罗伯特·凯伯国际经济学课件912.ppt

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,International Economics,By Robert J.Carbaugh9th Edition,任课教师：马凌远,E-mail:malingyuan1229,Tel:[phone],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 Extensions 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,Ch 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 Risk,International Economics,By Robert J.Carbaugh9th Edition,Chapter 1:,The International Economy,Elements of interdependence,Trade:goods,services,raw materials,energy,Finance:foreign debt,foreign investment,exchange rates,Business:multinational corporations,global production,Economic interdependence,Forces driving globalization,Technological change:,Production,Communication&information,Transport,Liberalization of trade&investment:,Tariff,non-tariff barrier reductions,Liberalized financial transactions,International financial markets,Economic interdependence,Waves of Globalization,1,st,wave:1870-1914,Falling tariff barriers,improved transportation,2,nd,wave:1945-1980,Agreements to lower barriers again,Rich country trade specialization,Poor nations left behind,3,rd,wave:1980-present,Growth of emerging markets,international capital movements regain importance,The world is less globalized when it comes to Labor flows,Economic interdependence,Exports of goods and services as percent of Gross Domestic Product,2001,Economic interdependence,CountryExports(%of GDP)Imports(%of GDP),Netherlands68%62%,Norway4830,South Korea4641,Canada4539,Germany3534,France2927,United Kingdom2830,Mexico2830,United States1114,Japan1110,Leading trading partners of the United States,2000,Economic interdependence,Value of USValue of US,Countryexports($bill.)imports($bill.),Canada$202.4$250.1,Mexico125.2147.9,Japan98.4165.3,Germany45.274.3,France30.640.6,Italy16.431.0,Netherlands28.915.0,Belgium/Luxembourg17.912.8,Venezuela9.019.2,Australia1799.7,Interdependence:Impact,Overall standard of living is higher,Access to raw materials&energy not available at home,Access to goods&components made less expensively elsewhere,Access to financing and investment not available at home,International competition encourages efficiency,Economic interdependence,Interdependence:Impact,(contd),Other impacts-good&bad,Curtails inflationary pressures at home,Limits domestic wage increases,Makes economy vulnerable to external disturbances,Limits impact of domestic fiscal policy on economy,Economic interdependence,Comparative advantage means:,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 product,Even countries that make nothing cheaply can benefit from specialization,Comparative advantage,Common fallacies of international trade,Trade is zero-sum-trade can bring benefits to both partners,Imports bad,exports good-if you buy nothing from other countries,they have no income to buy from you,Tariffs and quotas save jobs-cutting imports makes it harder to export,so other jobs are lost,Economic interdependence,Competitiveness&trade,Main objective of any nation is to generate high and rising standard of living,No nation can efficiently make everything itself,International trade allows countries to focus on producing what they make efficiently,Inefficient sectors will be squeezed out,Sectors open to competition become more efficient and productive,Comparative advantage,Ups and downs of globalization,Advantages,Productivity increases faster when countries produce according to comparative 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 to foreign investment and keeps interest rates low,Economic interdependence:globalization,Ups and downs of globalization,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 pressure 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 as plants in the US,Economic interdependence:globalization,What is International Economics About?,International Economics:Trade and Money,What is International Economics About?,International economics deals with economic interactions that occur between independent nations.,The role of governments in regulating international trade and investment is substantial,（,重要的）,.,Analytically,international markets allow governments to discriminate against a subgroup of companies.,Governments also control the supply of currency.,There are several issues that recur throughout the study of international economics.,What is International Economics About?,The Gains from Trade,Many people are skeptical about importing goods that a country could produce for itself.,When countries sell goods and services to one another,all countries benefit.,Trade and income distribution,International trade might hurt some groups within nations.,Trade,technology,and wages of high and low-skilled workers.,What is International Economics About?,What is International Economics About?,The Pattern of Trade,(who sells what to whom?),Climate and resources determine the trade pattern of several goods.,In manufacturing and services the pattern of trade is more subtle.,-International difference in labor productivity.,-The relative supplies of national resources such as capital,labor,and land on one side and the relative use of these factors in the production of different goods on the other.,-A substantial random component.,There are two types of trade:,Interindustry,trade depends on differences across countries.,Intraindustry,trade depends on market size and occurs among similar countries.,What is International Economics About?,Protectionism?,Many governments are trying to shield certain industries from international competition.,This has created the debate dealing with the costs and benefits of protection relative to free trade.,Advanced countries,policies engage in industrial targeting.,Developing countries,policies promote industrialization:,Import substitution,versus,export promotion,industrialization.,What is International Economics About?,The Balance of Payments,Some countries run large trade surpluses.,For example,in 1998 both China and South Korea ran trade surpluses of about$40 billion each.,Is it good to run a trade surplus and bad to run a trade deficit?,Exchange Rate Determination,The role of changing(floating)exchange rates is at the center of international economics.,International Policy Coordination,A fundamental problem in international economics is how to produce an acceptable degree of harmony among the international trade and monetary policies of different countries without a world government that tells countries what to do.,The International Capital Market,There are risks associated with international capital markets:,Currency depreciation,（,货币贬值）,National default,（,违约）,International Economics:Trade and Money,International trade analysis focuses primarily on the real transactions in the