Verfügbarkeit: International economics

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Titel:	International economics
Von:	Robert C. Feenstra (University of California, Davis), Alan M. Taylor (University of California, Davis)
Person:	Feenstra, Robert C. 1956- Verfasser aut Taylor, Alan M. 1964-
Hauptverfassende:	Feenstra, Robert C. 1956- (VerfasserIn), Taylor, Alan M. 1964- (VerfasserIn)
Format:	Buch
Sprache:	Englisch
Veröffentlicht:	New York Macmillan International [2021]
Ausgabe:	5th edition
Schlagworte:	Weltwirtschaft Außenwirtschaft Lehrbuch
Online-Zugang:	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032563929&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032563929&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA
Beschreibung:	xxiii, 806, I-18 Seiten Illustrationen, Diagramme, Karten
ISBN:	9781319383435 1319383432

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adam_text	Contents Preface v Introduction to International Trade PART 1 CHAPTER 1 Trade in the Global Economy 1 34 SIDE BAR David Ricardo and Mercantilism 35 2 Ricardian Model of Trade 35 The Home Country 36 3 The Foreign Country 39 The Basics of World Trade 3 SIDE BAR The Macroeconomics of the Trade Balance 4 APPLICATION Comparative Advantage in Apparel, Textiles, and Wheat 40 APPLICATION Is Trade Today Different from the Past? 5 Map of World Trade 7 1 International Trade 3 Determining the Pattern of International 42 Trade Trade Compared with GDP 11 International Trade Equilibrium 42 Barriers to Trade 12 APPLICATION Labor Productivity and Wages 47 First Golden Age of Trade 12 Political Economy of Tariffs 12 Second Golden Age of Trade 16 Home Export Supply Curve 50 16 International Trade Equilibrium 53 APPLICATION The Terms of Trade for Primary Commodities 54 The U.S.-China Trade War 2 Migration and Foreign Direct Investment 18 Map of Migration 18 Political Economy of Migration 20 Map of Foreign Direct Investment 21 APPLICATION An American Factory 25 HEADLINES 3 Conclusions Key Points, Key Terms, and Problems PART 2 26 27 ιιαυθ Trade and Technology: The Ricardian Model 1 Reasons for Trade 5 Conclusions Key Points, Key Terms, and Problems 50 56 57 Gains and Losses from Trade in the Specific-Factors Model 61 26 I Patterns of International CHAPTER 2 4 Solving for International Prices CHAPTER 3 Don t Think That All Chinese Factories Are Like the One in American Factory xiv Comparative Advantage 1 Specific-Factors Model The Home Country 63 The Foreign Country cq Overall Gains from Trade 66 APPLICATION How Large Are the Gains from Trade? 67 2 Earnings of Labor 31 32 Proximity 33 Resources 33 Absolute Advantage 34 63 69 Determination of Wages 69 Change in Relative Price of Manufactures 70 SIDE BAR Do Poor or Rich Consumers Gain the Most from Trade? 73 Contents APPLICATION Manufacturing and Services in the United States: Employment and Wages Across Sectors APPLICATION The China Shock and Employment in the United States 3 Earnings of Capital and Land Effects of Immigration in the Short Run: Specific-Factors Model 74 76 80 127 APPLICATION Immigration to the New World 130 Other Effects of Immigration in the Short Run 131 APPLICATION The Political Economy of Migration 132 SIDE BAR Who Is a Foreign-born Person? 133 Determining the Payments to Capital and Land 80 Effects of Immigration in the Long Run 139 Numerical Example 82 Rybczyński Theorem 144 What It All Means 84 Factor Price Insensitivity Theorem 144 APPLICATION Can Losses to Factors of Production Be Offset? 