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Full Description
For courses in international economics, international finance, and international trade.
A balanced, global approach to economic theory and policy applications
International Economics: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of theory and policy around the world. Divided into two halves, with the first devoted to trade and the second to monetary questions, the text provides an intuitive introduction to theory and events as well as detailed coverage of the actual policies put into place as a response. In the 12th Edition, important economic developments are highlighted, with many lessons drawn from the recent COVID-19 pandemic experience. Using examples like these, the text equips students with the intellectual tools for understanding the changing world economy and economic implications of global interdependence.
Contents
Introduction
PART ONE: INTERNATIONAL TRADE THEORY
World Trade: An Overview
Labor Productivity and Comparative Advantage: The Ricardian Model
Specific Factors and Income Distribution
Resources and Trade: The Heckscher-Ohlin Model
The Standard Trade Model
External Economies of Scale and the International Location of Production
Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises
PART TWO: INTERNATIONAL TRADE POLICY
The Instruments of Trade Policy
The Political Economy of Trade Policy
Trade Policy in Developing Countries
Controversies in Trade Policy
PART THREE: 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
PART FOUR: INTERNATIONAL MACROECONOMIC POLICY
International Monetary Systems: A Historical Overview
Financial Globalization: Opportunity and Crisis
Optimum Currency Areas and the Euro
Developing Countries: Growth, Crisis, and Reform