具体描述
《寰宇商潮：全球化时代的商业战略与文化适应》 内容简介 在全球化浪潮以前所未有的速度重塑商业版图的今天，企业不仅要在技术和资本层面进行角逐，更要在理解跨文化差异、适应复杂地缘政治环境以及构建可持续商业模式方面寻求突破。《寰宇商潮：全球化时代的商业战略与文化适应》并非一部聚焦于传统国际贸易理论的著作，而是深入剖析当代跨国企业在运营、管理、创新及风险控制方面所面临的真实挑战与前沿策略的实践指南。本书旨在为决策者、战略规划师以及有志于构建全球业务的企业家提供一个清晰、务实的分析框架。 第一部分：超越国界的战略重构 在信息和资本近乎自由流动的时代，传统的比较优势理论已不足以解释企业的全球布局。本书首先探讨了“超主权”商业环境下的战略选择。 第一章：全球价值链的重塑与韧性构建 全球价值链（GVCs）正经历从“效率优先”向“韧性优先”的深刻转变。本章详细分析了新冠疫情、贸易摩擦及供应链“去中心化”趋势对既有GVCs结构的影响。我们考察了“近岸外包”（Nearshoring）、“友岸外包”（Friend-shoring）等新模式的兴起，并评估了企业如何通过构建“多源化”供应网络来降低单一风险敞口。重点探讨了数字化工具（如区块链和物联网）在实时追踪与风险预警中扮演的关键角色，以及如何平衡成本效益与供应链的战略安全。 第二章：市场进入的新范式：轻资产与数字化渗透 传统的直接投资（FDI）模式正面临挑战。本书介绍了平台经济、数字服务贸易和虚拟商业模式如何颠覆传统市场进入策略。我们深入分析了“软进入”策略，例如通过战略联盟、合资企业（JV）中的技术换市场模式，以及如何利用本地数字生态系统快速获取用户数据和市场洞察。特别关注了服务业全球化背景下，数据本地化法规对业务扩张的影响及应对之道。 第三章：地缘政治风险的量化与管理 地缘政治已成为影响企业长期投资决策的首要非经济因素。本书提供了一套评估地缘政治风险的框架，该框架超越了简单的政治稳定评分，纳入了技术竞争、监管不确定性和意识形态冲突等多个维度。我们探讨了“去耦合”（Decoupling）与“去风险化”（De-risking）之间的微妙平衡，并提供了情景规划的方法论，帮助企业在极端不确定性下制定可行的退出策略和业务连续性计划。 第二部分：文化、人才与组织适应性 全球化竞争的最终壁垒往往是文化与组织结构。本书强调，成功的全球化并非简单地将本土模式复制到海外，而是构建一个能够自我学习和适应的“多中心”组织。 第四章：跨文化管理的精细化：从霍夫斯泰德到情境感知 本书超越了经典的文化维度理论，转而关注实践中的“情境感知”（Contextual Awareness）。我们分析了在高度集权的东方文化与强调个人主义的西方文化之间，如何进行有效的决策制定和激励机制设计。特别引入了“关系资本”在不同商业环境中的价值评估，以及如何通过高管轮换和混合型团队建设来培养具有全球视野的领导者。 第五章：本地化创新与全球协同 “全球产品，本地适应”的口号已显陈旧。当代创新要求企业具备“源于本地，服务全球”的能力。本章聚焦于如何激活分散在全球的研发中心（R&D Hubs），使之成为主要的创新源泉。探讨了知识产权（IP）在全球不同司法管辖区的保护策略，以及如何建立有效的知识共享机制，确保本地的成功经验能够迅速转化为全球标准。 第六章：全球人才生态系统的构建与激励 远程工作和混合工作模式的普及，使得全球人才的争夺进入了新的阶段。本书探讨了如何设计具有全球吸引力的薪酬和福利结构，同时遵守各国复杂的劳动法规。重点分析了如何有效管理“分布式团队”，确保不同时区、不同文化背景的员工能够实现高效协作，并探讨了通过股权激励和职业发展路径来锚定关键海外人才的策略。 第三部分：可持续发展与伦理前沿 在ESG（环境、社会和治理）成为投资主流的背景下，企业的全球行动必须符合更高的社会责任标准。 第七章：可持续供应链的透明度与合规 消费者和监管机构对供应链的社会和环境影响要求越来越高。本书详细介绍了如何利用技术手段（如卫星图像、AI驱动的审计）来提高供应链的透明度，确保原材料采购符合人权标准和环境法规。探讨了“循环经济”原则在全球运营中的具体实施路径，以及如何将气候风险纳入长期的资本支出决策。 第八章：数字伦理与数据主权下的全球运营 数据已成为新的战略资产，但不同国家对数据主权、隐私保护的法规差异巨大（如GDPR、中国的数据出境规定）。本书提供了在全球范围内运营数字业务的伦理地图。分析了企业在人工智能应用中如何避免算法偏见，以及在数据跨境流动受限的情况下，构建安全、合规的数据治理架构的实践方法。 结论：面向未来的敏捷治理 全球商业环境的特点是“恒定的动荡”。本书的最终结论是，企业必须放弃对稳定性的追求，转而拥抱“敏捷治理”（Agile Governance）。这意味着组织结构必须扁平化、决策流程必须去中心化，并建立起快速学习和自我修正的机制。只有将战略灵活性、文化敏感性和伦理责任深度融合的企业，才能在未来的寰宇商潮中立于不败之地。 本书适合于跨国公司高层管理人员、负责国际业务拓展的部门负责人、全球战略咨询顾问，以及所有希望深入理解当代全球商业动态的商业研究者和学生。
作者简介
目录信息
Brief Contents
Chapter 1: Introduction
Part One: International Trade Theory
Chapter 2: The Law of Comparative Advantage
Chapter 3: The Standard Theory of International Trade
Chapter 4: Demand and Supply, Offer Curves, and the Terms
of Trade
Chapter 5: Factor Endowments and the Heckscher-Ohlin Theory
Chapter 6: Economies of Scale, Imperfect Competition,
and International Trade
Chapter 7: Economic Growth and International Trade
Part Two: International Trade Policy
Chapter 8: Trade Restrictions: Tariffs
Chapter 9: Nontariff Trade Barriers and the New Protectionism
Chapter 10: Economic Integration: Customs Unions and Free
Trade Areas
Chapter 11: International Trade and Economic Development
Chapter 12: International Resource Movements
and Multinational Corporations
Part Three: Foreign Exchange Markets, Exchange
Rates, and the Balance of Payments
Chapter 13: Foreign Exchange Markets and Exchange Rates
Chapter 14: Balance of Payments
Part Four: Open-Economy Macroeconomics: Adjustment
in the Balance of Payments
and Domestic Stability
Chapter 15: The Price Adjustment Mechanism Under a Flexible
and a Fixed Exchange Rate System
Chapter 16: The Income Adjustment Mechanism and Synthesis
of Automatic Adjustments
Chapter 17: Open-Economy Macroeconomics: Adjustment Policies
Chapter 18: Prices and Output in an Open Economy: Aggregate
Demand and Aggregate Supply
Chapter 19: The Monetary and Portfolio Balance Approaches
Chapter 20: Flexible Versus Fixed Exchange Rates, the European
Monetary System, and Macroeconomic Policy
Coordination
Chapter 21: The International Monetary System:
Past, Present, and Future
Answers to Selected Problems
Glossary of Key Terms
Name Index
Subject Index
Contents
Suggested core chapters and sections for a one-semester course in Interna-
tional Economics for students with background in Principles of Economics
only.