85 APPLICATION The Effects of the Mariel Boat Lift on Industry Output in Miami 145 APPLICATION The Effects of Migration on Wages 147 HEADLINES Rise in Coffee Prices—Great for Farmers, Tough on Co-ops 4 Conclusions Key Points, Key Terms, and Problems CHAPTER 4 87 87 2 Movement of Capital Between Countries: Foreign Direct Investment 88 Trade and Resources: The Heckscher-Ohlin Model 1 Heckscher-Ohlin Model 91 92 148 Greenfield Investment 149 FDI in the Short Run: Specific-Factors Model 149 FDI in the Long Run 151 APPLICATION The Effect of FDI on Rentals and Wages in Singapore 153 HEADLINES 155 The Myth of Asia s Miracle Assumptions of the Heckscher-Ohlin Model 93 APPLICATION Are Factor Intensities the Same Across Countries? 95 Gains from Immigration 156 No-Trade Equilibrium 96 APPLICATION Immigrants and Their Remittances 158 Free-Trade Equilibrium 98 APPLICATION Measuring the Gains from Immigration 160 Gains from Foreign Direct Investment 162 APPLICATION Measuring the Gains from Foreign Direct Investment 163 2 Testing the Heckscher-Ohlin Model 3 Gains from Labor and Capital Flows 101 Leontief s Paradox 102 Factor Endowments in 2017 103 Evolution of Factor Endowments in China and the United States 105 Leontief s Paradox Once Again 110 Fffprt nf Trarip ոո thpWaQp anri Rpntal nf Homp 113 Determination of the Real Wage and Real Rental 115 SIDE BAR Does International Trade Reduce Poverty and Income Inequality? 117 Changes in the Real Wage and Rental: A Numerical Example 117 4 Conclusions Key Points, Key Terms, and Problems 4 Conclusions ■ Movement of Labor Between Countries: Migration 164 165 New Explanations for International Trade CHAPTER 6 Increasing Returns to Scale and Monopolistic Competition 1 Basics of Imperfect Competition 169 172 120 Monopoly Equilibrium 172 121 Demand with Duopoly 173 Movement of Labor and Capital Between Countries 155 Key Points, Key Terms, and Problems 2 Trade Under Monopolistic Competition CHAPTER 5 1 XV 125 127 174 Equilibrium Without Trade 176 Equilibrium with Free Trade 178 xvi ļ Contents PART 4 3 Free-Trade Agreements Within North America Gains and Adjustment Costs for Canada Under CUSFTA 181 Gains and Adjustment Costs for Mexico Under NAFTA 182 Gains and Adjustment Costs for the United States Under NAFTA 185 Renegotiation of NAFTA 187 HEADLINES 4 Industry Trade and the Gravity Equation 191 The Gravity Equation 192 CHAPTER 7 193 196 Points, Key Terms, and Problems Offshoring of Goods and Services .WÍE BAR Foreiqn Outsourcinq Versus Offshorinq i 190 ,ndex of Intra-Industry Trade Conclusions 1 190 intra APPLICATION The Gravity Equation for Canada and the United States Model of Offshoring CHAPTER 8 Import Tariffs and Quotas Under Perfect Competition 1 A Brief History of the World Trade Organization SIDE BAR Key Provisions of the GATT North American Trade Pact Could Cushion U.S. Economy International Trade Policies 181 196 199 200 202 2 The Gains from Trade 237 239 240 Consumer and Producer Surplus 240 Home Welfare 241 Home Import Demand Curve 243 3 Import Tariffs for a Small Country 244 Free Trade for a Small Country 244 Effect of the Tariff 245 APPLICATION U.S. Tariffs on Steel, 2002-03 247 SIDEBAR Provisions of U.S. Trade Law 249 APPLICATION U.S. and Foreign Tariffs Under President Trump, 2018-19 251 APPLICATION The Political Economy of Tariffs 255 4 Import Tariffs for a Large Country 256 Foreign Export Supply 256 Value Chain of Activities 202 Effect of the Tariff 257 siiang the Value Chain 204 APPLICATION U.S. Tariffs on Steel Once Again 261 Changes in Foreign Costs and in Offshoring 205 APPLICATION U.S. and Foreign Tariffs Under President Trump Once Again 263 M ining Changes in Wages • M employment Changes in the Relative Wage of Nonproduction Workers in the United States 208 208 Changes in the Relative Wage of Nonproduction Workers in Mexico 211 Job Polarization in the United States 213 5 Import Quotas The Gains from Offshoring Import Quota