World Trade and Payments: An Introduction,9780321031426

World Trade and Payments: An Introduction

by ; ;
Edition: 8th
ISBN13: 9780321031426
ISBN10: 0321031423
Format: Hardcover
Pub. Date: 1999-05-01
Publisher(s): Pearson College Div
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List Price: $102.00

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Summary

This new edition of World Trade and Payments retains those features that have made it such highly respected and successful book. Once again it offers clear coverage, sophisticated models, supported by the latest empirical research, all made easily understandable by a wealth of issues and applications. New theoretical developments have been incorporated to keep the book up-to-date. Also, there are entirely new Sections on the Eastern European economies in transition, on trade policies, and on the development of newly industrialized countries.

Table of Contents

PREFACE XV
CHAPTER 1 INTRODUCTION
1(10)
1.1 THE SUBJECT OF INTERNATIONAL ECONOMICS
2(3)
1.2 PATTERNS OF INTERNATIONAL TRADE
5(4)
1.3 THE ORGANIZATION OF THIS BOOK
9(2)
PART I THE BASIC MODEL OF INTERNATIONAL TRADE 11(54)
CHAPTER 2 COMMODITY TRADE
13(16)
2.1 THE GAINS FROM TRADE
14(6)
2.2 FREE-TRADE EQUILIBRIUM
20(2)
2.3 PRODUCT VARIETY AND INTRA-INDUSTRY TRADE
22(1)
2.4 ARGUMENTS ABOUT FREE TRADE
22(3)
2.5 SUMMARY
25(1)
CHAPTER PROBLEMS
26(1)
SUGGESTIONS FOR FURTHER READING
27(1)
APPENDIX: THE BOX DIAGRAM AND THE CONTRACT CURVE
27(2)
CHAPTER 3 EXPANDED GAINS FROM TRADE WITH RESOURCE MOVEMENTS
29(18)
3.1 THE PRODUCTION POSSIBILITIES SCHEDULE AND AUTARKY EQUILIBRIUM
29(3)
3.2 TRADE AND COMPARATIVE ADVANTAGE
32(4)
3.3 SCALE ECONOMIES AND WORLD TRADE
36(1)
3.4 SOURCES OF GAINS FROM TRADE: A RECAPITULATION
37(3)
3.5 FREE TRADE AND THE BEHAVIOR OF IMPORT DEMAND
40(2)
3.6 SUMMARY
42(1)
CHAPTER PROBLEMS
43(1)
SUGGESTIONS FOR FURTHER READING
44(1)
APPENDIX A: CONSTANT RETURNS TO SCALE AND INCREASING OPPORTUNITY COSTS
44(1)
APPENDIX B: THE OFFER CURVE DIAGRAM
45(2)
CHAPTER 4 APPLICATIONS AND INTERPRETATIONS
47(18)
4.1 DISTURBANCES FROM ABROAD AND THE TERMS OF TRADE
47(2)
4.2 PROTECTING IMPORT-COMPETING GOODS
49(2)
4.3 GROWTH AND TRADE
51(1)
4.4 THE TRANSFER PROBLEM
52(4)
4.5 WIDER INTERPRETATIONS OF THE BASIC TRADE MODEL
56(4)
4.6 TRADE AND MARKET STRUCTURE
60(1)
4.7 SUMMARY
60(1)
CHAPTER PROBLEMS
61(1)
SUGGESTIONS FOR FURTHER READING
62(1)
APPENDIX: THE STABILITY ISSUE
62(3)
PART II TRADE PATTERNS, INCOME DISTRIBUTION, AND GROWTH 65(98)
CHAPTER 5 TECHNOLOGY AND PRODUCTIVITY: THE RICARDIAN TRADE MODEL
67(18)
