凯伯(第9版)ppt课件

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 Exten

2、sions 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

3、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 RiskInternational EconomicsBy Robert J. Carbaugh9th EditionChapter 1:The International Economy4Elements of interdependencewTr

4、ade: goods, services, raw materials, energywFinance: foreign debt, foreign investment, exchange rateswBusiness: multinational corporations, global productionEconomic interdependence5Forces driving globalizationwTechnological change: Production Communication & information TransportwLiberalization

5、 of trade & investment: Tariff, non-tariff barrier reductions Liberalized financial transactions International financial marketsEconomic interdependence6Waves of Globalizationw1st wave: 1870-1914 Falling tariff barriers improved transportationw2nd wave: 1945-1980 Agreements to lower barriers aga

6、in Rich country trade specialization Poor nations left behindw3rd 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 (%

7、of GDP)Imports (% of GDP)Netherlands68%62%Norway4830South Korea4641Canada4539Germany3534France2927United Kingdom2830Mexico2830United States1114Japan11108Leading trading partners of the United States, 2000Economic interdependenceValue of USValue of USCountryexports ($ bill.)imports ($ bill.)Canada$20

8、2.4$250.1Mexico125.2147.9Japan98.4165.3Germany45.274.3France30.640.6Italy16.431.0Netherlands28.915.0Belgium/Luxembourg17.912.8Venezuela9.019.2Australia17.99.79Interdependence: ImpactwOverall standard of living is higher Access to raw materials & energy not available at home Access to goods &

9、 components made less expensively elsewhere Access to financing and investment not available at home International competition encourages efficiencyEconomic interdependence10Interdependence: Impact (contd)wOther impacts - good & bad Curtails inflationary pressures at home Limits domestic wage in

10、creases Makes economy vulnerable to external disturbances Limits impact of domestic fiscal policy on economyEconomic interdependence11Comparative advantage means:wIf the relative cost of making two items is different in two countries, each can gain by specializing in the one it makes most cheaply -

11、each has a comparative advantage in that productwEven countries that make nothing cheaply can benefit from specializationComparative advantage12Common fallacies of international tradewTrade is zero-sum - trade can bring benefits to both partnerswImports bad, exports good - if you buy nothing from ot

12、her countries, they have no income to buy from youwTariffs and quotas save jobs - cutting imports makes it harder to export, so other jobs are lostEconomic interdependence13Competitiveness & tradewMain objective of any nation is to generate high and rising standard of livingwNo nation can effici

13、ently make everything itselfwInternational trade allows countries to focus on producing what they make efficientlywInefficient sectors will be squeezed outwSectors open to competition become more efficient and productiveComparative advantage14Ups and downs of globalizationwAdvantages Productivity in

14、creases 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-compet

15、ing industries Free movement of capital gives the US access to foreign investment and keeps interest rates lowEconomic interdependence: globalization15Ups and downs of globalizationwDisadvantages Millions of US jobs lost to imports or production abroad; those displaced find lower-paying jobs Million

16、s 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-

17、art factories in low-wage countries, making them as productive as plants in the USEconomic interdependence: globalizationInternational EconomicsBy Robert J. Carbaugh9th EditionChapter 2:Foundations of Modern Trade Theory17Historical development of trade theorywMercantilism Regulation to ensure a pos

18、itive trade balance Critics: possible only for short term; assumes static world economywAbsolute advantage (Adam Smith) Countries benefit from exporting what they make cheaper than anyone else But: nations without absolute advantage do not gain from tradewComparative advantage (David Ricardo) Nation

19、s can gain from specialization, even if they lack an absolute advantageFoundations of trade theory18Absolute & Comparative AdvantageComparative advantageAbsolute advantage: each nation is more efficient in producing one goodOutput per labor hourNationWineClothUnited States5 bottles20 yardsUnited

20、 Kingdom15 bottles10 yardsComparative advantage: the US has an absolute advantage in both goodsOutput per labor hourNationWineClothUnited States40 bottles40 yardsUnited Kingdom20 bottles10 yards19Ricardos Comparative Advantage in money pricesComparative advantageCloth(yards)Wine(bottles)NationLaborW

21、ageQuant. PriceQuant.PriceUS1 hr$20/hr40$0.5040$0.50UK1 hr5/hr100.50200.25UK1 hr$810$0.8020$0.40 (at $1.6 = 1)20Production possibilities schedulewGeneralizes theory to include all factors, not just laborwShows combinations of products that can be made if all factors are used efficientlywSlope, or ma

22、rginal 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 advantage21Marginal Rate of TransformationComparative advantage22Production possibilities schedules: constant opportunity costsComparative a