in a Small Country 265 269 6 Conclusions 217 Production in the Absence of Offshoring 218 Terms of Trade 221 APPLICATION U.S. Terms of Trade and Service Exports 223 HEADLINES 227 American Factories Demand White-Collar Education for Blue-Collar Work 5 Conclusions Key Points, Key Terms, and Problems 272 273 216 Simplified Offshoring Model 4 The Future of Offshoring and You 265 APPLICATION China and the Multifibre Arrangement Key Points, Key Terms, and Problems 3 235 228 229 230 CHAPTER 9 Import Tariffs and Quotas Under Imperfect Competition 277 1 Tariffs and Quotas with Home Monopoly 279 No-Trade Equilibrium 279 Free-Trade Equilibrium 280 Effect of a Home Tariff 282 Effect of a Home Quota 283 APPLICATION U.S. Imports of Japanese Automobiles 285 2 Tariffs with Foreign Monopoly Foreign Monopoly 288 288 Contents I xvii APPLICATION Import Tariffs on Japanese Trucks HEADLINES The Chickens Have Come Home to Roost 3 Dumping 290 6 292 292 Numerical Example of Dumping 294 Policy Response to Dumping 295 Antidumping Duties 295 APPLICATION United States and European Duties on Solar Panels from China 296 4 Infant Industry Protection Tariff Equilibrium 302 APPLICATION Examples of Infant Industry Protection 303 Computers in Brazil 303 U.S. Tariff on Heavyweight Motorcycles 305 5 Conclusions 342 343 345 Subsidy with Cost Advantage for Boeing 347 APPLICATION WTO Controversies Due to Subsidies in Commercial Aircraft 349 U.S. to Impose Tariffs on EU Goods After WTO s Airbus Ruling Conclusions 351 352 Key Points, Key Terms, and Problems 353 CHAPTER 11 International Agreements on Trade and the Environment 1 Multilateral Trade Agreements 357 359 Resource-Based and High- The Logic of Multilateral Trade Agreements 359 Technology Industries Prisoner s Dilemma 361 317 HEADLINES 1 WTO Goals on Agricultural Subsidies 319 Agricultural Export Subsidies 319 Other Matters from the Hong Kong WTO Meeting 321 2 Export Subsidies in a Small Home Country 322 Impact of an Export Subsidy 3 Export Subsidies in a Large Home Country Effect of the Subsidy APPLICATION Who Gains and Who Loses? 4 Production Subsidies The End of the Trade War? 363 365 Characteristics of Regional Trade Agreements 366 367 Trade Creation and Trade Diversion 369 325 Numerical Example of Trade Creation and Diversion 369 326 Trade Diversion in a Graph 371 APPLICATION Trade Creation and Diversion for Canada 373 324 328 329 Effect of the Production Subsidy in a Large Home Country 331 APPLICATION The Political Economy of U.S. Agricultural Subsidies, 2018-19 331 Trump s $16 Billion Farm Bailout 5 Export Tariffs Regional Trade Agreements 363 APPLICATION Brexit and Rules of Origin 322 Effect of a Production Subsidy in a Small Home Country Criticized at WTO The World Trade Organization Is Faltering. The US Can t Fix It Alone. 2 HEADLINES 342 Strategic Use of High-Tech Export Subsidies Jİ Ճ CHAPTER 10 Export Policies in 339 Effect of a Subsidy to Airbus HEADLINES 308 311 Key Points, Key Terms, and Problems 7 High-Technology Export Subsidies 8 337 China Ends Rare-Earth Minerals Export Quotas 3UU 301 Protecting the Automobile Industry in China HEADLINES ՅՈՈ Free-Trade Equilibrium Export Quotas APPLICATION Chinese Export Policies in Mineral Products 333 3 International Agreements on the Environment Environmental Issues in the GATT and WTO 374 Does Trade Help or Harm the Environment? 