The World Economy: Trade and Finance (with Economic Applications Printed Access Card) Book

Chapter 1	Introduction to the World Economy	1
1	Why Study International Economics?	1
2	What Do We Mean by International Interdependence?	2
3	The Economic Significance of Political Boundaries	12
4	Studying International Economics	13
	International Microeconomics
Chapter 2	Comparative Advantage I: Labor Productivity and Trade	18
1	Introduction	18
2	Early Thinking about Trade: The Mercantilists	19
3	The Decline of Mercantilism (and the Birth of Economics)	19
4	Keeping Things Simple: Some Assumptions	20
5	The Ricardian World without Trade	21
6	The Ricardian World with Trade	26
7	The Gains from Trade: Exchange and Specialization	35
8	Using Demand and Supply to Analyze Trade	37
Case 1	Can the Ricardian Model Really Explain Trade?	40
Case 2	Does Labor Productivity Really Vary?	42
Case 3	Which Plants Export?	43
Appendix	What Can the World Produce? The World Production Possibilities Frontier	49
Chapter 3	Comparative Advantage II: Factor Endowments and Trade	51
1	Introduction	51
2	The Neoclassical World without Trade	52
3	The Neoclassical World with Trade	60
4	Sources of Comparative Advantage	64
Case 1	Lights-Out Factories	67
Case 2	From Fish to Information Technology	68
Case 3	Socks: Made in USA	68
Case 4	Can Heckscher-Ohlin Explain China's Trade?	69
Appendix A	The Edgeworth Box	74
Appendix B	Offer Curves	78
Chapter 4	Trade, Distribution, and Welfare	81
1	Introduction	81
2	How Do Output Prices Affect Factor Prices? The Stolper-Samuelson Theorem	81
3	How Do Factor Prices Vary Across Countries? The Factor Price Equalization Theorem	85
4	What if Factors Are Immobile in the Short Run? The Specific-Factors Model	92
5	Trade and Welfare: Gainers, Losers, and Compensation	97
Case 1	Trade and Wages I: Asia	101
Case 2	Trade and Wages II: The United States	102
Case 3	Deja Vu: Learning from the History of the World Economy	104
Case 4	A Rare Opportunity: Learning from Japanese Economic History	104
Chapter 5	Beyond Comparative Advantage: Empirical Evidence and New Trade Theories	110
1	Introduction	110
2	Questions to Be Answered	110
3	How Do We Know if a Theory about Trade Is Correct?	111
4	Testing the Heckscher-Ohlin Model	112
5	Intra-Industry Trade	115
6	Trade with Economies of Scale	120
7	Technology-Based Theories of Trade: The Product Cycle	129
8	Overlapping Demands as a Basis for Trade	131
9	Transport Costs as a Determinant of Trade	133
10	Location of Industry	136
Case 1	Trade and Sir Isaac Newton's Apples	137
Case 2	Are there Economies of Scale?	137
Case 3	Around the World in 22 Days	139
Chapter 6	Tariffs	145
1	Introduction	145
2	Why Would a Country Impose a Tariff?	145
3	Types of Tariffs and Ways to Measure Them	147
4	What Happens When a Small Country Imposes an Import Tariff?	150
5	What Happens When a Large Country Imposes an Import Tariff?	156
6	How Does a Tariff Affect Factor Prices? Specific Factors and Stolper-Samuelson	160
7	Tariffs and Economies of Scale	160
8	The Effective Rate of Protection	163
9	Offshore Assembly Provisions	164
10	Taxing Exports	164
Case 1	Making Cheap Medicine Expensive	168
Case 2	Binding Policy Makers' Hands	168
Case 3	China, Tariffs, and the WTO	170
Appendix A	Offer Curves and Tariffs	175
Appendix B	General-Equilibrium Tariff Effects in a Small Country	178
Chapter 7	Nontariff Barriers	180
1	Introduction	180
2	Quotas	180
3	Comparison of Import Tariffs and Quotas	183
4	Export Quotas	184
5	Subsidies and Countervailing Duties	188
6	Dumping	195
7	Administrative and Technical Standards	201
8	How Can We Measure Nontariff Barriers?	206
Case 1	Shooting Down the Byrd Amendment	207
Case 2	Cotton Pits Farmer versus Farmer	208
Chapter 8	Arguments for Restricting Trade	212
1	Introduction	212
