- 目录
- Introduction
- Chapter 1
- The International Economy
- Globalization of Economic Activity Waves of Globalization
- First Wave of Globalization: 1870-1914
- Second Wave of Globalization: 1945-1980
- New Wave of Globalization Foreign Competition and the U.S.
- Auto Industry The United States as an Open Economy Why Is Globalization Important? Competition in the World Steel Industry
- Common Fallacies of International Trade
- What Makes a Company “American”?
- International Competitiveness Firm (Industry) Competitiveness A Nation's Competitiveness Globalization and Competitiveness
- Has Globalization Gone Too Far?
- The Plan of This Book
- Summary
- Study Questions
- Part 1: International Trade Relations
- Chapter 2
- Foundations of Modern Trade Theory
- Historical Development of Modern Trade Theory The Mercantilists
- Why Nations Trade: Absolute Advantage Why Nations Trade: Comparative Advantage Where Does U.S. Comparative Advantage Lie?
- Comparative Advantage in Money Terms Production Possibilities Schedules Trading Under Constant-Cost Conditions
- Constant Costs
- Basis for Trade and Direction of Trade Production Gains from Specialization Consumption Gains from Trade Distributing the Gains from Trade Complete Specialization
- Productivity and Comparative Advantage Changing Comparative Advantage
- Trade Restrictions
- Trading Under Increasing-Cost Conditions Increasing Costs Increasing-Cost Trading Case
- Partial Specialization Comparative Advantage Extended to Many Products and Countries More Than Two Products
- More Than Two Countries Summary Study Questions
- Chapter 3
- International Equilibrium
- Indifference Curves
- Equilibrium in the Absence of Trade A Restatement: Basis for Trade,
- Gains from Trade Equilibrium Terms of Trade
- Theory of Reciprocal Demand Terms-of-Trade Estimates Summary Study Questions
- Chapter 4
- Trade Model Extensions and Applications
- Factor-Endowment Theory
- Factor-Price Equalization
- Trade and the Distribution of Income The Heckscher-Ohlin Theory:
- U.S-China Trade Does Trade Make the Poor Even Poorer?
- Explaining Wage Inequality
- Evidence on Wage Inequality
- Policy Implications Are Actual Trade Patterns Explained by the
- Factor-Endowment Theory?
- Economies of Scale and Specialization Theory of Overlapping Demands Intra industry Trade Product Cycles
- Pocket Calculators and the International Product Cycle Dynamic Comparative Advantage:
- Industrial Policy Summary Study Questions
- Chapter 5 Tariffs
- The Tariff Concept Types of Tariffs
- Specific Tariff
- Ad Valorem Tariff
- Compound Tariff Smuggled Steel Evades U.S. Tariffs
- Effective Rate of Protection Tariff Escalation
- Production Sharing and Offshore-Assembly Provision
- Postponing Import Duties
- Bonded Warehouse
- Foreign-Trade Zone Tariff Welfare Effects: Consumer Surplus and Producer Surplus
- Tariff Welfare Effects: Small-Nation Model Calculating the Welfare Effects of a Tariff
- Tariff Welfare Effects: Large-Nation Model Preserving a Production Worker's Job Tariff Examples
- Lamb Tariffs Fleece U.S. Consumers
- Motorcycles
- Japanese Luxury Cars Who Pays for Import Restrictions? Effects of Eliminating Import Tariffs
- Chapter 6
- Nontariff Trade Barriers
- Import Quota
- Trade and Welfare Effects
- Allocating Quota Licenses
- Sugar Import Quotas Quotas Versus Tariffs Tariff-Rate Quota: A Two-Tier Tariff Orderly Marketing Agreements Steel-Using Industries Oppose
- Restrictions on Steel Imports
- Export Quota Effects
- Japanese Auto Restraints Put Brakes on U.S. Motorists Domestic Content Requirements Subsidies
- How a Tariff Burdens Exporters
- Arguments for Trade Restrictions
- Job Protection
- Petition of The Candle Makers
- 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 Summary Study Questions
- How “Foreign” Is Your Car?