5.1 BEFORE INTERNATIONAL TRADE
67(2)
5.2 INTERNATIONAL TRADE: THE ROLE OF COMPARATIVE COSTS
69(2)
5.3 FREE-TRADE EQUILIBRIUM
71(1)
5.4 INTERNATIONAL WAGE COMPARISONS AND PRODUCTIVITIES
72(4)
5.5 MANY COMMODITIES AND MANY COUNTRIES
76(1)
5.6 PRODUCTIVITY SHOCKS AND TECHNOLOGICAL SPILLOVERS
77(1)
5.7 NON-TRADED COMMODITIES
78(3)
5.8 SUMMARY
81(1)
CHAPTER PROBLEMS
82(1)
SUGGESTIONS FOR FURTHER READING
83(2)
CHAPTER 6 TRADE AND LOCAL INCOME DISTRIBUTION: THE SPECIFIC FACTORS MODEL
85(14)
6.1 DIMINISHING RETURNS AND FACTOR HIRES
85(1)
6.2 ECONOMY-WIDE PRODUCTION POSSIBILITIES
86(1)
6.3 INCOME DISTRIBUTION: THE CLOSED ECONOMY
87(1)
6.4 THE DISTRIBUTION OF INCOME: FREE TRADE
88(2)
6.5 GROWTH IN FACTOR ENDOWMENTS
90(1)
6.6 POLITICAL ECONOMY ASPECTS
91(1)
6.7 THE PATTERN OF TRADE
92(1)
6.8 ALTERNATIVE INTERPRETATIONS: SPECIFIC CAPITAL OR LABOR
93(1)
6.9 THE DUTCH DISEASE
94(2)
6.10 SUMMARY
96(2)
CHAPTER PROBLEMS
98(1)
SUGGESTIONS FOR FURTHER READING
98(1)
CHAPTER 7 FACTOR ENDOWMENTS AND TRADE: THE 2 X 2 HECKSCHEROHLIN MODEL
99(20)
7.1 THE CASE OF RIGID TECHNOLOGY
100(3)
7.2 FLEXIBLE TECHNOLOGY AND AUTARKY COMPARISONS
103(3)
7.3 THE PATTERN OF TRADE AND THE DISTRIBUTION OF INCOME
106(3)
7.4 THE HECKSCHER-OHLIN THEOREM AND EMPIRICAL TRADE PATTERNS
109(3)
7.5 SUMMARY
112(1)
CHAPTER PROBLEMS
113(1)
SUGGESTIONS FOR FURTHER READING
114(1)
APPENDIX A: THE PRODUCTION BOX
115(1)
APPENDIX B: PRODUCTION STRUCTURES IN TRADE: A REVIEW
116(3)
CHAPTER 8 TRADE, GROWTH, AND PRODUCT VARIETY
119(18)
8.1 PREVALENCE OF INTRA-INDUSTRY TRADE
119(1)
8.2 PRODUCT VARIETY AND INTRA-INDUSTRY TRADE
120(5)
8.3 TRADE PATTERNS: WHAT TO PRODUCE
125(5)
8.4 CONCENTRATION IN PRODUCTION
130(2)
8.5 ECONOMIC GROWTH AND CHANGING COMPARATIVE ADVANTAGE
132(2)
8.6 SUMMARY
134(1)
CHAPTER PROBLEMS
135(1)
SUGGESTIONS FOR FURTHER READING
136(1)
CHAPTER 9 TRADE IN INTERMEDIATE GOODS AND FACTORS OF PRODUCTION
137(26)
9.1 FIXED RESOURCES AND FOOTLOOSE PRODUCTION PROCESSES
137(6)
9.2 FOOTLOOSE INPUTS: THE JOINT ROLE OF COMPARATIVE AND ABSOLUTE ADVANTAGE
143(4)
9.3 FACTOR MOVEMENTS, EFFICIENCY, AND WELFARE
147(3)
9.4 INTERNATIONAL CAPITAL MOVEMENTS: SELECTED ISSUES
150(3)
9.5 MULTINATIONALS AND FOREIGN DIRECT INVESTMENT
153(6)
9.6 SUMMARY
159(1)
CHAPTER PROBLEMS
160(1)
SUGGESTIONS FOR FURTHER READING
161(2)
PART III THE THEORY AND PRACTICE OF COMMERCIAL POLICY 163(98)
CHAPTER 10 PROTECTION AND THE NATIONAL WELFARE
165(16)
10.1 THE TARIFF IN A SMALL COUNTRY
165(7)
10.2 THE TARIFF IN A LARGE COUNTRY
172(2)
10.3 TARIFFS AND DOMESTIC WELFARE
174(1)
10.4 TARIFFS AND WORLD WELFARE
175(1)
10.5 SUMMARY
176(1)