2	Categories of Arguments for Trade Restrictions	212
3	What about "Infant" Industries?	213
4	What If Markets Aren't Competitive?	217
5	What If There Are Externalities?	225
6	Shouldn't the "Playing Field" Be Level?	232
7	How Can We Compete with Low-Wage Countries?	232
8	How Do We Handle National Security and Defense?	233
9	Aren't Goods and Money Better than Just Goods?	234
10	Can We Threaten Other Countries into Trade Liberalization?	235
Case 1	Sticky Business in Singapore	237
Case 2	No, the Other Type of Dumping	237
Case 3	Spawning a Trade Dispute	238
Case 4	MITI Miracles?	239
Case 5	Science, or Politics?	240
Chapter 9	The Political Economy of Trade Policy and Borders	244
1	Introduction	244
2	The Political Economy of National Trade Policy	245
3	How Did We Get Here? A Brief History of International Trade Policy	247
4	Economic Integration and Regional Trading	256
5	Interregional Trade	269
Case 1	NAFTA Traffic Jams	272
Case 2	I.D. Cards for Avocados	273
Case 3	All in the Family	274
Case 4	Is Japan Being Left Out?	275
Chapter 10	Growth, Immigration, and Multinationals	279
1	Introduction	279
2	Economic Growth I: More Inputs	282
3	Economic Growth II: More Productivity	289
4	What if Factors Can Move?	292
Case 1	Growth Myths and Miracles	317
Case 2	How Big Are They?	319
Case 3	Saving, Investment, and Intertemporal Trade	319
Case 4	Send Money	320
Chapter 11	Development, Transition, and Trade	325
1	Introduction	325
2	Defining Development	326
3	Development Issues	330
4	Agriculture, Industry, or Both?	331
5	North-South Issues	337
6	Developing Markets: Economies in Transition	351
Case 1	Does Aid Aid Growth?	359
Case 2	Does Policy Matter? The Two Koreas	360
Case 3	Open to Development	362
Case 4	Reproducing Pharmaceuticals	363
Case 5	Oil Junkies?	364
Case 6	WTO Member or Market Economy?	365
	International Macroeconomics
Chapter 12	Currency Markets and Exchange Rates	370
1	Introduction	370
2	Exchange Rates and Prices	370
3	Foreign Exchange Markets	372
4	Interest Parity	379
5	Demand and Supply in the Foreign Exchange Market	386
6	How Are Exchange Rates Determined under a Flexible-Rate Regime?	389
7	How Are Exchange Rates Determined under a Fixed-Rate Regime?	392
8	The Effective Exchange Rate	394
9	Offshore Currency Markets	395
Case 1	Multinationals and Foreign Exchange	397
Case 2	Picking Stocks Means Picking Currencies	399
Case 3	Herstatt Risk	400
Case 4	Foreign Exchange Market Update	401
Chapter 13	The Balance-of-Payments Accounts	406
1	Introduction	406
2	What's in the Balance-of-Payments Accounts?	408
3	What Are Balance-of-Payments Surpluses and Deficits?	418
4	What's the Connection? The Balance of Payments and the Foreign Exchange Market	420
Case 1	The U.S.-China Trade Deficit: $10 Billion or $40 Billion?	427
Case 2	The United States as a Debtor	428
Case 3	Rest of Galaxy Enjoys Current-Account Surplus	430
Case 4	World Merchandise Trade	430
Chapter 14	The Market for Goods and Services in an Open Economy	436
1	Introduction	436
2	How Do We Measure a Country's Output?	437
3	What Determines Output and Income in an Open Economy?	438
4	How Does International Trade Affect the Market for Goods and Services?	444
5	What Causes Changes in the Market for Goods and Services?	447
6	Interdependence: Protectionism, Income, and the Current Account	454
7	The "Twin Deficits"	455
8	A Concise Graphical Summary: The IS Curve	457
Case 1	Components of GDP	459
Case 2	The Peso and Mexico-U.S. Trade	460
Case 3	The Macroeconomics of German Unification	462
Chapter 15	Money, the Banking System, and Foreign Exchange	466
1	Introduction	466
2	Money in the World Economy	466
3	Banking Crises	482
4	Foreign Exchange	492
5	Bringing It All Together	498
6	How a Flexible Exchange Rate Regime Works	499