377 International Agreements on Pollution 383 APPLICATION The Kyoto Protocol, the Paris Agreement, and the Green Deal 385 HEADLINES 334 Impact of an Export Tariff in a Large Country 336 California Law Aims to Tackle Imported Emissions 334 Impact of an Export Tariff in a Small Country 373 4 Conclusions Key Points, Key Terms, and Problems 388 388 390 xviii I Contents УТГТЯ Introduction to International Macroeconomics CHAPTER 12 The Global Macroeconomy 393 Derivatives 427 Private Actors 428 Government Actions 428 4 Arbitrage and Spot Exchange Rates 429 Arbitrage with Two Currencies 430 394 Arbitrage with Three Currencies 431 Why Exchange Rates Matter 396 Cross Rates and Vehicle Currencies 432 When Exchange Rates Misbehave 396 HEADÜNES 398 Riskless Arbitrage: Covered Interest Parity 433 399 APPLICATION Evidence on Covered Interest Parity 435 Risky Arbitrage: Uncovered Interest Parity 436 1 Foreign Exchange: Currencies and Crises How Exchange Rates Behave Economic Crisis in Iceland Summary and Plan of Study 394 2 Globalization of Finance: Debts and Deficits 399 5 Arbitrage and Interest Rates 432 Deficits and Surpluses: The Balance of Payments 400 SIDE BAR Assets and Their Attributes 437 Debtors and Creditors: External Wealth 402 APPLICATION Evidence on Uncovered Interest Parity 438 Darlings and Deadbeats: Defaults and Other Risks 403 Uncovered Interest Parity: A Useful Approximation 439 Summary and Plan of Study 404 Summary 441 3 Government and Institutions: Policies and Performance 404 Integration and Capital Controls: The Regulation of International Finance 405 Independence and Monetary Policy: The Choice of Exchange Rate Regimes 406 Institutions and Economic Performance: The Quality of Governance 407 Summary and Plan of Study 409 4 Conclusions Key Points, Key Terms, and Problems 410 410 Purchasing Power Parity 450 The Real Exchange Rate 450 Absolute PPP and the Real Exchange Rate 451 Absolute PPP, Prices, and the Nominal Exchange Rate 451 Relative PPP, Inflation, and Exchange Rate Depreciation 452 413 Summary 453 414 APPLICATION Evidence for PPP in the Long Run and Short Run 454 How Slow Is Convergence to PPP? 455 414 Appreciations and Depreciations 416 Multilateral Exchange Rates 418 418 SIDE BAR Forecastinq When the Real Exchanqe Rate Is Undervalued or Overvalued 456 What Explains Deviations from PPP? 456 HEADLINES 459 The Big Mac Index 420 Exchange Rate Regimes: Fixed Versus Floating 421 APPLICATION Recent Exchange Rate Experiences 421 The Market for Foreign Exchange 448 449 Defining the Exchange Rate 2 Exchange Rates in Practice 1 Exchange Rates and Prices in the Long Run: Purchasing Power Parity and Goods Market Equilibrium 447 The Law of One Price Rates and the Foreign Example: Using Exchange Rates to Compare Prices in a Common Currency 442 The Monetary Approach in the Long Run CHAPTER 13 Introduction to Exchange 1 Exchange Rate Essentials Key Points, Key Terms, and Problems CHAPTER 14 Exchange Rates I: ИЇДЇТН Exchange Rates Exchange Market 442 6 Conclusions 426 2 Money, Prices, and Exchange Rates in the Long Run: Money Market Equilibrium in a Simpte Model 458 What Is Money? 458 460 461 The Spot Contract 426 The Measurement of Money •rensacdon Costs 427 The Supply of Money Contents ļ xix The Demand for Money: A Simple Model 461 Equilibrium in the Money Market 462 A Simple Monetary Model of Prices 462 A Simple Monetary Model of the Exchange Rate 463 Money Growth, Inflation, and Depreciation 464 Adjustment to Money Market Equilibrium in the Short Run 499 Another Building Block: Short-Run Money Market Equilibrium 500 Changes in Money Supply and the Nominal Interest Rate 501 APPLICATION Can Central Banks Always Control 3 The Monetary Approach: Implications and Evidence the Interest Rate? A Lesson from the Crisis of 2008-09 465 502 Exchange Rate Forecasts Using the Simple Model 466 Changes in Real Income and the Nominal Interest Rate 503 APPLICATION Evidence for the Monetary Approach 468 The Monetary Model: The Short Run Versus the Long Run 504 APPLICATION Hyperinflations 469 SIDE BAR Currency Reform 470 3 The