International Economics 9th edition 课后习题答案.docx

International Economics 9th edition 课后习题答案.docx

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InternationalEconomics9thedition课后习题答案

Contents

Chapter1Introduction1

OverviewofSectionI:

InternationalTradeTheory3

Chapter2WorldTrade:

AnOverview5

Chapter3LaborProductivityandComparativeAdvantage:

TheRicardianModel8

Chapter4Resources,ComparativeAdvantage,andIncomeDistribution12

Chapter5TheStandardTradeModel16

Chapter6EconomiesofScale,ImperfectCompetition,andInternationalTrade21

Chapter7InternationalFactorMovements26

OverviewofSectionII:

InternationalTradePolicy30

Chapter8TheInstrumentsofTradePolicy32

Chapter9ThePoliticalEconomyofTradePolicy37

Chapter10TradePolicyinDevelopingCountries42

Chapter11ControversiesinTradePolicy45

OverviewofSectionIII:

ExchangeRatesandOpen-EconomyMacroeconomics49

Chapter12NationalIncomeAccountingandtheBalanceofPayments51

Chapter13ExchangeRatesandtheForeign-ExchangeMarket:

AnAssetApproach57

Chapter14Money,InterestRates,andExchangeRates64

Chapter15PriceLevelsandtheExchangeRateintheLongRun70

Chapter16OutputandtheExchangeRateintheShortRun76

Chapter17FixedExchangeRatesandForeign-ExchangeIntervention84

OverviewofSectionIV:

InternationalMacroeconomicPolicy92

Chapter18TheInternationalMonetarySystem,1870–197394

Chapter19MacroeconomicPolicyandCoordinationUnderFloatingExchangeRates99

Chapter20OptimumCurrencyAreasandtheEuropeanExperience107

Chapter21TheGlobalCapitalMarket:

PerformanceandPolicyProblems112

Chapter22DevelopingCountries:

Growth,Crisis,andReform117

Chapter1

Introduction

1 ChapterOrganization

WhatisInternationalEconomicsAbout?

    TheGainsfromTrade

    ThePatternofTrade

    HowMuchTrade

    BalanceofPayments

    Exchange-RateDetermination

    InternationalPolicyCoordination

    TheInternationalCapitalMarket

InternationalEconomics:

TradeandMoney

2 ChapterOverview

Theintentofthischapteristoprovidebothanoverviewofthesubjectmatterofinternationaleconomicsandtoprovideaguidetotheorganizationofthetext.Itisrelativelyeasyforaninstructortomotivatethestudyofinternationaltradeandfinance.Thefrontpagesofnewspapers,thecoversofmagazines,and

theleadreportsontelevisionnewsbroadcastsheraldtheinterdependenceoftheU.S.economywiththerestoftheworld.Thisinterdependencemayalsoberecognizedbystudentsthroughtheirpurchasesofimportsofallsortsofgoods,theirpersonalobservationsoftheeffectsofdislocationsduetointernationalcompetition,andtheirexperiencethroughtravelabroad.

Thestudyofthetheoryofinternationaleconomicsgeneratesanunderstandingofmanykeyeventsthatshapeourdomesticandinternationalenvironment.Inrecenthistory,theseeventsincludethecausesandconsequencesofthelargecurrentaccountdeficitsoftheUnitedStates;thedramaticappreciationofthedollarduringthefirsthalfofthe1980sfollowedbyitsrapiddepreciationinthesecondhalfofthe1980s;theLatinAmericandebtcrisisofthe1980sandtheMexicancrisisinlate1994;andtheincreasedpressuresforindustryprotectionagainstforeigncompetitionbroadlyvoicedinthelate1980sandmorevocallyespousedinthefirsthalfofthe1990s.Morerecently,thefinancialcrisisthatbeganinEastAsiain1997andspreadtomanycountriesaroundtheglobeandtheEconomicandMonetaryUnioninEuropehavehighlightedthewayinwhichvariousnationaleconomiesarelinkedandhowimportantitisforustounderstandtheseconnections.Atthesametime,protestsatglobaleconomicmeetingshavehighlightedoppositiontoglobalization.Thetextmaterialwillenablestudentstounderstandtheeconomiccontextinwhichsucheventsoccur.

