International Economics

ISBN-10: 0321336372

ISBN-13: 9780321336378

Edition: 7th 2007 (Revised)

Authors: Steven Husted, Michael Melvin

List price: $173.33
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Description:

The authors use real data and issues to motivate theoretical discussions, so that students leave the course with a practical understanding of major policy questions. This new edition covers the latest work on outsourcing and the effects of free trade, and gives expanded discussion of intellectual propetry protection.
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Book details

List price: $173.33
Edition: 7th
Copyright year: 2007
Publisher: Addison-Wesley Longman, Incorporated
Publication date: 7/10/2006
Binding: Hardcover
Pages: 584
Size: 7.75" wide x 9.50" long x 0.80" tall
Weight: 2.244
Language: English

Michael Melvin is currently Head of Currency Research at Barclays Global Investors. He also retains affiliations at the Arizona State University Department of Economics and the Haas School of Business at the University of California, Berkeley. Dr. Melvin received his Ph.D. in economics from UCLA in 1980. He has served as a visiting scholar at the Federal Reserve Board and the International Monetary Fund, was a Fulbright Professor at the University of Frankfurt, and has been a visiting professor at UCLA, Northwestern University, U.C. San Diego, and the University of Hawaii. His field of specialization is International Finance, and he is the coeditor of the Journal of International Money and Finance.

