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International economics:

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Bibliographic Details
Main Authors:	Husted, Steven L. (Author), Melvin, Michael 1948- (Author)
Format:	Book
Language:	English
Published:	Boston ; Munich [u.a.] Addison-Wesley 2010
Edition:	8. ed., internat. ed.
Series:	The Addison-Wesley series in economics
Subjects:	International economic relations Weltwirtschaft Welthandel
Links:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017545204&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
Item Description:	Previous ed.: 2007
Physical Description:	XIX, 570 S. graph. Darst., Kt.
ISBN:	9780321614902 0321614909

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Record in the Search Index

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adam_text	Contents Preface xv About the Authors xix An Introduction to International Trade ι Characteristics of National Economies 3 Economic Growth 8 International Trade 9 The Direction of International Trade 13 What Goods Do Countries Trade? 18 Summary 25 Exercises 26 Tools of Analysis for International Trade Models 27 Some Methodological Preliminaries 29 The Basic Model: Assumptions 31 GLOBAL INSIGHTS 2.1: World Response to Higher Relative Price of Oil 33 The Basic Model: Solutions 41 Measuring National Welfare 44 National Supply and Demand 46 Summary 48 Exercises 49 Appendix 2.1 Derivation of National Supply and Demand Curves 51 The Classical Model of International Trade 53 Absolute Advantage as a Basis for Trade.- Adam Smith s Model 54 Comparative Advantage as a Basis for Trade: David Ricardo s Model 60 The General Equilibrium Solution of the Classical Model 62 vi Contents The Gains from International Trade 67 GLOBAL INSIGHTS 3.1: Japan s Gains from Entry into World Trade in 1858 70 The Relationship Between Trade and Wages 70 GLOBAL INSIGHTS 3.2: Wage and Productivity Comparisons for the United States and Mexico 73 An Evaluation of the Classical Model 75 Summary 76 Exercises 76 ι Appendix 3.1 The Classical Model with Many Goods 79 ι Appendix 3.2 Offer Curves and the Terms of Trade 81 The Heckscher-Ohlin Model 85 The HO Model: Basic Assumptions 87 GLOBAL INSIGHTS 4.1 ·. Capital/Labor Ratios of Selected U.S. Industries 89 The HO Theorem 92 Equilibrium in the HO Model 94 Some New HO Theorems 1 °° GLOBAL INSIGHTS 4.2: Trade, Wages, and Jobs in the U.S. Economy 104 Some Final Observations 106 Summary 107 Exercises 107 ι Appendix 4.1 Alternate Proofs of Selected HO Theorems 1 Ю The Heckscher-Ohlin Theorem (Price Definition) 111 The Rybczynski Theorem 113 The Stolper-Samuelson Theorem 114 • Appendix 4.2 The Specific Factors Model 1 łó Tests of Trade Models: The Leontief Paradox and Its Aftermath 1 19 Tests of the Classical Model 120 Tests of the HO Model 122 Attempted Reconciliations of Leontief s Findings 125 Other Tests of the HO Model 128 Recent Tests of the HO Model 129 Contents vii Alternative Theories of Comparative Advantage 132 Human Skills Theory 132 Product Life Cycle Theory 133 Similarity of Preferences Theory 134 Intraindustry Trade 135 Increasing Returns and Imperfect Competition 137 Conclusions 142 Summary 143 Exercises 144 References 145 Tariffs 146 The Gains from Free Trade 147 Tariffs: An Introduction 150 Tariffs: An Economic Analysis 154 The Gains From Free Trade: One More Time 156 The Welfare Cost of Tariffs 159 Tariffs: Some Extensions 163 Export Tariff 163 GLOBAL INSIGHTS 6.1 : The Welfare Costs of Tariffs: Estimates from Certain U.S. Industries 164 GLOBAL INSIGHTS 6.2: Export Tariffs on Various Agricultural Products 167 The Optimal Tariff 168 GLOBAL INSIGHTS 6.3: The Smoot-Hawley Tariff and Its Aftermath 172 How High Are Tariffs? 