本书从两方面阐述了全球经济学理论：国际贸易关系和国际货币关系。全书由17章内容构成，系统论述了全球经济学领域内研究的六大热点问题，即2007—2009年间全球经济的衰退问题，经济活动的全球化问题，自由贸易和生活质量的关系问题，发展中国家与工业化国家之间的贸易冲突问题，世界贸易组织与区域性贸易协定角度的贸易自由化问题，以及作为世界储备货币的美元的作用和地位问题。全书的突出特点是紧密联系实践，理论和方法的阐述通俗易懂。如作者罗伯特·J.凯伯教授在本书的前言中所说：“我相信，把一门专业课的知识在实践中的应用讲授给学生，是激励他们学习这门课程的最好方式。”
本书非常适合我国高等院校经济管理专业本科生作为“国际经济学”课程配套教材使用，也可供从事全球经济学研究的人员参考。
- 前辅文
- CHAPTER 1 The International Economy and Globalization
- Globalization of Economic Activity
- Waves of Globalization
- First Wave of Globalization: 1870–1914
- Second Wave of Globalization: 1945–1980
- Latest Wave of Globalization
- The United States as an Open Economy
- Trade Patterns
- Labor and Capital
- Why Is Globalization Important?
- The Global Recession of 2007–2009
- Globalization: Increased Competition From Abroad
- Bicycle Imports Force Schwinn to Downshift
- Dell Sells Factories in Effort to Slash Costs
- Common Fallacies of International Trade
- Does Free Trade Apply to Cigarettes?
- Is International Trade an Opportunity or a Threat to Workers?
- Backlash Against Globalization
- Summary
- Study Questions
- PART 1 International Trade Relations
- CHAPTER2 Foundations of Modern Trade Theory: Comparative Advantage
- Historical Development of Modern Trade Theory
- The Mercantilists
- Why Nations Trade: Absolute Advantage
- Why Nations Trade: Comparative Advantage
- David Ricardo
- Production Possibilities Schedules
- Trading Under Constant-Cost Conditions
- Basis for Trade and Direction of Trade
- Production Gains from Specialization
- Consumption Gains from Trade
- Distributing the Gains from Trade
- Equilibrium Terms of Trade
- Babe Ruth and the Principle of Comparative Advantage
- Terms-of-Trade Estimates
- Dynamic Gains From Trade
- How Global Competition Led to Productivity Gains for US Iron Ore Workers
- Changing Comparative Advantage
- Trading Under Increasing-Cost Conditions
- Increasing-Cost Trading Case
- Partial Specialization
- The Impact of Trade on Jobs
- Comparative Advantage Extended to Many Products and Countries
- More Than Two Products
- More Than Two Countries
- Exit Barriers
- Empirical Evidence on Comparative Advantage
- Does Comparative Advantage Apply in the Face of Job Outsourcing?
- Advantages of Outsourcing
- Outsourcing of Boeing 787 Dreamliner Triggers Machinist’s Strike
- Outsourcing and the US Automobile Industry
- Burdens of Outsourcing
- Some US Manufacturers Prosper by Keeping Production in the United States
- Summary
- Study Questions
- CHAPTER3 Sources of Comparative Advantage
- Factor Endowments as a Source of Comparative Advantage
- The Factor-Endowments Theory
- Visualizing the Factor-Endowment Theory
- Applying the Factor-Endowment Theory to US-China Trade
- Factor-Price Equalization
- Who Gains and Loses From Trade? The Stolper-Samuelson Theorem
- Globalization Drives Changes for US Automakers
- Is International Trade a Substitute for Migration?
- Specific Factors: Trade and the Distribution of Income in the Short Run
- Does Trade Make the Poor Even Poorer?
