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El. knyga: Applied International Economics

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(University of Texas, El Paso, USA), (Texas Christian University, USA)
  • Formatas: 560 pages
  • Išleidimo metai: 04-May-2020
  • Leidėjas: Routledge
  • Kalba: eng
  • ISBN-13: 9780429758324
Kitos knygos pagal šią temą:
Applied International EconomicsDidesnis paveikslėlis
  • Formatas: 560 pages
  • Išleidimo metai: 04-May-2020
  • Leidėjas: Routledge
  • Kalba: eng
  • ISBN-13: 9780429758324
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Applied International Economics, 5th edition, offers a modern and accessible treatment of international economics, shifting the emphasis from pure theory to the application of theory by using the standard tools of economic analysis. This new and streamlined edition makes the real-world application of international economics even more clear than previous editions, and focuses on the basics that students will need in order to analyze information on the world economy throughout their future careers. The new edition has been refocused, revised, and thoroughly updated. Key features include:

  • Expanded coverage of China’s role in the world economy.
  • New material on how changes in trade flows can be decomposed into the extensive and intensive margins of trade.
  • New material on the use of Section 301 of U.S. trade law and the U.S.–China trade dispute.
  • Updated coverage of Brexit.
  • A new focus on the sole use of the Mundell-Fleming model to analyze balance of payments issues.
  • Improved linkages between the concepts of purchasing power parity and the real exchange rate.

Written in a thorough and engaging style, the book covers topics at a level appropriate for students specializing in business or international relations, as well as economics students. Along with a wealth of case studies and real-life examples, the book offers extensive pedagogical tools that include a companion website, end-of-chapter summaries, and explanations of key concepts and terms. For instructors, PowerPoint presentations and an extensive test bank are available.

List of figures
xv
List of tables
xviii
List of boxes
xx
Preface xxii
Acknowledgments xxviii
Chapter 1 Introduction: an overview of the world economy
1(19)
Introduction
1(1)
The scope of international economics
2(1)
The output of the world economy
3(1)
Imports and exports of goods in the world economy
4(2)
International trade in services
6(4)
Capital flows in the world economy
10(2)
Trends in international production and trade
12(2)
Globalization
14(3)
Summary
17(1)
Key concepts and terms
17(1)
Problems and questions for review
18(1)
Notes
18(1)
References
19(1)
Chapter 2 Why countries trade
20(19)
Introduction
20(1)
International trade versus interregional trade
21(1)
Trade in an individual product
21(5)
Trade based on absolute advantage
26(2)
Absolute advantage
26(1)
The gains from specialization and trade with absolute advantage
27(1)
Trade based on comparative advantage
28(4)
Comparative advantage
29(1)
The gains from specialization and trade with comparative advantage
30(2)
Trade based on opportunity costs
32(2)
Opportunity costs
33(1)
The gains from specialization and trade with opportunity costs
33(1)
Dynamic gains from trade
34(1)
Summary
35(1)
Key concepts and terms
36(1)
Problems and questions for review
36(1)
Notes
37(1)
References
37(2)
Chapter 3 Comparative advantage and the production possibilities frontier
39(28)
Introduction
39(1)
The production possibilities frontier and constant costs
40(7)
The production possibilities frontier
40(2)
Production and consumption without specialization and trade
42(1)
Production and consumption with specialization and trade
42(5)
The terms of trade
47(4)
Changes in the gains from specialization and trade
47(1)
Demand conditions and the terms of trade
48(1)
Distribution of the gains from trade
49(2)
Trade under increasing opportunity costs
51(7)
Increasing costs and the production possibilities frontier
51(3)
Production and consumption without specialization and trade
54(1)
Production and consumption with specialization and trade