international economy.,These transactions involve a physical movement of goods or a tangible commitment of economic resources.,Example,:The conflict between the United States and Europe over Europes subsidized,（,津贴）,exports of agricultural products,International Economics:Trade and Money,International monetary,（,国际金融）,analysis focuses on the monetary side of the international economy.,That is,financial transactions such as foreign purchases of U.S.dollars.,Example,:The dispute over whether the foreign exchange value of the dollar should be allowed to float freely or be stabilized by government action,International Economics:Trade and Money,International trade issues,Part I:International Trade Theory,Part II:International Trade Policy,International monetary issues,Part III:Exchange Rates and Open-Economy Macroeconomics,Part IV:International Macroeconomic Policy,Bringing theory closer to reality,International Economics,By Robert J.Carbaugh9th Edition,Chapter 2:,Foundations of Modern Trade Theory,Historical development of trade theory,Mercantilism,Regulation to ensure a positive trade balance,Critics(David,Hume):possible only for short term;assumes static world economy,Absolute advantage,(Adam Smith),Countries benefit from exporting what they make cheaper than anyone else,But:nations without absolute advantage do not gain from trade,Comparative advantage,(David Ricardo),Nations can gain from specialization,even if they lack an absolute advantage,Foundations of trade theory,Absolute&Comparative Advantage,Comparative advantage,Absolute advantage:each nation is more efficient in producing one good,Output per labor hour,Nation,Wine,Cloth,United States5 bottles20 yards,United Kingdom15 bottles10 yards,Comparative advantage:the US has an absolute advantage in both goods,Output per labor hour,Nation,Wine,Cloth,United States40 bottles40 yards,United Kingdom20 bottles10 yards,Ricardos Comparative Advantage in money prices,Comparative advantage,Cloth(yards)Wine(bottles),Nation,Labor,Wage,Quant.PriceQuant.Price,US1 hr$20/hr40$0.5040$0.50,UK1 hr5/hr100.50200.25,UK1 hr$810$0.8020$0.40,(at$1.6=1),Production possibilities schedule,Generalizes theory to include all factors,not just labor,Shows combinations of products that can be made if all factors are used efficiently,Slope,or,marginal rate of transformation,shows the,opportunity cost,of making more of one good(how much of one good must be given up to make more of another),Comparative advantage,Marginal Rate of Transformation,Comparative advantage,Production possibilities schedules:constant opportunity costs,Comparative advantage,Supply schedules:constant opportunity costs,Comparative advantage,Trading under constant opportunity costs,Comparative advantage,Production gains from specialization:,constant opportunity costs,Comparative advantage,Autos,WheatAutos,Wheat,Autos,Wheat,US4040120080-40,Canada,40800160-4080,World801201201604040,BeforeAfterNet Gain,SpecializationSpecialization(Loss),Consumption gains from trade:,constant opportunity costs,Comparative advantage,Autos,WheatAutos,Wheat,Autos,Wheat,US404060602020,Canada,4080601002020,World801201201604040,BeforeAfterNet Gain,TradeTrade(Loss),Complete specialization under constant opportunity costs,Comparative advantage,Trade restrictions and gains from trade,Comparative advantage,Changing comparative advantage,Comparative advantage,Production possibilities schedule under increasing costs,Increasing opportunity costs,Supply schedule under increasing costs,Increasing opportunity costs,Trading under increasing costs:US,Increasing opportunity costs,Trading under increasing costs:Canada,Increasing opportunity costs,Production gains from specialization:,increasing opportunity costs,Autos,WheatAutos,Wheat,Autos,Wheat,US51812147-4,Canada,1761313-47,World2224252633,BeforeAfterNet Gain,SpecializationSpecialization(Loss),Increasing opportunity costs,Consumption gains from trade:,increasing opportunity costs,Autos,WheatAutos,Wheat,Autos,Wheat,US51852103,Canada,17620630,World2224252733,BeforeAfterNet Gain,TradeTrade(Loss),Increasing opportunity costs,International Economics,By Robert J.Carbaugh9th Edition,Chapter 3:,International Equilibrium,Indifference curves,Final pattern of trade depends not just on supply,but also on demand-which is determined by income&individual tastes,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 satisfaction,Bringing demand into the model,A consumers indifference map,Bringing demand into the model,Indifference curves,(contd),Indifference curves have a negative slope,Keeping satisfaction constant means giving up some of one good for more of another,Indifference curves are convex,As the consumer gets more of one good,she is less willing 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 substitution,Bringing demand into the model,Indifference curves,(contd),“Higher”indifference curves(those farther from the origin)represent greater levels of satisfaction,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 theory,Bringing demand into the model,Indifference curves and intl.trade,Bringing demand into the model,Basis for trade,gains from trade,Bringing demand into the model,Equilibrium terms-of-trade limits,International equilibrium,Theory of Reciprocal Demand(Mill),Actual trading prices depend on the interaction of trading partners demands,Final terms of trade will be closer to the domestic price ratio of the nation with stronger demand for the imported good,Applies to nations of equal economic size,which will share gains nearly equally,Small nations trading with large ones can receive the bulk of the gains from trade,International equilibrium,Offer curves:supply and demand,International equilibrium,Offer curves:supply and demand,International equilibrium,Equilibrium terms of trade,International equilibrium,Changing equilibrium terms of trade,International equilibrium,Immiserizing,growth,Impact of trade,International Economics,By Robert J.Carbaugh9th Edition,Chapter 4:,Trade Model Extensions and Applications,Factor endowment theory,(,Heckscher,-Ohlin),Comparative advantage is explained entirely by different national supply conditions,especially resource endowments,Nations export products that use inputs which are relatively abundant(cheap)at home,and import products which need inputs which are relatively scarce(expensive)at home,Why relative price differentials?,Factor endowment theory:assumptions,Nations all have the same tastes and preferences(same indifference curves),They use factor inputs which are of uniform quality,They all use the same technology,Perfect competition prevails in all markets.,Why relative price differentials?,Comparative advantage according to factor endowment theory,Factor endowment m