World Economy Trade and Finance

ISBN-10: 0324203977
ISBN-13: 9780324203974
Edition: 7th 2006
List price: $216.95
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Description: The connection between international economics and your daily life is greater than you might think. THE WORLD ECONOMY: TRADE AND FINANCE is the most accurate, balanced, and user-friendly textbook available. And, at the end of every chapter you'll  More...

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Book details

List price: $216.95
Edition: 7th
Copyright year: 2006
Publisher: Cengage South-Western
Publication date: 4/18/2005
Binding: Hardcover
Pages: 784
Size: 8.25" wide x 10.00" long x 1.25" tall
Weight: 3.498
Language: English

The connection between international economics and your daily life is greater than you might think. THE WORLD ECONOMY: TRADE AND FINANCE is the most accurate, balanced, and user-friendly textbook available. And, at the end of every chapter you'll see at least three examples of how economic issues are impacting your life as a student and a citizen. Whether you need a great grade in the class or an economics textbook you'll use again and again, make THE WORLD ECONOMY: TRADE AND FINANCE your choice to help you succeed.

Introduction to the World Economy
Why Study International Economics?
What Do We Mean by International Interdependence?
The Economic Significance of Political Boundaries
Studying International Economics
International Microeconomics
Comparative Advantage I: Labor Productivity and Trade
Introduction
Early Thinking about Trade: The Mercantilists
The Decline of Mercantilism (and the Birth of Economics)
Keeping Things Simple: Some Assumptions
The Ricardian World without Trade
The Ricardian World with Trade
The Gains from Trade: Exchange and Specialization
Using Demand and Supply to Analyze Trade
Can the Ricardian Model Really Explain Trade?
Does Labor Productivity Really Vary?
Which Plants Export?
What Can the World Produce? The World Production Possibilities Frontier
Comparative Advantage II: Factor Endowments and Trade
Introduction
The Neoclassical World without Trade
The Neoclassical World with Trade
Sources of Comparative Advantage
Lights-Out Factories
From Fish to Information Technology
Socks: Made in USA
Can Heckscher-Ohlin Explain China's Trade?
The Edgeworth Box
Offer Curves
Trade, Distribution, and Welfare
Introduction
How Do Output Prices Affect Factor Prices? The Stolper-Samuelson Theorem
How Do Factor Prices Vary Across Countries? The Factor Price Equalization Theorem
What if Factors Are Immobile in the Short Run? The Specific-Factors Model
Trade and Welfare: Gainers, Losers, and Compensation
Trade and Wages I: Asia
Trade and Wages II: The United States
Deja Vu: Learning from the History of the World Economy
A Rare Opportunity: Learning from Japanese Economic History
Beyond Comparative Advantage: Empirical Evidence and New Trade Theories
Introduction
Questions to Be Answered
How Do We Know if a Theory about Trade Is Correct?
Testing the Heckscher-Ohlin Model
Intra-Industry Trade
Trade with Economies of Scale
Technology-Based Theories of Trade: The Product Cycle
Overlapping Demands as a Basis for Trade
Transport Costs as a Determinant of Trade
Location of Industry
Trade and Sir Isaac Newton's Apples
Are there Economies of Scale?
Around the World in 22 Days
Tariffs
Introduction
Why Would a Country Impose a Tariff?
Types of Tariffs and Ways to Measure Them
What Happens When a Small Country Imposes an Import Tariff?
What Happens When a Large Country Imposes an Import Tariff?
How Does a Tariff Affect Factor Prices? Specific Factors and Stolper-Samuelson
Tariffs and Economies of Scale
The Effective Rate of Protection
Offshore Assembly Provisions
Taxing Exports
Making Cheap Medicine Expensive
Binding Policy Makers' Hands
China, Tariffs, and the WTO
Offer Curves and Tariffs
General-Equilibrium Tariff Effects in a Small Country
Nontariff Barriers
Introduction
Quotas
Comparison of Import Tariffs and Quotas
Export Quotas
Subsidies and Countervailing Duties
Dumping
Administrative and Technical Standards
How Can We Measure Nontariff Barriers?
Shooting Down the Byrd Amendment
Cotton Pits Farmer versus Farmer
Arguments for Restricting Trade
Introduction
Categories of Arguments for Trade Restrictions
What about "Infant" Industries?
What If Markets Aren't Competitive?
What If There Are Externalities?
Shouldn't the "Playing Field" Be Level?
How Can We Compete with Low-Wage Countries?
How Do We Handle National Security and Defense?
Aren't Goods and Money Better than Just Goods?
Can We Threaten Other Countries into Trade Liberalization?
Sticky Business in Singapore
No, the Other Type of Dumping
Spawning a Trade Dispute
MITI Miracles?
Science, or Politics?
The Political Economy of Trade Policy and Borders
Introduction
The Political Economy of National Trade Policy
How Did We Get Here? A Brief History of International Trade Policy
Economic Integration and Regional Trading
Interregional Trade
NAFTA Traffic Jams
I.D. Cards for Avocados