23、dvantage23Supply schedules: constant opportunity costsComparative advantage24Trading under constant opportunity costsComparative advantage25Production gains from specialization: constant opportunity costsComparative advantageAutosWheatAutos WheatAutosWheatUS4040120080-40Canada40800160-4080World80120

24、1201604040BeforeAfterNet GainSpecializationSpecialization(Loss)26Consumption gains from trade: constant opportunity costsComparative advantageAutosWheatAutos WheatAutosWheatUS404060602020Canada4080601002020World801201201604040BeforeAfterNet GainTradeTrade(Loss)27Complete specialization under constan

25、t opportunity costsComparative advantage28Changing comparative advantageComparative advantage29Trade restrictions and gains from tradeComparative advantage30Production possibilities schedule under increasing costsIncreasing opportunity costs31Supply schedule under increasing costsIncreasing opportun

26、ity costs32Trading under increasing costs: USIncreasing opportunity costs33Trading under increasing costs: CanadaIncreasing opportunity costs34Production gains from specialization: increasing opportunity costsAutosWheatAutos WheatAutosWheatUS51812147-4Canada1761313-47World2224252633BeforeAfterNet Ga

27、inSpecializationSpecialization(Loss)Increasing opportunity costs35Consumption gains from trade: increasing opportunity costsAutosWheatAutos WheatAutosWheatUS51852103Canada17620630World2224252733BeforeAfterNet GainTradeTrade(Loss)Increasing opportunity costsInternational EconomicsBy Robert J. Carbaug

28、h9th EditionChapter 3:International Equilibrium37Indifference curveswFinal pattern of trade depends not just on supply, but also on demand - which is determined by income & individual tasteswTastes can be shown graphically with indifference curves, which show the various combinations of two good

29、s that give a consumer the same total level of satisfactionBringing demand into the model38A consumers indifference mapBringing demand into the model39Indifference curves (contd)wIndifference curves have a negative slope Keeping satisfaction constant means giving up some of one good for more of anot

30、her wIndifference 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 substitutionBringing demand into the model40Indifference curves (

31、contd)w“Higher” indifference curves (those farther from the origin) represent greater levels of satisfactionwIndividual 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 model

32、41Indifference curves and intl. tradeBringing demand into the model42Basis for trade, gains from tradeBringing demand into the model43Equilibrium terms-of-trade limitsInternational equilibrium44Theory of Reciprocal Demand (Mill)wActual trading prices depend on the interaction of trading partners dem

33、andswFinal terms of trade will be closer to the domestic price ratio of the nation with stronger demand for the imported goodwApplies to nations of equal economic size, which will share gains nearly equallywSmall nations trading with large ones can receive the bulk of the gains from tradeInternation

34、al equilibrium45Offer curves: supply and demandInternational equilibrium46Offer curves: supply and demandInternational equilibrium47Equilibrium terms of tradeInternational equilibrium48Changing equilibrium terms of tradeInternational equilibrium49Immiserizing growthImpact of tradeInternational Econo

35、micsBy Robert J. Carbaugh9th EditionChapter 4:Trade Model Extensions and Applications51Factor endowment theory (Heckscher-Ohlin)wComparative advantage is explained entirely by different national supply conditions, especially resource endowmentswNations export products that use inputs which are relat

36、ively abundant (cheap) at home, and import products which need inputs which are relatively scarce (expensive) at homeWhy relative price differentials?52Factor endowment theory: assumptionswNations all have the same tastes and preferences (same indifference curves)wThey use factor inputs which are of

37、 uniform qualitywThey all use the same technologyWhy relative price differentials?53Comparative advantage according to factor endowment theoryFactor endowment modelAutarky equilibrium54Comparative advantage according to factor endowment theoryFactor endowment modelPost-trade equilibrium55Factor endo

38、wment theory: implicationswFactor price equalization The shift within each nation towards use of cheaper factors, and away from expensive ones, leads to more equal factor prices (if factors are mobile)wDistribution of income Trade changes domestic distribution of income as demand for different facto

39、rs changeswTests of factor endowment theory Emphasize the importance of varieties of different factors (such as human capital) and accounting for changes in resource endowment; other explanations are also importantFactor endowment model56Does trade worsen inequality?wTrade theory suggests that count

40、ries with abundant skilled labor will import goods which are made with unskilled laborwEquilibrium wage ratios for skilled/unskilled labor are affected by trade and technology change, immigration, and education & trainingwEvidence suggests that trade contributes relatively little to wage inequal

41、ity, compared to technological change and other factors; better education and training are potential solutionsDistribution of income57Economies of scale & specializationwEconomies of scale provide incentives for specialization, since per unit costs go down as production increases wTrade provides

42、 a larger potential market for products, making higher production levels possibleBringing theory closer to reality58Economies of scale as basis for tradeEconomies of scale59Trade & specialization under decreasing costsEconomies of scale60Other extensions of the theorywOverlapping demandswIntra-i