CHAPTER 1 Introduction
1.1 The Importance of International Economics
Case Study 1-1: Even the IBM PC Isn't All-American
1.2 International Trade and the Nation's Standard of Living
Case Study 1 -2: The Rising Importance of International Trade
to the United States
1.3 The Subject Matter of International Economics
1.4 The Purpose of International Economic Theories and Policies
1.5 Current International Economic Problems
l.5a The Rising Trade Protectionism in Developed Countries
l.5b The Excessive Flnrctuqtions and Large Disequilibria in
Exchange Rates
l.5c The High Stmctural Unemployment in Europe
l.5d The Restructuring Problems Facing Eastern Europe
and the Former Soviet Union
l.5e The Deep Pnvfirtv of Some of the Poorest Developing
Countries
1.6 Organization and Methodology of the Text
l.6a Organization of the Text
l.6b Methodology of the Text
Summary ?A Look Ahead ?Key Tenns ?Questions for
Review ?Problems
Appendix: Al.l Basic Country Characteristics
Al.2 Sources ofAdditional Intemational Data and
Information
Selected Bibliography
PART ONE INTERNATIONAL TRADE THEORY
CHAPTER 2 The Law of Comparative Advantage
2.1 Introduction
2.2 The Mercantilists' Views on Trade
Case Study 2-1: Munn's Mercantilistic Views on Trade
2.3 Trade Based on Absolute Advantage: Adam Smith
2.3a Absolute Advantage
2.3b Illustration of Absolute Advantage
2.4 Trade Based on Comparative Advantage: David Ricardo
2.4a The Law of Comparative Advantage
2.4b The Gains from Trade
2.4c Exception to the Law of Comparative Advantage
2.4d Comparative Advantage with Money
2.5 Comparative Advantage and Opportunity Costs
2.5a Comparative Advantage and the Labor Theory of Value
Case Study 2-2: The Petition of the Candlemakers
2.5b The Opportunity Cost Theory
2.5c The Production Possibility Frontier Under Constant
Costs
2.5d Opportunity Costs and Relative Commodity Prices
2.6 The Basis for and the Gains from 'Trade Under Constant Costs
2.6a Illustration of the Gains from Trade
2.6b Relative Commodity Prices with Trade
2.7 Empirical Tests of the Ricardian Model
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A2.1 Comparative Advantage with More Than Two
Commodities
A2.2 Comparative Advantage with More Than Two Nations
Selected Bibliography
CHAPTER 3 The Standard Theory of International
Trade
3.1 Introduction
3.2 The Production Frontier with Increasing Costs
3.2a Illustration of Increasing Costs
3.2b The Marginal Rate of Transformation
3.2c Reasons for Increasing Opportunity Costs and Different
Production Frontiers
3.3 Community Indifference Curves
3.3a Illustration of Community Indifference Curves
3.3b The Marginal Rate of Substitution
3.3c Some Difficulties with Community Indifference Curves
3.4 Equilibrium in Isolation
3.4a Illustration of Equilibrium in Isolation
3.4b Equilibrium Relative Commodity Prices and Comparative
Advantage
3.5 The Basis for and the Gains from Trade with Increasing Costs
3.5a Illustrations of the Basis for and the Gains from Trade
with Increasing Costs
Case Study 3-1: Comparative Advantage of the United States,
the European Union, and Japan
3.5b Equilibrium Relative Commoditv Prices with Trade
3.5c Incomplete Specialization
3.5d Small Country Case with Increasing Costs
3.5e The Gains from Exchange and from Specialization
3.6 Trade Based on Differences in Tastes
Case Study 3-2: Reallocating Labor in the United States:
Comparative Advantage at Work
3.6a Illustration ofTrade Based on Differences in Tastes
Summary ?A Look Ahead Key Terms Questions for
Review ?Problems
Appendix: A3.1 Production Functions, Isoquants, Isocosts, and
Equilibrium
A3.2 Production Theory with Two Nations. Two
Commodities, and Two Factors
A3.3 Derivation of the Edgeworth Box Diagram and
Production Frontiers
A3.4 Some Important Conclusions
Selected Bibliography
CHAPTER 4 Demand and Supply, Offer Curves, and the
Terms of Trade
4.1 Introduction
4.2 The Equilibrium Reiative Commodity Price with Trade--Partial
Equilibrium Analysis
4.3 Offer Curves
CONTENTS
Case Study 4-1: The Index of Export to Import Prices for the
United States
4.3a Origin and Definition of Offer Curves
4.3b Derivation and Shape of the Offer Curve of Nation 1
4.3c Derivation and Shape of the Offer Curve of Nation 2
4.4 The Equilibrium Relative Commodity Price with Trade--
General Equilibrium Analysis
4.5 Relationship Between General and Partial Equilibrium
Analyses
4.6 The Terms of Trade
4.6a Definition and Measurement of the Terms of Trade
4.6b Illustration of the Terms of Trade
4.6c Usefulness of the Model
Case Study 4-2: The Terms of Trade of Developing and
Developed Countries
Summary ?A Look Abead ?Key Terms ?Questions for
Review ?Problems
Appendix: A4.1 Derivation of a Trade Indifference Curve for Nation 1
A4.2 Derivation of Nation 1 's Trade Indifference
Map
A4.3 Formal Derivation of Nation l's Offer Curve
A4.4 Outline of the Formal Derivation of Nation 2's Offer
Curve
A4.5 General Equilibrium of Production, Consumption,
and Trade
A4.6 Multiple and Unstable Equilibria
Selected Bibliography
CHAPTER 5 Factor Endowments and the Heckscher-Ohlin
Theory
5.1 Introduction
5.2 Assumptions of the Theory
5.2a The Assumptions
5.2b Meaning of the Assumptions
5.3 Factor Intensity, Factor Abundance, and the Shape of the
Production Frontier
5.3a Factor Intensity
5.3b Factor Abundance
5.3c Factor Abundance and the Shape of the
Production Frontier
Case Study 5-1: Relative Resource Endowments of Leading
Industrial Countries
Case Study 5-2: Capital-Labor Ratios of Selected Countries
5.4 Factor Endowments and the Heckscher-Ohlin Theory
5.4a The Heckscher-Ohlin Theorem
5.4b General Equilibrium Framework of the Heckscher-Ohlin
Theory
5.4c Illustration of the Heckscher-Ohlin Theory
Case Study 5-3: Patterns of Comparative Advantage in Leading
Industrial Countries
5.5 Factor-Price Equalization and Income Distribution
5.5a The Factor-Price Equalization Theorem
5.5b Relative and Absolute Factor-Price Equalization
5.5c Effect of Trade on the Distribution of Income
5.5d Empirical Relevance
Case Study 5-4: Convergence of Real Wages Among Industrial
Countries
5.6 Empirical Tests of the Heckscher-Ohlin Model
5.6a Empirical Results-The Leontief Paradox
5.6b Explanations of the Leontief Paradox
5.6c Factor-Intensity Reversal
Case Study 5-5: Capital and Labor Requirements in U.S.
Trade
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A5.1 The Edgeworth Box Diagram for Nation 1 and
Nation 2
A5.2 Relative Factor-Price Equalization
A5.3 Absolute Factor-Price Equalization
A5.4 Effect of Trade on the Short-Run Distribution of Income:
The Specific-Factors Model
A5.5 Illustration of Factor-Intensity Reversal
A5.6 The Elasticity of Substitution and Factor-Intensity
Reversal
A5.7 Empirical Tests of Factor-Intensity Reversal
Selected Bibliography
CHAPTER 6 Economies of Scale, Imperfect Competition,
and Intemational Trade
6.1 Introduction
6.2 The Heckscher-Ohlin Model and New Trade Theories
6.3 Economies of Scale and International Trade
6.4 Imperfect Competition and International Trade
6.4a Trade Based on Product Differentiation
Case Study 6-1: U.S. Intra-Industry Trade in Automotive
Products
6.4b Measuring Intra-Industry Trade
6.4c Formal Model of Intra-Industry Trade
Case Study 6-2: Intra-Industry Trade of Leading Industrial
Countries
6.5 Trade Based on Dynamic Technological Differences
and Synthesis of Trade Theories
6.5a The Technological Gap and Product Cycle Models
6.5b Illustration of the Product Cycle Model
6.5c Synthesis of Trade Theories
6.6 Transportation Costs, Environmental Standards, and International
Trade
6.6a Transportation Costs and Nontraded Commodities
6.6b Transportation Costs and the Location of Industry
Case Study 6-3: The Maquiladoras: U.S. Plants Along
the U.S.-Mexican Border
6.6c Environmental Standards, Industry Location, and
Intemational Trade
Summary A Look Ahead Key Terms Questions for
Review Problems
Appehdix: A6.1 External Economies and the Pattern of Trade
A6.2 Dynamic External Economies. and Specialization
Selected Bibliography
CHAPTER 7 Economic Growth and International Trade
7.1 Introduction
7.2 Growth of Factors of Production
7.2a Labor Growth and Capital Accumulation Over Time
7.2b The Rybczynski Theorem
7.3 Technical Progress
7.3a Neutral, Labor-Saving, and Capital-Saving Technical
Progress
7.3b Technical Proeress and the Nation's Production
Frontier
Case Study 7-1: Changes in Relative Resource Endowments
of Leading Industrial Countries
Case Study 7-2: Factor Growth and Changes in Comparative
Advantage
Case Study 7-3: Changes in Capital-Labor Ratios of Selected
Countries
7.4 Growth and Trade: The Small Country Case
7.4a The Effect of Growth on Trade
7.4b Illustration of Factor Growth, Trade, and Welfare
7.4c Technical Progress, Trade, and Welfare
7.5 Growth and Trade: The Large Country Case
7.5a Growth and the Nation's Terms of Trade and Welfare
7.5b Immiserizing Growth
7.5c Illustration of Beneficial Growth and Trade
7.6 Growth, Change in Tastes, and Trade in Both Nations
7.6a Growth and Trade in Both Nations
7.6b Change in Tastes and Trade in Both Nations
Case Study 7-4: Changes in the Pattern of Comparative Advantage
in the Leading Industrial Countries
Summary ?A Look Ahead ?Key Terms ?Questions for
Review ?Problems 209
Appendix: A7.1 Formal Proof of the Rybczynski Theorem
A7.2 Growth with Factor Immobility
A7.3 Graphical Analysis of Hicksian Technical Progress
Selected Bibliography
PART TWO INTERNATIONAL TRADE POLICY
CHAPTER 8 Trade Restrictions: Tariffs
8.1 Introduction
8.2 Partial Equilibrium Analysis of a Tariff
Case Study 8-1: Average Tariffs for Major Developed Countries
and Products
8.2a Partial Equilibrium Effeets of a Tariff
8.2b Effect of a Tariff on Consumer and Producer Surplus
8.2c Costs and Benefits of a Tariff
Case Study 8-2: The Welfare Effects of Tariffs on Some U.S.
Products
8.3 The Theory of Tariff Structure
8.3a The Rate of Effective Protection
8.3b Generalization and Evaluation of the Theory of Effective
Protection
Case Study 8-3: Rising Tariff Rates with Degree of Domestic
Processing
Case Study 8-4: Nominal and Effective Tariff Rates in the United
States, the EU, and Japan
8.4 General Equilibrium Analysis of a Tariff in a Small Country
8.4a General Equilibrium Effects of a Tariff in a Small
Country
8.4b Illustration of the Effects of a Tariff in a Small Country
8.4c The Stolper-Samuelson Theorem
8.5 General Equilibrium Analysis of a Tariff in a Large Country
8.5a General Equilibrium Effects of a Tariff in a Large
Country
8.8b Illustration of the Effects of a Tariff in a Large Country
8.6 The Optimum Tariff
8.6a The Meaning of the Concept of Optimum Tariff
and Retaliation
8.6b Illustration of the Optimum Tariff and Retaliation
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A8.1 Partial Equilibrium Effects of a Tariff in a
Large Nation
A8.2 Derivation of the Formula for the Rate of Effective
Protection
A8.3 The Stolper-Samuelson Theorem Graphically
A8.4 Exception to the Stolper-Samuelson Theorem-
The Metzler Paradox
A8.5 Short-Run Effect of a Tariff on Factors' Income
A8.6 Measurement of the Optimum Tariff
Selected Bibliography
CHAPTER 9 Nontariff Trade Barriers and the New
Protectionism
9.1 Introduction
9.2 Import Quotas
9.2a The Effects of an Import Quota
9.2b Comparison of an Import Quota to an Import Tariff
9.3 Other Nontariff Barriers and the New Protectionism
9.3a Voluntary Export Restraints
9.3b Technical, Administrative, and Other Regulations
Case Study 9-1: Voluntary Export Restraint Arrangements
Case Study 9-2: Voluntary Export Restraints on Japanese
Automobiles to the United States
9.3c International Cartels
9.3d Dumping
9.3e Export Subsidies
Case Study 9-3: Agricultural Subsidies in Industrial
Countries
Case Study 9-4: Administered Protection in the United States
and Other Countries
9.4 The Political Economy of Protectlonism and Strategic Trade
and Industrial Policy
9.4a Fallacious and Questionable Arguments for Protection
Case Study 9-5: Nontariff Trade Barriers in the U.S., the EU,
and Japan
9.4b The Infant-Industry and Other Qualified Arguments
for Protection
9.4c Strategic Trade Policy
9.4d The U.S. Response to Foreign Industrial Targeting and
Strategic Trade Policy
9.4e Who Gets Protected?
