国际经济学 英文版 第6版PDF电子书下载

CHAPTERFOURTrade Model Extensions and Applications*66 1

ContentsCHAPTER ONEThe International Economy 1

The United States as an Open Economy 2

Consequences of Increased Openness 5

FOREIGN COMPETITION AND THE U．S．AUTOINDUSTRY 6

What Makes a Company“American”? 7

International Competitiveness 8

Firm(Industry)Competitiveness 8

A Nation s Competitiveness 8

EVEN THE BOEING 777 ISN T ALL AMERICAN 9

Globalization and Competitiveness 11

Is International Trade an Opportunity or a Threatto Workers? 13

COMPETITION IN THE WORLD STEEL INDUSTRY 14

The Plan of This Book 15

Summary 15

Study Questions 16

Part OneInternational Trade Relations 17

CHAPTER TWOFoundations of Modern Trade Theory 19

Historical Development of Modern Trade Theory 19

Why Nations Trade:Absolute Advantage 20

The Mercantilists 20

Why Nations Trade:Comparative Advantage 21

Comparative Advantage in Money Terms 23

WHERE DOES U．S．COMPARATIVE ADVANTAGELIE? 24

Transformation Schedules 25

Trading under Constant-Cost Conditions 27

Constant Costs 27

The Basis for Trade and Direction of Trade 29

Production Gains from Specialization 29

Consumption Gains from Trade 30

Distributing the Gains from Trade 31

Complete Specialization 32

Productivity and Comparative Advantage 32

Changing Comparative Advantage 33

DO RISING HEALTH-CARE COSTS LEAD TOCOMPETITIVE DISADVANTAGE? 34

U．S．Manufacturing Productivity Trends 36

Trade Restrictions 37

Increasing Costs 38

Trading under Increasing-Cost Conditions 38

Increasing-Cost Trading Case 39

Partial Specialization 41

Comparative Advantage Extended to Many Productsand Countries 41

More Than Two Products 42

More Than Two Countries 43

Exit Barriers 44

THE RACE IN RESEARCH AND DEVELOPMENT 45

Empirical Evidence on Comparative Advantage 46

Summary 48

Study Questions 49

CHAPTER THREEInternational Equilibrium 52

Indifference Curves 52

Autarky Equilibrium 54

Basis for Trade,Gains from Trade:A Restatement 54

The Equilibrium Terms of Trade 56

Theory of Reciprocal Demand 58

Offer Curves and the Equilibrium Termsof Trade 59

Economic Growth and the Terms of Trade 61

Terms-of-Trade Estimates 62

Summary 64

Study Questions 65

Factor-Endowment Theory 66

Factor-Price Equalization 68

Trade and the Distribution of Income 69

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 Run 75

Economies of Scale and Specialization 76

Theory of Overlapping Demands 80

Intraindustry Trade 81

Product Cycles 84

POCKET CALCULATORS AND THE INTERNATIONALPRODUCT CYCLE 85

Dynamic Comparative Advantage:IndustrialPolicy 85

Environmental Regulatory Policies and InternationalCompetitiveness 87

JUMBO JET AIRCRAFT COMPETITION ANDINDUSTRIAL POLICY 88

Trade in Business Services 93

Transportation Costs 95

Trade Effects 95

Transportation Costs and the U．S．SteelIndustry 97

Summary 98

Study Questions 98

CHAPTERFIVETariffs 100

The Tariff Concept 101

Types of Tariffs 101

Effective Rate of Protection 103

Tariff Escalation 105

Offshore-Assembly Provision 106

Postponing Import Duties 107

Bonded Warehouse 107

Foreign Trade Zone 108

Tariff WeIfare Effects:Consumer Surplus and ProducerSurplus 109

Tariff Welfare Effects:Small-Nation Model 110

CALCULATING THE WELFARE EFFECTS OFA TARIFF 112

Tariff Welfare Effects:Large-Nation Model 113

Tariff Examples 117

Motorcycles 117

COST TO THE CONSUMER OF PRESERVING APRODUCTION WORKER S JOB 118

How a Tariff Burdens Exporters 120

Japanese Luxury Cars 120

Arguments for Trade Restrictions 123

EFFECTS OF ELIMINATING IMPORT TARIFFS 124

Job Protection 124

Protection against Cheap Foreign Labor 126

Maintenance of the Domestic Standardof Living 128

Fairness in Trade:A Level Playing Field 128

Equalization of Production Costs 129

Infant-Industry Argument 129

Noneconomic Arguments 129

PETITION OF THE CANDLE MAKERS 131

The Political Economy of Protectionism 131

Summary 134

Study Questions 135

CHAPTER SIXNontariff Trade Barriers 137

Import Quota 138