- Domestic Subsidy
- Export Subsidy Dumping
- Forms of Dumping
- International Price Discrimination Antidumping Regulations Other Nontariff Trade Barriers
- Government Procurement Policies
- Social Regulations
- Sea Transport and Freight Restrictions Summary Study Questions
- Chapter 7
- Trade Regulations and Industrial Policies
- Smoot-Hawley Act
- Reciprocal Trade Agreements Art
- General Agreement on Tariffs and Trade
- The GATT System
- Multilateral Trade Negotiations World Trade Organization
- Settling Trade Disputes
- Does the WTO Reduce National Sovereignty?
- Does the WTO Harm the Environment?
- A New Round of Trade Negotiations for the WTO
- The Battle in Seattle
- From Seattle to Doha Trade Promotion Authority
- (Fast-Track Authority) The Escape Clause
- Bush's Steely Pragmatism Countervailing Duties
- Lumber Quotas Hammer Home Buyers Antidumping Duties
- The Prevalence of Antidumping Action
- Chapter 8
- Trade Policies for the Developing Nations
- Developing-Nation Trade Characteristics Trade Problems of the Developing Nations
- Unstable Export Markets
- Worsening Terms of Trade
- Limited Market Access Fair-Trade Movement Helps Poor Coffee
- Farmers
- Call for a New International Economic Order
- Generalized System of Preferences
- Remedies Against Dumped and Subsidized Imports Section 301: Unfair Trading Practices
- Europe Slips in Banana Dispute Protection of Intellectual Property Rights Trade Adjustment Assistance Will Wage Insurance Make Free Trade
- More Acceptable to Workers?
- Industrial Policies of the United States Export Promotion and Financing
- Industrial Policies of Japan
- Has Industrial Policy Helped Japan?
- Strategic Trade Policy
- Imperfect Competition and Government Subsidies
- Welfare Effects of Strategic Trade Policy Economic Sanctions
- Factors Influencing the Success of Sanctions
- Summary
- Study Questions
- Stabilizing Commodity Prices Production and Export Controls Buffer Stocks
- Multilateral Contracts The OPEC Oil Cartel
- Maximizing Cartel Profits
- OPEC as a Cartel
- OPEC's Price Band
- Tapping the Strategic Oil Reserve
- Breaking OPEC's Grip
- 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 Countries Achieve Export-Led Growth? Summary Study Questions
- Chapter 9
- Regional Trading Arrangements
- Types of Regional Trading Arrangements Impetus for Regionalism Effects of a Regional Trading Arrangement Static Effects
- Did Britain Gain from Entering the European Union? Trade Creation Versus Trade Diversion
- Dynamic Effects European Union
- Pursuing Economic Integration
- The EMU Presents Different Faces to Portugal and Sweden
- Agricultural Policy
- Government Procurement Policies
- European Union Enlargement Economic Costs and Benefits of a Common
- Currency: The European Monetary Union
- Optimum Currency Area Euro Facts
- Europe as a Suboptimal Currency Area
- Challenges for EMU
- EMU and the United States
- North American Free Trade Agreement (NAFTA)
- Do Developed Countries Gain from Trade Liberalization with Developing Countries? NAFTA's Benefits for Mexico and Canada NAFTA's Benefits and Costs for the United States
- NAFTA’s Trade and Employment Effects Trucking Restrictions Put Brakes on NAFTA Trade
- Is NAFTA an Optimum Currency Area? Free Trade Area of the Americas Regional Integration Versus Multilateralism Transition Economies
- Industrial Cooperation
- The Transition Toward a Market-Oriented Economy Summary Study Questions
- Chapter 10
- International Factor Movements and Multinational Enterprises
- The Multinational Enterprise Motives for Foreign Direct Investment
- Demand Factors Mexico Attracts Fortune Brands with
- Low Wages
- 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
- International Trade Theory and Multinational Enterprise
- Japanese Transplants in the U.S. Automobile Industry Do U.S. Multinationals Exploit Foreign
- Workers? International Joint Ventures
- Part 2: International Monetary RELATIONS
- Chapter 11
- The Balance of Payments
- Double-Entry Accounting Balance-of-Payments Structure International Payments Process
- Current Account
- Capital and Financial Account
- Statistical Discrepancy: Errors and Omissions
- VS. Balance of Payments
- What Does a Current Account Deficit (Surplus) Mean?
