World Trade and Payments An Introduction

ISBN-10: 0321226607
ISBN-13: 9780321226600
Edition: 10th 2007 (Revised)
List price: $112.80
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Description: Renowned for its precise, in-depth coverage of international trade and finance, this classic text features a balance of the latest research, critical policy issues, and sophisticated economic analysis.

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Book details

List price: $112.80
Edition: 10th
Copyright year: 2007
Publisher: Addison Wesley
Publication date: 7/19/2006
Binding: Hardcover
Pages: 712
Size: 7.25" wide x 9.00" long x 1.25" tall
Weight: 2.926
Language: English

Renowned for its precise, in-depth coverage of international trade and finance, this classic text features a balance of the latest research, critical policy issues, and sophisticated economic analysis.

Preface
Introduction
The Subject of International Economics
Patterns of International Trade
The Organization of This Book
Comparative Advantage and the Basic Model of International Trade
The Gains from Trade
Background Behavior: Demand
Background Behavior: Supply
Gains from Trade and Free-Trade Equilibrium
Winners and Losers: Autarky to Free Trade
Summary
Chapter Problems
The Box Diagram
Substitution and Income Effects
The Offer Curve Diagram
Applications of the Basic Model
Disturbances from Abroad and the Terms of Trade
Protecting the Import-Competing Commodity
Growth and International Trade
The Transfer Problem
Wider Interpretations of the Basic Trade Model
Trade and Market Structure
Summary
Chapter Problems
Suggestions for Further Reading
The Stability Issue
Globalization: Trade Patterns and Income Distribution
Technology and International Income Distribution: The Ricardian Model
The Ricardian Setting
Free-Trade Equilibrium
International Wage Comparisons and Productivities
A Many-Commodity and Many-Country World
Winners and Losers from Productivity Shocks
Nontraded Commodities
Summary
Chapter Problems
Suggestions for Further Reading
Transitional Unemployment
Factor Endowments and Trade I: The Specific Factors Model
Diminishing Returns and Factor Hires
Outputs and Income Distribution in the Closed Economy
Outputs and Income Distribution with Free Trade
Growth in Factor Endowments
Consequences for Political Economy
The Pattern of Trade
Alternative Interpretations: Specific Capital or Specific Labor
Dutch Disease
Summary
Chapter Problems
Suggestions for Further Reading
The Transformation Schedule
Factor Endowments and Trade II: The Heckscher-Ohlin Model
If Technology Is Rigid
Flexible Technology
Possible Trade Patterns and the Distribution of Income
International Trade with Many Commodities
How Concentrated Is Production?
Changing Comparative Advantage with Economic Growth
Heckscher-Ohlin Theory and Empirical Evidence
Summary
Chapter Problems
Suggestions for Further Reading
The Production Box
Imperfect Competition, Increasing Returns, and Product Variety
The Prevalence of Intra-Industry Trade
Consumer Behavior and the Demand for Product Variety
Increasing Returns in Production
Summary
Chapter Problems
Suggestions for Further Reading
Resource Trade, Outsourcing, and Product Fragmentation
Given Resources and Footloose Production Processes
Footloose Inputs: The Joint Role of Comparative and Absolute Advantage
Outsourcing and the International Fragmentation of Production
Outsourcing and Advanced Country Wage Rates
Summary
Chapter Problems
Suggestions for Further Reading
International Factor Movements: Labor and Capital
Factor Movements, Efficiency, and Welfare
International Capital Movements: Selected Issues
Multinationals and Foreign Direct Investment
Summary
Chapter Problems
Suggestions for Further Reading
The Theory and Practice of Commercial Policy
Protection and the National Welfare
Protection by a Small Country
Protection by a Large Country
Taxing Trade: Domestic Welfare
Taxing Trade: World Welfare
Summary
Chapter Problems
Suggestions for Further Reading
Tariffs and the Offer Curve
The Political Economy of Protection
Protection as a Device for Raising Revenue
Commercial Policy as a Second-Best Device
Protection and Rent-Seeking Activities
Growth, Protection, and Welfare
Protection and Unemployment
Summary
Chapter Problems
Suggestions for Further Reading
Trade Policy and Imperfect Competition
Monopoly and the Gains from Trade
Cartels and the Interests of Producing and Consuming Countries
Monopoly and Policies of Exporting and Importing Countries
Intellectual Property Rights
Summary
Chapter Problems
Suggestions for Further Reading
International Duopoly and National Strategy
Trade Controls in Practice
Tariffs: Levels and Trends
Multilateral Tariff Reduction
Devices for Special Protection
Special Protection in Action
Prospects for Special Protection
Summary
Chapter Problems