9.5 History of U.S. Commercial Policy
9.5a The Trade Agreements Act of 1934
Case Study 9-6: Welfare Effects of Removing U.S. Trade
Restrictions
9.5b The General Agreement on Tariff and Trade (GATT)
9.5c The 1962 Trade Expansion Act and the Kennedy Round
9.5d The Trade Reform Act of 1974 and the Tokyo Round
9.5e The 1984 and 1988 Trade Acts
9.6 The Umguay Round and Outstanding Trade Problems
9.6a The Uruguay Round
Q.6b Outstanding Trade Problems
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A9.1 Centralized Cartels
A9.2 International Price Discrimination
A9.3 Taxes or Subsidies to Correct Domestic
Distortions
A9.4 Strategic Trade and Industrial Policy with Game
Theory
Selected Bibliography
CHAPTER 10 Economic Integration: Customs Unions and Free Trade Areas
10.1 Introduction
10.2 Trade-Creating Customs Unions
10.2a Trade Creation
10.2b Illustration of a Trade-Creating Customs Union
10.3 Trade-Diverting Customs Unions
10.3a Trade Diversion
lO.3b Illustration of a Trade-Diverting Customs Union
10.4 The Theory of the Second Best and Other Static Welfare Effects
of Customs Unions
10.4a The Theory of the Second Best
10.4b Conditions More Likely to Lead to Increased Welfare
10.4c Other Static Welfare Effects of Customs Unions
10.5 Dynamic Benefits from Customs Unions
10.6 History of Attempts at Economic Integration
lO.6a The Economic Union
Case Study 10-1: Economic Profiles of the EU, NAFTA,
Lnd Japan
Case Study 10-2: Gains from the Single EU Market in 1992
10.6b The European Free Trade Association
10.6c U.S. Free Trade Agreements and the North American Free
Trade Agreement
10.6d Attempts at Economic Integration Among Developing
Countries
10.6e Economic Integration in Eastern Europe and in the Former
Soviet Republics
Summary A Look Ahead KeyTerms Questions for
Review Problems
Appendix: AlO.l General Equilibrium Analysis of the Static Effects of a
Trade-Diverting Customs Union
A1.02 Membership of Selected Regional Trade Arrangements
and Recent Initiatives
Selected Bibliography
CHAPTER 11 Intemational Trade and Economic
Development
11.1 Introduction
11.2 The Importance of Trade to Development
11.2a Trade Theory and Economic Development
ll.2b Trade as an Engine of Growth
11.2c The Contributions of Trade to Development
11.2d International Trade and New Theories of Endogenous
Growth
11.3 The Terms of Trade and Economic Development
ll.3a The Various Terms of Trade
ll.3b Alleged Reasons for Deterioration in the Commodity Terms
of Trade
ll.3c Historical Movement in the Commodity and Income Terms
of Trade
11.4 Export Instability and Economic Development
11.4a Cause and Effects of Export Instability
llAb Measurements of Export Instability and Its Effect
on Development
11.4c Ihtemational Commodity Agreements
11.5 Import Substitution Versus Export Orientatior
11.5a Development Through Import Substitution Versus
Exports
11.5b The Experience with Import Substitution
Case Study 11-1: Economic Performance of Developing Countries
According to Their Trade Orientation
11.5c Recent Trade Liberalization and Growth in Developing
Countries
11.6 Current Problems and Demands ofDeveloping Countries
11.6a Poverty in Developing Countries
11.6b The International Debt Problem of Developing
Countries
Case Study 11-2: The International Debt Burden of Developing
Countries
11.6c Trade Problems of Developing Countries
11. Gd Demands for a New International Economic Order
Case Study 11-3: Foreign Aid Flows to Developing
Countries
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: All.l Income Inequalities by Traditional and Purchasing-
Power Parity (PPP) Measures
Selected Bibliography
CHAPTER 12 International Resource Movements and
Multinational Corporations
12.1 Introduction
12.2 Some Data on International Capital Flows
12.3 Motives for International Capital Flows
12.3a Motives for International Portfolio Investments
12.3b Motives for Direct Foreign Investments
Case Study 12-1: The Rise and Fall of Foreign Direct Investment
Flows to the United States
12.4 Welfare Effects of Intemational Capital Flows
12.4a Effects on the Investing and Host Countries
12.4b Other Effects on the Investing and Host Countries
12.5 Multinational Corporations
12.5a Reasons for the Existence 01 Multinational
Corporations
12.5b Problems Created by Multinational Corporations in the
Home Country
Case Study 12-2: The World's Largest Multinational
Corporations
12.5c Problems Created by Multinational Corporations in the Host
Country
12.6 Motives for and Welfare Effects of International Labor
Migration
12.6a Motives for Intemational Labor Migration
12.6b Welfare Effects of International Labor Migration
12.6c Other Welfare Effects of International Labor Migration
Case Study 12-3: British and Russian Brain Drain Is U.S. Brain
Gain
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A12.l The Transfer Problem
Selected Bibliography
PART III FOREIGN EXCHANGE MARKETS, EXCHANGE
RATES, AND THE BALANCE OF PAYMENTS
CHAPTER 13 Foreign Exchange Markets and Exchange
Rates
13.1 Introduction
13.2 Functions of the Foreign Exchange Markets
Case Study 13-1: The Foreign Exchange Market
13.3 Foreign Exchange Rates
13.3a Equilibrium Foreign Exchange Rates
Case Study 13-2: Foreign Exchange Quotations
13.3b Arbitrage
13.3c Spot and Forward Rates
13.3(1 Currency Swaps
13.3e Foreign Exchange Futures and Options
Case Study 13-3: Quotations on Foreign Currency Futures
and Options
13.4 Foreign Exchange Risks, Hedging, and Speculation
13.4a Foreign Exchange Risks
I3.4b Hedging
13.4c Speculation
13.5 Interest Arbitrage and the Efficiency of Foreign Exchange
Markets
13.5a Uncovered Interest Arbitrage
13.5b Covered Interest Arbitrage
13.5c The Efficiency of Foreign Exchange Markets
13.6 Introduction to Exchange Rate Theories
13.6a Trade or Elasticities Approach to Exchange Rate
Determination
I3.6b Purchasing-Power Parity Theory of Exchange Rate
Determination
I3.6c Monetary Approach to Exchange Rate Determination
and Overshooting
13.6d Portfolio-Balance Approach to Exchange Rate
Determination
Summary A Look Ahead Key Tenns Questions for
Review Problems
Appendix: Al3.1 Description of the Eurocurrency Markets
A13.2 Operation and Effects of Eurocurrency Markets
Al3.3 Eurobond and Euronote Markets
Al3.4 Covered Interest Arbitrage and Interest Parity
Theory
A13.5 Derivation of the Formula for the Covered Interest
Arbitrage Margin
Selected Bibliography
*CHAPTER 14 Balance of Payments
14.1 Introduction
14.2 Balance-of-Payments Accounting Principles
14.2a Debits and Credits
14.2b Double-Entry Bookkeeping
14.3 The International Transactions of the United States
14.4 Accounting Balances and Disequilibrium in International
Transactions
14.4a Aceounting Balances
14.4b Disequilibrium in International Transactions
14.5 Brief Postwar International Monetary History of the
United States
Case Study 14-1: The Major Commodity Exports and Imports
of the United States
Case Study 14-2: The Major Trade Partners of the
United States
14.6 The International Investment Position of the United States
Case Study 14-3: The United States as a Debtor Nation
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: Al4.1 The IMF Method of Reporting International
Transactions
A14.2 The Case of the Missing Surplus
Selected Bibliography
PARTIV OPEN-ECONOMY MACROECONOMICS:
ADJUSTMENT IN THE BALANCE OF
PAYMENTS AND DOMESTIC STABILITY
CHAPTER 15 The Price Adjustment Mechanism Under
a Flexible and a Fixed Exchanse
Rate System
15.1 Introduction
15.2 Adjustment with Flexible Exchange Rates
15.2a Balance-of-Payments Adjustments with Exchange Rate
Changes
15.2b Derivation of the Demand Curve for Foreign Exchange
15.2c Derivation of the Supply Curve for Foreign Exchange
15.2d Effect of Exchange Rate Changes on Domestic Prices
and the Terms of Trade
15.3 Stability of Foreign Exchange Markets
15.3a Stable and Unstable Foreign Exchange Markets
15.3b The Marshall-Lerner Condition
15.4 Elasticities in the Real World
15.4a Elasticity Estimates
15.4b The J-Curve
Case Study 15-1: Estimated Price Elasticities in International
Trade
Case Study 15-2: The Effective Exchange Rate of the Dollar and
the LJ.S. Current Account Balance
15.5 Purchasing-Power Parity
15.5a Absolute Purchasing-Power Parity Theory
15.5b Relative Purchasing-Power Parity Theory
Case Study 15-3: Big MacCurrencies
Case Study 15-4: Empirical Test of the Purchasing-Power
Parity Theory
15.6 Adjustment Under the Gold Standard
15.6a The Gold Standard
15.6b The Price-Specie-Flow Mechanism
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: Al5.1 The Effect of Exchange Rate Changes on Domestic
Prices
A15.2 Derivation of the Marshall-Lerner Condition 507
A15.3 Stability of Foreign Exchange Markets
Once Again
A15.4 Derivation of the Gold Points and Gold Flows
Under the Gold Standard
Selected Bibliography
CHAPTER 16 The Income Adjustment Mechanism and
Synthesis of Automatic Adjustments
16.1 Introduction
16.2 Income Determination in a Closed Economy
16.2a Determination of the Equilibrium National Income
in a Closed Economy
16.2b The Multiplier in a Closed Economy
16.3 Incpme Determination in a Small Open Economy
16.3a The Import Function
16.3b Determmation of the Equilibrium National Income in a
Small Open Economy
Case Study 16-1: The Income Elasticity of Imports
16.3c Graphical Determination of the Equilibrium National
Income
16.3d The Foreign Trade Multiplier
16.4 Foreign Repercussions
16.5 The Absorption Approach
16.6 Monetary Adjustments and Synthesis of the Automatic
Adjustments
16.6a Monetary Adjustments
16.6b Synthesis of Automatic Adjustments
Case Study 16-2: Interdependence in the World Economy
16.6c Disadvantages of Automatic Adjustments
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A16.l Derivation of Foreign Trade Multipliers with Foreign
Repercussions
A16.2 The Transfer Problem Once Again
Selected Bibliography
CHAPTER 17 Open-Economy Macroeconomics: Adjustment
Policies
17.1 Introduction
17.2 Internal and External Balance with Expenditure-Changing
and Expenditure-Switching Policies
17.3 Equilibrium in the Goods Market, in the Money Market,
and in the Balance of Payments