54(4)
International trade under increasing costs: an advanced analysis
58(6)
Summary
64(1)
Key concepts and terms
64(1)
Problems and questions for review
64(1)
Notes
65(1)
References
66(1)
Chapter 4 Factor endowments and the commodity composition of trade
67(26)
Introduction
67(1)
The factor-proportions theory
68(5)
Assumptions of the factor-proportions theory
68(2)
The factor-proportions theory
70(3)
Factor-price equalization and the distribution of income
73(7)
Factor-price equalization
73(3)
Trade and the distribution of income
76(2)
Trade and income inequality
78(2)
The specific-factors model
80(2)
Empirical evidence concerning the factor-proportions theory
82(3)
The Leontief paradox
82(1)
Explanations of the Leontief paradox
83(2)
International trade not explained by the factor-proportions theory
85(1)
Summary
86(1)
Key concepts and terms
86(1)
Problems and questions for review
87(1)
Notes
88(1)
References
89(1)
Appendix 4.1 Factor-proportions theory: an advanced analysis
90(3)
Chapter 5 Intra-industry trade
93(24)
Introduction
93(1)
Defining intra-industry trade
93(3)
The increasing importance of intra-industry trade
96(2)
Intra-industry trade in homogeneous products
98(1)
Intra-industry trade in differentiated products
98(11)
Economies of scale
100(4)
The product cycle
104(2)
Overlapping demands
106(3)
Empirical evidence on intra-industry trade
109(1)
The welfare implications of intra-industry trade
110(3)
Summary
113(1)
Key concepts and terms
114(1)
Problems and questions for review
114(1)
Notes
115(1)
References
115(2)
Chapter 6 The Firm In The World Economy
117(19)
Introduction
117(1)
The firm in international trade
118(5)
Firm heterogeneity
118(5)
The multinational corporation
123(6)
The importance of MNCs
123(4)
Reasons for the existence of MNCs
127(2)
Offshoring and MNCs
129(1)
Global value chains
130(1)
Public policy toward MNCs
131(2)
Summary
133(1)
Key concepts and terms
133(1)
Problems and questions for review
133(1)
Notes
134(1)
References
134(2)
Chapter 7 International factor movements
136(17)
Introduction
136(1)
International trade versus international factor movements
137(1)
International movements of capital
138(5)
Reasons for the international movement of capital
139(1)
Welfare effects of international capital movements
140(2)
Capital movements and public policy
142(1)
International movements of labor
143(7)
Reasons for the international movement of labor
144(2)
Welfare effects of the international movement of labor
146(3)
Immigration and public policy
149(1)
Summary
150(1)
Key concepts and terms
151(1)
Problems and questions for review
151(1)
Notes
152(1)
References
152(1)
Chapter 8 Tariffs
153(24)
Introduction
153(1)
Tariffs: some preliminary details
153(3)
Types of tariffs
154(1)
Methods of valuing imports
155(1)
Welfare effects of trade in an individual product
156(5)
Consumer and producer surplus: a review
156(2)
The effects of free trade
158(3)
The economic effects of tariffs
161(5)
The effects of a tariff for a small country
161(2)
The effects of a tariff for a large country
163(3)
The effective rate of protection
166(2)
Arguments for tariffs
168(6)
Infant government
169(1)
National defense
169(2)
Infant industries
171(1)
Senile industry protection
171(2)
Tariffs, trade, and jobs
173(1)
Summary
174(1)
Key concepts and terms
175(1)
Problems and questions for review
175(1)
Notes
176(1)
References
176(1)
Chapter 9 Nontariff distortions to trade
177(27)
Introduction
177(1)
Nontariff barriers to trade
178(1)
Quotas
179(3)
The economic effects of a quota
182(3)
Other nontariff distortions
185(5)
Industrial policy
186(1)
Technical barriers to trade
187(2)
Subsidies
189(1)
Government procurement
189(1)
Corruption and international trade
190(2)
Economic sanctions
192(1)
Labor and environmental standards
193(3)
Transportation costs and trade
196(3)
The gravity equation and international trade
199(1)
Summary
200(1)
Key concepts and terms
201(1)
Problems and questions for review
201(1)
Notes
202(1)
References
202(2)
Chapter 10 International trade policy
204(27)
Introduction
204(1)
The political economy of protectionism
205(7)
Protectionism and public choice
205(5)