CHAPTER PROBLEMS
177(1)
SUGGESTIONS FOR FURTHER READING
178(1)
APPENDIX: TARIFFS AND THE OFFER CURVE
178(3)
CHAPTER 11 THE POLITICAL ECONOMY OF PROTECTION
181(16)
11.1 THE TARIFF AS A DEVICE FOR RAISING REVENUE
181(2)
11.2 THE TARIFF AS A SECOND-BEST DEVICE
183(2)
11.3 TARIFFS, THE DISTRIBUTION OF INCOME, AND RENT-SEEKING ACTIVITIES
185(6)
11.4 GROWTH, PROTECTION, AND WELFARE
191(2)
11.5 PROTECTION AND UNEMPLOYMENT
193(1)
11.6 SUMMARY
194(1)
CHAPTER PROBLEMS
194(1)
SUGGESTIONS FOR FURTHER READING
195(2)
CHAPTER 12 TRADE POLICY AND IMPERFECT COMPETITION
197(24)
12.1 MONOPOLY AND THE GAINS FROM TRADE
197(4)
12.2 CARTELS AND THE INTERESTS OF PRODUCING AND CONSUMING COUNTRIES
201(2)
12.3 MONOPOLY AND POLICIES OF EXPORTING AND IMPORTING COUNTRIES
203(8)
12.4 INDUSTRIAL POLICY AND MARKET RIVALRY
211(5)
12.5 SUMMARY
216(1)
CHAPTER PROBLEMS
217(1)
SUGGESTIONS FOR FURTHER READING
218(1)
APPENDIX: INTERNATIONAL DUOPOLY AND NATIONAL STRATEGY
218(3)
CHAPTER 13 TRADE CONTROLS IN PRACTICE
221(18)
13.1 TARIFFS: LEVELS AND TRENDS
221(2)
13.2 MULTILATERAL TARIFF REDUCTION
223(3)
13.3 THE TREND TOWARD "MANAGED" TRADE
226(9)
13.4 SUMMARY
235(1)
CHAPTER PROBLEMS
236(1)
SUGGESTIONS FOR FURTHER READING
237(2)
CHAPTER 14 PREFERENTIAL ARRANGEMENTS AND REGIONAL ISSUES IN TRADE POLICY
239(22)
14.1 REGIONAL PREFERENCES AND REGIONAL TRADE
239(1)
14.2 WELFARE EFFECTS OF TRADE PREFERENCES
240(5)
14.3 PREFERENTIAL ARRANGEMENTS IN PRACTICE
245(5)
14.4 TRADE PROBLEMS OF THE ECONOMIES IN TRANSITION
250(3)
14.5 TRADE AND GROWTH: THE ASIAN NICs
253(5)
14.6 SUMMARY
258(1)
CHAPTER PROBLEMS
259(1)
SUGGESTIONS FOR FURTHER READING
260(1)
PART IV MONEY, INCOME, AND THE BALANCE OF PAYMENTS 261(148)
CHAPTER 15 THE BALANCE OF PAYMENTS ACCOUNTS
263(20)
15.1 BREAKDOWN OF THE ACCOUNTS
265(3)
15.2 HOW INDIVIDUAL TRANSACTIONS ARE RECORDED
268(2)
15.3 DOUBLE-ENTRY BOOKKEEPING
270(2)
15.4 THE BALANCES
272(5)
15.5 STATISTICAL ERRORS IN THE PAYMENTS ACCOUNTS
277(3)
15.6 SUMMARY
280(1)
CHAPTER PROBLEMS
280(2)
SUGGESTIONS FOR FURTHER READINGS
282(1)
CHAPTER 16 THE FOREIGN EXCHANGE MARKET AND TRADE ELASTICITIES
283(16)
16.1 THE FLOW OF SUPPLY AND DEMAND FOR FOREIGN EXCHANGE
283(7)
16.2 EMPIRICAL EFFECTS OF DEVALUATION ON THE TRADE BALANCE
290(3)
16.3 SUMMARY
293(1)
CHAPTER PROBLEMS
294(2)
SUGGESTIONS FOR FURTHER READING
296(1)
APPENDIX: STABILITY OF THE FOREIGN EXCHANGE MARKET
296(3)
CHAPTER 17 NATIONAL INCOME AND THE TRADE BALANCE
299(18)
17.1 THE SMALL-COUNTRY KEYNESIAN MODEL
299(7)
17.2 THE TRANSFER PROBLEM
306(2)
17.3 THE TWO-COUNTRY KEYNESIAN MODEL FOR A LARGE COUNTRY
308(6)
