国际经济学 英文版 第6版PDF|Epub|txt|kindle电子书版本网盘下载

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CHAPTERFOURTrade Model Extensions and Applications*661

ContentsCHAPTER ONEThe International Economy1

The United States as an Open Economy2

Consequences of Increased Openness5

FOREIGN COMPETITION AND THE U．S．AUTOINDUSTRY6

What Makes a Company“American”?7

International Competitiveness8

Firm(Industry)Competitiveness8

A Nation s Competitiveness8

EVEN THE BOEING 777 ISN T ALL AMERICAN9

Globalization and Competitiveness11

Is International Trade an Opportunity or a Threatto Workers?13

COMPETITION IN THE WORLD STEEL INDUSTRY14

The Plan of This Book15

Summary15

Study Questions16

Part OneInternational Trade Relations17

CHAPTER TWOFoundations of Modern Trade Theory19

Historical Development of Modern Trade Theory19

Why Nations Trade:Absolute Advantage20

The Mercantilists20

Why Nations Trade:Comparative Advantage21

Comparative Advantage in Money Terms23

WHERE DOES U．S．COMPARATIVE ADVANTAGELIE?24

Transformation Schedules25

Trading under Constant-Cost Conditions27

Constant Costs27

The Basis for Trade and Direction of Trade29

Production Gains from Specialization29

Consumption Gains from Trade30

Distributing the Gains from Trade31

Complete Specialization32

Productivity and Comparative Advantage32

Changing Comparative Advantage33

DO RISING HEALTH-CARE COSTS LEAD TOCOMPETITIVE DISADVANTAGE?34

U．S．Manufacturing Productivity Trends36

Trade Restrictions37

Increasing Costs38

Trading under Increasing-Cost Conditions38

Increasing-Cost Trading Case39

Partial Specialization41

Comparative Advantage Extended to Many Productsand Countries41

More Than Two Products42

More Than Two Countries43

Exit Barriers44

THE RACE IN RESEARCH AND DEVELOPMENT45

Empirical Evidence on Comparative Advantage46

Summary48

Study Questions49

CHAPTER THREEInternational Equilibrium52

Indifference Curves52

Autarky Equilibrium54

Basis for Trade,Gains from Trade:A Restatement54

The Equilibrium Terms of Trade56

Theory of Reciprocal Demand58

Offer Curves and the Equilibrium Termsof Trade59

Economic Growth and the Terms of Trade61

Terms-of-Trade Estimates62

Summary64

Study Questions65

Factor-Endowment Theory66

Factor-Price Equalization68

Trade and the Distribution of Income69

Does Trade Make the Poor Even Poorer?70

Are Actual Trade Patterns Explained by the Factor-Endowment Theory?71

HAVE U．S．MANUFACTURERS FORGOTTENTHE BASICS?72

Specific Factors:Trade and the Distribution of Incomein the Short Run75

Economies of Scale and Specialization76

Theory of Overlapping Demands80

Intraindustry Trade81

Product Cycles84

POCKET CALCULATORS AND THE INTERNATIONALPRODUCT CYCLE85

Dynamic Comparative Advantage:IndustrialPolicy85

Environmental Regulatory Policies and InternationalCompetitiveness87

JUMBO JET AIRCRAFT COMPETITION ANDINDUSTRIAL POLICY88

Trade in Business Services93

Transportation Costs95

Trade Effects95

Transportation Costs and the U．S．SteelIndustry97

Summary98

Study Questions98

CHAPTERFIVETariffs100

The Tariff Concept101

Types of Tariffs101

Effective Rate of Protection103

Tariff Escalation105

Offshore-Assembly Provision106

Postponing Import Duties107

Bonded Warehouse107

Foreign Trade Zone108

Tariff WeIfare Effects:Consumer Surplus and ProducerSurplus109

Tariff Welfare Effects:Small-Nation Model110

CALCULATING THE WELFARE EFFECTS OFA TARIFF112

Tariff Welfare Effects:Large-Nation Model113

Tariff Examples117

Motorcycles117

COST TO THE CONSUMER OF PRESERVING APRODUCTION WORKER S JOB118

How a Tariff Burdens Exporters120

Japanese Luxury Cars120

Arguments for Trade Restrictions123

EFFECTS OF ELIMINATING IMPORT TARIFFS124

Job Protection124

Protection against Cheap Foreign Labor126