- Skill as a Source of Comparative Advantage
- Increasing Returns to Scale and Comparative Advantage
- External Economies of Scale and Comparative Advantage
- Overlapping Demands as a Basis for Trade
- Intra-industry Trade
- Technology as a Source of Comparative Advantage: The Product Cycle Theory
- Radios, Pocket Calculators, and the International Product Cycle
- Dynamic Comparative Advantage: Industrial Policy
- Government Subsidies Support Boeing and Airbus
- Government Regulatory Policies and Comparative Advantage
- Transportation Costs and Comparative Advantage
- Trade Effects
- Rising Energy Costs Hinder Trade Flows
- Falling Transportation Costs Foster Trade Boom
- Summary
- Study Questions
- CHAPTER4 Tariffs
- The Tariff Concept
- Types of Tariffs
- Specific Tariff
- Ad Valorem Tariff
- Compound Tariff
- Effective Rate of Protection
- Tariff Escalation
- Outsourcing and Offshore-Assembly Provision
- Dodging Import Tariffs: Tariff Avoidance and Tariff Evasion
- Ford Strips Its Wagons to Avoid High Tariff
- Smuggled Steel Evades US Tariffs
- Postponing Import Tariffs
- Bonded Warehouse
- Foreign-Trade Zone
- FTZ’s Benefit Motor Vehicle Importers
- Tariff Effects: An Overview
- Tariff Welfare Effects: Consumer Surplus and Producer Surplus
- Tariff Welfare Effects: Small-Nation Model
- Tariff Welfare Effects: Large-Nation Model
- The Optimum Tariff and Retaliation
- How a Tariff Burdens Exporters
- Gains from Eliminating Import Tariffs
- Steel Tariffs Buy Time for Troubled Industry
- Tariffs and the Poor
- Arguments for Trade Restrictions
- Job Protection
- Protection Against Cheap Foreign Labor
- Fairness in Trade: A Level Playing Field
- Maintenance of the Domestic Standard of Living
- Equalization of Production Costs
- Infant-Industry Argument
- Noneconomic Arguments
- Petition of the Candle Makers
- The Political Economy of Protectionism
- A Supply and Demand View of Protectionism
- Summary
- Study Questions
- CHAPTER5 Nontariff Trade Barriers
- Import Quota
- Trade and Welfare Effects
- Allocating Quota Licenses
- Quotas Versus Tariffs
- Tariff-Rate Quota: A Two-Tier Tariff
- Sugar Tariff-Rate Quota Bittersweet for Consumers
- Export Quotas
- Japanese Auto Restraints Put Brakes on US Motorists
- Domestic Content Requirements
- Subsidies
- Domestic Production Subsidy
- How “Foreign” Is Your Car?
- Export Subsidy
- Dumping
- Forms of Dumping
- International Price Discrimination
- Antidumping Regulations
- Smith Corona Finds Antidumping Victories Are Hollow
- Canadians Press Washington Apple Producers for Level Playing Field
- Swimming Upstream: The Case of Vietnamese Catfish
- Is Antidumping Law Unfair?
- Should Average Variable Cost Be the Yardstick for Defining Dumping?
- Should Antidumping Law Reflect Currency Fluctuations?
- Are Antidumping Duties Overused?
- Other Nontariff Trade Barriers
- Government Procurement Policies
- US Fiscal Stimulus and Buy American Legislation
- Social Regulations
- Sea Transport and Freight Regulations
- Summary
- Study Questions
- CHAPTER6 Trade Regulations and Industrial Policies
- US Tariff Policies Before 1930
- Smoot-Hawley Act
- Reciprocal Trade Agreements Act
- General Agreement on Tariffs and Trade
- Trade Without Discrimination
- Promoting Freer Trade
- Predictability: Through Binding and Transparency
- Multilateral Trade Negotiations
- World Trade Organization
- Settling Trade Disputes
- Does the WTO Reduce National Sovereignty?
- Should Retaliatory Tariffs Be Used for WTO Enforcement?
- Does the WTO Harm the Environment?