Suggestions for Further Reading
Preferential Arrangements and Regional Issues in Trade Policy
Regional Preferences and Regional Trade
Welfare Effects of Trade Preferences
Preferential Arrangements in Practice
Trade Problems of the Economies in Transition
Trade and Growth: China and the Asian NICs
Preferential Arrangements: New Policy Issues
Summary
Chapter Problems
Suggestions for Further Reading
Money, Income, and the Balance of Payments
The Balance of Payments Accounts
Breakdown of the Accounts
How Individual Transactions Are Recorded
Double-Entry Bookkeeping
The Balances
Statistical Errors in the Payments Accounts
Summary
Chapter Problems
The Foreign Exchange Market and Trade Elasticities
The Flow of Supply and Demand for Foreign Exchange
Empirical Effects of Devaluation on the Trade Balance
Summary
Chapter Problems
Suggestions for Further Reading
Stability of the Foreign Exchange Market
National Income and the Trade Balance
The Small-Country Keynesian Model
The National Saving-Investment Identity
Multipliers
The Transfer Problem
For a Large Country: The Two-Country Keynesian Model
Summary
Chapter Problems
Suggestions for Further Reading
The Two-Country Model in Graphical Form
Spending and the Exchange Rate in the Keynesian Model
Transmission of Disturbances
Expenditure-Switching and Expenditure-Reducing Policies
Monetary Factors
Summary
Chapter Problems
Suggestions for Further Reading
The Laursen-Metzler-Harberger Effect
The Assignment Problem
The Money Supply, the Price Level, and the Balance of Payments
The Nonsterilization Assumption
The Purchasing Power Parity Assumption
Purchasing Power Parity in a Hyperinflation
PPP in the Model of the Balance of Payments
Summary
Chapter Problems
Suggestions for Further Reading
The Gold Standard
Reserve Flows After Spending Increase and Devaluation
The Determination of the Balance of Payments in the Monetarist Model
Developing Countries and Other Small Open Economies with Nontraded Goods
Nontraded Goods
Expenditure and the Relative Price of Nontraded Goods
The Monetary Approach with Nontraded Goods
Summary
Chapter Problems
Suggestions for Further Reading
International Financial Markets and Their Macroeconomic Implications
The Globalization of Financial Markets
The Postwar Financial System (1944-1973)
The Foreign Exchange Market
Liberalization
Innovation
Advantages of Financial Integration
Summary
Chapter Problems
Suggestions for Further Reading
The Effect of a Budget Deficit Under Intertemporal Optimization
The Mundell-Fleming Model with Partial International Capital Mobility
The Model
Fiscal Policy and the Degree of Capital Mobility Under Fixed Rates
Monetary Policy and the Degree of Capital Mobility Under Fixed Rates
When Money Flows Are Not Sterilized
Other Automatic Mechanisms of Adjustment
The Pursuit of Internal and External Balance
Summary
Chapter Problems
Suggestions for Further Reading
Zones of Internal and External Balance
Fiscal and Monetary Policy Under Modern Financial Market Conditions
Fiscal Policy Under Floating: An Effect Mitigated by Capital Mobility
Monetary Policy Under Floating: An Effect Enhanced by Capital Mobility
Policy Under Perfect Capital Mobility
Summary
Chapter Problems
Suggestions for Further Reading
Crises in Emerging Markets
Inflows to Emerging Markets
Managing Outflows
Speculative Attacks
Contagion
IMF Country Programs
Contractionary Effects of Devaluation
Capital Controls
Reform of International Financial Architecture
Summary
Chapter Problems
Suggestions for Further Reading
Interdependence and Policy Coordination
International Transmission of Disturbances Under Floating Exchange Rates
Econometric Models of the Interdependent World Economy
International Macroeconomic Policy Coordination
Summary
Chapter Problems
Suggestions for Further Reading
Supply and Inflation
The Aggregate Supply Relationship
Supply Relationship with Indexed Wages
Inflation
Alternative Anchors for a Country's Money
The Choice of Exchange Rate Regime
Summary
Chapter Problems
Suggestions for Further Reading
The Determination of Exchange Rates in International Asset Markets
Expectations, Money, and the Determination of the Exchange Rate
Interest Rate Parity Conditions
The Monetary Model of Exchange Rates with Flexible Prices
Two Examples of the Importance of Expectations
Overshooting and the Real Exchange Rate
Two More Examples of the Importance of Expectations
Summary
Chapter Problems
Suggestions for Further Reading
Exchange Rate Forecasting and Risk
Forecasting the Spot Exchange Rate
The Role of Exchange Risk
Portfolio Balance Effects on the Exchange Rate
Summary
Chapter Problems
Suggestions for Further Reading
Supplements for Selected Chapters
The Equations of Exchange Equilibrium
Stability and Comparative Statics in the Basic Trade Model

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