Trade and Welfare Effects 139

Sugar Import Quotas 141

ALLOCATING QUOTA LICENSES 142

Quotas versus Tariffs 144

Tariff-Rate Quota:A Two-Tier Tariff 145

Orderly Marketing Agreements 148

Export-Quota Effects 148

EFFECTS OF ELIMINATING NONTARIFFTRADE BARRIERS 149

Japanese Auto Restraint 151

Domestic Content Requirements 152

CATERPILLAR OPPOSES STEEL QUOTAS 153

Subsidies 155

Domestic Subsidy 155

Export Subsidy 157

HOW“FOREIGN”Is YOUR CAR? 157

Forms of Dumping 160

Dumping 160

International Price Discrimination 161

Excess Capacity 163

Antidumping Regulations 164

Washington Apples 165

Other Nontariff Trade Barriers 165

Government Procurement Policies 165

SMITH CORONA FINDS ANTIDUMPING VICTORIESARE HOLLOW 167

Technical and Administrative Regulations 168

Summary 168

Study Questions 169

The Smoot-Hawley Act 172

CHAPTER SEVENTrade Regulations and Industrial Policies 172

The Reciprocal Trade Agreements Act 174

The General Agreement on Tariffs and Trade andthe World Trade Organization 174

FAST-TRACK APPROACH FOR NEGOTIATING TRADEAGREEMENTS 177

The Uruguay Round 178

INTERNATIONAL TRADE IN SERVICES 180

The World Trade Organization 181

Trade Remedy Laws 182

The Escape Clause 182

Countervailing Duties 183

Antidumping Duties 186

Section 301:Unfair Trading Practices 186

U．S．-Japan Automotive Trade Dispute 187

Remedies against Dumped and Subsidized Imports 188

Protection of Intellectual Property Rights 190

Trade Adjustment Assistance 193

Industrial Policies of the United States 194

Export Promotion and Financing 196

Knowledge-Based Growth Policy 197

Industrial Policies of Japan 198

HAS INDUSTRIAL POLICY HELPED JAPAN? 200

Strategic Trade Policy 200

Imperfect Competition and GovernmentSubsidies 201

Welfare Effects of Strategic Trade Policy 203

Economic Sanctions 206

Factors Influencing the Success of Sanctions 207

Iraqi Sanctions 208

Summary 210

Study Questions 211

CHAPTER EIGHTTrade Policies for the Developing Nations 212

Developing-Nation Trade Characteristics 212

Trade Problems of the Developing Nations 213

Unstable Export Markets 214

Worsening Terms of Trade 215

Call for a New International Economic Order 217

Stabilizing Commodity Prices 218

Production and Export Controls 219

Buffer Stocks 220

Multilateral Contracts 222

Commodity Agreement Experience 222

The OPEC Oil Cartel 223

Maximizing Cartel Profits 224

OPEC as a Cartel 226

Generalized System of Preferences 227

Economic Growth Strategies:Import Substitutionversus Export-Led Growth 228

Import Substitution 228

Export-Led Growth 230

IMPORT-SuBSTITUTION LAWS BACKFIRE ONBRAZIL 231

High-Performing Asian Economies 232

The Four Tigers 234

China as a High-Performing Economy 235

China s Most-Favored-Nation Trade Status 237

CHINA S FAILURE TO PROTECT U．S．INTELLECTUALPROPERTY 238

Study Questions 239

Summary 239

CHAPTER NINERegional Trading Arrangements 241

Types of Regional Trading Arrangements 242

The Impetus for Regionalism 242

Effects of a Regional Trading Arrangement 243

Static Effects 243

Dynamic Effects 245

European Union 246

Pursuing Economic Integration 248

Agricultural Policy 250

Government Procurement Policies 253

U．S．Free Trade Agreements 255

U．S．-Canada Free Trade Agreement 255

North American Free Trade Agreement(NAFTA) 258

Regional Integration versus Multilateralism 262

Other Regional Trading Arrangements 262

The Transition Economies of Eastern Europe andthe Former Soviet Union 263

Financing Limitations 264

Industrial Cooperation 264

The Council for Mutual EconomicAssistance 266

The Transition toward a Market-OrientedEconomy 267

Summary 268

Study Questions 270

CHAPTER TENInternational Factor Movements and Multinational Enterprises 271

The Multinational Enterprise 272

Motives for Foreign Direct Investment 273

Demand Factors 273

Cost Factors 275

Direct Exporting versus Foreign DirectInvestment/Licensing 276

Supplying Products to Foreign Buyers:Whether toProduce Domestically or Abroad 276