Maintenance of the Domestic Standardof Living128

Fairness in Trade:A Level Playing Field128

Equalization of Production Costs129

Infant-Industry Argument129

Noneconomic Arguments129

PETITION OF THE CANDLE MAKERS131

The Political Economy of Protectionism131

Summary134

Study Questions135

CHAPTER SIXNontariff Trade Barriers137

Import Quota138

Trade and Welfare Effects139

Sugar Import Quotas141

ALLOCATING QUOTA LICENSES142

Quotas versus Tariffs144

Tariff-Rate Quota:A Two-Tier Tariff145

Orderly Marketing Agreements148

Export-Quota Effects148

EFFECTS OF ELIMINATING NONTARIFFTRADE BARRIERS149

Japanese Auto Restraint151

Domestic Content Requirements152

CATERPILLAR OPPOSES STEEL QUOTAS153

Subsidies155

Domestic Subsidy155

Export Subsidy157

HOW“FOREIGN”Is YOUR CAR?157

Forms of Dumping160

Dumping160

International Price Discrimination161

Excess Capacity163

Antidumping Regulations164

Washington Apples165

Other Nontariff Trade Barriers165

Government Procurement Policies165

SMITH CORONA FINDS ANTIDUMPING VICTORIESARE HOLLOW167

Technical and Administrative Regulations168

Summary168

Study Questions169

The Smoot-Hawley Act172

CHAPTER SEVENTrade Regulations and Industrial Policies172

The Reciprocal Trade Agreements Act174

The General Agreement on Tariffs and Trade andthe World Trade Organization174

FAST-TRACK APPROACH FOR NEGOTIATING TRADEAGREEMENTS177

The Uruguay Round178

INTERNATIONAL TRADE IN SERVICES180

The World Trade Organization181

Trade Remedy Laws182

The Escape Clause182

Countervailing Duties183

Antidumping Duties186

Section 301:Unfair Trading Practices186

U．S．-Japan Automotive Trade Dispute187

Remedies against Dumped and Subsidized Imports188

Protection of Intellectual Property Rights190

Trade Adjustment Assistance193

Industrial Policies of the United States194

Export Promotion and Financing196

Knowledge-Based Growth Policy197

Industrial Policies of Japan198

HAS INDUSTRIAL POLICY HELPED JAPAN?200

Strategic Trade Policy200

Imperfect Competition and GovernmentSubsidies201

Welfare Effects of Strategic Trade Policy203

Economic Sanctions206

Factors Influencing the Success of Sanctions207

Iraqi Sanctions208

Summary210

Study Questions211

CHAPTER EIGHTTrade Policies for the Developing Nations212

Developing-Nation Trade Characteristics212

Trade Problems of the Developing Nations213

Unstable Export Markets214

Worsening Terms of Trade215

Call for a New International Economic Order217

Stabilizing Commodity Prices218

Production and Export Controls219

Buffer Stocks220

Multilateral Contracts222

Commodity Agreement Experience222

The OPEC Oil Cartel223

Maximizing Cartel Profits224

OPEC as a Cartel226

Generalized System of Preferences227

Economic Growth Strategies:Import Substitutionversus Export-Led Growth228

Import Substitution228

Export-Led Growth230

IMPORT-SuBSTITUTION LAWS BACKFIRE ONBRAZIL231

High-Performing Asian Economies232

The Four Tigers234

China as a High-Performing Economy235

China s Most-Favored-Nation Trade Status237

CHINA S FAILURE TO PROTECT U．S．INTELLECTUALPROPERTY238

Study Questions239

Summary239

CHAPTER NINERegional Trading Arrangements241

Types of Regional Trading Arrangements242

The Impetus for Regionalism242

Effects of a Regional Trading Arrangement243

Static Effects243

Dynamic Effects245

European Union246

Pursuing Economic Integration248

Agricultural Policy250

Government Procurement Policies253

U．S．Free Trade Agreements255

U．S．-Canada Free Trade Agreement255

North American Free Trade Agreement(NAFTA)258

Regional Integration versus Multilateralism262

Other Regional Trading Arrangements262

The Transition Economies of Eastern Europe andthe Former Soviet Union263

Financing Limitations264

Industrial Cooperation264

