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• Cover
• Preface
• Case Studies
• Chapter 1: Introduction
• 1.1 The Globalization of the World Economy
• 1.2 International Trade and the Nation’s Standard of Living
• 1.3 The International Flow of Goods, Services, Labor, and Capital
• 1.4 International Economic Theories and Policies
• 1.5 Current International Economic Problems and Challenges
• 1.6 Organization and Methodology of the Text
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Part 1: International Trade Theory
• Chapter 2: The Law of Comparative Advantage
• 2.1 Introduction
• 2.2 The Mercantilists’ Views on Trade
• 2.3 Trade Based on Absolute Advantage: Adam Smith
• 2.4 Trade Based on Comparative Advantage: David Ricardo
• 2.5 Comparative Advantage and Opportunity Costs
• 2.6 The Basis for and the Gains from Trade under Constant Costs
• 2.7 Empirical Tests of the Ricardian Model
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 3: The Standard Theory of International Trade
• 3.1 Introduction
• 3.2 The Production Frontier with Increasing Costs
• 3.3 Community Indifference Curves
• 3.4 Equilibrium in Isolation
• 3.5 The Basis for and the Gains from Trade with Increasing Costs
• 3.6 Trade Based on Differences in Tastes
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 4: Demand and Supply, Offer Curves, and the Terms of Trade
• 4.1 Introduction
• 4.2 The Equilibrium-Relative Commodity Price with Trade—Partial Equilibrium Analysis
• 4.3 Offer Curves
• 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
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 5: Factor Endowments and the Heckscher–Ohlin Theory
• 5.1 Introduction
• 5.2 Assumptions of the Theory
• 5.3 Factor Intensity, Factor Abundance, and the Shape of the Production Frontier
• 5.4 Factor Endowments and the Heckscher–Ohlin Theory
• 5.5 Factor–Price Equalization and Income Distribution
• 5.6 Empirical Tests of the Heckscher–Ohlin Model
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 6: Economies of Scale, Imperfect Competition, and International 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
• 6.5 Trade Based on Dynamic Technological Differences
• 6.6 Costs of Transportation, Environmental Standards, and International Trade
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 7: Economic Growth and International Trade
• 7.1 Introduction
• 7.2 Growth of Factors of Production
• 7.3 Technical Progress
• 7.4 Growth and Trade: The Small-Country Case
• 7.5 Growth and Trade: The Large-Country Case
• 7.6 Growth, Change in Tastes, and Trade in Both Nations
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Part 2: International Trade Policy
• Chapter 8: Trade Restrictions
• 8.1 Introduction
• 8.2 Partial Equilibrium Analysis of a Tariff
• 8.3 The Theory of Tariff Structure
• 8.4 General Equilibrium Analysis of a Tariff in a Small Country
• 8.5 General Equilibrium Analysis of a Tariff in a Large Country
• 8.6 The Optimum Tariff
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 9: Nontariff Trade Barriers and the New Protectionism
• 9.1 Introduction
• 9.2 Import Quotas
• 9.3 Other Nontariff Barriers and the New Protectionism
• 9.4 The Political Economy of Protectionism
• 9.5 Strategic Trade and Industrial Policies
• 9.6 History of U.S. Commercial Policy
• 9.7 The Uruguay Round, the Failed Doha Round, and the Outstanding Trade Problems
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 10: Economic Integration: Customs Unions and Free Trade Areas
• 10.1 Introduction
• 10.2 Trade-Creating Customs Union
• 10.3 Trade-Diverting Customs Unions
• 10.4 The Theory of the Second Best and Other Static Welfare Effects of Customs Unions
• 10.5 Dynamic Benefits from Customs Unions
• 10.6 History of Attempts at Economic Integration
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 11: International Trade and Economic Development
• 11.1 Introduction
• 11.2 The Importance of Trade to Development
• 11.3 The Terms of Trade and Economic Development
• 11.4 Export Instability and Economic Development
• 11.5 Import Substitution versus Export Orientation
• 11.6 Current Problems Facing Developing Countries
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• 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
• 12.4 Welfare Effects of International Capital Flows
• 12.5 Multinational Corporations
