 Symmetry.621 Exchange Rates as Automatic
Stabilizers. 621 Exchange Rates and External Balance.623 case study: The First Years of Floating Rates, 1973-1990. 623 Macroeconomic Interdependence under a Floating Rate. 628 case study: Transformation and Crisis in the World Economy.629 box: The Thorny Problem of Currency Manipulation. 636 case study: The Dangers of Deflation.638 What Has Been Learned Since 1973?. 640 Monetary Policy Autonomy.640 Symmetry.640
Contents 15 The Exchange Rate as an Automatic Stabilizer.642 External Balance. 642 The Problem of Policy Coordination. 643 Are Fixed Exchange Rates Even an Option for Most Countries?. 643 Summary.644 Appendix to chapter 19: International Policy Coordination Failures. 650 20 Financial GlobaHzation: Opportunity and Crisis 653 The International Capital Market and the Gains from Trade. 654 Three Types of Gain from Trade.654 Risk Aversion.656 Portfolio Diversification as a Motive for International Asset Trade.656 The Menu of International Assets: Debt versus Equity.657 International Banking and the International Capital Market. 658 The Structure of the International Capital
Market.658 Offshore Banking and Offshore Currency Trading.659 The Shadow Banking System. 661 Banking and Financial Fragility. 661 The Problem of Bank Failure. 661 Government Safeguards against Financial Instability. 664 Moral Hazard and the Problem of “Too Big to Fail”. 667 box: Does the IMF Create Moral Hazard?. 667 The Challenge of Regulating International Banking.669 The Financial Trilemma.669 International Regulatory Cooperation through 2007. ;. 671 case study: The Global Financial Crisis of2007-2009. 672 box: Foreign Exchange Instability and Central Bank Swap Lines. 675 International Regulatory Initiatives
after the Global Financial Crisis. 677 Metrics for International Capital Market Performance. 679 The Extent of International Portfolio Equity Diversification. 680 The Extent of Intertemporal Trade. 680 The Efficiency of International Asset-Price Arbitrage. 682 The Efficiency of the Foreign Exchange Market.683 Summary.687 21 Optimum Currency Areas and the Euro 692 How the European Single Currency Evolved. 694 What Has Driven European Monetary Cooperation?. 694 box: Brexit. 695 The European Monetary System, 1979-1998. 698 German Monetary Dominance and the Credibility Theory of the EMS. 699 Market Integration
Initiatives. 701 European Economic and Monetary Union.701 The Euro and Economic Policy in the Euro Zone.702 The Maastricht Convergence Criteria and the Stability and Growth Pact.703 The European Central Bank and the Eurosystem.704 The Revised Exchange Rate Mechanism.704 The Theory of Optimum Currency Areas. 705 Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule. 705 Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule. 707 The Decision to Join a Currency Area: Putting the GG and LL Schedules Together. 709
16 Contents What Is an Optimum Currency Area?.711 Other Important Considerations. 711 case study: Is Europe an Optimum Currency Area?. 713 The Euro Crisis and the Future of EMU.716 Origins of the Crisis. 716 Self-Fulfilling Government Default and the “Doom Loop”.722 A Broader Crisis and Policy Responses. 723 ECB Outright Monetary Transactions. 725 Response to the COVID-19 Pandemic. 725 The Future of EMU. 726 Summary.727 22 Developing Countries: Growth, Crisis, and Reform 732 Income, Wealth, and Growth in the World
Economy. 733 The Gap between Rich and Poor. 733 Has the World Income Gap Narrowed Over Time?.734 The Importance of Developing Countries for Global Growth.736 Structural Features of Developing Countries.737 box: The Commodity Super Cycle. 739 Developing-Country Borrowing and Debt. 742 The Economics of Financial Inflows to Developing Countries.743 The Problem of Default. 744 Alternative Forms of Financial Inflow.746 The Problem of “Original Sin”. 747 The Debt Crisis of the 1980s.749 Reforms, Capital Inflows, and the Return of
Crisis. 750 East Asia: Success and Crisis. 754 The East Asian Economic Miracle.754 box: Why Have Developing Countries Accumulated High Levels of International Reserves?. 755 Asian Weaknesses. 756 box: What Did East Asia Do Right?. 758 The Asian Financial Crisis. 758 Lessons of Developing-Country Crises. 759 Reforming the World’s Financial “Architecture”. 761 Capital Mobility and the Trilemma of the Exchange Rate Regime. 762 “Prophylactic” Measures. 763 Coping with
Crisis.764 box: Emerging Markets and Global Financial Cycles. 765 Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?.768 box: Capital Paradoxes. 769 Summary.773 Mathematical Postscripts 778 Postscript to Chapter 5: The Factor-Proportions Model.778 Factor Prices and Costs. 778 Goods Prices and Factor Prices. 780 Factor Supplies and Outputs.781 Postscript to Chapter 6: The Trading World Economy. 782 Supply, Demand, and Equilibrium.