- Net Foreign Investment and the Current Account Balance
- Welfare Effects Multinational Enterprises as a Source
- of Conflict
- Employment
- Technology Transfer
- National Sovereignty
- Balance of Payments
- Taxation
- Transfer Pricing U.S. Production Sharing with Mexico International Labor Mobility: Migration
- Effects of Migration
- Immigration as an Issue
- Immigration and the U.S. Labor Market Summary Study Questions
- Impact of Financial Flows on the Current Account
- Is a Current Account Deficit a Problem? Do Current Account Deficits Cost Americans Jobs?
- Business Cycles, Economic Growth,
- and the Current Account Can the United States Continue to
- Run Current Account Deficits Year
- After Year?
- Balance of International Indebtedness United States as a Debtor Nation. Summary Study Questions
- Chapter 12 Foreign Exchange
- Foreign-Exchange Market
- Types of Foreign-Exchange Transactions
- Interbank Trading
- Traders Run Currency Markets
- Bravo for Franc Trader
- Russian Influence
- Difficult Stretch
- Reading Fed Signals
- The Role of Luck
- Reading Foreign-Exchange Quotations
- Weak Euro Is Bonanza for American Tourists
- Forward and Futures Markets
- Foreign-Currency Options
- Advantage of Foreign-Currency Options to Exporters
- Understanding Option Quotations Exchange-Rate Determination
- Demand for Foreign Exchange
- Supply of Foreign Exchange
- Equilibrium Rate of Exchange
- Is a Strong Dollar Always Good and a Weak Dollar Always Bad? Indexes of the Foreign-Exchange Value of the Dollar: Nominal and Real Exchange Rates
- Chapter 13
- Exchange-Rate Determination
- Exchange-Rate Determination in a Free Market
- Real Income and Exchange Rates
- Arbitrage
- The Forward Market The Forward Rate Forward Rate Differs from the Spot Rate
- Exchange-Rate Risk: The Hazard of Investing Abroad
- Forward Market Functions
- Does Foreign-Currency Hedging Always Pay Off? Interest Arbitrage
- Uncovered Interest Arbitrage
- Covered Interest Arbitrage Foreign-Exchange Market Speculation
- Speculating in the Spot Market
- Speculating in the Forward Market
- Other Forms of Speculation
- Speculation and Exchange-Market Stability
- Should Foreign-Exchange Transactions Be Taxed?
- Stabilizing Speculation
- Destabilizing Speculation
- Should Speculators Be Shot? Summary Study Questions
- Real Interest Rates and Exchange Rates Interest Rates and the Dollar’s Exchange Value
- Inflation Rates, Purchasing Power Parity,
- and Exchange Rates
- Law of One Price
- Relative Purchasing Power Parity The “Big Mac” Index and the Law of
- One Price
- Inflation Differentials and the Exchange Rate
- Other Market Fundamentals and Their
- Effects on Exchange Rates Market Expectations and Exchange Rates Interaction of Exchange-Rate Determinants
- The Federal Reserve and the Monetary Approach to Exchange-Rate Determination
- Financial Assets as Determinants of
- Exchange Rates
- Government Bonds
- Stocks and Mergers Exchange-Rate Overshooting Forecasting Foreign-Exchange Rates
- Judgmental Forecasts
- Technical Forecasts
- Fundamental Analysis
- Foreign-Exchange Forecasting in Practice
- Forecast Performance of Advisory Services Summary Study Questions
- Chapter 14
- Balance -of - Payments Adjustments Under Fixed Exchange Rates
- Price Adjustments Gold Standard Quantity Theory of Money Balance-of-Payments Adjustment
- Interest-Rate Adjustments
- Capital Flows and the Balance of Payments
- Income Adjustments
- Income Determination in a Closed Economy Income Determination in an Open Economy
- Implications of the Foreign-Trade Multiplier
- Foreign Repercussions
- Disadvantages of Automatic Adjustment Mechanisms
- Monetary Adjustments
- Payments Imbalances Under Fixed Exchange Rates
- Policy Implications
- Summary
- Study Questions
- Chapter15
- Exchange-Rate Adjustments and the Balance of Payments
- Effects of Exchange-Rate Changes on Costs Cost-Cutting Strategies of Manufacturers in
- and PnCCS Response to Currency Appreciation
- Cheap Imports? Not so Fast
- Appreciation of the Yen: Japanese
- Manufacturers Appreciation of the Dollar: U.S.