The Council for Mutual EconomicAssistance266

The Transition toward a Market-OrientedEconomy267

Summary268

Study Questions270

CHAPTER TENInternational Factor Movements and Multinational Enterprises271

The Multinational Enterprise272

Motives for Foreign Direct Investment273

Demand Factors273

Cost Factors275

Direct Exporting versus Foreign DirectInvestment/Licensing276

Supplying Products to Foreign Buyers:Whether toProduce Domestically or Abroad276

Foreign Direct Investment versus Licensing277

International Trade Theory and MultinationalEnterprise278

Is Foreign Direct Investment a Threat to theUnited States?279

Japanese Transplants in the U．S．AutomobileIndustry280

International Joint Ventures284

Reasons for Joint Ventures284

Welfare Effects285

NEW UNITED MOTOR MANUFACTURING,INC.286

Multinational Enterprises as a Source of Conflict288

Employment289

Technology Transfer289

National Sovereignty290

BOEING WORKERS CONTEST TECHNOLOGYTRANSFER TO CHINA291

Balanee of Payments292

Taxation292

Transfer Pricing293

U．S．Production Sharing with Mexico293

International Labor Mobility:Migration296

Immigration as an Issue298

Immigration and the U．S．Labor Market299

Summary301

Study Questions301

Part TwoInternational Monetary Relations303

Double-Entry Accounting305

CHAPTER ELEVENThe Balance of Payments305

Balance-of-Payments Structure307

Current Account307

INTERNATIONAL PAYMENTS PROCESS308

Capital Account309

What Does a Current Account Surplus(Deficit)Mean?310

Statistical Discrepancy:Errors and Omissions313

The U．S．Balance of Payments313

Balance of International Indebtedness316

The United States as a Debtor Nation317

VIEWS CONCERNING U．S．INTERNATIONALINDEBTEDNESS318

Summary320

Study Questions320

CHAPTER TWELVEForeign Exchange322

Foreign Exchange Market323

Types of Foreign Exchange Transactions324

FOREIGN CURRENCY TRADING325

Interbank Trading326

Reading Foreign Exchange Quotations328

ADJUSTING TO THE DEPRECIATING DOLLAR331

Forward and Futures Markets331

Foreign Currency Options334

Advantage of Foreign Currency Options toExporters335

Understanding Option Quotations335

Exchange-Rate Determination335

Supply of Foreign Exchange336

Demand for Foreign Exchange336

Equilibrium Rate of Exchange337

Effective Exchange Rate:The Trade-Weighted Dollar338

Arbitrage339

The Forward Market340

The Forward Rate340

Forward Market Functions341

Interest Arbitrage342

Uncovered Interest Arbitrage342

EXCHANGE-RATE RISK:THE HAZARD OF INVESTINGABROAD343

Covered Interest Arbitrage344

Foreign Exchange Market Speculation346

Speculating in the Spot Market346

Speculating in the Forward Market347

Other Forms of Speculation348

Speculation and Exchange Market Stability348

Summary349

Study Questions350

CHAPTER THIRTEENExchange-Rate Determination352

Exchange-Rate Determination in a Free Market352

Real Income and Exchange Rates354

Real Interest Rates and Exchange Rates357

Inflation Rates,Purchasing-Power Parity,and ExchangeRates359

Law of One Price359

INTEREST RATES AND THE DOLLAR S EXCHANGEVALUE360

Relative Purchasing-Power Parity361

THE“BIG MAC”INDEX AND THE LAW OF ONEPRICE362

Other Market Fundamentals and Their Effects onExchange Rates365

Market Expectations and Exchange Rates365

INFLATION RATES AND THE DOLLAR S EXCHANGEVALUE366

Interaction of Exchange-Rate Determinants369

The Monetary Approach to Exchange-RateDetermination370

THE SLIDE OF THE DOLLAR371

The Asset-Markets Approach to Exchange-Rate Determination372

Exchange-Rate Overshooting376

Forecasting Foreign Exchange Rates378

Judgmental Forecasts379

Technical Forecasts380

Fundamental Analysis382

Summary383

Forecast Performance of Advisory Services383

Study Questions384

Appendix:Fundamental Forecasting-RegressionAnalysis385

