International Economics, EMEA Edition

Häftad, Engelska, 2019

Av Dominick Salvatore, Dominick (Fordham University) Salvatore

999 kr

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International Economics, 13th Edition provides students with a comprehensive, up-to-date review of the field’s essential principles and theory. This comprehensive textbook explains the concepts necessary to understand, evaluate, and address the economic problems and issues the nations of the world are currently facing, and are likely to face in the future. Balancing depth and accessibility, the text helps students identify the real-world relevance of the material through extensive practical applications and examples.The new, thoroughly-updated and expanded edition provides students with a solid knowledgebase in international trade theory and policy, balance of payments, foreign exchange markets and exchange rates, open-economy macroeconomics, and the international monetary system. The text uniquely employs the same graphical and numerical model in chapters that cover the same basic concept, allowing students to recognize the relationship among the different topics without having to start with a new example each time. Clear, straightforward discussions of each key concept and theory are complemented by concrete, accessible, and relatable examples that serve to strengthen student comprehension and retention. Topics include the ‘Great Recession,’ the increase in trade protectionism, excessive volatility and large misalignments of exchange rates, and the impacts of resource scarcity and climate change to continued growth and sustainable development.

Produktinformation

Utgivningsdatum2019-12-12
Mått10 x 10 x 10 mm
Vikt454 g
FormatHäftad
SpråkEngelska
Antal sidor720
Upplaga13
FörlagJohn Wiley & Sons Inc
ISBN9781119667520

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Internationell ekonomi inom Ekonomi och ledarskap