43、ndustry tradewProduct cycleswDynamic comparative advantage - industrial policyBringing theory closer to reality61Trade & the environmentwEnvironmental regulation can lead to a policy tradeoff Increased costs can reduce comparative advantage of regulated industry Public receives health and enviro

44、nmental benefitswConcern that polluting industries would move to poor countries with less regulation But studies indicate that environmental rules have a small role in investment location decisionswPolluter-pays principle: incentive to find ways to reduce pollution at least costBringing theory close

45、r to reality62Trade effects of pollution-control regulationsTrade & the environment63Free trade under increasing costsTransportation costsNo transportation costs64Free trade under increasing costsTransportation costsTransportation costs of $2000 per auto65Specific factor theorywLooks at the inco

46、me distribution effects of trade in the short run, when some factor inputs are not mobile among sectorswIndicates that workers may be better or worse off, depending on preferenceswPredicts that owners of factors used in export industries gain from trade, while owners of factors used in import-compet

47、ing industries will lose from tradeBringing theory closer to reality66Relative prices and the specific factor modelBringing theory closer to realityInternational EconomicsBy Robert J. Carbaugh9th EditionChapter 5:Tariffs68Why restrict trade?wBenefits of free trade come in the long term, and are usua

48、lly spread widely across societywCosts of free trade are felt rapidly and are usually concentrated in specific sectors of the economyTariffs69Defining tariffswA tariff is a tax (duty) levied on products as they move between nations Import tariff - levied on imports Export tariff - levied on exported

49、 goods as they leave the country Protective tariff - designed to insulate domestic producers from competition Revenue tariff - intended to raise funds for the government budget (no longer important in industrial countries)Tariffs70Types of tariffwSpecific tariff Fixed monetary fee per unit of the pr

50、oductwAd valorem tariff Levied as a percentage of the value of the productwCompound tariff A combination of the above, often levied on finished goods whose components are also subject to tariff if imported separatelyTariffs71Effective rate of protectionwThe impact of a tariff is often different from

51、 its stated amountwThe effective tariff rate measures the total increase in domestic production that the tariff makes possible, compared to free trade Domestic producers may use imported inputs or intermediate goods subject to various tariffs, which affects the calculationTariffs72Effective rate of

52、protection (contd)wWhen tariff rates are low on raw materials and components, but high on finished goods, the effective tariff rate on finished goods is actually much higher than it appears from the nominal ratewThis is referred to as tariff escalationTariffs73Avoiding and postponing tariffs (US)wPr

53、oduction sharing and special treatment for foreign assembly using domestic componentswBonded warehouseswForeign trade zonesTariffs74Tariff welfare effectswConsumer surplus The difference between the price buyers would be willing to pay and what they actually paywProducer surplus The revenue producer

54、s receive above the minimum amount required to induce them to produce a goodTariffs75Consumer and producer surplusTariffs76Tariff trade and welfare effectsWelfare effects of tariffs77Tariff trade and welfare effectsWelfare effects of tariffs78Who pays for import restrictions?wDomestic consumers face

55、 increased costs Low income consumers are especially hurt by tariffs on low-cost importswOverall net loss for the economy (deadweight loss)wExport industries face higher costs for inputswCost of living increaseswOther nations may retaliate, further restricting tradeTariff effects79Arguments for trad

56、e restrictionswJob protectionwProtect against cheap foreign laborwFairness in trade - level playing fieldwProtect domestic standard of livingwEqualization of production costswInfant-industry protectionwPolitical and social reasonsReasons for tariffs80Politics of protectionismw“Supply” of protectioni

57、sm (trade policy) depends on: the cost to society of restricting trade the political importance of the import-competing industries Magnitude of the adjustment costs from free trade Public sympathy for those sectors hurt by free tradeReasons for tariffs81Politics of protectionismw“Demand” for protect

58、ionism depends on: The amount of the import-competing industrys comparative disadvantage The level of import penetration The level of concentration in the affected sector The degree of export dependence in the sectorReasons for tariffsInternational EconomicsBy Robert J. Carbaugh9th EditionChapter 6:

59、Nontariff Trade Barriers83Import quotaswQuotas are a restriction on the quantity of a good that may be imported in any one period (usually below free-trade levels)wGlobal quotas restrict the total quantity of an import, regardless of originwSelective quotas restrict the quantity of a good coming fro

60、m a particular countryTypes of non-tariff barriers84Import quota: trade & welfare effectsTypes of non-tariff barriers85Effects of a quota on sugar importsTypes of non-tariff barriers86Comparing tariffs and quotasTypes of non-tariff barriers87Tariff-rate quotawThe tariff-rate quota is a two-tiered tariff A specified number of goods (up to the quota limit) may