17.4 Fiscal and Monetary Policies for Internal and External Balance
with Fixed Exchange Rates
17.4a Fiscal and Monetary Policies from External Balance
and Unemployment
17.4b Fiscal and Monetary Policies from External Deficit
and Unemployment
17.4c Fiscal and Monetary Policies with Elastic Capital Flows
Case Study 17-1: Relationship Between U.S. Current
Account and Budget Deficits
17.5 The Policy Mix and Price Changes
17.5a The Policy Mix and Internal and External Balance
17.5b Evaluation of the Policy Mix with Price Changes
17.5c Policy Mix in the Real World
Case Study 17-2: U.S. Monetary and Fiscal Policies
in the 1980s and Early I990s
17.6 Direct Controls
17.6a Trade Controls
17.6b Exchange Controls
17.6c Other Direct Controls and International Cooperation
Case Study 17-3: Direct Controls on International Transactions
Around the World
Sununary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A17.l Derivation of the IS Curve
A17.2 Derivation of the LM Curve
A17.3 Derivation of the FE Curve
A17.4 The IS-LM-FE Model with Exchange Rate
Changes
A17.5 Mathematical Summary
Selected Bibliography
CHAPTER 18 Prices and Output in an Open Economy:
Aggregate Demand and Aggregate
Supply
18.1 Introduction
18.2 Aggregate Demand, Aggregate Supply, and Equilibnum
in a Closed Economy
18.2a Aggregate Demand in a Closed Economy
18.2b Aggregate Supply in the Long Run and in tne snort
Run
18.2c Short-Run and Long-Run Equilibrium in a Closed
Economy
Case Study 18-1: Deviations of Short-Run Outputs from the
Natural Level in the United States
18.3 Aggregate Demand in an Open Economy Under Fixed and Flexible
Exchange Rates
18.3a Aggregate Demand in an Open Economy Under Fixed
Exchange Rates
18.3b Aggregate Demand in an Open Economy Under Flexible
Exchange Rates
18.4 Effect of Economic Shocks and Macroeconomic Policies on
Aggregate Demand in Open Economies with Flexible Prices
18.4a Real-Sector Shocks and Aggregate Demand
18.4b Monetary Shocks and Aggregate Demand
18.4c Fiscal and Monetary Policies and Aggregate Demand
in Open Economies
18.5 Effect of Fiscal and Monetary Policies in Open Economies with
Flexible Prices
Case Study 18-2: Central Bank Independence and Inflation
in Industrial Countries
18.6 Macroeconomic Policies to Stimulate Growth and Adjust to Supply
Shocks
18.6a Macroeconomic Policies for Growth
18.6b Macroeconomic Policies to Adjust to Supply Shocks
Cose Study 18-3: Petroleum Shocks and Stagflation in the United
States
Summary A Look Ahead Key Terms Questions for
Review Problems
Selected Bibliography
CHAPTER 19 TAe Monetary and Portfolio Balance
Approaches
19.1 Introduction
19.2 The Monetary Approach Under Fixed Exchange Rates
19.2a Causes and Adjustment of External Imbalances
19.2b Further Aspects of the Adjustment Process
19.2c Control Over the Nation's Money Supply
19.3 Policy Implications of the Monetary Approach Under Fixed
Exchange Rates and Inflation in the World Economy
19.3a Policy Implications of the Monetary Approach Under Fixed
Exchange Rates
19.3b The Monetary Approach and Inflation in the World
Economy Under Fixed Exchange Rates
19.4 The Monetary Approach Under Flexible Exchange Rates
19.5 The Portfolio Balance Approach and Exchange Rate Dynamics
19.5a The Portfolib Balance Approach
I9.5b Exchange Rate Dynamics
Case Study 19-1: Exchange Rate Uvershooting
of the U.S. Dollar
19.6 Evaluation and Empirical Tests of the Monetary and Portfolio
Balance Approaches
Case Study 19-2: Monetary Growth and Inflation and the
Monetary Approach
Case Study 19-3: Nominal and Real Exchange Rates and the
Monetary Approach
Case Study 19-4: Interest Differentials, Exchange Rates, and the
Monetary Approach
Summary A Look Ahead Key Terms Questions for
Review Problems 641
Appendix: A19.1 A Mathematical Model of the Monetary Approach
A19.2 The Exchange Rate Under the Monetary Approach
A19.3 A Mathematical Model of the Portfolio Balance
Approach
Selected Bibliography
CHAPTER 20 Flexible Versus Fixed Exchange Rates,
the European Monetary System, and
Macroeconomic Policy Coordination
20.1 Introduction
20.2 The Case for Flexible Exchange Rates
20.2a Market Efficiency
20.2b Policy Advantages
20.3 The Case for Fixed Exchange Rates
20.3a Less Uncertainty
20.3b Stabilizing Speculation
20.3c Price Discipline
Case Study 20-1: Macroeconomic Performance Under Fixed and
Flexible Exchange Rate Regimes
20.4 Optimum Currency Areas and the European Monetary System
20.4a Optimum Currency Areas
20.4b The European Monetary System
Case Study 20-2: Anatomy of a Currency Crisis: The Collapse
of the EU Exchange Rate Mechanism
20.5 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs,
and Managed Floating
20.5a Exchange Rate Bands
20.5b Adjustable Peg Systems
20.5c Crawling Pegs
20. 5d Managed Floating
Case Study 20-3: Exchange Arrangements of the
IMF Members
20.6 International Macroeconomic Policy Coordination
Summary A Look Ahead Key Terms Questions for
Review Problems 678
Appendix: A20.1 Exchange Rate Arrangements
Selected Bibliography
CHAPTER 21 The International Monetary System:
Past, Present, and Future
21.1 Introduction
21.2 The Gold Standard and the Interwar Experience
21.2a The Gold Standard Period (1880-1914)
21.2b The Interwar Experience
21.3 The Bretton Woods System
21.3a The Gold-Exchange Standard (1947-1971)
21.3b Borrowing from the International Monetary Fund
21.4 Operation and Evolution ofthe Bretton Woods System
21.4a Operation of the Bretton WoodS System
21.4b Evolution of the Bretton Woods System
Case Study 21-1: Macroeconomic Performance Under Different
Exchange Rate Regimes
21.5 U.S. Balance-of-Pavments Deficits and Collapse of the Bretton
Woods System
21.5a U.S. Balance-of-Payments Deficits
21.5b Collapse of the Bretton Woods System
21.6 The International Monetary System: Present and Future
21.6a Operation of the Present System
21.6b Current IMF Operation
21.6c Problems with Present Exchange Rate Arrangements
21.6d Proposals for Reforming Present Exchange Rate
Arrangements
Case Study 21 -2: Exchange Rate Volatility and Misalignments
Since 1967
21.6e Other Current International Economic Problems
Case Study 21 -3: Trade Imbalances Among the Leading
Industrial Nations
Summary Key Terms Questions for Review
Problems
Appendix: A21.1 International Reserves. 1950--1993
Selected Bibliography
Answers to Selected Problems
Glossary of Key Terms
Name Index
Subject Index
Case Studies
1-1 Even the IBM PC Isn't All-American
1-2 The Rising Importance of International Trade to the
United States
2-1 Munn's Mercantilistic Views on Trade
2-2 The Petition of the Candlemakers
3-1 Comparative Advantage of the United States,
the European Union, and Japan
3-2 Reallocating Labor in the United States: Comparative
Advantage at Work
4-1 The Index of Export to Import Prices for the United States
4-2 The Terms of Trade of Developing and Developed Countries
5-1 Relative Resource Endowments of Leading
Industrial Countries
5-2 Capital-Labor Ratios of Selected Countries
5-3 Patterns of Comparative Advantage in Leading Industrial
Countries
5-4 Convergence of Real Wages Among Industrial Countries
5-5 Capital and Labor Requirements in U.S. Trade
6-1 U.S. Intra-Industry Trade in Automotive Products
6-2 Intra-Industry Trade of Leading Industrial Countries
6-3 The Maquiladoras: U.S. Plants Along the
U.S.-Mexican Border
7-1 Changes in Relative Resource Endowments of Leading
Industrial Countries
7-2 Factor Growth and Changes in, Comparative Advantage
7-3 Changes in Capital-Lahor Ratios of Selected Countries
7-4 Changes in the Pattern of Comparative Advantage
in the Leading Industrial Countries
8-1 Average Tariffs for Major Developed Countries and Products
8-2 The Wel'fare Effects of Tariffs on Some U.S. Products
8-3 Rising Tariff Rates with Degree of Domestic Processing
8-4 Nominal and Effective Tariff Rates in the United States,
the EU, and Japan
9-1 Voluntary Export Restraint Arrangements
9-2 Voluntary Export Restraints on Japanese Automobiles
to the United States
9-3 Agricultural Subsidies in Industrial Countries
9-4 Administered Protection in the United States and
Other Countries
9-5 Nontariff Trade Barriers in the United States, the EU,
and Japan
9-6 Welfare Effects of Removing U.S. Trade Restrictions
10-1 Economic Profiles of the
· · · · · · (收起)
Chapter 1: Introduction
Part One: International Trade Theory
Chapter 2: The Law of Comparative Advantage
Chapter 3: The Standard Theory of International Trade
Chapter 4: Demand and Supply, Offer Curves, and the Terms
of Trade
Chapter 5: Factor Endowments and the Heckscher-Ohlin Theory
Chapter 6: Economies of Scale, Imperfect Competition,
and International Trade
Chapter 7: Economic Growth and International Trade
Part Two: International Trade Policy
Chapter 8: Trade Restrictions: Tariffs
Chapter 9: Nontariff Trade Barriers and the New Protectionism
Chapter 10: Economic Integration: Customs Unions and Free
Trade Areas
Chapter 11: International Trade and Economic Development
Chapter 12: International Resource Movements
and Multinational Corporations
Part Three: Foreign Exchange Markets, Exchange
Rates, and the Balance of Payments
Chapter 13: Foreign Exchange Markets and Exchange Rates
Chapter 14: Balance of Payments
Part Four: Open-Economy Macroeconomics: Adjustment
in the Balance of Payments
and Domestic Stability
Chapter 15: The Price Adjustment Mechanism Under a Flexible
and a Fixed Exchange Rate System
Chapter 16: The Income Adjustment Mechanism and Synthesis
of Automatic Adjustments
Chapter 17: Open-Economy Macroeconomics: Adjustment Policies
Chapter 18: Prices and Output in an Open Economy: Aggregate
Demand and Aggregate Supply
Chapter 19: The Monetary and Portfolio Balance Approaches
Chapter 20: Flexible Versus Fixed Exchange Rates, the European
Monetary System, and Macroeconomic Policy
Coordination
Chapter 21: The International Monetary System:
Past, Present, and Future
Answers to Selected Problems
Glossary of Key Terms
Name Index
Subject Index
Contents
Suggested core chapters and sections for a one-semester course in Interna-
tional Economics for students with background in Principles of Economics
only.