Asset Approach: Applications and Evidence 504 The Asset Approach to Exchange Rates: Graphical Solution 505 Short-Run Policy Analysis 506 4 Money, Interest Rates, and Prices in the Long Run: A General Model 472 The Demand for Money: The General Model 472 Long-Run Equilibrium in the Money Market 474 Inflation and Interest Rates in the Long Run 474 The Fisher Effect 475 APPLICATION The Rise and Fall of the Dollar, 1999-2004 4 A Complete Theory: Unifying the Monetary and Asset Approaches 509 510 Real Interest Parity 475 APPLICATION Evidence on the Fisher Effect 476 SIDE BAR Confessions of a Forex Trader 512 The Fundamental Equation Under the General Model 477 Long-Run Policy Analysis 512 Exchange Rate Forecasts Using the General Model 478 Overshooting 516 SIDE BAR Overshooting in Practice 518 5 Monetary Regimes and Exchange Rate Regimes 480 5 Fixed Exchange Rates and the Trilemma 518 The Long Run: The Nominal Anchor 481 What Is a Fixed Exchange Rate Regime? 519 APPLICATION Nominal Anchors in Theory and Practice 483 Pegging Sacrifices Monetary Policy Autonomy in the Short Run: Example 519 Pegging Sacrifices Monetary Policy Autonomy in the Long Run: Example 520 The Trilemma 522 SIDE BAR Intermediate Regimes 523 APPLICATION The Trilemma in Europe 524 6 Conclusions Key Points, Key Terms, and Problems CHAPTER 15 Exchange Rates II: The Asset Approach in the Short Run 485 485 491 1 Exchange Rates and Interest Rates in the Short Run: UIP and FX Market Equilibrium Risky Arbitrage 492 493 Adjustment to Forex Market Equilibrium 495 Changes in Domestic and Foreign Returns and FX Market Equilibrium 496 Summary 498 Money Market Equilibrium in the Short Run: How Nominal Interest Rates Are Determined Money Market Equilibrium in the Short Run: Graphical Solution 525 APPLICATION News and the Foreign Exchange Market in Wartime 492 Equilibrium in the FX Market: An Example 2 Interest Rates in the Short Run: Money Market Equilibrium 6 Conclusions Key Points, Key Terms, and Problems FART 7 525 529 The Balance of Payments CHAPTER 16 National and International Accounts: Income, Wealth, and the Balance of Payments 533 1 Measuring Macroeconomic Activity: An Overview 534 498 498 499 The Flow of Payments in a Closed Economy: Introducing the National Income and Product Accounts 534 XX ļ Contents The Flow of Payments in an Open Economy: Incorporating the Balance of Payments Accounts 2 Income, Product, and Expenditure Three Approaches to Measuring Economic Activity 5B6 538 538 539 From GDP to GNI: Accounting for Trade in Factor Services 540 APPLICATION Celtic Tiger or Tortoise? 541 From GNI to GNIDI: Accounting for Transfers of Income 542 What the National Economic Aggregates Tell Us 544 Understanding the Data for the National Economic Aggregates 544 What the Current Account Tells Us 546 3 The Balance of Payments 577 Implications of the LRBC for Gross National Expenditure and Gross Domestic Product 578 Summary 578 APPLICATION The Favorable Situation of the From GNE to GDP: Accounting for Trade in Goods and Services APPLICATION Global Imbalances A Long-Run Example: The Perpetual Loan United States 579 APPLICATION The Difficult Situation of the 547 Emerging Markets 2 Gains from Consumption Smoothing 581 584 The Basic Model 584 Consumption Smoothing: A Numerical Example and Generalization 585 SIDE BAR Wars and the Current Account 588 Summary: Save for a Rainy Day 588 APPLICATION Consumption Volatility and Financial Openness 551 589 APPLICATION Precautionary Saving, Reserves, and Sovereign Wealth Funds 590 HEADLINES 591 Accounting for Asset Transactions: The Financial Account 552 Accounting for Asset Transactions: The Capital Account 552 Accounting for Home and Foreign Assets 553 How the Balance of