174 Summary 176 Exercises 176 References 178 Nontariff Barriers and Arguments for Protection 1 79 Quotas 180 The Welfare Effects of Quotas 183 The Equivalence or Nonequivalence of Tariffs and Quotas 186 viii Contents Other Nontariff Barriers 1 88 Customs Valuation Practices 188 Government Procurement Policies 189 Technical Barriers to Trade 190 Health and Safety Standards 19 1 Failure to Protect Intellectual Property Rights 192 Exportsubsidies 193 Arguments for Protection 1 94 Invalid Arguments 195 Valid Arguments 197 GLOBAL INSIGHTS 7.1: Trade, Technology, and U.S. Pollution 208 Strategic Trade Policies 208 Summary 212 Exercises 213 References 214 Commercial Policy: History and Practice 215 History of U.S. Commercial Policy 216 GLOBAL INSIGHTS 8.1 : The GATT Agreement 221 The Uruguay Round and the Creation of the WTO 224 TRADE POLICY CASE STUDY 1: U.S. Tuna Quotas to Save Dolphins 228 The DOHA Round 229 The Conduct of U.S. Commercial Policy 231 Dumping 231 Antidumping Law 234 Countervailing Duty Law 236 Unfair Foreign Practices: Section 301 238 TRADE POLICY CASE STUDY 2: The International Bananas Dispute 239 The Escape Clause: Section 201 241 TRADE POLICY CASE STUDY 3: Escape Clause Tariffs on U.S. Steel Imports 242 Other Measures 243 Comparisons with Policies in Other Countries 244 Summary 246 Exercises 246 References 247 Contents ix Preferential Trade Arrangements 248 Preferential Trade Arrangements: Economic Analysis 250 North American Free Trade Agreement 254 GLOBAL INSIGHTS 9.1 : Details of the NAFTA 255 Other U.S. Free-Trade Area Agreements 259 European Union 261 The EU Government 261 The Single Market Initiative 263 Regionalism versus Multilateralism 264 GLOBAL INSIGHTS 9.2: Other Preferential Trade Arrangements 265 Summary 267 Exercises 268 References 269 International Trade and Economic Growth 270 Trade and Development 271 Primary-Export-Led Development Policies 272 Import-Substitution Development Policies 275 Outward-Looking Development Policies 276 Trade and Growth 276 Trade and Growth: Some Additional Comments 285 Technological Change 285 Growth, Prices, and Welfare 286 GLOBAL INSIGHTS 10.1 : The Dutch Disease 288 International Flows of Factors 289 Labor 289 Capital 291 Economic Analysis 294 GLOBAL INSIGHTS 10.2: U.S. Outsourcing 295 Summary 299 Exercises 300 References 301 An Introduction to International Finance 302 The Balance of Payments 303 Exchange Rates 303 Prices and Exchange Rates 306 Contents Interest Rates and Exchange Rates 307 Additional Major Topics 309 Summary 311 Exercises 311 The Balance of Payments 3 1 2 Cu rrent Account 316 Financing the Current Account: The Financial Account 318 National Saving, Investment, and the Current Account 319 GLOBAL INSIGHTS 12.1: The World s Largest Debtor 320 Additional Summary Measures 321 Transactions Classification 322 Balance-of-Payments Equilibrium and Adjustment 325 Summary 327 Exercises 327 References 328 The Foreign-Exchange Market 330 Spot Rates 331 Arbitrage 334 Forward Rates 336 Swaps 338 The Futures Market 340 Foreign-Currency Options 341 GLOBAL INSIGHTS 13.1: Exchange Rate Indexes 342 Exchange Rate Supply and Demand and Central-Bank Intervention 343 Black Markets and Parallel Markets 345 Summary 346 Exercises 346 References 348 Prices and Exchange Rates: Purchasing Power Parity 349 Absolute Purchasing Power Parity 350 GLOBAL INSIGHTS 14.1: The U.S. Consumer Price Index 351 Contents xl Relative Purchasing Power Parity 353 Time, Inflation, and PPP 354 GLOBAL INSIGHTS 14.2: Hyperinflation in Bolivia 355 Deviations from PPP 357 Overvalued and Undervalued Currencies 360 GLOBAL INSIGHTS 14.3: Big Mac PPP 361 Real Exchange Rates 363 Summary 364 Exercises 365 References 366 Exchange Rates, Interest Rates, and Interest Parity 367 Interest Parity 368 Interest Rates and Inflation 372 GLOBAL INSIGHTS 15.1 : Globalization and Interest Rates 373 Exchange Rates, Interest Rates, and Inflation 373 Expected Exchange Rates and the Term Structure of Interest Rates 374 Summary 377 Exercises 377 References 378 Appendix 15.1 Taxation and Interest Rate Parity 379 Foreign-Exchange Risk, Forecasting, and International Investment 381 Types of Foreign-Exchange Risk 382 Foreign-Exchange Risk Premium 385 Market Efficiency 388 GLOBAL INSIGHTS 16.1: The Carry Trade 390 Foreign-Exchange Forecasting 390 International Investment and Portfolio Diversification 392 Direct Foreign Investment 396 Capital Flight 399 Capital Inflow Issues 400 International Lending and Crises 401 xii Contents Summary 404 Exercises 405 References 406 