17.4 SUMMARY
314(1)
CHAPTER PROBLEMS
315(1)
SUGGESTIONS FOR FURTHER READING
316(1)
CHAPTER 18 SPENDING AND THE EXCHANGE RATE IN THE KEYNESIAN MODEL
317(26)
18.1 TRANSMISSION OF DISTURBANCES
317(3)
18.2 EXPENDITURE-SWITCHING AND EXPENDITURE-REDUCING POLICIES
320(7)
18.3 MONETARY FACTORS
327(6)
18.4 SUMMARY
333(1)
CHAPTER PROBLEMS
334(2)
SUGGESTIONS FOR FURTHER READING
336(1)
APPENDIX A: THE LAURSEN-METZLER-HARBERGER EFFECT
337(4)
APPENDIX B: THE ASSIGNMENT PROBLEM
341(2)
CHAPTER 19 THE MONEY SUPPLY, THE PRICE LEVEL, AND THE BALANCE OF PAYMENTS
343(38)
19.1 THE NONSTERILIZATION ASSUMPTION
343(8)
19.2 THE PURCHASING POWER PARITY ASSUMPTION
351(11)
19.3 THE MONETARIST MODEL OF THE BALANCE OF PAYMENTS
362(7)
19.4 SUMMARY
369(1)
CHAPTER PROBLEMS
370(2)
SUGGESTIONS FOR FURTHER READING
372(1)
APPENDIX A: PURCHASING POWER PARITY IN A HYPERINFLATION
373(3)
APPENDIX B: THE GOLD STANDARD
376(5)
CHAPTER 20 LDCs AND OTHER SMALL OPEN ECONOMIES WITH NON-TRADED GOODS
381(28)
20.1 NON-TRADED GOODS
382(3)
20.2 EXPENDITURE AND THE RELATIVE PRICE OF NON-TRADED GOODS
385(6)
20.3 THE MONETARY APPROACH WITH NON-TRADED GOODS
391(7)
20.4 POTENTIAL CONTRACTIONARY EFFECTS OF DEVALUATION IN LDCs
398(6)
20.5 SUMMARY
404(1)
CHAPTER PROBLEMS
405(1)
SUGGESTIONS FOR FURTHER READING
406(3)
PART V INTERNATIONAL FINANCIAL MARKETS AND THEIR MACROECONOMIC IMPLICATIONS 409(124)
CHAPTER 21 THE INTERNATIONALIZATION OF FINANCIAL MARKETS
411(38)
21.1 THE EUROMARKETS
412(2)
21.2 THE FOREIGN EXCHANGE MARKET
414(6)
21.3 LIBERALIZATION
420(9)
21.4 INNOVATION
429(10)
21.5 SUMMARY
439(1)
CHAPTER PROBLEMS
439(1)
SUGGESTIONS FOR FURTHER READING
440(1)
APPENDIX: THE THEORY OF INTERNATIONAL CAPITAL FLOWS
441(8)
CHAPTER 22 FISCAL AND MONETARY POLICY WITH PARTIAL INTERNATIONAL CAPITAL MOBILITY
449(22)
22.1 THE MODEL
451(3)
22.2 FISCAL POLICY AND THE DEGREE OF CAPITAL MOBILITY UNDER FIXED RATES
454(2)
22.3 MONETARY POLICY AND THE DEGREE OF CAPITAL MOBILITY UNDER FIXED RATES
456(2)
22.4 WHEN MONEY FLOWS ARE NOT STERILIZED
458(2)
22.5 OTHER AUTOMATIC MECHANISMS OF ADJUSTMENT
460(2)
22.6 THE PURSUIT OF INTERNAL AND EXTERNAL BALANCE
462(5)
22.7 SUMMARY
467(1)
CHAPTER PROBLEMS
468(1)
SUGGESTIONS FOR FURTHER READING
468(1)
APPENDIX: THE ASSIGNMENT PROBLEM
468(3)
CHAPTER 23 FISCAL AND MONETARY POLICY UNDER MODERN FINANCIAL MARKET CONDITIONS
471(22)
23.1 FISCAL POLICY UNDER FLOATING: AN EFFECT MITIGATED BY CAPITAL MOBILITY
472(5)
23.2 MONETARY POLICY UNDER FLOATING: AN EFFECT ENHANCED BY CAPITAL MOBILITY
477(4)
23.3 POLICY UNDER PERFECT CAPITAL MOBILITY
481(8)
23.4 SUMMARY
489(1)
CHAPTER PROBLEMS