1 Introduction 11.1 The Globalization of the World Economy 11.2 International Trade and the Nation’s Standard of Living 41.3 The International Flow of Goods, Services, Labor, and Capital 81.4 International Economic Theories and Policies 121.5 Current International Economic Problems and Challenges 141.6 Organization and Methodology of the Text 16Summary 18Key Terms 19Questions For Review 19Problems 19Appendix 20A1.1 Basic International Trade Data 20A1.2 Sources of Additional International Data and Information 24OC Selected BibliographyOC INTERNetPart 1 International Trade Theory2 The Law of Comparative Advantage 292.1 Introduction 292.2 The Mercantilists’ Views on Trade 302.3 Trade Based on Absolute Advantage: Adam Smith 322.4 Trade Based on Comparative Advantage: David Ricardo 332.5 Comparative Advantage and Opportunity Costs 382.6 The Basis for and the Gains from Trade under Constant Costs 422.7 Empirical Tests of the Ricardian Model 44Summary 47Key Terms 48Questions for Review 48Problems 49Appendix 50A2.1 Comparative Advantage with More Than Two Commodities 50A2.2 Comparative Advantage with More Than Two Nations 52OC Selected BibliographyOC INTERNet3 The Standard Theory of International Trade 533.1 Introduction 533.2 The Production Frontier with Increasing Costs 533.3 Community Indifference Curves 563.4 Equilibrium in Isolation 573.5 The Basis for and the Gains from Trade with Increasing Costs 603.6 Trade Based on Differences in Tastes 67Summary 68Key Terms 69Questions for Review 69Problems 69Appendix 70A3.1 Production Functions, Isoquants, Isocosts, and Equilibrium 71A3.2 Production Theory with Two Nations, Two Commodities, and Two Factors 72A3.3 Derivation of the Edgeworth Box Diagram and Production Frontiers 73A3.4 Some Important Conclusions 76OC Selected BibliographyOC INTERNet4 Demand and Supply, Offer Curves, and the Terms of Trade 774.1 Introduction 774.2 The Equilibrium-Relative Commodity Price with Trade—Partial Equilibrium Analysis 774.3 Offer Curves 804.4 The Equilibrium-Relative Commodity Price with Trade—General Equilibrium Analysis 834.5 Relationship Between General and Partial Equilibrium Analyses 844.6 The Terms of Trade 86Summary 88Key Terms 89Questions for Review 89Problems 89Appendix 90A4.1 Derivation of a Trade Indifference Curve for Nation 1 90A4.2 Derivation of Nation 1’s Trade Indifference Map 92A4.3 Formal Derivation of Nation 1’s Offer Curve 92A4.4 Outline of the Formal Derivation of Nation 2’s Offer Curve 94A4.5 General Equilibrium of Production, Consumption, and Trade 96A4.6 Multiple and Unstable Equilibria 96OC Selected BibliographyOC INTERNet5 Factor Endowments and the Heckscher–Ohlin Theory 995.1 Introduction 995.2 Assumptions of the Theory 1005.3 Factor Intensity, Factor Abundance, and the Shape of the Production Frontier 1015.4 Factor Endowments and the Heckscher–Ohlin Theory 1075.5 Factor–Price Equalization and Income Distribution 1125.6 Empirical Tests of the Heckscher–Ohlin Model 119Summary 125Key Terms 126Questions for Review 127Problems 127Appendix 128A5.1 The Edgeworth Box Diagram for Nation 1 and Nation 2 129A5.2 Relative Factor–Price Equalization 130A5.3 Absolute Factor–Price Equalization 132A5.4 Effect of Trade on the Short-Run Distribution of Income: The Specific-Factors Model 132A5.5 Illustration of Factor–Intensity Reversal 134A5.6 The Elasticity of Substitution and Factor–Intensity Reversal 136A5.7 Empirical Tests of Factor–Intensity Reversal 137OC Selected BibliographyOC INTERNet6 Economies of Scale, Imperfect Competition, and International Trade 1386.1 Introduction 1386.2 The Heckscher–Ohlin Model and New Trade Theories 1386.3 Economies of Scale and International Trade 1406.4 Imperfect Competition and International Trade 1436.5 Trade Based on Dynamic Technological Differences 1526.6 Costs of Transportation, Environmental Standards, and International Trade 156Summary 160Key Terms 161Questions for Review 161Problems 162Appendix 162A6.1 External Economies and the Pattern of Trade 162A6.2 Dynamic External Economies and Specialization 164OC Selected BibliographyOC INTERNet7 Economic Growth and International Trade 1667.1 Introduction 1667.2 Growth of Factors of Production 1677.3 Technical Progress 1697.4 Growth and Trade: The Small-Country Case 1727.5 Growth and Trade: The Large-Country Case 1777.6 Growth, Change in Tastes, and Trade in Both Nations 182Summary 184Key Terms 185Questions for Review 