国际经济学英文版(internationalec课件.ppt

1、International EconomicsBy Robert J.Carbaugh9th Edition Ch 1 The International Economy Ch 10 International Factor Movements and Multinational Enterprises Ch 2 Foundations of Modern Trade Theory Ch 11 The Balance of Payments Ch 3 International Equilibrium Ch 12 Foreign Exchange Ch 4 Trade Model Extens

2、ions and Applications Ch 13 Exchange-Rate Determination Ch 5 Tariffs Ch 14 Balance-of-Payments Adjustments Under Fixed Exchange Rates Ch 6 Nontariff Trade Barriers Ch 15 Exchange-Rate Adjustments and the Balance of Payments Ch 7 Trade Regulations and Industrial Policies Ch 16 Exchange-Rate Systems C

3、h 8 Trade Policies for the Developing Nations Ch 17 Macroeconomic Policy in an Open Economy Ch 9 Regional Trading Arrangements Ch18 International Banking:Reserves,Debt and RiskInternational EconomicsBy Robert J.Carbaugh9th EditionChapter 1:The International Economy4Elements of interdependencew Trade

4、:goods,services,raw materials,energyw Finance:foreign debt,foreign investment,exchange ratesw Business:multinational corporations,global productionEconomic interdependence5Forces driving globalizationw Technological change:Production Communication&information Transportw Liberalization of trade&inves

5、tment:Tariff,non-tariff barrier reductions Liberalized financial transactions International financial marketsEconomic interdependence6Waves of Globalizationw 1st wave:1870-1914 Falling tariff barriers improved transportationw 2nd wave:1945-1980 Agreements to lower barriers again Rich country trade s

6、pecialization Poor nations left behindw 3rd wave:1980-present Growth of emerging markets international capital movements regain importanceEconomic interdependence7Exports of goods and services as percent of Gross Domestic Product,2001Economic interdependenceCountryExports(%of GDP)Imports(%of GDP)Net

7、herlands68%62%Norway4830South Korea4641Canada4539Germany3534France2927United Kingdom2830Mexico2830United States1114Japan11108Leading trading partners of the United States,2000Economic interdependenceValue of USValue of USCountryexports($bill.)imports($bill.)Canada$202.4$250.1Mexico125.2147.9Japan98.

8、4165.3Germany45.274.3France30.640.6Italy16.431.0Netherlands28.915.0Belgium/Luxembourg17.912.8Venezuela9.019.2Australia17.99.79Interdependence:Impactw Overall standard of living is higher Access to raw materials&energy not available at home Access to goods&components made less expensively elsewhere A

9、ccess to financing and investment not available at home International competition encourages efficiencyEconomic interdependence10Interdependence:Impact(contd)w Other impacts-good&bad Curtails inflationary pressures at home Limits domestic wage increases Makes economy vulnerable to external disturban

10、ces Limits impact of domestic fiscal policy on economyEconomic interdependence11Comparative advantage means:w If the relative cost of making two items is different in two countries,each can gain by specializing in the one it makes most cheaply-each has a comparative advantage in that productw Even c

11、ountries that make nothing cheaply can benefit from specializationComparative advantage12Common fallacies of international tradew Trade is zero-sum-trade can bring benefits to both partnersw Imports bad,exports good-if you buy nothing from other countries,they have no income to buy from youw Tariffs

12、 and quotas save jobs-cutting imports makes it harder to export,so other jobs are lostEconomic interdependence13Competitiveness&tradew Main objective of any nation is to generate high and rising standard of livingw No nation can efficiently make everything itselfw International trade allows countrie

13、s to focus on producing what they make efficientlyw Inefficient sectors will be squeezed outw Sectors open to competition become more efficient and productiveComparative advantage14Ups and downs of globalizationw Advantages Productivity increases faster when countries produce according to comparativ

14、e advantage Global competition and cheap imports keep prices low and inflation at bay An open economy encourages technological development and innovation with ideas from abroad Jobs in export industries pay more than those in import-competing industries Free movement of capital gives the US access t

15、o foreign investment and keeps interest rates lowEconomic interdependence:globalization15Ups and downs of globalizationw Disadvantages Millions of US jobs lost to imports or production abroad;those displaced find lower-paying jobs Millions of other Americans fear getting laid off Workers face pressu

16、re for wage concessions under threat of having the jobs move abroad Service and white-collar jobs are joining blue-collar ones in being vulnerable to moving overseas US workers can lose their competitiveness when firms build state-of-the-art factories in low-wage countries,making them as productive