Payments Accounts Work: A Macroeconomic View 553 How the Balance of Payments Accounts Work: A Microeconomic View The Basic Model 592 554 SIDE BAR The Double- Entry Principle in the Balance of Payments Efficient Investments Numerical Example and Generalization 593 555 Summary: Make Hay While the Sun Shines 595 Understanding the Data for the Balance of Payments Account APPLICATION Delinking Saving from Investment 596 556 What the Balance of Payments Account Tells Us 558 4 External Wealth 559 The Level of External Wealth 560 Changes in External Wealth 560 Understanding the Data on External Wealth 561 What External Wealth Tells Us 563 5 Conclusions 563 SIDE BAR Beware of Greeks Bearing Statistics 564 Key Points, Key Terms, and Problems 565 APPENDIX External Wealth and Total Wealth 569 CHAPTER 17 Balance of Payments I: The Gains from Financial Globalization 1 The Limits on How Much a Country Can Borrow: The Long-Run Budget Constraint 571 573 Copper-Bottomed Insurance 3 Gains from Efficient Investment 4 Gains from Diversification of Risk 592 597 Diversification: A Numerical Example and Generalization 598 APPLICATION The Home Bias Puzzle 602 Summary: Don t Put All Your Eggs in One Basket 604 5 Conclusions 604 Key Points, Key Terms, and Problems 605 APPENDIX 1 Common Versus Idiosyncratic Shocks 610 APPENDIX 2 Can Poor Countries Gain from Financial Globalization? 612 APPLICATION A Versus к 616 SIDE BAR What Does the World Bank Do? 619 CHAPTER 18 Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run 621 1 Demand in the Open Economy 622 How the Long-Run Budget Constraint Is Determined 574 Preliminaries and Assumptions The Budget Constraint in a Two-Period Example 575 Consumption 622 623 Contents ļ xxi Investment 624 APPENDIX 1 The Marshali-Lerner Condition 667 The Government 625 APPENDIX 2 Multilateral Real Exchange Rates 669 The Trade Balance 625 HEADLINES 626 The Curry Trade APPLICATION The Trade Balance and the Real Exchange Rate 628 SIDE BAR Barriers to Expenditure Switching: Pass-Through and the J Curve 630 Exogenous Changes in Demand 632 2 Goods Market Equilibrium: The Keynesian Cross 633 Supply and Demand 633 Determinants of Demand o34 Factors That Shift the Demand Curve 635 Summary 636 3 Goods and Forex Market Equilibria: Deriving the IS Curve 636 Equilibrium in Two Markets 637 Forex Market Recap 637 Deriving the IS Curve 638 Factors That Shift the IS Curve 639 Summing Up the IS Curve 641 4 Money Market Equilibrium: Deriving the LM Curve 642 Money Market Recap 642 Deriving the LM Curve 643 Factors That Shift the LM Curve 644 Summing Up the LM Curve 645 5 The Short-Run IS-LM-FX Model of an Open Economy 645 Macroeconomic Policies in the Short Run 647 Monetary Policy Under Floating Exchange Rates 647 Monetary Policy Under Fixed Exchange Rates 649 Fiscal Policy Under Floating Exchange Rates 650 Fiscal Policy Under Fixed Exchange Rates 651 Summary 652 6 Stabilization Policy 653 APPLICATION The Right Time for Austerity? 654 Problems in Policy Design and Implementation 655 HEADLINES 656 Poland Is Not Latvia APPLICATION Macroeconomic Policies in the Liquidity Trap: From the Global Financial Crisis to the Coronavirus Recession 7 Conclusions Key Points, Key Terms, and Problems 658 662 663 \|2¡QÜQ Applications and Policy Issues CHAPTER 19 Fixed Versus Floating: International Monetary Experience 671 1 Exchange Rate Regime Choice: Key Issues 673 APPLICATION Britain and Europe: The Big Issues 673 Key Factors in Exchange Rate Regime Choice: Integration and Similarity 678 Economic Integration and the Gains in Efficiency 678 Economic Similarity and the Costs of Asymmetric Shocks 678 Simple Criteria for a Fixed Exchange Rate 679 APPLICATION Do Fixed Exchange Rates Promote Trade? 