- From Doha To Hong Kong: Failed Trade Negotiations
- Trade Promotion Authority (Fast-Track Authority)
- Safeguards (The Escape Clause): Emergency Protection From Imports
- Countervailing Duties: Protection Against Foreign Export Subsidies
- Lumber Duties Hammer Home Buyers
- Antidumping Duties: Protection Against Foreign Dumping
- Remedies Against Dumped and Subsidized Imports
- US Steel Companies Lose an Unfair Trade Case and Still Win
- Section 301: Protection Against Unfair Trading Practices
- Protection of Intellectual Property Rights
- Trade Adjustment Assistance
- Will Wage and Health Insurance Make Free Trade More Acceptable to Workers?
- Industrial Policies of the United States
- Export Promotion and Financing
- Industrial Policies of Japan
- Strategic Trade Policy
- Economic Sanctions
- Factors Influencing the Success of Sanctions
- Do Automaker Subsidies Weaken the WTO?
- Summary
- Study Questions
- CHAPTER7 Trade Policies for the Developing Nations
- Developing-Nation Trade Characteristics
- Tensions Between Developing and Advanced Nations
- Trade Problems of the Developing Nations
- Unstable Export Markets
- Falling Commodity Prices Threaten Growth of Exporting Nations
- Worsening Terms of Trade
- Limited Market Access
- Agricultural Export Subsidies of Advanced Nations
- Stabilizing Primary-Product Prices
- Production and Export Controls
- Buffer Stocks
- Multilateral Contracts
- Does the Fair-Trade Movement Help Poor Coffee Farmers?
- The OPEC Oil Cartel
- Maximizing Cartel Profits
- OPEC as a Cartel
- Are International Labor Standards Needed to Prevent Social Dumping?
- Aiding the Developing Nations
- The World Bank
- International Monetary Fund
- Generalized System of Preferences
- Does Aid Promote Growth of Developing Nations?
- How to Bring Developing Nations in From the Cold
- Economic Growth Strategies: Import Substitution Versus Export-Led Growth
- Import Substitution
- Import-Substitution Laws Backfire on Brazil
- Export-Led Growth
- Is Economic Growth Good for the Poor?
- Can All Developing Nations Achieve Export-Led Growth?
- East Asian Economies
- Flying-Geese Pattern of Growth
- Summary
- Study Questions
- CHAPTER8 Regional Trading Arrangements
- Regional Integration Versus Multilateralism
- Types of Regional Trading Arrangements
- Missing Benefits: The United States Falls Behind on Trade Liberalization
- Impetus for Regionalism
- Effects of a Regional Trading Arrangement
- Static Effects
- Did the United Kingdom (UK) Gain from Entering the European Union?
- Dynamic Effects
- The European Union
- Pursuing Economic Integration
- French and Dutch Voters Sidetrack Integration
- Agricultural Policy
- Economic Costs and Benefits of a Common Currency: The European Monetary Union
- Optimum Currency Area
- Europe as a Suboptimal Currency Area
- Challenges for the EMU
- The Euro, Ten Years Later: How Has It Performed?
- Does the Eurozone Need a Bailout Fund?
- North American Free Trade Agreement
- NAFTA’s Benefits and Costs for Mexico and Canada
- NAFTA’s Benefits and Costs for the United States
- NAFTA and Trade Diversion: Textiles and Apparel
- Is NAFTA an Optimum Currency Area?
- From NAFTA to CAFTA
- Free Trade Area of the Americas
- Asia-Pacific Economic Cooperation
- Transition Economies
- The Transition Toward a Market-Oriented Economy
- Russia and the World Trade Organization
- Summary
- Study Questions
- CHAPTER9 International Factor Movements and Multinational Enterprises
- The Multinational Enterprise
- Motives for Foreign Direct Investment
- Demand Factors
- Do US Multinationals Exploit Foreign Workers?