185Problems 186Appendix 187A7.1 Formal Proof of the Rybczynski Theorem 187A7.2 Growth with Factor Immobility 189A7.3 Graphical Analysis of Hicksian Technical Progress 190OC Selected BibliographyOC INTERNetPart 2 International Trade Policy8 Trade Restrictions: Tariffs 1958.1 Introduction 1958.2 Partial Equilibrium Analysis of a Tariff 1978.3 The Theory of Tariff Structure 2038.4 General Equilibrium Analysis of a Tariff in a Small Country 2078.5 General Equilibrium Analysis of a Tariff in a Large Country 2108.6 The Optimum Tariff 212Summary 213Key Terms 214Questions for Review 214Problems 215Appendix 216A8.1 Partial Equilibrium Effects of a Tariff in a Large Nation 216A8.2 Derivation of the Formula for the Rate of Effective Protection 218A8.3 The Stolper–Samuelson Theorem Graphically 219A8.4 Exception to the Stolper–Samuelson Theorem—The Metzler Paradox 221A8.5 Short-Run Effect of a Tariff on Factors’ Income 222A8.6 Measurement of the Optimum Tariff 224OC Selected BibliographyOC INTERNet9 Nontariff Trade Barriers and the New Protectionism 2269.1 Introduction 2269.2 Import Quotas 2269.3 Other Nontariff Barriers and the New Protectionism 2299.4 The Political Economy of Protectionism 2389.5 Strategic Trade and Industrial Policies 2429.6 History of U.S. Commercial Policy 2469.7 The Uruguay Round, the Failed Doha Round, and the Outstanding Trade Problems 250Summary 255Key Terms 256Questions for Review 257Problems 257Appendix 258A9.1 Centralized Cartels 258A9.2 International Price Discrimination 259A9.3 Tariffs, Subsidies, and Domestic Goals 260OC Selected BibliographyOC INTERNet10 Economic Integration: Customs Unions and Free Trade Areas 26210.1 Introduction 26210.2 Trade-Creating Customs Union 26310.3 Trade-Diverting Customs Unions 26410.4 The Theory of the Second Best and Other Static Welfare Effects of Customs Unions 26610.5 Dynamic Benefits from Customs Unions 26810.6 History of Attempts at Economic Integration 269Summary 280Key Terms 281Questions for Review 281Problems 281Appendix 282A10.1 General Equilibrium Analysis of the Static Effects of a Trade-Diverting Customs Union 282A10.2 Regional Trade Agreements and Other Groups Around the World in June 2018 284OC Selected BibliographyOC INTERNet11 International Trade and Economic Development 28911.1 Introduction 28911.2 The Importance of Trade to Development 29011.3 The Terms of Trade and Economic Development 29511.4 Export Instability and Economic Development 30011.5 Import Substitution versus Export Orientation 30311.6 Current Problems Facing Developing Countries 307Summary 313Key Terms 313Questions for Review 314Problems 314Appendix 315A11.1 Income Inequalities by Traditional and Purchasing-Power Parity (PPP) Measures 315A11.2 The World by Income 316OC Selected BibliographyOC INTERNet12 International Resource Movements and Multinational Corporations 31912.1 Introduction 31912.2 Some Data on International Capital Flows 32012.3 Motives for International Capital Flows 32312.4 Welfare Effects of International Capital Flows 32612.5 Multinational Corporations 32912.6 Motives for and Welfare Effects of International Labor Migration 334Summary 338Key Terms 339Questions for Review 339Problems 339Appendix 340A12.1 The Transfer Problem 340A12.2 International Trade, Financial and Aid Flows, and Migration 341OC Selected BibliographyOC INTERNetPart 3 The Balance of Payments, Foreign Exchange Markets, and Exchange Rates13 Balance of Payments 34713.1 Introduction 34713.2 Balance of Payments Accounting 34813.3 The International Transactions of the United States 35013.4 Accounting Balances and the U.S. Balance of Payments 35313.5 The Postwar Balance of Payments of the United States 35313.6 The Importance of the Current Account 35613.7 The International Investment Position of the United States 357Summary 360Key Terms 361Questions for Review 361Problems 362Appendix 362A13.1 The IMF Method of Reporting International Transactions 362OC Selected BibliographyOC INTERNet14 Foreign Exchange Markets and Exchange Rates 36614.1 Introduction 36614.2 Functions of the Foreign Exchange Markets 36614.3 Foreign Exchange Rates 37014.4 Spot and Forward Rates, Currency Swaps, Futures, and Options 37614.5 Foreign Exchange Risks, Hedging, and Speculation 37914.6 Interest Arbitrage and the Efficiency of Foreign Exchange Markets 38514.7 Eurocurrency or Offshore Financial Markets 392Summary 396Key Terms 397Questions for Review 