The structure of protection
210(2)
The evolution of U.S. trade policy
212(2)
The formulation of U.S. trade policy
214(1)
Antidumping, countervailing duties, and safeguards
215(5)
Antidumping
216(1)
Types of dumping
216(1)
History of antidumping law in the United States
217(1)
Countervailing duties
218(1)
Safeguards
219(1)
The General Agreement on Tariffs and Trade (GATT)
220(1)
GATT and multilateral trade negotiations
220(3)
The World Trade Organization (WTO)
223(1)
The future of international trade negotiations
223(3)
Summary
226(1)
Key concepts and terms
227(1)
Problems and questions for review
227(1)
Notes
227(2)
References
229(1)
Appendix 10.1 Price discrimination
230(1)
Chapter 11 Regional economic arrangements
231(24)
Introduction
231(1)
Degrees of economic integration
232(3)
Rules of origin in international trade
235(1)
Trade effects of economic integration
236(2)
The static effects of a customs union
238(3)
The European Union
241(3)
NAFTA and other U.S. trade agreements
244(4)
NAFTA
245(1)
Other U.S. trade agreements
246(2)
Multilateralism versus regional trade agreements
248(3)
Summary
251(1)
Key concepts and terms
252(1)
Problems and questions for review
252(1)
Notes
253(1)
References
253(2)
Chapter 12 International trade and economic growth
255(29)
Introduction
255(1)
The developing countries
256(2)
Economic development
256(1)
GDP of developing countries
256(2)
Economic growth
258(5)
Preconditions for growth
258(2)
Economic growth and the factors of production
260(1)
Basic growth theory
261(1)
Changes in capital stock and technology
262(1)
International trade and economic growth
263(3)
Openness and growth
263(2)
Capital flows, technology transfers, and economic growth
265(1)
Economic development strategies
266(11)
Primary products
267(4)
Import substitution
271(2)
Export promotion
273(4)
Official development assistance
277(2)
The role of official development assistance
277(1)
Flows of official development assistance
278(1)
Multilateral development organizations
279(2)
The World Bank and regional development banks
280(1)
The United Nations agencies
281(1)
Summary
281(1)
Key concepts and terms
282(1)
Problems and questions for review
282(1)
Notes
282(1)
References
283(1)
Chapter 13 National income accounting and the balance of payments
284(23)
Introduction
284(1)
National income accounting
285(3)
The measurement of GDP
285(1)
Items excluded from GDP
285(1)
GDP and changes in prices
286(1)
The components of GDP
286(2)
G D P and the trade balance
288(7)
GDP in a closed economy
288(1)
GDP in an open economy
289(1)
Imports, exports, and GDP
289(1)
Intertemporal trade
290(1)
Saving, investment, the government budget, and the trade balance
291(1)
Adjustments to trade imbalances
292(3)
The balance of payments accounts
295(9)
The balance on current account
295(6)
The balance on capital and financial accounts
301(3)
Summary
304(1)
Key concepts and terms
304(1)
Problems and questions for review
305(1)
Notes
305(1)
References
306(1)
Chapter 14 Exchange rates and their determination: a basic model
307(38)
Introduction
307(1)
Exchange rates
307(3)
The demand for foreign exchange
310(1)
Shifts in the demand for foreign exchange
311(3)
Changes in domestic income
311(2)
Changes in relative prices
313(1)
The supply of foreign exchange
314(1)
Shifts in the supply of foreign exchange
315(2)
Changes in foreign income
315(1)
Changes in relative prices
316(1)
Equilibrium in the foreign exchange market
317(1)
Changes in the equilibrium exchange rate
318(3)
Exchange rate volatility and international trade
321(1)
Exchange rate pass through
321(3)
Price levels and the exchange rate in the long run
324(1)
The law of one price
324(4)
Purchasing power parity
328(6)
Absolute purchasing power parity
329(1)
Relative purchasing power parity
329(1)
Purchasing power parity in the short run and the long run
330(4)
The real exchange rate
334(7)
Changes in the real exchange rate
338(3)
Summary
341(1)
Key concepts and terms
342(1)
Problems and questions for review
342(1)
Notes
343(1)
References
344(1)
Chapter 15 Money, interest rates, and the exchange rate
345(26)
Introduction
345(1)
Money defined: a review
346(1)
The supply of money