681 APPLICATION Do Fixed Exchange Rates Diminish Monetary Autonomy and Stability? 683 2 Other Benefits of Fixing 685 Fiscal Discipline, Seigniorage, and Inflation 685 SIDE BAR The Inflation Tax 686 Liability Dollarization, National Wealth, and Contractionary Depreciations 687 Summary 693 3 Fixed Exchange Rate Systems 694 Cooperative and Noncooperative Adjustments to Interest Rates 694 Cooperative and Noncooperative Adjustments to Exchange Rates 697 APPLICATION The Gold Standard 699 4 International Monetary Experience 701 The Rise and Fall of the Gold Standard 701 Bretton Woods to the Present 703 5 Conclusions Key Points, Key Terms, and Problems 706 707 CHAPTER 20 Exchange Rate Crises: How Pegs Work and How They Break 711 1 Facts About Exchange Rate Crises 712 What Is an Exchange Rate Crisis? 712 Flow Costly Are Exchange Rate Crises? 712 SIDE BAR The Political Economy of Crises 716 Summary 717 xxii Į Contents APPLICATION Optimum Currency Areas: Europe 2 How Pegs Work: The Mechanics of a Fixed Exchange Rate Versus the United States 717 Preliminaries and Assumptions 717 Are the OCA Criteria Self-Fulfilling? The Central Bank Balance Sheet 718 HEADLINES Fixing, Floating, and the Role of Reserves 719 Summary Flow Reserves Adjust to Maintain the Peg 720 Graphical Analysis of the Central Bank Balance Sheet 720 Defending the Peg I: Changes in the Level of Money Demand and Emerging Markets 725 Plan Before the Tequila Crisis Defending the Peg II: Changes in the Composition of Money Supply 729 APPLICATION The Argentine Convertibility Plan After the Tequila Crisis The Central Bank Balance Sheet and the Financial System 777 777 Summary 784 The European Central Bank 727 776 A Brief History of Europe 3 Eurozone Tensions in Tranquil Times, 1999-2007 APPLICATION The Argentine Convertibility 774 777 2 The History and Politics of the Euro 722 APPLICATION Risk Premiums in Advanced Currency Unions and Trade 771 785 785 The Rules of the Club 789 Sticking to the Rules 792 4 The Eurozone in Crisis, 2008-13 794 5 Conclusions: Assessing the Euro 801 734 736 Key Points, Key Terms, and Problems 804 SIDE BAR The Great Reserve Accumulation in Emerging Markets 738 740 Summary CHAPTER 22 Topics in International (online only) Macroeconomics 3 How Pegs Break I: Inconsistent Fiscal Policies 741 The Basic Problem: Fiscal Dominance 741 A Simple Model 742 Limits to Arbitrage APPLICATION The Peruvian Crisis of 1986 745 APPLICATION It s Not Just the Burgers That Summary 748 4 How Pegs Break II: Contingent Monetary Policies The Basic Problem: Contingent Commitment 22-2 22-5 22-6 749 22-8 APPLICATION Real Exchange Rates in Emerging 748 749 754 Summary 755 756 Can We Prevent Crises? 756 Key Points, Key Terms, and Problems 758 CHAPTER 21 The Euro: Economics 1 The Economics of the Euro Are Cheap 22-2 Overvaluations, Undervaluations, and Productivity Growth: Forecasting Implications for Real and Nominal Exchange Rates A Simple Model and Politics Exchange Rates in the Long Run: Deviations from Purchasing Power Parity Nontraded Goods and the Balassa-Samuelson Model APPLICATION The Man Who Broke the Bank of England 5 Conclusions 1 22-1 763 766 The Theory of Optimum Currency Areas 766 Simple Optimum Currency Area Criteria 767 What s the Difference Between a Fixed Exchange Rate and a Currency Union? 768 Other Optimum Currency Area Criteria 769 Markets Conclusion 22-10 22-12 2 Exchange Rates in the Short Run: Deviations from Uncovered Interest Parity 22-12 APPLICATION The Carry Trade 22-12 APPLICATION Peso Problems 22-15 The Efficient Markets Hypothesis 22-17 Limits to Arbitrage 22-19 Conclusion 3 Debt and Default 22-22 22-23 A Few Peculiar Facts About Sovereign Debt 22-24 A Model of Default, Part One: The Probability of Default 22-25 Contents ļ xxiii APPLICATION Is There Profit in Lending to Developing Countries? 