782 Supply, Demand, and the Stability of Equilibrium. 784 Effects of Changes in Supply and Demand. 786
Contents Economic Growth. 787 A Transfer of Income.788 A Tariff.789 Postscript to Chapter 8: The Monopolistic Competition Model.790 Postscript to Chapter 20: Risk Aversion and International Portfolio Diversification.792 An Analytical Derivation of the Optimal Portfolio.792 A Diagrammatic Derivation of the Optimal Portfolio. 793 The Effects of Changing Rates of Return.795 Merchandise Trade Flows with the United States (in 2018 U.S. dollars). 800 Gross National Product per Capita (in 2019 U.S. dollars).802 Index.804 17 |
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| author | Krugman, Paul R. 1953- Obstfeld, Maurice 1952- Melitz, Marc J. |
| author_GND | (DE-588)121368033 (DE-588)124550800 (DE-588)129335398 |
| author_facet | Krugman, Paul R. 1953- Obstfeld, Maurice 1952- Melitz, Marc J. |
| author_role | aut aut aut |
| author_sort | Krugman, Paul R. 1953- |
| author_variant | p r k pr prk m o mo m j m mj mjm |
| building | Verbundindex |
| bvnumber | BV047802712 |
| classification_rvk | QM 000 QM 200 |
| ctrlnum | (OCoLC)1268723086 (DE-599)BVBBV047802712 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | Twelfth edition, global edition |
| format | Book |
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| genre | (DE-588)4123623-3 Lehrbuch gnd-content |
| genre_facet | Lehrbuch |
| id | DE-604.BV047802712 |
| illustrated | Illustrated |
| index_date | 2024-07-03T19:02:51Z |
| indexdate | 2025-02-20T07:12:18Z |
| institution | BVB |
| isbn | 9781292409719 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033186422 |
| oclc_num | 1268723086 |
| open_access_boolean | |
| owner | DE-N2 DE-573 DE-739 DE-1043 DE-2070s DE-1050 DE-Aug4 DE-188 DE-898 DE-BY-UBR DE-355 DE-BY-UBR DE-858 DE-945 DE-83 DE-11 DE-19 DE-BY-UBM DE-1102 DE-523 DE-473 DE-BY-UBG DE-862 DE-BY-FWS |
| owner_facet | DE-N2 DE-573 DE-739 DE-1043 DE-2070s DE-1050 DE-Aug4 DE-188 DE-898 DE-BY-UBR DE-355 DE-BY-UBR DE-858 DE-945 DE-83 DE-11 DE-19 DE-BY-UBM DE-1102 DE-523 DE-473 DE-BY-UBG DE-862 DE-BY-FWS |
| physical | 817 Seiten Illustrationen, Diagramme, Karten |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | Pearson |
| record_format | marc |
| spellingShingle | Krugman, Paul R. 1953- Obstfeld, Maurice 1952- Melitz, Marc J. International economics theory & policy Weltwirtschaft (DE-588)4065468-0 gnd Welthandel (DE-588)4065365-1 gnd Außenwirtschaftspolitik (DE-588)4003857-9 gnd Außenwirtschaft (DE-588)4003856-7 gnd Reale Außenwirtschaftstheorie (DE-588)4069013-1 gnd Außenwirtschaftstheorie (DE-588)4120953-9 gnd |
| subject_GND | (DE-588)4065468-0 (DE-588)4065365-1 (DE-588)4003857-9 (DE-588)4003856-7 (DE-588)4069013-1 (DE-588)4120953-9 (DE-588)4123623-3 |
| title | International economics theory & policy |
| title_auth | International economics theory & policy |
| title_exact_search | International economics theory & policy |
| title_exact_search_txtP | International economics theory & policy |
| title_full | International economics theory & policy Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz |
| title_fullStr | International economics theory & policy Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz |
| title_full_unstemmed | International economics theory & policy Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz |
| title_short | International economics |
| title_sort | international economics theory policy |
| title_sub | theory & policy |
| topic | Weltwirtschaft (DE-588)4065468-0 gnd Welthandel (DE-588)4065365-1 gnd Außenwirtschaftspolitik (DE-588)4003857-9 gnd Außenwirtschaft (DE-588)4003856-7 gnd Reale Außenwirtschaftstheorie (DE-588)4069013-1 gnd Außenwirtschaftstheorie (DE-588)4120953-9 gnd |
| topic_facet | Weltwirtschaft Welthandel Außenwirtschaftspolitik Außenwirtschaft Reale Außenwirtschaftstheorie Außenwirtschaftstheorie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=033186422&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT krugmanpaulr internationaleconomicstheorypolicy AT obstfeldmaurice internationaleconomicstheorypolicy AT melitzmarcj internationaleconomicstheorypolicy |
Inhaltsverzeichnis
THWS Schweinfurt Zentralbibliothek Lesesaal
| Signatur: |
2000 QM 000 K94(12) |
|---|---|
| Exemplar 1 | ausleihbar Verfügbar Bestellen |