Preface
About the Authors
An Introduction to International Trade
Characteristics of National Economies
Economic Growth
International Trade
The Direction of International Trade
What Goods Do Countries Trade?
Summary
Exercises
Internet Applications
Tools of Analysis for International Trade Models
Some Methodological Preliminaries
The Basic Model: Assumptions
The Basic Model: Solutions
Measuring National Welfare
National Supply and Demand
Measurement of Real Income
Summary
Exercises
Internet Applications
The Classical Model of International Trade
Absolute Advantage as a Basis for Trade: Adam Smith's Model
Comparative Advantage as a Basis for Trade: David Ricardo's Model
The General Equilibrium Solution of the Classical Model
The Gains from International Trade
Japan's Gains from Entry into World Trade in 1858
The Relationship Between Trade and Wages
Wage and Productivity Comparisons for the United States and Mexico
An Evaluation of the Classical Model
Summary
Exercises
Internet Applications
The Classical Model with Many Goods
Offer Curves and the Terms of Trade
The Heckscher-Ohlin Model
The HO Model: Basic Assumptions
Capital/Labor Ratios of Selected U.S. Industries
Capital/Labor Ratios of Selected Countries
The HO Theorem
Equilibrium in the HO Model
Some New HO Theorems
Trade, Wages, and Jobs in the U.S. Economy
Some Final Observations
Summary
Exercises
Internet Applications
Alternate Proofs of Selected HO Theorems
The Specific Factors Model
Tests of Trade Models: The Leontief Paradox and Its Aftermath
Tests of the Classical Model
Tests of the HO Model
Attempted Reconciliations of Leontief's Findings
Other Tests of the HO Model
Recent Tests of the HO Model
Alternative Theories of Comparative Advantage
Human Skills Theory
Product Life Cycle Theory
Similarity of Preferences Theory
Intraindustry Trade
Increasing Returns and Imperfect Competition
Conclusions
Summary
Exercises
References
Internet Applications
Tariffs
The Gains from Free Trade
Tariffs: An Introduction
Tariffs: An Economic Analysis
The Gains from Free Trade: One More Time
The Welfare Cost of Tariffs
Some Complications
The Welfare Costs of Tariffs: Estimates from Certain U.S. Industries
The Optimal Tariff
The Smoot-Hawley Tariff and Its Aftermath
How High Are Tariffs?
Effective Rate of Protection
Summary
Exercises
References
Internet Applications
Nontariff Barriers and Arguments for Protection
Quotas
The Welfare Effects of Quotas
The Equivalence or Nonequivalence of Tariffs and Quotas
Other Nontariff Barriers
Export Subsidies
Government Procurement Policies
Health and Safety Standards
Failure to Protect Intellectual Property Rights
How Important Are Nontariff Barriers?
Arguments for Protection
Invalid Arguments
Valid Arguments
Summary
Exercises
References
Internet Applications
Commercial Policy: History and Practice
History of U.S. Commercial Policy
The GATT Agreement
The Uruguay Round and the Creation of the WTO
U.S. Tuna Quotas to Save Dolphins
The Doha Round
The Conduct of U.S. Commercial Policy
Dumping
Antidumping Law
Countervailing Duty Law
Canada Softwood Lumber
Unfair Foreign Practices: Section 301
The Escape Clause: Section 201
Escape Clause Tariffs on U.S. Steel Imports
Other Measures
Comparisons with Policies in Other Countries
Summary
Exercises
References
Internet Applications
Preferential Trade Arrangements
Preferential Trade Arrangements: Economic Analysis
North American Free Trade Agreement
NAFTA and the U.S. Economy: Twelve Years Later
Details of the NAFTA
European Union
The EU Government
The Europe 1992 Initiative
Regionalism versus Multilateralism
Other Preferential Trade Arrangements
Summary
Exercises
References
Internet Applications
International Trade and Economic Growth
Trade and Development
Primary-Export-Led Development Policies
Import-Substitution Development Policies
Outward-Looking Development Policies
Trade and Growth
Trade and Growth: Some Additional Comments
Technological Change
Growth, Prices, and Welfare
The Dutch Disease
International Flows of Factors
Labor
Capital
Economic Analysis
U.S. Outsourcing
Summary
Exercises
References
Internet Applications
An Introduction to International Finance
The Balance of Payments
Exchange Rates
Prices and Exchange Rates
Interest Rates and Exchange Rates
Additional Major Topics
Summary
Exercises
Internet Applications
The Balance of Payments
Current Account
Financing the Current Account: The Financial Account
National Saving, Investment, and the Current Account
The World's Largest Debtor
Additional Summary Measures
Transactions Classification
Balance-of-Payments Equilibrium and Adjustment
Summary
Exercises
References
Internet Applications
The Foreign-Exchange Market
Spot Rates
Arbitrage
Forward Rates
Swaps
The Futures Market
Foreign-Currency Options
Exchange Rate Supply and Demand and Central-Bank Intervention
Black Markets and Parallel Markets
Summary
Exercises
References
Internet Applications
Exchange Rate Indexes
Prices and Exchange Rates: Purchasing Power Parity
Absolute Purchasing Power Parity
The U.S. Consumer Price Index
Relative Purchasing Power Parity
Time, Inflation, and PPP
Hyperinflation in Bolivia
Deviations from PPP
"Overvalued" and "Undervalued" Currencies
Real Exchange Rates
Summary
Exercises
References
Internet Applications
Exchange Rates, Interest Rates, and Interest Parity
Interest Parity
Interest Rates and Inflation
Lenders and Borrowers, Losers and Winners
Exchange Rates, Interest Rates, and Inflation
Expected Exchange Rates and the Term Structure of Interest Rates
Summary
Exercises
References
Internet Applications
Taxation and Interest Rate Parity
Foreign-Exchange Risk, Forecasting, and International Investment
Types of Foreign-Exchange Risk
Foreign-Exchange Risk Premium
Market Efficiency
Foreign-Exchange Forecasting
International Investment and Portfolio Diversification
Direct Foreign Investment
Capital Elight
Capital Inflow Issues
International Lending and Crises
Summary
Exercises
References
Internet Applications
Basic Theories of the Balance of Payments
The Elasticities Approach to the Balance of Trade
Elasticities and J Curves
The Currency-Contract Period
The Pass-Through Period
The Pass-Through Effect and Profits
The Evidence from Devaluations
The Absorption Approach
The Monetary Approach to the Balance of Payments
Summary
Exercises
References
Internet Applications
Stable Foreign-Exchange Markets and the Marshall-Lerner Condition
Exchange Rate Theories
The Asset Approach
The Monetary Approach
The Portfolio Balance Approach
Sterilization
Exchange Rates and the Trade Balance
Overshooting Exchange Rates
Currency Substitution
The Role of News
Foreign-Exchange Market Microstructure
Summary
Exercises
References
Internet Applications
Alternative International Monetary Standards
The Gold Standard: 1880-1914
The Interwar Period: 1918-1939
The Gold Exchange Standard: 1944-1970
The International Monetary Fund
The Transition Years: 1971-1973
Floating Exchange Rates: Since 1973
The Choice of an Exchange Rate System
Optimum Currency Areas
The European Monetary System and the Euro
Target Zones
Currency Boards
Speculative Attacks and the Mexican and Asian Financial Crises
International Reserve Currencies
Multiple Exchange Rates
Summary
Exercises
References
Internet Applications
International Banking, Debt, and Risk
The Origins of Offshore Banking
Libor
International Banking Facilities
Offshore Banking Practices
International Debt
Islamic Banking
IMF Conditionality
The Role of Corruption
Country-Risk Analysis
Blocked Funds
Summary
Exercises
References
Internet Applications
Open-Economy Macroeconomic Policy and Adjustment
Internal and External Macroeconomic Equilibrium
The IS Curve
The LM Curve
The BP Curve
Equilibrium
Monetary Policy under Fixed Exchange Rates
Fiscal Policy under Fixed Exchange Rates
Monetary Policy under Floating Exchange Rates
Fiscal Policy under Floating Exchange Rates
The New Open-Economy Macroeconomics
International Policy Coordination
The Plaza Agreement
The Open-Economy Multiplier
Summary
Exercises
References
Internet Applications
Glossary
Index
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