490(1)
SUGGESTIONS FOR FURTHER READING
491(2)
CHAPTER 24 INTERDEPENDENCE, AGGREGATE SUPPLY, AND POLICY COORDINATION
493(40)
24.1 INTERNATIONAL TRANSMISSION OF DISTURBANCES UNDER FLOATING EXCHANGE RATES
493(5)
24.2 THE AGGREGATE SUPPLY RELATIONSHIP
498(8)
24.3 SUPPLY RELATIONSHIP WITH INDEXED WAGES
506(3)
24.4 ECONOMETRIC MODELS OF THE INTERDEPENDENT WORLD ECONOMY
509(5)
24.5 INTERNATIONAL MACROECONOMIC POLICY COORDINATION
514(5)
24.6 ALTERNATIVE ANCHORS FOR A COUNTRY'S MONEY
519(8)
24.7 SUMMARY
527(2)
CHAPTER PROBLEMS
529(2)
SUGGESTIONS FOR FURTHER READING
531(2)
PART VI THE DETERMINATION OF EXCHANGE RATES IN INTERNATIONAL ASSET MARKETS 533
CHAPTER 25 EXPECTATIONS, MONEY, AND THE DETERMINATION OF THE EXCHANGE RATE
535(36)
25.1 INTEREST RATE PARITY CONDITIONS
535(2)
25.2 THE MONETARIST MODEL OF EXCHANGE RATES, WITH FLEXIBLE PRICES
537(10)
25.3 TWO EXAMPLES OF THE IMPORTANCE OF EXPECTATIONS
547(4)
25.4 OVERSHOOTING AND THE REAL EXCHANGE RATE
551(12)
25.5 TWO MORE EXAMPLES OF THE IMPORTANCE OF EXPECTATIONS
563(4)
25.6 SUMMARY
567(1)
CHAPTER PROBLEMS
568(1)
SUGGESTIONS FOR FURTHER READING
569(1)
APPENDIX: CHANGES IN THE EXPECTED MONEY GROWTH RATE IN THE OVERSHOOTING MODEL OF THE EXCHANGE RATE
569(2)
CHAPTER 26 EXCHANGE RATE FORECASTING AND RISK
571
26.1 FORECASTING THE SPOT EXCHANGE RATE
571(6)
26.2 THE ROLE OF EXCHANGE RISK
577(4)
26.3 PORTFOLIO BALANCE EFFECTS ON THE EXCHANGE RATE
581(5)
26.4 SUMMARY
586(1)
CHAPTER PROBLEMS
587(1)
SUGGESTIONS FOR FURTHER READING
588
SUPPLEMENTS FOR SELECTED CHAPTERS S-1
SUPPLEMENT TO CHAPTER 2: The Equations of Exchange Equilibrium S-3(1)
SUPPLEMENT TO CHAPTER 3: Real Incomes, Production, Elasticities, and the Trade Pattern S-4(6)
SUPPLEMENT TO CHAPTER 4: Stability and Comparative Statics in the Basic Trade Model S-10(7)
SUPPLEMENT TO CHAPTER 6: The Specific-Factors Model of Production S-17(6)
SUPPLEMENT TO CHAPTER 7: The Two-Sector Heckscher-Ohlin Model S-23(5)
SUPPLEMENT TO CHAPTER 10: Real Incomes, Prices, and the Tariff S-28(5)
SUPPLEMENT TO CHAPTER 11: Tariffs, Growth, and Welfare S-33(7)
SUPPLEMENT TO CHAPTER 12: Imperfect Competition, Trade Restrictions, and Welfare S-40(4)
SUPPLEMENT TO CHAPTER 16: Proof of the Marshall-Lerner Condition S-44(1)
SUPPLEMENT TO CHAPTER 19: The Monetarist Two-Country Model of the Balance of Payments S-44(3)
SUPPLEMENT TO CHAPTER 24: Real Wage Indexation S-47(4)
SUPPLEMENT TO CHAPTER 25: The Monetary Model of the Exchange Rate S-51(4)
SUPPLEMENT TO CHAPTER 26: The Optimally Diversified Portfolio S-55
INDEX I-1

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