CHAPTER 1 Introduction
1.1 The Importance of International Economics
Case Study 1-1: Even the IBM PC Isn't All-American
1.2 International Trade and the Nation's Standard of Living
Case Study 1 -2: The Rising Importance of International Trade
to the United States
1.3 The Subject Matter of International Economics
1.4 The Purpose of International Economic Theories and Policies
1.5 Current International Economic Problems
l.5a The Rising Trade Protectionism in Developed Countries
l.5b The Excessive Flnrctuqtions and Large Disequilibria in
Exchange Rates
l.5c The High Stmctural Unemployment in Europe
l.5d The Restructuring Problems Facing Eastern Europe
and the Former Soviet Union
l.5e The Deep Pnvfirtv of Some of the Poorest Developing
Countries
1.6 Organization and Methodology of the Text
l.6a Organization of the Text
l.6b Methodology of the Text
Summary ?A Look Ahead ?Key Tenns ?Questions for
Review ?Problems
Appendix: Al.l Basic Country Characteristics
Al.2 Sources ofAdditional Intemational Data and
Information
Selected Bibliography
PART ONE INTERNATIONAL TRADE THEORY
CHAPTER 2 The Law of Comparative Advantage
2.1 Introduction
2.2 The Mercantilists' Views on Trade
Case Study 2-1: Munn's Mercantilistic Views on Trade
2.3 Trade Based on Absolute Advantage: Adam Smith
2.3a Absolute Advantage
2.3b Illustration of Absolute Advantage
2.4 Trade Based on Comparative Advantage: David Ricardo
2.4a The Law of Comparative Advantage
2.4b The Gains from Trade
2.4c Exception to the Law of Comparative Advantage
2.4d Comparative Advantage with Money
2.5 Comparative Advantage and Opportunity Costs
2.5a Comparative Advantage and the Labor Theory of Value
Case Study 2-2: The Petition of the Candlemakers
2.5b The Opportunity Cost Theory
2.5c The Production Possibility Frontier Under Constant
Costs
2.5d Opportunity Costs and Relative Commodity Prices
2.6 The Basis for and the Gains from 'Trade Under Constant Costs
2.6a Illustration of the Gains from Trade
2.6b Relative Commodity Prices with Trade
2.7 Empirical Tests of the Ricardian Model
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A2.1 Comparative Advantage with More Than Two
Commodities
A2.2 Comparative Advantage with More Than Two Nations
Selected Bibliography
CHAPTER 3 The Standard Theory of International
Trade
3.1 Introduction
3.2 The Production Frontier with Increasing Costs
3.2a Illustration of Increasing Costs
3.2b The Marginal Rate of Transformation
3.2c Reasons for Increasing Opportunity Costs and Different
Production Frontiers
3.3 Community Indifference Curves
3.3a Illustration of Community Indifference Curves
3.3b The Marginal Rate of Substitution
3.3c Some Difficulties with Community Indifference Curves
3.4 Equilibrium in Isolation
3.4a Illustration of Equilibrium in Isolation
3.4b Equilibrium Relative Commodity Prices and Comparative
Advantage
3.5 The Basis for and the Gains from Trade with Increasing Costs
3.5a Illustrations of the Basis for and the Gains from Trade
with Increasing Costs
Case Study 3-1: Comparative Advantage of the United States,
the European Union, and Japan
3.5b Equilibrium Relative Commoditv Prices with Trade
3.5c Incomplete Specialization
3.5d Small Country Case with Increasing Costs
3.5e The Gains from Exchange and from Specialization
3.6 Trade Based on Differences in Tastes
Case Study 3-2: Reallocating Labor in the United States:
Comparative Advantage at Work
3.6a Illustration ofTrade Based on Differences in Tastes
Summary ?A Look Ahead Key Terms Questions for
Review ?Problems
Appendix: A3.1 Production Functions, Isoquants, Isocosts, and
Equilibrium
A3.2 Production Theory with Two Nations. Two
Commodities, and Two Factors
A3.3 Derivation of the Edgeworth Box Diagram and
Production Frontiers
A3.4 Some Important Conclusions
Selected Bibliography
CHAPTER 4 Demand and Supply, Offer Curves, and the
Terms of Trade
4.1 Introduction
4.2 The Equilibrium Reiative Commodity Price with Trade--Partial
Equilibrium Analysis
4.3 Offer Curves
CONTENTS
Case Study 4-1: The Index of Export to Import Prices for the
United States
4.3a Origin and Definition of Offer Curves
4.3b Derivation and Shape of the Offer Curve of Nation 1
4.3c Derivation and Shape of the Offer Curve of Nation 2
4.4 The Equilibrium Relative Commodity Price with Trade--
General Equilibrium Analysis
4.5 Relationship Between General and Partial Equilibrium
Analyses
4.6 The Terms of Trade
4.6a Definition and Measurement of the Terms of Trade
4.6b Illustration of the Terms of Trade
4.6c Usefulness of the Model
Case Study 4-2: The Terms of Trade of Developing and
Developed Countries
Summary ?A Look Abead ?Key Terms ?Questions for
Review ?Problems
Appendix: A4.1 Derivation of a Trade Indifference Curve for Nation 1
A4.2 Derivation of Nation 1 's Trade Indifference
Map
A4.3 Formal Derivation of Nation l's Offer Curve
A4.4 Outline of the Formal Derivation of Nation 2's Offer
Curve
A4.5 General Equilibrium of Production, Consumption,
and Trade
A4.6 Multiple and Unstable Equilibria
Selected Bibliography
CHAPTER 5 Factor Endowments and the Heckscher-Ohlin
Theory
5.1 Introduction
5.2 Assumptions of the Theory
5.2a The Assumptions
5.2b Meaning of the Assumptions
5.3 Factor Intensity, Factor Abundance, and the Shape of the
Production Frontier
5.3a Factor Intensity
5.3b Factor Abundance
5.3c Factor Abundance and the Shape of the
Production Frontier
Case Study 5-1: Relative Resource Endowments of Leading
Industrial Countries
Case Study 5-2: Capital-Labor Ratios of Selected Countries
5.4 Factor Endowments and the Heckscher-Ohlin Theory
5.4a The Heckscher-Ohlin Theorem
5.4b General Equilibrium Framework of the Heckscher-Ohlin
Theory
5.4c Illustration of the Heckscher-Ohlin Theory
Case Study 5-3: Patterns of Comparative Advantage in Leading
Industrial Countries
5.5 Factor-Price Equalization and Income Distribution
5.5a The Factor-Price Equalization Theorem
5.5b Relative and Absolute Factor-Price Equalization
5.5c Effect of Trade on the Distribution of Income
5.5d Empirical Relevance
Case Study 5-4: Convergence of Real Wages Among Industrial
Countries
5.6 Empirical Tests of the Heckscher-Ohlin Model
5.6a Empirical Results-The Leontief Paradox
5.6b Explanations of the Leontief Paradox
5.6c Factor-Intensity Reversal
Case Study 5-5: Capital and Labor Requirements in U.S.