- Cost Factors
- Supplying Products to Foreign Buyers: Whether to Produce Domestically or Abroad
- Direct Exporting versus Foreign Direct Investment/Licensing
- Foreign Direct Investment versus Licensing
- Country Risk Analysis
- International Trade Theory and Multinational Enterprise
- Japanese Transplants in the US Automobile Industry
- International Joint Ventures
- Welfare Effects
- Multinational Enterprises as a Source of Conflict
- Employment
- Technology Transfer
- National Sovereignty
- Balance of Payments
- Transfer Pricing
- Does the US Tax Code Send American Jobs Offshore?
- International Labor Mobility: Migration
- The Effects of Migration
- Immigration as an Issue
- Does US Immigration Policy Harm Domestic Workers?
- Do Immigrants Really Hurt American Workers’ Wages?
- Summary
- Study Questions
- PART 2 International Monetary Relations
- CHAPTER10 The Balance of Payments
- Double-Entry Accounting
- International Payments Process
- Balance-of-Payments Structure
- Current Account
- Capital and Financial Account
- Statistical Discrepancy: Errors and Omissions
- US Balance of Payments
- The Paradox of Capital Flows from Developing to Industrial Countries
- What Does a Current Account Deficit (Surplus) Mean?
- Net Foreign Investment and the Current Account Balance
- Impact of Capital Flows on the Current Account
- Is a Current Account Deficit a Problem?
- Business Cycles, Economic Growth, and the Current Account
- Economic Downturn of 2007–2009: Effect on Foreign Investment in the United States
- How the United States Has Borrowed at Very Low Cost
- Do Current Account Deficits Cost Americans Jobs?
- Can the United States Continue to Run Current Account Deficits Indefinitely?
- Balance of International Indebtedness
- United States as a Debtor Nation Summary
- Study Questions
- CHAPTER11 Foreign Exchange
- Foreign-Exchange Market
- Types of Foreign-Exchange Transactions
- Interbank Trading
- Reading Foreign-Exchange Quotations
- Forward and Futures Markets
- Foreign-Currency Options
- Exchange-Rate Determination
- Demand for Foreign Exchange
- Weak Dollar Is a Bonanza for European Tourists
- Supply of Foreign Exchange
- Equilibrium Rate of Exchange
- Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange Rates
- Arbitrage
- The Forward Market
- The Forward Rate
- Relation Between the Forward Rate and Spot Rate
- Managing Your Foreign Exchange Risk: Forward Foreign-Exchange Contract
- How Markel Rides Foreign-Exchange Fluctuations
- Volkswagen Hedges Against Foreign-Exchange Risk
- Does Foreign-Currency Hedging Pay Off?
- Exchange-Rate Risk: The Hazard of Investing Abroad
- Interest Arbitrage
- Uncovered Interest Arbitrage
- Covered Interest Arbitrage
- Foreign-Exchange Market Speculation
- How to Play the Falling (Rising) Dollar
- Foreign Exchange Trading as a Career
- Foreign Exchange Traders Hired by Commercial Banks, Companies, and Central Banks
- Currency Markets Draw Day Traders
- Summary
- Study Questions
- CHAPTER12 Exchange-Rate Determination
- What Determines Exchange Rates?