• 12.6 Motives for and Welfare Effects of International Labor Migration
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Part 3: The Balance of Payments, Foreign Exchange Markets, and Exchange Rates
• Chapter 13: Balance of Payments
• 13.1 Introduction
• 13.2 Balance of Payments Accounting
• 13.3 The International Transactions of the United States
• 13.4 Accounting Balances and the U.S. Balance of Payments
• 13.5 The Postwar Balance of Payments of the United States
• 13.6 The Importance of the Current Account
• 13.7 The International Investment Position of the United States
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 14: Foreign Exchange Markets and Exchange Rates
• 14.1 Introduction
• 14.2 Functions of the Foreign Exchange Markets
• 14.3 Foreign Exchange Rates
• 14.4 Spot and Forward Rates, Currency Swaps, Futures, and Options
• 14.5 Foreign Exchange Risks, Hedging, and Speculation
• 14.6 Interest Arbitrage and the Efficiency of Foreign Exchange Markets
• 14.7 Eurocurrency or Offshore Financial Markets
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 15: Exchange Rate Determination
• 15.1 Introduction
• 15.2 Purchasing-Power Parity Theory
• 15.3 Monetary Approach to the Balance of Payments and Exchange Rates
• 15.4 Portfolio Balance Model and Exchange Rates
• 15.5 Exchange Rate Dynamics
• 15.6 Empirical Tests of the Monetary and Portfolio Balance Models and Exchange Rate Forecasting*
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Part 4: Open-Economy Macroeconomics and the International Monetary System
• Chapter 16: The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates
• 16.1 Introduction
• 16.2 Adjustment with Flexible Exchange Rates
• 16.3 Effect of Exchange Rate Changes on Domestic Prices and the Terms of Trade
• 16.4 Stability of Foreign Exchange Markets
• 16.5 Elasticities in the Real World
• 16.6 Adjustment under the Gold Standard
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 17: The Income Adjustment Mechanism and Synthesis of Automatic Adjustments
• 17.1 Introduction
• 17.2 Income Determination in a Closed Economy
• 17.3 Income Determination in a Small Open Economy
• 17.4 Foreign Repercussions
• 17.5 Absorption Approach
• 17.6 Monetary Adjustments and Synthesis of the Automatic Adjustments
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 18: Open-Economy Macroeconomics: Adjustment Policies
• 18.1 Introduction
• 18.2 Internal and External Balance with Expenditure-Changing and Expenditure-Switching Policies
• 18.3 Equilibrium in the Goods Market, in the Money Market, and in the Balance of Payments
• 18.4 Fiscal and Monetary Policies for Internal and External Balance with Fixed Exchange Rates
• 18.5 The IS–LM–BP Model with Flexible Exchange Rates
• 18.6 Policy Mix and Price Changes
• 18.7 Direct Controls
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 19: Prices and Output in an Open Economy: Aggregate Demand and Aggregate Supply
• 19.1 Introduction
• 19.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy
• 19.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates
• 19.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demand in Open Economies with Flexible Prices
• 19.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible Prices
• 19.6 Macroeconomic Policies to Stimulate Growth and Adjust to Supply Shocks
• Summary
• Key Terms
• Questions For Review
• Problems
• 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
• 20.3 The Case for Fixed Exchange Rates
• 20.4 Optimum Currency Areas, the European Monetary System, and the European Monetary Union
• 20.5 Currency Boards Arrangements and Dollarization
• 20.6 Exchange Rate Bands, Adjustable Pegs, Crawling Pegs, and Managed Floating
• 20.7 International Macroeconomic Policy Coordination
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Chapter 21: The International Monetary System: Past, Present, and Future
• 21.1 Introduction
• 21.2 The Gold Standard and the Interwar Experience
• 21.3 The Bretton Woods System
• 21.4 Operation and Evolution of the Bretton Woods System
• 21.5 U.S. Balance-of-Payments Deficits and Collapse of the Bretton Woods System
• 21.6 The International Monetary System: Present and Future
• Summary
• Key Terms
• Questions For Review
• Problems
• Appendix
• Glossary of Key Terms
• Name Index
• Subject Index
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