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Renowned researchers Paul Krugman and Maurice Obstfeld set the standard for international economics courses with the text that remains the market leader in the U.S. and around the world.International Economics: Theory and Policyis a proven approach in which each half of the book leads with an intuitive introduction to theory and follows with self-contained chapters to cover key policy applications. TheEighth Editionintegrates the latest research, data, and policy in hot topics such as outsourcing, economic geography, trade and environment, financial derivatives, the sub prime crisis, and China's exchange rate policies. Introduction.International Trade Theory:World Trade: An Overview; Labor Productivity and Comparative Advantage: The Ricardian Model; Resources, Comparative Advantage, and Income Distribution; The Standard Trade Model; Economies of Scale, Imperfect Competition, and International ™ International Factor Movements.International Trade Policy:The Instruments of Trade Policy; The Political Economy of Trade Policy; Trade Policy in Developing Countries; Controversies in Trade Policy.Exchange Rates and Open-Economy Macroeconomics:National Income Accounting and the Balance of Payments; Exchange Rates and the Foreign Exchange Market: An Asset Approach; Money, Interest Rates, and Exchange Rates; Price Levels and the Exchange Rate in the Long Run; Output and the Exchange Rate in the Short Run; Fixed Exchange Rates and Foreign Exchange Intervention.International Macroeconomic Policy:The International Monetary System, 18701973; Macroeconomic Policy and Coordination Under Floating Exchange Rates; Optimum Currency Areas and the European Experience; The Global Capital Market: Performance and Policy Problems; Developing Countries: Growth, Crisis, and Reform. Mathematical Postscripts. For all readers interested in international trade and finance.
Table of Contents
Chapter 1. Introduction What Is International Economics About? International Economics: Trade and Money Part I. International Trade Theory Chapter 2. World Trade: An Overview Who Trades with Whom? The Changing Pattern of World Trade Do Old Rules Still Apply? Chapter 3. Labor Productivity and Comparative Advantage: The Ricardian Model The Concept of Comparative Advantage A One-Factor Economy Trade in a One-Factor World Misconceptions About Comparative Advantage Comparative Advantage with Many Goods Adding Transport Costs and Nontraded Goods Empirical Evidence on the Ricardian Model Chapter 4. Resources, Comparative Advantage, and Income Distribution A Model of a Two-Factor Economy Effects of International Trade Between Two-Factor Economies The Political Economy of Trade: A Preliminary View Empirical Evidence on the Heckscher-Ohlin Model Appendix:Factor Prices, Goods Prices, and Input Choices Chapter 5. The Standard Trade Model A Standard Model of a Trading Economy International Transfers of Income: Shifting of theRDCurve Tariffs and Export Subsidies: Simultaneous Shifts inRSandRD Appendix:Representing International Equilibrium with Other Curves Chapter 6. Economies of Scale, Imperfect Competition, and International Trade Economies of Scale and International Trade: An Overview Economies of Scale and Market Structure The Theory of Imperfect Competition Monopolistic Competition and Trade Dumping The Theory of External Economies External Economies and International Trade Economic Geography and Interregional Trade Appendix:Determining Marginal Revenue Chapter 7. International Factor Movements International Labor Mobility International Borrowing and Lending Direct Foreign Investment and Multinational Firms Appendix 1:Finding Total Output from the Marginal Product Curve Appendix 2:More on Intertemporal Trade Part II. International Trade Policy Chapter 8. The Instruments of Trade Policy Basic Tariff Analysis Costs and Benefits of a Tariff Other Instruments of Trade Policy The Effects of Trade Policy: A Summary Appendix 1:Tariff Analysis in General Equilibrium Appendix 2:Tariffs and Import Quotas in the Presence of Monopoly Chapter 9. The Political Economy of Trade Policy The Case for Free Trade National Welfare Arguments Against Free Trade Income Distribution and Trade Policy International Negotiations and Trade Policy The Doha Disappointment Appendix:Proving That the Optimum Tariff Is Positive Chapter 10. Trade Policy in Developing Countries Import-Substituting Industrialization Results of Favoring Manufacturing: Problems of Import-Substituting Industrialization Trade Liberalization Since 1985 Export-Oriented Industrialization: The East Asian Miracle Chapter 11. Controversies in Trade Policy Sophisticated Arguments for Activist Trade Policy Globalization and Low-Wage Labor Globalization and the Environment Part III. Exchange Rates and Open-Economy Macroeconomics Chapter 12. National Income Accounting and the Balance of Payments The National Income Accounts National Income Accounting for an Open Economy The Balance of Payments Accounts Chapter 13. Exchange Rates and the Foreign Exchange Market: An Asset Approach Exchange Rates and International Transactions The Foreign Exchange Market The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Interest Rates, Expectations, and Equilibrium Appendix:For