Trade
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A5.1 The Edgeworth Box Diagram for Nation 1 and
Nation 2
A5.2 Relative Factor-Price Equalization
A5.3 Absolute Factor-Price Equalization
A5.4 Effect of Trade on the Short-Run Distribution of Income:
The Specific-Factors Model
A5.5 Illustration of Factor-Intensity Reversal
A5.6 The Elasticity of Substitution and Factor-Intensity
Reversal
A5.7 Empirical Tests of Factor-Intensity Reversal
Selected Bibliography
CHAPTER 6 Economies of Scale, Imperfect Competition,
and Intemational Trade
6.1 Introduction
6.2 The Heckscher-Ohlin Model and New Trade Theories
6.3 Economies of Scale and International Trade
6.4 Imperfect Competition and International Trade
6.4a Trade Based on Product Differentiation
Case Study 6-1: U.S. Intra-Industry Trade in Automotive
Products
6.4b Measuring Intra-Industry Trade
6.4c Formal Model of Intra-Industry Trade
Case Study 6-2: Intra-Industry Trade of Leading Industrial
Countries
6.5 Trade Based on Dynamic Technological Differences
and Synthesis of Trade Theories
6.5a The Technological Gap and Product Cycle Models
6.5b Illustration of the Product Cycle Model
6.5c Synthesis of Trade Theories
6.6 Transportation Costs, Environmental Standards, and International
Trade
6.6a Transportation Costs and Nontraded Commodities
6.6b Transportation Costs and the Location of Industry
Case Study 6-3: The Maquiladoras: U.S. Plants Along
the U.S.-Mexican Border
6.6c Environmental Standards, Industry Location, and
Intemational Trade
Summary A Look Ahead Key Terms Questions for
Review Problems
Appehdix: A6.1 External Economies and the Pattern of Trade
A6.2 Dynamic External Economies. and Specialization
Selected Bibliography
CHAPTER 7 Economic Growth and International Trade
7.1 Introduction
7.2 Growth of Factors of Production
7.2a Labor Growth and Capital Accumulation Over Time
7.2b The Rybczynski Theorem
7.3 Technical Progress
7.3a Neutral, Labor-Saving, and Capital-Saving Technical
Progress
7.3b Technical Proeress and the Nation's Production
Frontier
Case Study 7-1: Changes in Relative Resource Endowments
of Leading Industrial Countries
Case Study 7-2: Factor Growth and Changes in Comparative
Advantage
Case Study 7-3: Changes in Capital-Labor Ratios of Selected
Countries
7.4 Growth and Trade: The Small Country Case
7.4a The Effect of Growth on Trade
7.4b Illustration of Factor Growth, Trade, and Welfare
7.4c Technical Progress, Trade, and Welfare
7.5 Growth and Trade: The Large Country Case
7.5a Growth and the Nation's Terms of Trade and Welfare
7.5b Immiserizing Growth
7.5c Illustration of Beneficial Growth and Trade
7.6 Growth, Change in Tastes, and Trade in Both Nations
7.6a Growth and Trade in Both Nations
7.6b Change in Tastes and Trade in Both Nations
Case Study 7-4: Changes in the Pattern of Comparative Advantage
in the Leading Industrial Countries
Summary ?A Look Ahead ?Key Terms ?Questions for
Review ?Problems 209
Appendix: A7.1 Formal Proof of the Rybczynski Theorem
A7.2 Growth with Factor Immobility
A7.3 Graphical Analysis of Hicksian Technical Progress
Selected Bibliography
PART TWO INTERNATIONAL TRADE POLICY
CHAPTER 8 Trade Restrictions: Tariffs
8.1 Introduction
8.2 Partial Equilibrium Analysis of a Tariff
Case Study 8-1: Average Tariffs for Major Developed Countries
and Products
8.2a Partial Equilibrium Effeets of a Tariff
8.2b Effect of a Tariff on Consumer and Producer Surplus
8.2c Costs and Benefits of a Tariff
Case Study 8-2: The Welfare Effects of Tariffs on Some U.S.
Products
8.3 The Theory of Tariff Structure
8.3a The Rate of Effective Protection
8.3b Generalization and Evaluation of the Theory of Effective
Protection
Case Study 8-3: Rising Tariff Rates with Degree of Domestic
Processing
Case Study 8-4: Nominal and Effective Tariff Rates in the United
States, the EU, and Japan
8.4 General Equilibrium Analysis of a Tariff in a Small Country
8.4a General Equilibrium Effects of a Tariff in a Small
Country
8.4b Illustration of the Effects of a Tariff in a Small Country
8.4c The Stolper-Samuelson Theorem
8.5 General Equilibrium Analysis of a Tariff in a Large Country
8.5a General Equilibrium Effects of a Tariff in a Large
Country
8.8b Illustration of the Effects of a Tariff in a Large Country
8.6 The Optimum Tariff
8.6a The Meaning of the Concept of Optimum Tariff
and Retaliation
8.6b Illustration of the Optimum Tariff and Retaliation
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A8.1 Partial Equilibrium Effects of a Tariff in a
Large Nation
A8.2 Derivation of the Formula for the Rate of Effective
Protection
A8.3 The Stolper-Samuelson Theorem Graphically
A8.4 Exception to the Stolper-Samuelson Theorem-
The Metzler Paradox
A8.5 Short-Run Effect of a Tariff on Factors' Income
A8.6 Measurement of the Optimum Tariff
Selected Bibliography
CHAPTER 9 Nontariff Trade Barriers and the New
Protectionism
9.1 Introduction
9.2 Import Quotas
9.2a The Effects of an Import Quota
9.2b Comparison of an Import Quota to an Import Tariff
9.3 Other Nontariff Barriers and the New Protectionism
9.3a Voluntary Export Restraints
9.3b Technical, Administrative, and Other Regulations
Case Study 9-1: Voluntary Export Restraint Arrangements
Case Study 9-2: Voluntary Export Restraints on Japanese
Automobiles to the United States
9.3c International Cartels
9.3d Dumping
9.3e Export Subsidies
Case Study 9-3: Agricultural Subsidies in Industrial
Countries
Case Study 9-4: Administered Protection in the United States
and Other Countries
9.4 The Political Economy of Protectlonism and Strategic Trade
and Industrial Policy
9.4a Fallacious and Questionable Arguments for Protection
Case Study 9-5: Nontariff Trade Barriers in the U.S., the EU,
and Japan
9.4b The Infant-Industry and Other Qualified Arguments
for Protection
9.4c Strategic Trade Policy
9.4d The U.S. Response to Foreign Industrial Targeting and
Strategic Trade Policy
9.4e Who Gets Protected?
9.5 History of U.S. Commercial Policy
9.5a The Trade Agreements Act of 1934
Case Study 9-6: Welfare Effects of Removing U.S. Trade
Restrictions
9.5b The General Agreement on Tariff and Trade (GATT)
9.5c The 1962 Trade Expansion Act and the Kennedy Round
9.5d The Trade Reform Act of 1974 and the Tokyo Round
9.5e The 1984 and 1988 Trade Acts
9.6 The Umguay Round and Outstanding Trade Problems
9.6a The Uruguay Round
Q.6b Outstanding Trade Problems
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A9.1 Centralized Cartels
A9.2 International Price Discrimination
A9.3 Taxes or Subsidies to Correct Domestic
Distortions
A9.4 Strategic Trade and Industrial Policy with Game
Theory
Selected Bibliography
CHAPTER 10 Economic Integration: Customs Unions and Free Trade Areas
10.1 Introduction
10.2 Trade-Creating Customs Unions
10.2a Trade Creation
10.2b Illustration of a Trade-Creating Customs Union
10.3 Trade-Diverting Customs Unions
10.3a Trade Diversion
lO.3b Illustration of a Trade-Diverting Customs Union
10.4 The Theory of the Second Best and Other Static Welfare Effects
of Customs Unions
10.4a The Theory of the Second Best
10.4b Conditions More Likely to Lead to Increased Welfare
10.4c Other Static Welfare Effects of Customs Unions
10.5 Dynamic Benefits from Customs Unions
10.6 History of Attempts at Economic Integration
lO.6a The Economic Union
Case Study 10-1: Economic Profiles of the EU, NAFTA,
Lnd Japan
Case Study 10-2: Gains from the Single EU Market in 1992
10.6b The European Free Trade Association
10.6c U.S. Free Trade Agreements and the North American Free
Trade Agreement
10.6d Attempts at Economic Integration Among Developing
Countries
10.6e Economic Integration in Eastern Europe and in the Former
Soviet Republics
Summary A Look Ahead KeyTerms Questions for
Review Problems
Appendix: AlO.l General Equilibrium Analysis of the Static Effects of a
Trade-Diverting Customs Union
A1.02 Membership of Selected Regional Trade Arrangements
and Recent Initiatives
Selected Bibliography
CHAPTER 11 Intemational Trade and Economic
Development
11.1 Introduction
11.2 The Importance of Trade to Development
11.2a Trade Theory and Economic Development
ll.2b Trade as an Engine of Growth
11.2c The Contributions of Trade to Development
11.2d International Trade and New Theories of Endogenous
Growth
11.3 The Terms of Trade and Economic Development
ll.3a The Various Terms of Trade
ll.3b Alleged Reasons for Deterioration in the Commodity Terms
of Trade
ll.3c Historical Movement in the Commodity and Income Terms
of Trade
11.4 Export Instability and Economic Development
11.4a Cause and Effects of Export Instability
llAb Measurements of Export Instability and Its Effect
on Development
11.4c Ihtemational Commodity Agreements
11.5 Import Substitution Versus Export Orientatior
11.5a Development Through Import Substitution Versus
Exports
11.5b The Experience with Import Substitution
Case Study 11-1: Economic Performance of Developing Countries