7	How a Fixed Exchange Rate Regime Works	502
Case 1	Trying to Get the Best of Both Worlds	507
Case 2	Where the Foreign Exchange Reserves Are	508
Case 3	Birth of a Currency	509
Case 4	Banking on Unification	510
Chapter 16	Short-Run Macroeconomic Policy under Fixed Exchange Rates	514
1	Introduction	514
2	Macroeconomic Goals in an Open Economy	516
3	Macroeconomic Policy with Immobile Capital	519
4	Macroeconomic Policy with Perfectly Mobile Capital	527
5	Macroeconomic Policy with Imperfectly Mobile Capital	537
6	A Special Case: The Reserve-Currency Country	539
Case 1	More on German Unification	542
Case 2	Betting Against the Baht	543
Case 3	Pesos and Tequila	544
Case 4	The Two Faces of Capital Flows	545
Case 5	Paying the Bills	548
Case 6	Pegged, But to What?	549
Case 7	Capital Decontrols	550
Chapter 17	Short-Run Macroeconomic Policy under Flexible Exchange Rates	555
1	Introduction	555
2	Macroeconomic Policy with Immobile Capital	558
3	Macroeconomic Policy with Perfectly Mobile Capital	561
4	Macroeconomic Policy with Imperfectly Mobile Capital	567
5	The Policy Mix	570
6	Summary of Short-Run Policy Effectiveness Under a Flexible Exchange Rate	575
Case 1	The Japan Slump	576
Case 2	Policy Squeezes: To Do, or Not to Do?	578
Case 3	Floating the Pound	579
Case 4	The Budget and the Dollar	580
Case 5	The Truth about Exchange Rate Regimes	582
Chapter 18	The Exchange Rate in Long-Run Equilibrium	587
1	Introduction	587
2	Money in Long-Run Equilibrium	588
3	Purchasing Power Parity	593
4	The Monetary Approach to the Exchange Rate	600
5	The Real Exchange Rate	606
6	Long-Run Equilibrium Exchange Rates	610
7	More on Why Interest Rates Differ	611
Case 1	Tank-Touristen	613
Case 2	Purchasing Power Parity at Home?	613
Case 3	Nontraded Goods and the Real Exchange Rate	614
Case 4	Dry Cleaning in Oslo and Karachi	616
Chapter 19	Prices and Output in an Open Economy	620
1	Introduction	620
2	Apples versus GDP: Supply in Micro- and Macroeconomics	623
3	Aggregate Demand under Fixed Exchange Rates	624
4	Long-Run Aggregate Supply	627
5	Medium-Run Aggregate Supply	630
6	Combining Aggregate Demand and Aggregate Supply	633
7	Macroeconomic Policy under Fixed Exchange Rates	634
8	Aggregate Demand under Flexible Exchange Rates	641
9	Macroeconomic Policies under Flexible Exchange Rates	642
10	Supply Shocks	646
Case 1	Unemployment-Structural and Cyclical	648
Case 2	The Ups and Downs of Business Cycles	650
Appendix	The Aggregate Demand Curve	656
Chapter 20	International Monetary Regimes	658
1	Introduction	658
2	What Does a Monetary Regime Need to Do?	Title:    The World Economy: Trade and Finance (with Economic Applications Printed Access Card) Manufacturer: National Learning Corporation National Learning Corporation Item Number: 9780324203974 Publication Date: April 2005 Number: 7 Product Description: Full Name: The World Economy: Trade and Finance (with Economic Applications Printed Access Card); Short Name:The World Economy Universal Product Code (UPC): 9780324203974 WonderClub Stock Keeping Unit (WSKU): 9780324203974 Rating: 4/5 based on 2 Reviews Image Location: https://wonderclub.com/images/covers/39/74/9780324203974.jpg Category: Media >> Books Weight: 0.200 kg (0.44 lbs) Width: 8.300 cm (3.27 inches) Heigh : 10.300 cm (4.06 inches) Depth: 1.300 cm (0.51 inches) Date Added: August 25, 2020, Added By: Ross Date Last Edited: August 25, 2020, Edited By: Ross Price Condition Delivery Seller Action $200.95 Digital Arrives between Apr 24 - May 24 Login to your account for a direct download. Some files are emailed from Dropbox. Continent $0.00 - World $0.00 WonderClub (9295 total ratings) Question Concerning The World Economy Ask a Question about The World Economy No Question found! Read Reviews for The World Economy: Trade and Finance (with Economic Applications Printed Access Card) Write review Andy Benedict reviewed The World Economy: Trade and Finance (with Economic Applications Printed Access Card) on June 20, 2016 The World Economy: Trade and Finance (with Economic Applications Printed Access Card) Martin Wolf proposes the development of national financial systems (long-term finance denominated in domestic currency) as a solution for global macroeconomic imbalances. This solution seems to make sense, especially for large emerging markets (small economies do not matter for global imbalances, anyway). The essence of finance is explained very simply and nicely. His writing style is ok, often clear, but not always. He uses a lot of statistical evidence, but sometimes he repeats the same argument over and over again. When I got the book (2nd edition, published in 2009 and 2010), I thought it was much more focused on the recent events (global financial crisis). Wolf must have tortured himself a few months after the first edition was published. In this 2nd edition he includes a final chapter on the crisis, which complements all his arguments. This actually makes it an interesting read. Login   |   Complaints   |   Blog   |   Games   |   Digital Media   |   Souls   |   Obituary   |   Contact Us   |   FAQ CAN'T FIND WHAT YOU'RE LOOKING FOR? CLICK HERE!!! X You must be logged in to add to Wishlist E-mail address: Password:           Open Account Here X This item is in your Wish List View Wish List Remove from List Continue Shopping X This item is in your Collection The World Economy: Trade and Finance (with Economic Applications Printed Access Card) View Collection Remove from Collection Edit Collection Continue Shopping X This Item is in Your Inventory The World Economy: Trade and Finance (with Economic Applications Printed Access Card) View Inventory Remove from Inventory Edit Inventory Continue Shopping X You must be logged in to review the products E-mail address: Password:           Open Account Here X View Cart Checkout Continue Shopping X X Add The World Economy: Trade and Finance (with Economic Applications Printed Access Card), By presenting the fundamentals of international economics clearly with a strong presentation of theory, policy and applications, THE WORLD ECONOMY: TRADE AND FINANCE is an excellent choice for a broad range of trade and finance courses with an internation, The World Economy: Trade and Finance (with Economic Applications Printed Access Card) to the inventory that you are selling on WonderClub Product Condition Collectible - Good Collectible - Acceptable Collectible - Very Good Collectible - Like New New - New Refurbished - Refurbished Replica - Acceptable Replica - Good Replica - Very Good Replica - Like New Replica - New Used - Like New Used - Very Good Used - Good Used - Acceptable Price Condition Note Quantity 1 2 3 4 5 6 7 8 9 10 MSKU MSKU=Merchant Stock Keeping Unit, You can create any value you wish to help you keep track of your products Add X X Add The World Economy: Trade and Finance (with Economic Applications Printed Access Card), By presenting the fundamentals of international economics clearly with a strong presentation of theory, policy and applications, THE WORLD ECONOMY: TRADE AND FINANCE is an excellent choice for a broad range of trade and finance courses with an internation, The World Economy: Trade and Finance (with Economic Applications Printed Access Card) to your collection on WonderClub Condition Note Quantity 1 2 3 4 5 6 7 8 9 10 MSKU MSKU=Merchant Stock Keeping Unit, You can create any value you wish to help you keep track of your products Value This is the value of this item at today's market price Price Paid This is the price you paid for this item. Add