17、as plants in the USEconomic interdependence:globalizationInternational EconomicsBy Robert J.Carbaugh9th EditionChapter 2:Foundations of Modern Trade Theory17Historical development of trade theoryw Mercantilism Regulation to ensure a positive trade balance Critics:possible only for short term;assumes

18、 static world economyw Absolute advantage(Adam Smith)Countries benefit from exporting what they make cheaper than anyone else But:nations without absolute advantage do not gain from tradew Comparative advantage(David Ricardo)Nations can gain from specialization,even if they lack an absolute advantag

19、eFoundations of trade theory18Absolute&Comparative AdvantageComparative advantageAbsolute advantage:each nation is more efficient in producing one goodOutput per labor hourNationWineClothUnited States5 bottles20 yardsUnited Kingdom15 bottles 10 yardsComparative advantage:the US has an absolute advan

20、tage in both goodsOutput per labor hourNationWineClothUnited States40 bottles 40 yardsUnited Kingdom20 bottles 10 yards19Ricardos Comparative Advantage in money pricesComparative advantageCloth(yards)Wine(bottles)NationLaborWageQuant.PriceQuant.PriceUS1 hr$20/hr40$0.5040$0.50UK1 hr5/hr100.50200.25UK

21、1 hr$810$0.8020$0.40 (at$1.6=1)20Production possibilities schedulew Generalizes theory to include all factors,not just laborw Shows combinations of products that can be made if all factors are used efficientlyw Slope,or marginal rate of transformation,shows the opportunity cost of making more of one

22、 good(how much of one good must be given up to make more of another)Comparative advantage21Marginal Rate of TransformationComparative advantage22Production possibilities schedules:constant opportunity costsComparative advantage23Supply schedules:constant opportunity costsComparative advantage24Tradi

23、ng under constant opportunity costsComparative advantage25Production gains from specialization:constant opportunity costsComparative advantageAutosWheatAutos WheatAutos WheatUS4040120080-40Canada40800160-4080World801201201604040BeforeAfterNet GainSpecializationSpecialization(Loss)26Consumption gains

24、 from trade:constant opportunity costsComparative advantageAutosWheatAutos WheatAutos WheatUS404060602020Canada4080601002020World801201201604040BeforeAfterNet GainTradeTrade(Loss)27Complete specialization under constant opportunity costsComparative advantage28Changing comparative advantageComparativ

25、e advantage29Trade restrictions and gains from tradeComparative advantage30Production possibilities schedule under increasing costsIncreasing opportunity costs31Supply schedule under increasing costsIncreasing opportunity costs32Trading under increasing costs:USIncreasing opportunity costs33Trading

26、under increasing costs:CanadaIncreasing opportunity costs34Production gains from specialization:increasing opportunity costsAutosWheatAutos WheatAutos WheatUS51812147-4Canada1761313-47World2224252633BeforeAfterNet GainSpecializationSpecialization(Loss)Increasing opportunity costs35Consumption gains

27、from trade:increasing opportunity costsAutosWheatAutos WheatAutos WheatUS51852103Canada17620630World2224252733BeforeAfterNet GainTradeTrade(Loss)Increasing opportunity costsInternational EconomicsBy Robert J.Carbaugh9th EditionChapter 3:International Equilibrium37Indifference curvesw Final pattern o

28、f trade depends not just on supply,but also on demand-which is determined by income&individual tastesw Tastes can be shown graphically with indifference curves,which show the various combinations of two goods that give a consumer the same total level of satisfactionBringing demand into the model38A

29、consumers indifference mapBringing demand into the model39Indifference curves(contd)w Indifference curves have a negative slope Keeping satisfaction constant means giving up some of one good for more of another w Indifference curves are convex As the consumer gets more of one good,she is less willin

30、g to give up what is left of the other The rate of substituting one good for another is shown by the slope of the curve,the marginal rate of substitutionBringing demand into the model40Indifference curves(contd)w“Higher”indifference curves(those farther from the origin)represent greater levels of sa

31、tisfactionw Individual preferences cannot really be added up into a“community indifference curve”but it is useful to imagine that they can for the purposes of trade theoryBringing demand into the model41Indifference curves and intl.tradeBringing demand into the model42Basis for trade,gains from trad

32、eBringing demand into the model43Equilibrium terms-of-trade limitsInternational equilibrium44Theory of Reciprocal Demand(Mill)w Actual trading prices depend on the interaction of trading partners demandsw Final terms of trade will be closer to the domestic price ratio of the nation with stronger dem