347(3)
The demand for money
350(1)
The equilibrium interest rate: the interaction of money supply and demand
351(5)
The interest rate and the exchange rate in the short run
356(6)
Interest rates, the exchange rate, and the balance of payments
362(4)
Summary
366(1)
Key concepts and terms
366(1)
Problems and questions for review
366(1)
Notes
367(1)
References
368(1)
Appendix 15.1 The relationship between the monetary base and the money supply
368(1)
Appendix 15.2 Interest parity and covered interest arbitrage
369(2)
Chapter 16 Open economy macroeconomics
371(29)
Introduction
371(1)
Aggregate demand and aggregate supply: a review
372(5)
Aggregate demand
372(1)
Changes in aggregate demand
373(4)
Aggregate supply
377(6)
Changes in aggregate supply
378(4)
Aggregate equilibrium
382(1)
Determinants of the current account
383(3)
Exports
383(1)
Imports
384(2)
Exchange rate changes and equilibrium output in an open economy
386(6)
Exchange rate appreciation
387(3)
Exchange rate depreciation
390(2)
Exchange rate shocks
392(4)
Summary
396(1)
Key concepts and terms
397(1)
Problems and questions for review
397(1)
Notes
398(1)
References
399(1)
Chapter 17 Macroeconomic policy and floating exchange rates
400(30)
Introduction
400(1)
Fiscal and monetary policy
400(1)
Changes in fiscal policy
401(8)
Expansionary fiscal policy
401(5)
Contractionary fiscal policy
406(3)
Changes in monetary policy
409(9)
Expansionary monetary policy
410(4)
Contractionary monetary policy
414(4)
Monetary and fiscal policy in an open economy
418(2)
Consistent policy mixes
420(4)
Inconsistent policy mixes
421(3)
Trade flow adjustment and current account dynamics
424(1)
Summary
425(1)
Key concepts and terms
426(1)
Problems and questions for review
427(1)
Notes
427(1)
References
428(2)
Chapter 18 Fixed exchange rates and currency unions
430(31)
Introduction
430(1)
Inconvertible currencies
431(6)
Difficulties associated with exchange controls
433(4)
Intervention in the foreign exchange market
437(16)
Macroeconomic adjustment under fixed exchange rates: Part I
440(2)
Macroeconomic adjustment under fixed exchange rates: Part II
442(2)
Fiscal policy and internal balance
444(2)
The effects of expansionary and contractionary fiscal policy
446(4)
Sterilization
450(2)
Pegging the exchange rate with monetary policy
452(1)
Currency unions
453(1)
The trilemma
454(1)
The European Monetary Union
455(3)
Summary
458(1)
Key concepts and terms
459(1)
Problems and questions for review
459(1)
Notes
460(1)
References
460(1)
Chapter 19 International monetary arrangements
461(18)
Introduction
461(1)
The gold standard
462(3)
The gold standard and monetary policy
462(1)
The macroeconomics of the gold standard
463(2)
Costs and benefits of the gold standard
465(1)
The Bretton Woods system and the International Monetary Fund
466(4)
The Bretton Woods System
467(1)
The International Monetary Fund
468(1)
The demise of the Bretton Woods System
469(1)
The post-Bretton Woods era
470(1)
Clean floats
470(3)
Fixing the exchange rate
471(2)
Options for international monetary reform
473(3)
Summary
476(1)
Key concepts and terms
477(1)
Problems and questions for review
477(1)
Notes
478(1)
References
478(1)
Chapter 20 Capital flows and the developing countries
479(22)
Introduction
479(1)
Capital flows to developing countries
480(3)
Debt versus equity
480(2)
Servicing foreign debt
482(1)
Exchange rate shocks
483(3)
Macroeconomic consequences of exchange rate shocks
484(2)
Sources of exchange rate shocks
486(1)
Commodity price shocks
486(2)
Exchange controls
488(2)
Intervention, capital flights, and defaults
490(4)
The IMF and developing countries
494(4)
IMF conditionality
494(2)
The future of the IMF
496(2)
Summary
498(1)
Key concepts and terms
499(1)
Problems and questions for review
499(1)
Note
500(1)
References
500(1)
Appendix: GDP, population, and exports for U.S. regions and states, 2018 501(8)
Glossary 509(9)
Index 518
W. Charles Sawyer is the Hal Wright Professor of Latin American Economics at Texas Christian University, U.S.A.

Richard L. Sprinkle is Emeritus Professor of Economics at the University of Texas at El Paso, U.S.A.
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