Foreign Direct Investment versus Licensing 277

International Trade Theory and MultinationalEnterprise 278

Is Foreign Direct Investment a Threat to theUnited States? 279

Japanese Transplants in the U．S．AutomobileIndustry 280

International Joint Ventures 284

Reasons for Joint Ventures 284

Welfare Effects 285

NEW UNITED MOTOR MANUFACTURING,INC. 286

Multinational Enterprises as a Source of Conflict 288

Employment 289

Technology Transfer 289

National Sovereignty 290

BOEING WORKERS CONTEST TECHNOLOGYTRANSFER TO CHINA 291

Balanee of Payments 292

Taxation 292

Transfer Pricing 293

U．S．Production Sharing with Mexico 293

International Labor Mobility:Migration 296

Immigration as an Issue 298

Immigration and the U．S．Labor Market 299

Summary 301

Study Questions 301

Part TwoInternational Monetary Relations 303

Double-Entry Accounting 305

CHAPTER ELEVENThe Balance of Payments 305

Balance-of-Payments Structure 307

Current Account 307

INTERNATIONAL PAYMENTS PROCESS 308

Capital Account 309

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

Statistical Discrepancy:Errors and Omissions 313

The U．S．Balance of Payments 313

Balance of International Indebtedness 316

The United States as a Debtor Nation 317

VIEWS CONCERNING U．S．INTERNATIONALINDEBTEDNESS 318

Summary 320

Study Questions 320

CHAPTER TWELVEForeign Exchange 322

Foreign Exchange Market 323

Types of Foreign Exchange Transactions 324

FOREIGN CURRENCY TRADING 325

Interbank Trading 326

Reading Foreign Exchange Quotations 328

ADJUSTING TO THE DEPRECIATING DOLLAR 331

Forward and Futures Markets 331

Foreign Currency Options 334

Advantage of Foreign Currency Options toExporters 335

Understanding Option Quotations 335

Exchange-Rate Determination 335

Supply of Foreign Exchange 336

Demand for Foreign Exchange 336

Equilibrium Rate of Exchange 337

Effective Exchange Rate:The Trade-Weighted Dollar 338

Arbitrage 339

The Forward Market 340

The Forward Rate 340

Forward Market Functions 341

Interest Arbitrage 342

Uncovered Interest Arbitrage 342

EXCHANGE-RATE RISK:THE HAZARD OF INVESTINGABROAD 343

Covered Interest Arbitrage 344

Foreign Exchange Market Speculation 346

Speculating in the Spot Market 346

Speculating in the Forward Market 347

Other Forms of Speculation 348

Speculation and Exchange Market Stability 348

Summary 349

Study Questions 350

CHAPTER THIRTEENExchange-Rate Determination 352

Exchange-Rate Determination in a Free Market 352

Real Income and Exchange Rates 354

Real Interest Rates and Exchange Rates 357

Inflation Rates,Purchasing-Power Parity,and ExchangeRates 359

Law of One Price 359

INTEREST RATES AND THE DOLLAR S EXCHANGEVALUE 360

Relative Purchasing-Power Parity 361

THE“BIG MAC”INDEX AND THE LAW OF ONEPRICE 362

Other Market Fundamentals and Their Effects onExchange Rates 365

Market Expectations and Exchange Rates 365

INFLATION RATES AND THE DOLLAR S EXCHANGEVALUE 366

Interaction of Exchange-Rate Determinants 369

The Monetary Approach to Exchange-RateDetermination 370

THE SLIDE OF THE DOLLAR 371

The Asset-Markets Approach to Exchange-Rate Determination 372

Exchange-Rate Overshooting 376

Forecasting Foreign Exchange Rates 378

Judgmental Forecasts 379

Technical Forecasts 380

Fundamental Analysis 382

Summary 383

Forecast Performance of Advisory Services 383

Study Questions 384

Appendix:Fundamental Forecasting-RegressionAnalysis 385

CHAPTER FOURTEENBalance-of-Payments Adjustments under Fixed Exchange Rates 387

Price Adjustments 388

Gold Standard 388

Quantity Theory of Money 388

Balance-of-Payments Adjustment 389

Interest-Rate Adjustments 390