According to Their Trade Orientation
11.5c Recent Trade Liberalization and Growth in Developing
Countries
11.6 Current Problems and Demands ofDeveloping Countries
11.6a Poverty in Developing Countries
11.6b The International Debt Problem of Developing
Countries
Case Study 11-2: The International Debt Burden of Developing
Countries
11.6c Trade Problems of Developing Countries
11. Gd Demands for a New International Economic Order
Case Study 11-3: Foreign Aid Flows to Developing
Countries
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: All.l Income Inequalities by Traditional and Purchasing-
Power Parity (PPP) Measures
Selected Bibliography
CHAPTER 12 International Resource Movements and
Multinational Corporations
12.1 Introduction
12.2 Some Data on International Capital Flows
12.3 Motives for International Capital Flows
12.3a Motives for International Portfolio Investments
12.3b Motives for Direct Foreign Investments
Case Study 12-1: The Rise and Fall of Foreign Direct Investment
Flows to the United States
12.4 Welfare Effects of Intemational Capital Flows
12.4a Effects on the Investing and Host Countries
12.4b Other Effects on the Investing and Host Countries
12.5 Multinational Corporations
12.5a Reasons for the Existence 01 Multinational
Corporations
12.5b Problems Created by Multinational Corporations in the
Home Country
Case Study 12-2: The World's Largest Multinational
Corporations
12.5c Problems Created by Multinational Corporations in the Host
Country
12.6 Motives for and Welfare Effects of International Labor
Migration
12.6a Motives for Intemational Labor Migration
12.6b Welfare Effects of International Labor Migration
12.6c Other Welfare Effects of International Labor Migration
Case Study 12-3: British and Russian Brain Drain Is U.S. Brain
Gain
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A12.l The Transfer Problem
Selected Bibliography
PART III FOREIGN EXCHANGE MARKETS, EXCHANGE
RATES, AND THE BALANCE OF PAYMENTS
CHAPTER 13 Foreign Exchange Markets and Exchange
Rates
13.1 Introduction
13.2 Functions of the Foreign Exchange Markets
Case Study 13-1: The Foreign Exchange Market
13.3 Foreign Exchange Rates
13.3a Equilibrium Foreign Exchange Rates
Case Study 13-2: Foreign Exchange Quotations
13.3b Arbitrage
13.3c Spot and Forward Rates
13.3(1 Currency Swaps
13.3e Foreign Exchange Futures and Options
Case Study 13-3: Quotations on Foreign Currency Futures
and Options
13.4 Foreign Exchange Risks, Hedging, and Speculation
13.4a Foreign Exchange Risks
I3.4b Hedging
13.4c Speculation
13.5 Interest Arbitrage and the Efficiency of Foreign Exchange
Markets
13.5a Uncovered Interest Arbitrage
13.5b Covered Interest Arbitrage
13.5c The Efficiency of Foreign Exchange Markets
13.6 Introduction to Exchange Rate Theories
13.6a Trade or Elasticities Approach to Exchange Rate
Determination
I3.6b Purchasing-Power Parity Theory of Exchange Rate
Determination
I3.6c Monetary Approach to Exchange Rate Determination
and Overshooting
13.6d Portfolio-Balance Approach to Exchange Rate
Determination
Summary A Look Ahead Key Tenns Questions for
Review Problems
Appendix: Al3.1 Description of the Eurocurrency Markets
A13.2 Operation and Effects of Eurocurrency Markets
Al3.3 Eurobond and Euronote Markets
Al3.4 Covered Interest Arbitrage and Interest Parity
Theory
A13.5 Derivation of the Formula for the Covered Interest
Arbitrage Margin
Selected Bibliography
*CHAPTER 14 Balance of Payments
14.1 Introduction
14.2 Balance-of-Payments Accounting Principles
14.2a Debits and Credits
14.2b Double-Entry Bookkeeping
14.3 The International Transactions of the United States
14.4 Accounting Balances and Disequilibrium in International
Transactions
14.4a Aceounting Balances
14.4b Disequilibrium in International Transactions
14.5 Brief Postwar International Monetary History of the
United States
Case Study 14-1: The Major Commodity Exports and Imports
of the United States
Case Study 14-2: The Major Trade Partners of the
United States
14.6 The International Investment Position of the United States
Case Study 14-3: The United States as a Debtor Nation
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: Al4.1 The IMF Method of Reporting International
Transactions
A14.2 The Case of the Missing Surplus
Selected Bibliography
PARTIV OPEN-ECONOMY MACROECONOMICS:
ADJUSTMENT IN THE BALANCE OF
PAYMENTS AND DOMESTIC STABILITY
CHAPTER 15 The Price Adjustment Mechanism Under
a Flexible and a Fixed Exchanse
Rate System
15.1 Introduction
15.2 Adjustment with Flexible Exchange Rates
15.2a Balance-of-Payments Adjustments with Exchange Rate
Changes
15.2b Derivation of the Demand Curve for Foreign Exchange
15.2c Derivation of the Supply Curve for Foreign Exchange
15.2d Effect of Exchange Rate Changes on Domestic Prices
and the Terms of Trade
15.3 Stability of Foreign Exchange Markets
15.3a Stable and Unstable Foreign Exchange Markets
15.3b The Marshall-Lerner Condition
15.4 Elasticities in the Real World
15.4a Elasticity Estimates
15.4b The J-Curve
Case Study 15-1: Estimated Price Elasticities in International
Trade
Case Study 15-2: The Effective Exchange Rate of the Dollar and
the LJ.S. Current Account Balance
15.5 Purchasing-Power Parity
15.5a Absolute Purchasing-Power Parity Theory
15.5b Relative Purchasing-Power Parity Theory
Case Study 15-3: Big MacCurrencies
Case Study 15-4: Empirical Test of the Purchasing-Power
Parity Theory
15.6 Adjustment Under the Gold Standard
15.6a The Gold Standard
15.6b The Price-Specie-Flow Mechanism
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: Al5.1 The Effect of Exchange Rate Changes on Domestic
Prices
A15.2 Derivation of the Marshall-Lerner Condition 507
A15.3 Stability of Foreign Exchange Markets
Once Again
A15.4 Derivation of the Gold Points and Gold Flows
Under the Gold Standard
Selected Bibliography
CHAPTER 16 The Income Adjustment Mechanism and
Synthesis of Automatic Adjustments
16.1 Introduction
16.2 Income Determination in a Closed Economy
16.2a Determination of the Equilibrium National Income
in a Closed Economy
16.2b The Multiplier in a Closed Economy
16.3 Incpme Determination in a Small Open Economy
16.3a The Import Function
16.3b Determmation of the Equilibrium National Income in a
Small Open Economy
Case Study 16-1: The Income Elasticity of Imports
16.3c Graphical Determination of the Equilibrium National
Income
16.3d The Foreign Trade Multiplier
16.4 Foreign Repercussions
16.5 The Absorption Approach
16.6 Monetary Adjustments and Synthesis of the Automatic
Adjustments
16.6a Monetary Adjustments
16.6b Synthesis of Automatic Adjustments
Case Study 16-2: Interdependence in the World Economy
16.6c Disadvantages of Automatic Adjustments
Summary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A16.l Derivation of Foreign Trade Multipliers with Foreign
Repercussions
A16.2 The Transfer Problem Once Again
Selected Bibliography
CHAPTER 17 Open-Economy Macroeconomics: Adjustment
Policies
17.1 Introduction
17.2 Internal and External Balance with Expenditure-Changing
and Expenditure-Switching Policies
17.3 Equilibrium in the Goods Market, in the Money Market,
and in the Balance of Payments
17.4 Fiscal and Monetary Policies for Internal and External Balance
with Fixed Exchange Rates
17.4a Fiscal and Monetary Policies from External Balance
and Unemployment
17.4b Fiscal and Monetary Policies from External Deficit
and Unemployment
17.4c Fiscal and Monetary Policies with Elastic Capital Flows
Case Study 17-1: Relationship Between U.S. Current
Account and Budget Deficits
17.5 The Policy Mix and Price Changes
17.5a The Policy Mix and Internal and External Balance
17.5b Evaluation of the Policy Mix with Price Changes
17.5c Policy Mix in the Real World
Case Study 17-2: U.S. Monetary and Fiscal Policies
in the 1980s and Early I990s
17.6 Direct Controls
17.6a Trade Controls
17.6b Exchange Controls
17.6c Other Direct Controls and International Cooperation
Case Study 17-3: Direct Controls on International Transactions
Around the World
Sununary A Look Ahead Key Terms Questions for
Review Problems
Appendix: A17.l Derivation of the IS Curve
A17.2 Derivation of the LM Curve
A17.3 Derivation of the FE Curve
A17.4 The IS-LM-FE Model with Exchange Rate
Changes
A17.5 Mathematical Summary
Selected Bibliography
CHAPTER 18 Prices and Output in an Open Economy:
Aggregate Demand and Aggregate
Supply
18.1 Introduction
18.2 Aggregate Demand, Aggregate Supply, and Equilibnum
in a Closed Economy
18.2a Aggregate Demand in a Closed Economy
18.2b Aggregate Supply in the Long Run and in tne snort
Run
18.2c Short-Run and Long-Run Equilibrium in a Closed
Economy
Case Study 18-1: Deviations of Short-Run Outputs from the
Natural Level in the United States
18.3 Aggregate Demand in an Open Economy Under Fixed and Flexible
Exchange Rates
18.3a Aggregate Demand in an Open Economy Under Fixed
Exchange Rates