Basic Theories of the Balance of Payments 408 The Elasticities Approach to the Balance of Trade 409 Elasticities and J Curves 413 The Currency-Contract Period 413 The Pass-Through Period 415 Section IV—The U.S. Balance of Trade Decreases 415 Section HI—The U.S. Balance of Trade Is Constant 417 Section II — Balance of Trade May Increase or Decrease 417 Section I — Balance of Trade Increases 417 GLOBAL INSIGHTS 17.1 : The Pass-Through Effect and Profits 418 The Evidence from Devaluations 419 The Absorption Approach to the Balance of Trade 421 The Monetary Approach to the Balance of Payments 422 Summary 427 Exercises 428 References 429 Appendix 17.1 Stable Foreign-Exchange Markets and the Marshall-Lerner Condition 430 r Exchange Rate Theories 435 The Asset Approach 436 The Monetary Approach 438 The Portfolio-Balance Approach 442 Sterilization 443 Exchange Rates and the Trade Balance 446 Overshooting Exchange Rates 448 Currency Substitution 451 The Role of News 453 Foreign-Exchange Market Microstructure 454 Summary 456 Contents xiii Exercises 457 References 458 Alternative International Monetary Standards 459 The Gold Standard : 1880-1914 460 Thelnterwar Period: 1918-1939 463 The Gold Exchange Standard: 1944-1970 464 GLOBAL INSIGHTS 19.1: The International Monetary Fund 465 The Transition Years: 1971-1973 467 Floating Exchange Rates: Since 1973 467 The Choice of an Exchange Rate System 472 Optimum Currency Areas 475 The European Monetary System and the Euro 476 Target Zones 479 Currency Boards 480 GLOBAL INSIGHTS 19.2: Speculative Attacks and the Mexican and Asian Financial Crises 481 International Reserve Currencies 482 Multiple Exchange Rates 486 Summary 487 Exercises 487 References 488 International Banking, Debt, and Risk 490 The Origins of Offshore Banking 491 GLOBAL INSIGHTS 20.1 : A Black Swan in the Financial Market 494 International Banking Facilities 496 Offshore Banking Practices 497 GLOBAL INSIGHTS 20.2: Islamic Banking 500 International Debt 501 IMF Conditionality 503 The Role of Corruption 504 Country-Risk Analysis 505 xlv Contents Summary 509 Exercises 509 References 510 Open-Economy Macroeconomic Policy and Adjustment 51 1 Internal and External Macroeconomic Equilibrium 512 The IS Curve 513 The LM Curve 516 The Β Ρ Curve 517 Equilibrium 517 Monetary Policy under Fixed Exchange Rates 518 Fiscal Policy under Fixed Exchange Rates 520 Monetary Policy under Floating Exchange Rates 521 Fiscal Policy under Floating Exchange Rates 522 The New Open-Economy Macroeconomics 523 International Policy Coordination 524 GLOBAL INSIGHTS 21.1: The Plaza Agreement 526 Global Financial Crisis and Macroeconomic Effects 528 The Open-Economy Multiplier 529 Summary 531 Exercises 532 References 533 Glossary 535 Index 542
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author	Husted, Steven L. Melvin, Michael 1948-
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dewey-tens	330 - Economics
discipline	Wirtschaftswissenschaften
edition	8. ed., internat. ed.
format	Book
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spellingShingle	Husted, Steven L. Melvin, Michael 1948- International economics International economic relations Weltwirtschaft Welthandel (DE-588)4065365-1 gnd Weltwirtschaft (DE-588)4065468-0 gnd
subject_GND	(DE-588)4065365-1 (DE-588)4065468-0
title	International economics
title_auth	International economics
title_exact_search	International economics
title_full	International economics Steven Husted, Michael Melvin
title_fullStr	International economics Steven Husted, Michael Melvin
title_full_unstemmed	International economics Steven Husted, Michael Melvin
title_short	International economics
title_sort	international economics
topic	International economic relations Weltwirtschaft Welthandel (DE-588)4065365-1 gnd Weltwirtschaft (DE-588)4065468-0 gnd
topic_facet	International economic relations Weltwirtschaft Welthandel
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=017545204&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT hustedstevenl internationaleconomics AT melvinmichael internationaleconomics

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