Capital Flows and the Balance of Payments 390

Income Determination in a Closed Economy 392

Income Adjustments 392

Income Determination in an Open Economy 394

Implications of the Foreign Trade Multiplier 395

Foreign Repercussions 396

Disadvantages of Automatic AdjustmentMechanisms 398

Monetary Adjustments 398

Payment Imbalances under Fixed ExchangeRates 398

Policy Implications 400

Summary 401

Study Questions 401

CHAPTER FIFTEENExchange-Rate Adjustments and the Balance of Payments 403

Effects of Exchange-Rate Changes on Costs andPrices 403

Cost-Cutting Strategies of Japanese Manufacturers inResponse to Yen Appreciation 407

The Elasticity Approach to Exchange-RateAdjustment 409

Requirements for a Successful Depreciation(Devaluation) 409

Empirical Measurement:Import/Export DemandElasticities 412

Time Path of Depreciation(Devaluation) 412

The Absorption Approach to Exchange-RateAdjustment 417

The Monetary Approach to Exchange-RateAdjustment 418

Summary 418

Study Questions 419

CHAPTER SIXTEENExchange-Rate Systems 421

Exchange-Rate Practices 421

Fixed Exchange-Rate System 425

Par Value and Official Exchange Rate 425

Exchange-Rate Stabilization 426

Devaluation and Revaluation 427

Legal versus Economic Implications 428

Floating Exchange Rates 430

Achieving Market Equilibrium 430

TRADE RESTRICTIONS,JOBS,AND FLOATINGEXCHANGE RATES 432

Arguments for and against Floating Rates 432

Adjustable Pegged Rates 433

Managed Floating Rates 435

Managed Floating Rates in the Short Run andLong Run 436

Exchange-Rate Stabilization and MonetaryPolicy 437

CAN CENTRAL BANKERS PROP UPA CURRENCY? 438

The European Monetary System 440

The Maastricht Treaty 441

The European Currency Crisis of1992-1993 442

The Crawling Peg 443

Exchange Controls 444

Summary 446

Study Questions 447

CHAPTER SEVENTEENMacroeconomic Policy in an Open Economy 448

Economic Policy in an Open Economy 448

Economic Objectives of Nations 449

Policy Instruments 449

Exchange-Rate Policies and Overall Balance 450

Monetary Policy and Fiscal Policy:Effects on InternalBalance 451

Fiscal Policy with Fixed Exchange Rates andFloating Exchange Rates 452

Monetary Policy with Fixed Exchange Ratesand Floating Exchange Rates 454

Monetary and Fiscal Policies:Effects on ExternalBalance 455

Monetary Policy and Fiscal Policy:Policy Agreementand Policy Conflict 455

Inflation with Unemployment 457

International Economic Policy Coordination 458

Policy Coordination in Theory 459

Plaza Agreement of 1985 and Louvre Accordof 1987 460

Summary 462

Study Questions 463

CHAPTEREIGHTEENInternational Banking:Reserves,Debt,and Risk 464

Nature of International Reserves 464

Demand for International Reserves 465

Exchange-Rate Flexibility 465

Other Determinants 467

Supply of International Reserves 468

Foreign Currencies 468

International Gold Standard 470

Gold 470

Gold Exchange Standard 471

THE INTERNATIONAL MONETARY FUND 472

Demonetization of Gold 472

Special Drawing Rights 474

Facilities for Borrowing Reserves 475

IMF Drawings 475

General Arrangements to Borrow 475

Swap Arrangements 476

Compensatory Financing for Exports 476

Oil Facility 477

Buffer Stock Financing Facility 477

International Lending Risk 478

The International Debt Problem 479

Reducing Bank Exposure to Developing-NationDebt 483

HOW A DEBT/EQUITY SWAP WORKS 484

Debt Reduction and Debt Forgiveness 484

Mexican Financiai Crises 485

1980s Crisis 485

1994-1995 Crisis 486

The Eurocurrency Market 487

Eurocurrency Market Development 488

Financial Implications 488

Summary 489

Study Questions 489

Notes 491

Index 495