国际经济学复习范围

精品文档 1欢迎下载 国际经济学 复习范围 题型 一 名词解释 共 5 小题 每小题 3 分 共 15 分 二 判断题 共 15 小题 每小题 1 分 共 15 分 三 简答题 共 5 小题 每小题 8 分 共 40 分 四 论述题 共 2 题 每题 15 分 共 30 分 范围 I Explain the following terms 1 Interindustry trade 2 Intraindustry trade 3 Intraproduct trade 4 The Balance of Payment A country s balance of payments accounts keep track of both its payments to and its receipts from foreigners Every international transaction automatically enters the balance of payments twice once as a credit and once as a debit 5 Comparative Advantage A country has a comparative advantage in producing a goods if the opportunity cost of producing that goods in terms of other goods is lower in that country than it is in other countries 6 Stolper Samuelson Theorem effect If the relative price of a good increases holding factor supplies constant then the nominal and real return in terms of both goods to the factor used intensively in the production of that good increases while the nominal and real return in terms of both goods to the other factor decreases The reverse is also true 7 Heckscher Ohlin Theorem A country will export that commodity which uses intensively its abundant factor and import that commodity which uses intensively its scarce factor 8 Factor Price Equalization Theorem International trade leads to complete equalization in the relative and absolute returns to homogeneous factors across countries It implies that international trade is a substitute for the international mobility of factors 精品文档 2欢迎下载 9 Optimum tariff The tariff rate that maximizes national welfare It is always positive but less than the prohibitive rate that would eliminate all imports It is zero for a small country because it cannot affect its terms of trade 10 Exchange Rate Overshooting 11 purchasing power parity PPP The exchange rate between two counties currencies equals the ratio of the counties price levels It compares average prices across countries 12 Law of one price Identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency 13 The Fisher Effect It is a hypothesis in international finance that suggests differences in nominal interest rates reflect expected changes in the spot exchange rate between countries he hypothesis specifically states that a spot exchange rate is expected to change equally in the opposite direction of the interest rate differential 14 The J Curve If imports and exports adjust gradually to real exchange rate changes the CA may follow a J curve pattern after a real currency depreciation first worsening and then improving It describes the time lag with which a real currency depreciation improves the CA 15 managed floating exchange rates A system in which governments attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed 16 sterilized intervention Central banks sometimes carry out equal foreign and domestic asset transactions in opposite directions to nullify the impact of their foreign exchange operations on the domestic money supply 17 Capital flight The reserve loss accompanying a devaluation scare The associated debit in the balance of payments accounts is a private capital outflow 精品文档 3欢迎下载 18 vehicle currency A currency that is widely used to denominate international contracts made by parties who do not reside in the country that issues the vehicle currency 19 interest parity Interest Parity The Basic Equilibrium Condition The foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return The expected returns on deposits of any two currencies are equal when measured in the same currency 20 inflation bias High inflation with no average gain in output that results from governments policies to prevent recession II Give a T True or a F False for each of the following sayings 涉及每章重要的知识点 III Answer the following questions 1 How about the basic reasons for which countries engage in international trade Countries engage in international trade for two basic reasons They are different from each other in terms of climate land capital labor and technology They try to achieve scale economies in production 2 What about the basic viewpoints of the Heckscher Ohlin theory In the real world while trade is partly explained by differences in labor productivity it also reflects differences in countries resources The Heckscher Ohlin theory Emphasizes resource differences as the only source of trade Shows that comparative advantage is influenced by Relative factor abundance refers to countries Relative factor intensity refers to goods Is also referred to as the factor proportions theory 3 How about the International effects of export biased and import 精品文档 4欢迎下载 biased growth Export biased growth in the rest of the world improves our terms of trade while import biased growth abroad worsens our terms of trade Export biased growth in our country worsens our terms of trade reducing the direct benefits of growth while import biased growth leads to an improvement of our terms of trade 4 Compare the effects of a tariff and of an export subsidy on the terms of trade Import tariffs and export subsidies affect both relative supply and relative demand Relative Demand and Supply Effects of a Tariff Tariffs drive a wedge between the prices at which goods are traded internationally external prices and the prices at which they are traded within a country internal prices The terms of trade correspond to external not internal prices Effects of an Export Subsidy Tariffs and export subsidies are often treated as similar policies but they have opposite effects on the terms of trade Example Suppose that Home offers 20 subsidy on the value of cloth exported This will raise Home s