CHAPTER FOURTEENBalance-of-Payments Adjustments under Fixed Exchange Rates387

Price Adjustments388

Gold Standard388

Quantity Theory of Money388

Balance-of-Payments Adjustment389

Interest-Rate Adjustments390

Capital Flows and the Balance of Payments390

Income Determination in a Closed Economy392

Income Adjustments392

Income Determination in an Open Economy394

Implications of the Foreign Trade Multiplier395

Foreign Repercussions396

Disadvantages of Automatic AdjustmentMechanisms398

Monetary Adjustments398

Payment Imbalances under Fixed ExchangeRates398

Policy Implications400

Summary401

Study Questions401

CHAPTER FIFTEENExchange-Rate Adjustments and the Balance of Payments403

Effects of Exchange-Rate Changes on Costs andPrices403

Cost-Cutting Strategies of Japanese Manufacturers inResponse to Yen Appreciation407

The Elasticity Approach to Exchange-RateAdjustment409

Requirements for a Successful Depreciation(Devaluation)409

Empirical Measurement:Import/Export DemandElasticities412

Time Path of Depreciation(Devaluation)412

The Absorption Approach to Exchange-RateAdjustment417

The Monetary Approach to Exchange-RateAdjustment418

Summary418

Study Questions419

CHAPTER SIXTEENExchange-Rate Systems421

Exchange-Rate Practices421

Fixed Exchange-Rate System425

Par Value and Official Exchange Rate425

Exchange-Rate Stabilization426

Devaluation and Revaluation427

Legal versus Economic Implications428

Floating Exchange Rates430

Achieving Market Equilibrium430

TRADE RESTRICTIONS,JOBS,AND FLOATINGEXCHANGE RATES432

Arguments for and against Floating Rates432

Adjustable Pegged Rates433

Managed Floating Rates435

Managed Floating Rates in the Short Run andLong Run436

Exchange-Rate Stabilization and MonetaryPolicy437

CAN CENTRAL BANKERS PROP UPA CURRENCY?438

The European Monetary System440

The Maastricht Treaty441

The European Currency Crisis of1992-1993442

The Crawling Peg443

Exchange Controls444

Summary446

Study Questions447

CHAPTER SEVENTEENMacroeconomic Policy in an Open Economy448

Economic Policy in an Open Economy448

Economic Objectives of Nations449

Policy Instruments449

Exchange-Rate Policies and Overall Balance450

Monetary Policy and Fiscal Policy:Effects on InternalBalance451

Fiscal Policy with Fixed Exchange Rates andFloating Exchange Rates452

Monetary Policy with Fixed Exchange Ratesand Floating Exchange Rates454

Monetary and Fiscal Policies:Effects on ExternalBalance455

Monetary Policy and Fiscal Policy:Policy Agreementand Policy Conflict455

Inflation with Unemployment457

International Economic Policy Coordination458

Policy Coordination in Theory459

Plaza Agreement of 1985 and Louvre Accordof 1987460

Summary462

Study Questions463

CHAPTEREIGHTEENInternational Banking:Reserves,Debt,and Risk464

Nature of International Reserves464

Demand for International Reserves465

Exchange-Rate Flexibility465

Other Determinants467

Supply of International Reserves468

Foreign Currencies468

International Gold Standard470

Gold470

Gold Exchange Standard471

THE INTERNATIONAL MONETARY FUND472

Demonetization of Gold472

Special Drawing Rights474

Facilities for Borrowing Reserves475

IMF Drawings475

General Arrangements to Borrow475

Swap Arrangements476

Compensatory Financing for Exports476

Oil Facility477

Buffer Stock Financing Facility477

International Lending Risk478

The International Debt Problem479

Reducing Bank Exposure to Developing-NationDebt483

HOW A DEBT/EQUITY SWAP WORKS484

Debt Reduction and Debt Forgiveness484

Mexican Financiai Crises485

1980s Crisis485

1994-1995 Crisis486

The Eurocurrency Market487

Eurocurrency Market Development488

Financial Implications488

Summary489

Study Questions489

Notes491

Index495