22-30 A Model of Default, Part Two: Loan Supply and Demand 22-31 APPLICATION The Costs of Default 22-34 4 Case Study: The Global Macroeconomy and the Global Financial Crisis 22-41 Panic and the Great Recession 22-46 Conclusion: Lessons for Macroeconomics Conclusion APPLICATION The Argentina Crisis of 2001-02 22-36 22-40 Backdrop to the Crisis Key Points, Key Terms, and Problems 22-38 Index И 22-55 22-56 Emphasizing the use of data and empirics to link cutting-edge economic theory to current world events, this book was developed in the classroom by two of the most prominent researchers in the field who saw a need for a text with fresh theories and perspectives. Seamlessly blending theory and data with real-world policies, events, and evidence, Feenstra and Taylor’s International Economics provides engaging, balanced coverage and applications of key concepts. Coverage includes emerging markets and developing countries to enable you to understand and navigate the realities of the global economy. Achie/e International Economics is supported by Achieve, which includes: « Access to an e-book for easy reading and searching. • LearningCurve adaptive quizzing offers practice questions to check your understanding and provides feedback to ensure you have grasped the concepts. « Discovering Data and Work It Out problems give you the opportunity to locate, analyze, and interpret real-world data, related to topics in the book. « Curated multi-step questions and graphing problems are paired with rich feedback to guide you through the process of problem solving and developing your analytical thinking.
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genre	(DE-588)4123623-3 Lehrbuch gnd-content
genre_facet	Lehrbuch
id	DE-604.BV047158262
illustrated	Illustrated
indexdate	2024-12-20T19:11:23Z
institution	BVB
isbn	9781319383435 1319383432
language	English
oai_aleph_id	oai:aleph.bib-bvb.de:BVB01-032563929
oclc_num	1241677525
open_access_boolean
owner	DE-20 DE-2070s DE-N2 DE-945 DE-355 DE-BY-UBR DE-898 DE-BY-UBR DE-188 DE-1050 DE-739 DE-706 DE-858 DE-92 DE-1043
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physical	xxiii, 806, I-18 Seiten Illustrationen, Diagramme, Karten
publishDate	2021
publishDateSearch	2021
publishDateSort	2021
publisher	Macmillan International
record_format	marc
spellingShingle	Feenstra, Robert C. 1956- Taylor, Alan M. 1964- International economics Weltwirtschaft (DE-588)4065468-0 gnd Außenwirtschaft (DE-588)4003856-7 gnd
subject_GND	(DE-588)4065468-0 (DE-588)4003856-7 (DE-588)4123623-3
title	International economics
title_auth	International economics
title_exact_search	International economics
title_full	International economics Robert C. Feenstra (University of California, Davis), Alan M. Taylor (University of California, Davis)
title_fullStr	International economics Robert C. Feenstra (University of California, Davis), Alan M. Taylor (University of California, Davis)
title_full_unstemmed	International economics Robert C. Feenstra (University of California, Davis), Alan M. Taylor (University of California, Davis)
title_short	International economics
title_sort	international economics
topic	Weltwirtschaft (DE-588)4065468-0 gnd Außenwirtschaft (DE-588)4003856-7 gnd
topic_facet	Weltwirtschaft Außenwirtschaft Lehrbuch
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032563929&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032563929&sequence=000003&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT feenstrarobertc internationaleconomics AT tayloralanm internationaleconomics

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