All in the Family
Is Japan Being Left Out?
Growth, Immigration, and Multinationals
Introduction
Economic Growth I: More Inputs
Economic Growth II: More Productivity
What if Factors Can Move?
Growth Myths and Miracles
How Big Are They?
Saving, Investment, and Intertemporal Trade
Send Money
Development, Transition, and Trade
Introduction
Defining Development
Development Issues
Agriculture, Industry, or Both?
North-South Issues
Developing Markets: Economies in Transition
Does Aid Aid Growth?
Does Policy Matter? The Two Koreas
Open to Development
Reproducing Pharmaceuticals
Oil Junkies?
WTO Member or Market Economy?
International Macroeconomics
Currency Markets and Exchange Rates
Introduction
Exchange Rates and Prices
Foreign Exchange Markets
Interest Parity
Demand and Supply in the Foreign Exchange Market
How Are Exchange Rates Determined under a Flexible-Rate Regime?
How Are Exchange Rates Determined under a Fixed-Rate Regime?
The Effective Exchange Rate
Offshore Currency Markets
Multinationals and Foreign Exchange
Picking Stocks Means Picking Currencies
Herstatt Risk
Foreign Exchange Market Update
The Balance-of-Payments Accounts
Introduction
What's in the Balance-of-Payments Accounts?
What Are Balance-of-Payments Surpluses and Deficits?
What's the Connection? The Balance of Payments and the Foreign Exchange Market
The U.S.-China Trade Deficit: $10 Billion or $40 Billion?
The United States as a Debtor
Rest of Galaxy Enjoys Current-Account Surplus
World Merchandise Trade
The Market for Goods and Services in an Open Economy
Introduction
How Do We Measure a Country's Output?
What Determines Output and Income in an Open Economy?
How Does International Trade Affect the Market for Goods and Services?
What Causes Changes in the Market for Goods and Services?
Interdependence: Protectionism, Income, and the Current Account
The "Twin Deficits"
A Concise Graphical Summary: The IS Curve
Components of GDP
The Peso and Mexico-U.S. Trade
The Macroeconomics of German Unification
Money, the Banking System, and Foreign Exchange
Introduction
Money in the World Economy
Banking Crises
Foreign Exchange
Bringing It All Together
How a Flexible Exchange Rate Regime Works
How a Fixed Exchange Rate Regime Works
Trying to Get the Best of Both Worlds
Where the Foreign Exchange Reserves Are
Birth of a Currency
Banking on Unification
Short-Run Macroeconomic Policy under Fixed Exchange Rates
Introduction
Macroeconomic Goals in an Open Economy
Macroeconomic Policy with Immobile Capital
Macroeconomic Policy with Perfectly Mobile Capital
Macroeconomic Policy with Imperfectly Mobile Capital
A Special Case: The Reserve-Currency Country
More on German Unification
Betting Against the Baht
Pesos and Tequila
The Two Faces of Capital Flows
Paying the Bills
Pegged, But to What?
Capital Decontrols
Short-Run Macroeconomic Policy under Flexible Exchange Rates
Introduction
Macroeconomic Policy with Immobile Capital
Macroeconomic Policy with Perfectly Mobile Capital
Macroeconomic Policy with Imperfectly Mobile Capital
The Policy Mix
Summary of Short-Run Policy Effectiveness Under a Flexible Exchange Rate
The Japan Slump
Policy Squeezes: To Do, or Not to Do?
Floating the Pound
The Budget and the Dollar
The Truth about Exchange Rate Regimes
The Exchange Rate in Long-Run Equilibrium
Introduction
Money in Long-Run Equilibrium
Purchasing Power Parity
The Monetary Approach to the Exchange Rate
The Real Exchange Rate
Long-Run Equilibrium Exchange Rates
More on Why Interest Rates Differ
Tank-Touristen
Purchasing Power Parity at Home?
Nontraded Goods and the Real Exchange Rate
Dry Cleaning in Oslo and Karachi
Prices and Output in an Open Economy
Introduction
Apples versus GDP: Supply in Micro- and Macroeconomics
Aggregate Demand under Fixed Exchange Rates
Long-Run Aggregate Supply
Medium-Run Aggregate Supply
Combining Aggregate Demand and Aggregate Supply
Macroeconomic Policy under Fixed Exchange Rates
Aggregate Demand under Flexible Exchange Rates
Macroeconomic Policies under Flexible Exchange Rates
Supply Shocks
Unemployment-Structural and Cyclical
The Ups and Downs of Business Cycles
The Aggregate Demand Curve
International Monetary Regimes
Introduction
What Does a Monetary Regime Need to Do?
The Gold Standard, 1880-1913: Panacea or Rose-Colored Glasses?
The Interwar Years, 1919-1939: Search for an International Monetary System
Bretton Woods, 1945-1971: A Negotiated International Monetary System
Post-Bretton Woods, 1973-: Another Search for an International Monetary System
The Fixed-versus-Flexible Debate
Money in the European Union: From EMS to EMU
Mapping the Euro Zone
Do Floating Rates Really Float?
When Is a Central Bank Not a Central Bank?
Is Growth Fixed or Flexible?
Su Currency Es Mi Currency
Macroeconomics of Development and Transition
Introduction
Development and the Macroeconomy
Transition and the Macroeconomy
The HIPC Initiative
Monetary-Policy Transition in China
Ownership Matters
Country or Economy Index
Subject Index

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