- Determining Long-Term Exchange Rates
- Relative Price Levels
- Relative Productivity Levels
- Preferences for Domestic or Foreign Goods
- Trade Barriers
- Inflation Rates, Purchasing Power Parity, and Long-Term Exchange Rates
- Law of One Price
- The “Big Mac” Index and the Law of One Price
- Purchasing Power Parity
- Determining Short-Term Exchange Rates: The Asset-Market Approach
- Inflation Differentials and the Exchange Rate
- Relative Levels of Interest Rates
- Expected Change in the Exchange Rate
- Diversification, Safe Havens, and Investment Flows
- The Ups and Downs of the Dollar
- The 1980s
- The 1990s
- The First Decade of the 2000s
- Exchange-Rate Overshooting
- Forecasting Foreign-Exchange Rates
- Judgmental Forecasts
- Technical Forecasts
- Fundamental Analysis
- International Comparisons of GDP: Purchasing Power Parity
- Comercial Mexicana Gets Burned By Speculation
- Summary
- Study Questions
- CHAPTER13 Mechanisms of International Adjustment
- Price Adjustments
- Gold Standard
- Quantity Theory of Money
- Current-Account Adjustment
- Financial Flows and Interest-Rate Differentials
- CHAPTER14 Exchange-Rate Adjustments and the Balance of Payments
- Effects of Exchange-Rate Changes on Costs and Prices
- Japanese Firms Outsource Production to Limit Effects of Strong Yen
- Cost-Cutting Strategies of Manufacturers in Response to Currency Appreciation
- Appreciation of the Yen: Japanese Manufacturers
- Appreciation of the Dollar: US Manufacturers
- Will Currency Depreciation Reduce a Trade Deficit? The Elasticity Approach
- J-Curve Effect: Time Path of Depreciation
- Exchange Rate Pass-Through
- Partial Exchange Rate Pass-Through
- Invoice Practices
- Market Share Considerations
- Distribution Costs
- Why a Dollar Depreciation May Not Close the US Trade Deficit
- The Absorption Approach to Currency Depreciation
- The Monetary Approach to Currency Depreciation
- Summary
- Study Questions
- CHAPTER15 Exchange-Rate Systems and Currency Crises
- Exchange-Rate Practices
- Choosing an Exchange Rate System: Constraints Imposed by Free Capital Flows
- Fixed Exchange-Rate System
- Use of Fixed Exchange Rates
- Par Value and Official Exchange Rate
- Exchange-Rate Stabilization
- Devaluation and Revaluation
- Bretton Woods System of Fixed Exchange Rates
- Floating Exchange Rates
- Achieving Market Equilibrium
- Trade Restrictions, Jobs, and Floating Exchange Rates
- Arguments for and Against Floating Rates
- Managed Floating Rates
- Managed Floating Rates in the Short and Long Terms
- Exchange-Rate Stabilization and Monetary Policy
- Is Exchange-Rate Stabilization Effective?
- The Crawling Peg
- Currency Crises
- Sources of Currency Crises
- Speculators Attack East Asian Currencies
- Capital Controls
- Should Foreign-Exchange Transactions Income Adjustments
- Disadvantages of Automatic Adjustment Mechanisms
- Monetary Adjustments
- Summary
- Study Questions
- CHAPTER16 Macroeconomic Policy in an Open Economy
- Economic Objectives of Nations
- Policy Instruments
- Aggregate Demand and Aggregate Supply:A Brief Review
- Monetary and Fiscal Policy Respond to Financial Turmoil in the Economy
- Monetary and Fiscal Policy in a Closed Economy
- Monetary and Fiscal Policy in an Open Economy
- Does Crowding Occur in an Open Economy?
- Effect of Fiscal and Monetary Policy Under Fixed Exchange Rates
- Effect of Fiscal and Monetary Policy Under Floating Exchange Rates
- Macroeconomic Stability and the Current Account: Policy Agreement Versus Policy Conflict
- Inflation With Unemployment
- International Economic-Policy Coordination
- Policy Coordination in Theory
- Does Policy Coordination Work?
- Summary
- Study Questions
- CHAPTER17 International Banking: Reserves, Debt, and Risk
- Nature of International Reserves
- Demand for International Reserves
- Exchange-Rate Flexibility
- Other Determinants
- Supply of International Reserves
- Foreign Currencies
- Should SDRs Replace the Dollar as the World’s Reserve Currency?
- Gold
- International Gold Standard
- Gold Exchange Standard
- Demonetization of Gold
- Special Drawing Rights
- Facilities for Borrowing Reserves
- IMF Drawings
- General Arrangements to Borrow
- Swap Arrangements
- International Lending Risk
- The Problem of International Debt
- Dealing with Debt-Servicing Difficulties
- Reducing Bank Exposure to Developing-Nation Debt
- Debt Reduction and Debt Forgiveness
- The Eurodollar Market
- Summary
- Study Questions
- Glossary