internal price of cloth relative to food by 20 This will lead Home producers to produce more cloth and less food A Home export subsidy worsens Home s terms of trade and improves Foreign s 5 How to explain that economies of scale can be either external and internal Economies of scale can be either External The cost per unit depends on the size of the industry but not necessarily on the size of any one firm An industry will typically consist of many small firms and be perfectly competitive Internal The cost per unit depends on the size of an individual firm but not 精品文档 5欢迎下载 necessarily on that of the industry The market structure will be imperfectly competitive with large firms having a cost advantage over small Both types of scale economies are important causes of international trade 6 How about the basic reasons why a cluster of firms may be more efficient than an individual firm in isolation There are three main reasons why a cluster of firms may be more efficient than an individual firm in isolation Specialized suppliers In many industries the production of goods and services and the development of new products requires the use of specialized equipment or support services An individual company does not provide a large enough market for these services to keep the suppliers in business A localized industrial cluster can solve this problem by bringing together many firms that provide a large enough market to support specialized suppliers Labor market pooling A cluster of firms can create a pooled market for workers with highly specialized skills It is an advantage for Producers They are less likely to suffer from labor shortages Workers They are less likely to become unemployed Knowledge spillovers Knowledge is one of the important input factors in highly innovative industries The specialized knowledge that is crucial to success in innovative industries comes from Research and development efforts Reverse engineering Informal exchange of information and ideas 7 How about the effects of an export subsidy Export subsidy A payment by the government to a firm or individual that ships a good abroad 精品文档 6欢迎下载 It can be either specific or ad valorem An export subsidy raises prices in the exporting country while lowering them in the importing country In addition and in contrast to a tariff the export subsidy worsens the terms of trade An export subsidy unambiguously leads to costs that exceed its benefits 8 Try to compare the options of import substituting industrialization and export oriented industrialization A tariff that reduces imports also necessarily reduces exports Until the 1970s many developing countries were skeptical about the possibility of exporting manufactured goods In many cases import substituting industrialization policies dovetailed naturally with existing political biases 9 What are the volume effect and value effect of a real exchange rate 10 How does disposable income changes affect the Current Account An increase in disposable income Yd worsens the CA A rise in Yd causes domestic consumers to increase their spending on all goods 11 How about the interest parity conditions The expected returns on deposits of any two currencies are equal when measured in the same currency It implies that potential holders of foreign currency deposits view them all as equally desirable assets The expected rates of return are equal when R R Ee E E 12 How do changes in the current exchange rate affect expected returns Depreciation of a country s currency today lowers the expected domestic currency return on foreign currency deposits Appreciation of the domestic currency today raises the domestic currency return expected of foreign currency deposits 13 How about the effect of changing expectations on the current exchange rate The Effect of Changing Expectations on the Current Exchange Rate 精品文档 7欢迎下载 A rise in the expected future exchange rate causes a rise in the current exchange rate A fall in the expected future exchange rate causes a fall in the current exchange rate 14 How about the factors influencing money demand Three factors influence money demand Expected return Risk Liquidity 15 How about the long run effects of money supply changes IV Analyze the following problems comprehensively 1 Please analyze the theory of multinational enterprise The Theory of Multinational Enterprise Two elements explain the existence of a multinational Location motive A good is produced in two or more different countries rather than one because of Resources Transport costs Barriers of trade Internalization motive A good is produced in different locations by the same firm rather than by separate firms because it is more profitable to carry transactions on technology and management Technology transfer Vertical integration 2 Try to analyze the effect cost and benefit of importing tariff 3 Try to compare temporary changes in monetary and fiscal policy and permanent shifts in monetary and fiscal policy relative to China Monetary Policy An increase in money supply i e expansionary monetary policy raises the economy s output The increase in money supply creates an excess supply of money which lowers the home interest rate As a result the domestic currency must depreciate i e home products become cheaper relative to foreign products and aggregate 精品文档 8欢迎下载 demand increases Fiscal Policy An increase in government spending a cut in taxes or some combination of the two i e expansionary fiscal policy raises output The increase in output raises the transactions demand for real money holdings which in turn increases the home interest rate As a result the dome