33、and for the imported goodw Applies to nations of equal economic size,which will share gains nearly equallyw Small nations trading with large ones can receive the bulk of the gains from tradeInternational equilibrium45Offer curves:supply and demandInternational equilibrium46Offer curves:supply and de

34、mandInternational equilibrium47Equilibrium terms of tradeInternational equilibrium48Changing equilibrium terms of tradeInternational equilibrium49Immiserizing growthImpact of tradeInternational EconomicsBy Robert J.Carbaugh9th EditionChapter 4:Trade Model Extensions and Applications51Factor endowmen

35、t theory(Heckscher-Ohlin)w Comparative advantage is explained entirely by different national supply conditions,especially resource endowmentsw Nations export products that use inputs which are relatively abundant(cheap)at home,and import products which need inputs which are relatively scarce(expensi

36、ve)at homeWhy relative price differentials?52Factor endowment theory:assumptionsw Nations all have the same tastes and preferences(same indifference curves)w They use factor inputs which are of uniform qualityw They all use the same technologyWhy relative price differentials?53Comparative advantage

37、according to factor endowment theoryFactor endowment modelAutarky equilibrium54Comparative advantage according to factor endowment theoryFactor endowment modelPost-trade equilibrium55Factor endowment theory:implicationsw Factor price equalization The shift within each nation towards use of cheaper f

38、actors,and away from expensive ones,leads to more equal factor prices(if factors are mobile)w Distribution of income Trade changes domestic distribution of income as demand for different factors changesw Tests of factor endowment theory Emphasize the importance of varieties of different factors(such

39、 as human capital)and accounting for changes in resource endowment;other explanations are also importantFactor endowment model56Does trade worsen inequality?w Trade theory suggests that countries with abundant skilled labor will import goods which are made with unskilled laborw Equilibrium wage rati

40、os for skilled/unskilled labor are affected by trade and technology change,immigration,and education&trainingw Evidence suggests that trade contributes relatively little to wage inequality,compared to technological change and other factors;better education and training are potential solutionsDistrib

41、ution of income57Economies of scale&specializationw Economies of scale provide incentives for specialization,since per unit costs go down as production increases w Trade provides a larger potential market for products,making higher production levels possibleBringing theory closer to reality58Economi

42、es of scale as basis for tradeEconomies of scale59Trade&specialization under decreasing costsEconomies of scale60Other extensions of the theoryw Overlapping demandsw Intra-industry tradew Product cyclesw Dynamic comparative advantage-industrial policyBringing theory closer to reality61Trade&the envi

43、ronmentw Environmental regulation can lead to a policy tradeoff Increased costs can reduce comparative advantage of regulated industry Public receives health and environmental benefitsw Concern that polluting industries would move to poor countries with less regulation But studies indicate that envi

44、ronmental rules have a small role in investment location decisionsw Polluter-pays principle:incentive to find ways to reduce pollution at least costBringing theory closer to reality62Trade effects of pollution-control regulationsTrade&the environment63Free trade under increasing costsTransportation

45、costsNo transportation costs64Free trade under increasing costsTransportation costsTransportation costs of$2000 per auto65Specific factor theoryw Looks at the income distribution effects of trade in the short run,when some factor inputs are not mobile among sectorsw Indicates that workers may be bet

46、ter or worse off,depending on preferencesw Predicts that owners of factors used in export industries gain from trade,while owners of factors used in import-competing industries will lose from tradeBringing theory closer to reality66Relative prices and the specific factor modelBringing theory closer

47、to realityInternational EconomicsBy Robert J.Carbaugh9th EditionChapter 5:Tariffs68Why restrict trade?w Benefits of free trade come in the long term,and are usually spread widely across societyw Costs of free trade are felt rapidly and are usually concentrated in specific sectors of the economyTarif

48、fs69Defining tariffsw A tariff is a tax(duty)levied on products as they move between nations Import tariff-levied on imports Export tariff-levied on exported goods as they leave the country Protective tariff-designed to insulate domestic producers from competition Revenue tariff-intended to raise fu

49、nds for the government budget(no longer important in industrial countries)Tariffs70Types of tariffw Specific tariff Fixed monetary fee per unit of the productw Ad valorem tariff Levied as a percentage of the value of the productw Compound tariff A combination of the above,often levied on finished go

50、ods whose components are also subject to tariff if imported separatelyTariffs71Effective rate of protectionw The impact of a tariff is often different from its stated amountw The effective tariff rate measures the total increase in domestic production that the tariff makes possible,compared to free