398Problems 398Appendix 399A14.1 Derivation of the Formula for the Covered Interest Arbitrage Margin 399OC Selected BibliographyOC INTERNet15 Exchange Rate Determination 40115.1 Introduction 40115.2 Purchasing-Power Parity Theory 40215.3 Monetary Approach to the Balance of Payments and Exchange Rates 40715.4 Portfolio Balance Model and Exchange Rates 41615.5 Exchange Rate Dynamics 42115.6 Empirical Tests of the Monetary and Portfolio Balance Models and Exchange Rate Forecasting 425Summary 428Key Terms 429Questions for Review 429Problems 429Appendix 431A15.1 Formal Monetary Approach Model 431A15.2 Formal Portfolio Balance Model and Exchange Rates 433OC Selected BibliographyOC INTERNetPart 4 Open-Economy Macroeconomics and the International Monetary System16 The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates 43716.1 Introduction 43716.2 Adjustment with Flexible Exchange Rates 43816.3 Effect of Exchange Rate Changes on Domestic Prices and the Terms of Trade 44116.4 Stability of Foreign Exchange Markets 44316.5 Elasticities in the Real World 44516.6 Adjustment under the Gold Standard 454Summary 456Key Terms 457Questions for Review 457Problems 458Appendix 458A16.1 The Effect of Exchange Rate Changes on Domestic Prices 458A16.2 Derivation of the Marshall–Lerner Condition 460A16.3 Derivation of the Gold Points and Gold Flows Under the Gold Standard 462OC Selected BibliographyOC INTERNet17 The Income Adjustment Mechanism and Synthesis of Automatic Adjustments 46417.1 Introduction 46417.2 Income Determination in a Closed Economy 46517.3 Income Determination in a Small Open Economy 46817.4 Foreign Repercussions 47617.5 Absorption Approach 47917.6 Monetary Adjustments and Synthesis of the Automatic Adjustments 481Summary 484Key Terms 485Questions for Review 485Problems 486Appendix 487A17.1 Derivation of Foreign Trade Multipliers with Foreign Repercussions 487A17.2 The Transfer Problem Once Again 489OC Selected BibliographyOC INTERNet18 Open-Economy Macroeconomics: Adjustment Policies 49118.1 Introduction 49118.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies 49418.3 Equilibrium in the Goods Market, in the Money Market, and in the Balance of Payments 49618.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates 49818.5 The IS–LM–BP Model with Flexible Exchange Rates 50618.6 Policy Mix and Price Changes 51018.7 Direct Controls 516Summary 519Key Terms 520Questions for Review 520Problems 521Appendix 522A18.1 Derivation of the IS Curve 522A18.2 Derivation of the LM Curve 524A18.3 Derivation of the BP Curve 525A18.4 Mathematical Summary 527OC Selected BibliographyOC INTERNet19 Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply 52819.1 Introduction 52819.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy 52819.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates 53419.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demand in Open Economies with Flexible Prices 53619.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible Prices 53919.6 Macroeconomic Policies to Stimulate Growth and Adjust to Supply Shocks 544Summary 549Key Terms 550Questions for Review 550Problems 551OC Selected BibliographyOC INTERNet20 Flexible Versus Fixed Exchange Rates, the European Monetary System, and Macroeconomic Policy Coordination 55220.1 Introduction 55220.2 The Case for Flexible Exchange Rates 55320.3 The Case for Fixed Exchange Rates 55520.4 Optimum Currency Areas, the European Monetary System, and the European Monetary Union 56220.5 Currency Boards Arrangements and Dollarization 57120.6 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs, and Managed Floating 57320.7 International Macroeconomic Policy Coordination 578Summary 580Key Terms 581Questions for Review 581Problems 581Appendix 582A20.1 Exchange Rate Arrangements 582OC Selected BibliographyOC INTERNet21 The International Monetary System: Past, Present, and Future 58621.1 Introduction 58621.2 The Gold Standard and the Interwar Experience 58721.3 The Bretton Woods System 59021.4 Operation and Evolution of the Bretton Woods System 59221.5 U.S. Balance-of-Payments Deficits and Collapse of the Bretton Woods System 59621.6 The International Monetary System: Present and Future 599Summary 615Key Terms 616Questions for Review 617Problems 617Appendix 618A21.1 International Reserves: 1950–2018 618OC Selected BibliographyOC INTERNetGlossary of Key Terms G-1Name Index I-1Subject Index I-5