18.3b Aggregate Demand in an Open Economy Under Flexible
Exchange Rates
18.4 Effect of Economic Shocks and Macroeconomic Policies on
Aggregate Demand in Open Economies with Flexible Prices
18.4a Real-Sector Shocks and Aggregate Demand
18.4b Monetary Shocks and Aggregate Demand
18.4c Fiscal and Monetary Policies and Aggregate Demand
in Open Economies
18.5 Effect of Fiscal and Monetary Policies in Open Economies with
Flexible Prices
Case Study 18-2: Central Bank Independence and Inflation
in Industrial Countries
18.6 Macroeconomic Policies to Stimulate Growth and Adjust to Supply
Shocks
18.6a Macroeconomic Policies for Growth
18.6b Macroeconomic Policies to Adjust to Supply Shocks
Cose Study 18-3: Petroleum Shocks and Stagflation in the United
States
Summary A Look Ahead Key Terms Questions for
Review Problems
Selected Bibliography
CHAPTER 19 TAe Monetary and Portfolio Balance
Approaches
19.1 Introduction
19.2 The Monetary Approach Under Fixed Exchange Rates
19.2a Causes and Adjustment of External Imbalances
19.2b Further Aspects of the Adjustment Process
19.2c Control Over the Nation's Money Supply
19.3 Policy Implications of the Monetary Approach Under Fixed
Exchange Rates and Inflation in the World Economy
19.3a Policy Implications of the Monetary Approach Under Fixed
Exchange Rates
19.3b The Monetary Approach and Inflation in the World
Economy Under Fixed Exchange Rates
19.4 The Monetary Approach Under Flexible Exchange Rates
19.5 The Portfolio Balance Approach and Exchange Rate Dynamics
19.5a The Portfolib Balance Approach
I9.5b Exchange Rate Dynamics
Case Study 19-1: Exchange Rate Uvershooting
of the U.S. Dollar
19.6 Evaluation and Empirical Tests of the Monetary and Portfolio
Balance Approaches
Case Study 19-2: Monetary Growth and Inflation and the
Monetary Approach
Case Study 19-3: Nominal and Real Exchange Rates and the
Monetary Approach
Case Study 19-4: Interest Differentials, Exchange Rates, and the
Monetary Approach
Summary A Look Ahead Key Terms Questions for
Review Problems 641
Appendix: A19.1 A Mathematical Model of the Monetary Approach
A19.2 The Exchange Rate Under the Monetary Approach
A19.3 A Mathematical Model of the Portfolio Balance
Approach
Selected Bibliography
CHAPTER 20 Flexible Versus Fixed Exchange Rates,
the European Monetary System, and
Macroeconomic Policy Coordination
20.1 Introduction
20.2 The Case for Flexible Exchange Rates
20.2a Market Efficiency
20.2b Policy Advantages
20.3 The Case for Fixed Exchange Rates
20.3a Less Uncertainty
20.3b Stabilizing Speculation
20.3c Price Discipline
Case Study 20-1: Macroeconomic Performance Under Fixed and
Flexible Exchange Rate Regimes
20.4 Optimum Currency Areas and the European Monetary System
20.4a Optimum Currency Areas
20.4b The European Monetary System
Case Study 20-2: Anatomy of a Currency Crisis: The Collapse
of the EU Exchange Rate Mechanism
20.5 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs,
and Managed Floating
20.5a Exchange Rate Bands
20.5b Adjustable Peg Systems
20.5c Crawling Pegs
20. 5d Managed Floating
Case Study 20-3: Exchange Arrangements of the
IMF Members
20.6 International Macroeconomic Policy Coordination
Summary A Look Ahead Key Terms Questions for
Review Problems 678
Appendix: A20.1 Exchange Rate Arrangements
Selected Bibliography
CHAPTER 21 The International Monetary System:
Past, Present, and Future
21.1 Introduction
21.2 The Gold Standard and the Interwar Experience
21.2a The Gold Standard Period (1880-1914)
21.2b The Interwar Experience
21.3 The Bretton Woods System
21.3a The Gold-Exchange Standard (1947-1971)
21.3b Borrowing from the International Monetary Fund
21.4 Operation and Evolution ofthe Bretton Woods System
21.4a Operation of the Bretton WoodS System
21.4b Evolution of the Bretton Woods System
Case Study 21-1: Macroeconomic Performance Under Different
Exchange Rate Regimes
21.5 U.S. Balance-of-Pavments Deficits and Collapse of the Bretton
Woods System
21.5a U.S. Balance-of-Payments Deficits
21.5b Collapse of the Bretton Woods System
21.6 The International Monetary System: Present and Future
21.6a Operation of the Present System
21.6b Current IMF Operation
21.6c Problems with Present Exchange Rate Arrangements
21.6d Proposals for Reforming Present Exchange Rate
Arrangements
Case Study 21 -2: Exchange Rate Volatility and Misalignments
Since 1967
21.6e Other Current International Economic Problems
Case Study 21 -3: Trade Imbalances Among the Leading
Industrial Nations
Summary Key Terms Questions for Review
Problems
Appendix: A21.1 International Reserves. 1950--1993
Selected Bibliography
Answers to Selected Problems
Glossary of Key Terms
Name Index
Subject Index
Case Studies
1-1 Even the IBM PC Isn't All-American
1-2 The Rising Importance of International Trade to the
United States
2-1 Munn's Mercantilistic Views on Trade
2-2 The Petition of the Candlemakers
3-1 Comparative Advantage of the United States,
the European Union, and Japan
3-2 Reallocating Labor in the United States: Comparative
Advantage at Work
4-1 The Index of Export to Import Prices for the United States
4-2 The Terms of Trade of Developing and Developed Countries
5-1 Relative Resource Endowments of Leading
Industrial Countries
5-2 Capital-Labor Ratios of Selected Countries
5-3 Patterns of Comparative Advantage in Leading Industrial
Countries
5-4 Convergence of Real Wages Among Industrial Countries
5-5 Capital and Labor Requirements in U.S. Trade
6-1 U.S. Intra-Industry Trade in Automotive Products
6-2 Intra-Industry Trade of Leading Industrial Countries
6-3 The Maquiladoras: U.S. Plants Along the
U.S.-Mexican Border
7-1 Changes in Relative Resource Endowments of Leading
Industrial Countries
7-2 Factor Growth and Changes in, Comparative Advantage
7-3 Changes in Capital-Lahor Ratios of Selected Countries
7-4 Changes in the Pattern of Comparative Advantage
in the Leading Industrial Countries
8-1 Average Tariffs for Major Developed Countries and Products
8-2 The Wel'fare Effects of Tariffs on Some U.S. Products
8-3 Rising Tariff Rates with Degree of Domestic Processing
8-4 Nominal and Effective Tariff Rates in the United States,
the EU, and Japan
9-1 Voluntary Export Restraint Arrangements
9-2 Voluntary Export Restraints on Japanese Automobiles
to the United States
9-3 Agricultural Subsidies in Industrial Countries
9-4 Administered Protection in the United States and
Other Countries
9-5 Nontariff Trade Barriers in the United States, the EU,
and Japan
9-6 Welfare Effects of Removing U.S. Trade Restrictions
10-1 Economic Profiles of the
· · · · · · (收起)
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这本书的行文风格可以用“老辣而精准”来形容，它在保持学术严谨性的同时，避免了学究气的迂腐。我尤其欣赏作者处理新兴经济体崛起这一主题时的平衡感。在分析中国、印度等“金砖国家”如何深度融入全球分工体系时，它既肯定了市场化改革带来的巨大红利和技术追赶的成就，同时也毫不留情地指出了其在环境成本、劳工权益保障以及知识产权保护方面所面临的长期结构性挑战。这种不偏不倚的批判性分析，使得整本书的论证显得格外可靠。更令人惊喜的是，作者在涉及全球价值链（GVCs）的章节中，引入了大量的产业组织理论的视角。它解释了为什么跨国公司倾向于将研发和高附加值环节留在本国，而将制造环节外包出去，以及这种网络化生产模式对国家经济竞争力的深远影响。这本书的论证层次非常丰富，它不是简单地罗列事实，而是构建了一个层层递进的分析框架，让你在读完每一章后，都能对当前的国际经济格局产生一种“拨云见日”的清晰感。
评分我必须承认，我本来是个对经济学概念感到头疼的文科生，但这本书，居然让我对一些原本认为遥不可及的概念产生了兴趣，这本身就是一个奇迹。最吸引我的是它在叙事上的“场景化”处理。比如在讲解国际资本流动风险时，作者没有用抽象的术语，而是构建了一个情景：一个发展中国家突然面临热钱撤离的危机，银行体系如何崩溃，政府如何应对资本管制，每一个细节都描绘得栩栩如生。这使得“金融危机”、“资产泡沫”这些词汇不再是新闻标题里的冷冰冰的字眼，而是有血有肉的社会经济现象。此外，这本书对全球治理结构变迁的梳理也做得非常出色。从关贸总协定（GATT）到世界贸易组织（WTO）的演变，从多边主义到区域一体化的兴起，作者没有把这些组织描绘成铁板一块的机构，而是清晰地展现了其内部的权力博弈、规则制定中的利益冲突，以及它们在应对气候变化、数字贸易等新挑战时的力不从心。阅读过程中，我感觉自己像是在参与一场高级别的国际谈判，对不同国家集团之间的诉求和策略有了更直观的理解，这对于提升我的全球视野非常有帮助。
评分如果用一个词来概括我的阅读体验，那就是“发人深省”。这本书的后半部分，聚焦于当前全球经济面临的重大挑战，比如贸易保护主义的回潮、技术壁垒的增加以及全球气候治理的困境，这些内容与我们当下生活的关联性极强。作者对“逆全球化”趋势的分析颇具前瞻性，它将近年来的一些看似孤立的经济事件——比如特定的贸易战、对关键技术的出口管制——系统地整合到国际经济关系紧张的大背景下，论证了全球化进程并非不可逆转的单向轨道。在讨论环境与贸易的交叉问题时，作者深入探讨了“碳边境调节机制”（CBAM）这类新兴政策的潜在国际影响，分析了它如何在推动绿色转型的同时，可能演变成新的贸易保护工具。这种对前沿议题的捕捉和深度剖析，让这本书丝毫没有过时的感觉，反而充满了对未来趋势的预判。它不仅是一本解释“世界是什么样”的书，更是一本启发我们思考“世界应该怎样发展”的指南，读完之后，我对未来几年全球经济政策走向的判断，清晰和自信了许多。
评分坦白讲，我带着一种近乎挑剔的眼光来审视这本书的，毕竟市面上的国际经济学著作汗牛充栋，真正能让人眼前一亮的少之又少。然而，《国际经济学》在宏观层面的处理，尤其是在汇率决定机制和国际金融体系演变方面，展现出了令人惊叹的洞察力与严谨性。作者对蒙代尔-弗莱明模型的解析可谓是教科书级别的精妙，但其高明之处在于，它并没有停留在理想化的“大萧条”或“布雷顿森林体系”的静态分析上，而是将其动态地嵌入到当前浮动汇率制度下的各种政策权衡之中。我发现，作者对国际收支失衡的论述尤为深刻，它不仅仅停留在货币、利率的层面上，还细致地剖析了资本流动与经常账户之间的复杂互动关系，特别是全球失衡背景下，储备货币发行国和储备货币持有国各自面临的独特困境，分析得鞭辟入里。读到关于国际货币基金组织（IMF）救助机制的部分时，那种仿佛置身于危机谈判现场的紧张感油然而生，作者对主权债务重组、结构调整计划的描述，展现了一种罕见的批判性思维，不盲目赞扬也不一味抨责，而是力求呈现一个多方利益博弈的真实图景。这本书的阅读体验是震撼的，它迫使我跳出单一国家的视角，真正站在全球体系的角度去思考货币的本质与金融的脆弱性。
评分这本《国际经济学》简直是打开了我对全球贸易和金融世界大门的钥匙。初翻开，我就被作者那种抽丝剥茧的叙事风格深深吸引住了。它不像我之前读过的那些晦涩难懂的教科书，充满了枯燥的公式和难以理解的模型。相反，它更像是一场精心策划的环球旅行，从历史的源头——重商主义的兴起到现代的全球化浪潮，每一步都娓娓道来，让人如临其境。特别是关于比较优势理论的阐述，作者没有止步于李嘉图的简单模型，而是引入了大量的现实案例，比如20世纪末亚洲四小龙的崛起，以及近些年全球供应链的重塑，这些都使得原本抽象的理论变得无比生动和贴合实际。我尤其欣赏它对“新贸易理论”的处理方式，它巧妙地解释了为什么即使在没有比较优势差异的情况下，国家之间依然存在着大量的贸易往来，那种基于规模经济和产品差异化的论述，彻底颠覆了我过去对贸易的认知。读完关于关税和贸易壁垒的部分，我甚至开始反思我们日常生活中购买的许多进口商品背后的复杂经济逻辑。这本书的深度和广度兼具，既有扎实的理论基础，又不乏对现实政策的深刻洞察，对于任何想要深入理解国际经济运行规律的读者来说，都是一本不可多得的宝藏。
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