- Manufacturers
- Requirements for a Successful Depreciation (Devaluation)
- The Elasticity Approach to Exchange-Rate Adjustment
- Empirical Measurement: Import/Export
- Demand Elasticities Time Path of Depreciation
- Chapter 16
- Exchange-Rate Systems
- Exchange-Rate Practices Fixed Exchange-Rate System
- Par Value and Official Exchange Rate
- Exchange-Rate Stabilization Are Fixed Exchange Rates Good for
- Developing Countries?
- Devaluation and Revaluation
- Legal Versus Economic Implications Stabilizing Currencies of Developing Countries:
- Currency Board Versus Dollarization
- Currency Board For Argentina, No Panacea in a
- Currency Board
- Dollarization Floating Exchange Rates
- Achieving Market Equilibrium
- Trade Restrictions, Jobs, and Floating Exchange Rates
- (Devaluation)
- Strong Pound Drives Japanese Car Makers to Consider Exiting the United Kingdom
- The Dollar and U.S. Manufacturing The Absorption Approach to Exchange-Rate Adjustment
- The Monetary Approach to Exchange-Rate
- Adjustment Summary Study Questions
- Arguments for and Against Floating Rates
- Adjustable Pegged Rates
- Executives Raise Pressure to Deflate U.S. Dollar
- Managed Floating Rates
- Managed Floating Rates in the Short Run and Long Run
- Exchange-Rate Stabilization and Monetary Policy
- Bank of Japan Intervenes to Slow Yen's Rise
- The Crawling Peg
- Exchange Controls
- Summary
- Study Questions
- Appreciation of the Yen: Japanese
- Manufacturers Appreciation of the Dollar: U.S.
- Manufacturers
- Requirements for a Successful Depreciation (Devaluation)
- The Elasticity Approach to Exchange-Rate Adjustment
- Empirical Measurement: Import/Export
- Demand Elasticities Time Path of Depreciation
- Chapter 16
- Exchange-Rate Systems
- Exchange-Rate Practices Fixed Exchange-Rate System
- Par Value and Official Exchange Rate
- Exchange-Rate Stabilization Are Fixed Exchange Rates Good for
- Developing Countries?
- Devaluation and Revaluation
- Legal Versus Economic Implications Stabilizing Currencies of Developing Countries:
- Currency Board Versus Dollarization
- Currency Board For Argentina, No Panacea in a
- Currency Board
- Dollarization Floating Exchange Rates
- Achieving Market Equilibrium
- Trade Restrictions, Jobs, and Floating Exchange Rates
- (Devaluation)
- Strong Pound Drives Japanese Car Makers to Consider Exiting the United Kingdom
- The Dollar and U.S. Manufacturing The Absorption Approach to Exchange-Rate Adjustment
- The Monetary Approach to Exchange-Rate
- Adjustment Summary Study Questions
- Arguments for and Against Floating Rates
- Adjustable Pegged Rates
- Executives Raise Pressure to Deflate U.S. Dollar
- Managed Floating Rates
- Managed Floating Rates in the Short Run and Long Run
- Exchange-Rate Stabilization and Monetary Policy
- Bank of Japan Intervenes to Slow Yen's Rise
- The Crawling Peg
- Exchange Controls
- Summary
- Study Questions
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