Chapter1ofthetextpresentsdatademonstratingthegrowthintradeandincreasingimportanceofinternationaleconomics.Thischapteralsohighlightsandbrieflydiscussesseventhemeswhicharisethroughoutthebook.Thesethemesinclude:

（1）thegainsfromtrade;

（2）thepatternoftrade;

（3）protectionism;（4）thebalanceofpayments;（5）exchangeratedetermination;（6）internationalpolicycoordination;and（7）theinternationalcapitalmarket.Studentswillrecognizethatmanyofthecentralpolicydebatesoccurringtodaycomeundertherubricofoneofthesethemes.Indeed,itisoftenafruitfulheuristictousecurrenteventstoillustratetheforceofthekeythemesandargumentswhicharepresentedthroughoutthetext.

OverviewofSectionI:

InternationalTradeTheory

SectionIofthetextiscomprisedofsixchapters:

Chapter2    WorldTrade:

AnOverview

Chapter3    LaborProductivityandComparativeAdvantage:

TheRicardianModel

Chapter4    Resources,ComparativeAdvantage,andIncomeDistribution

Chapter5    TheStandardTradeModel

Chapter6    EconomiesofScale,ImperfectCompetition,andInternationalTrade

Chapter7    InternationalFactorMovements

3 SectionIOverview

SectionIofthetextpresentsthetheoryofinternationaltrade.Theintentofthissectionistoexplore

themotivesforandimplicationsofpatternsoftradebetweencountries.Thepresentationproceedsbyintroducingsuccessivelymoregeneralmodelsoftrade,wherethegeneralityisprovidedbyincreasingthenumberoffactorsusedinproduction,byincreasingthemobilityoffactorsofproductionacrosssectors

oftheeconomy,byintroducingmoregeneraltechnologiesappliedtoproduction,andbyexaminingdifferenttypesofmarketstructure.ThroughoutSectionI,policyconcernsandcurrentissuesareused

toemphasizetherelevanceofthetheoryofinternationaltradeforinterpretingandunderstandingoureconomy.

Chapter2givesabriefoverviewofworldtrade.Inparticular,itdiscusseswhatweknowaboutthequantitiesandpatternofworldtradetoday.Thechapterusestheempiricalrelationshipknownas

thegravitymodelasaframeworktodescribetrade.Thisframeworkdescribestradeasafunctionofthesizeoftheeconomiesinvolvedandtheirdistance.Itcanthenbeusedtoseewherecountriesaretradingmoreorlessthanexpected.Thechapteralsonotesthegrowthinworldtradeoverthepreviousdecades

andusesthepreviouseraofglobalization（pre-WWI）ascontextfortoday’sexperience.

Chapter3introducesyoutointernationaltradetheorythroughaframeworkknownastheRicardianmodeloftrade.Thismodeladdressestheissueofwhytwocountrieswouldwanttotradewitheachother.Thismodelshowshowmutually-beneficialtradeariseswhentherearetwocountries,eachwithonefactorofproductionwhichcanbeappliedtowardproducingeachoftwogoods.Keyconceptsareintroduced,suchastheproductionpossibilitiesfrontier,comparativeadvantageversusabsoluteadvantage,gainsfromtrade,relativeprices,andrelativewagesacrosscountries.

Chapter4introduceswhatisknownastheclassicHeckscher-Ohlinmodelofinternationaltrade.Usingthisframework,youcanworkthroughtheeffectsoftradeonwages,pricesandoutput.Manyimportantandintuitiveresultsarederivedinthischapterincluding:

theRybczynskiTheorem,theStolper-SamuelsonTheorem,andtheFactorPriceEqualizationTheorem.ImplicationsoftheHeckscher-Ohlinmodelforthepatternoftradeamongcountriesarediscussed,asarethefailuresofempiricalevidencetoconfirm

thepredictionsofthetheory.Thechapteralsointroducesquestionsofpoliticaleconomyintrade.Oneimportantreasonforthisadditiontothemodelistoconsidertheeffectsoftradeonincomedistribution.

Thisapproachshowsthatwhilenationsgenerallygainfrominternationaltrade,itisquitepossiblethatspecificgroupswithinthesenationscouldbeharmedbythistrade.Thisdiscussion,andrelatedquestionsaboutprotectionismversusglobalization,becomesbroaderandevenmoreinterestingasyouworkthroughthemodelsanddifferentassumptionsofsubsequentchapters.

Chapter5presentsageneralmodelofinternationaltradewhichadmitsthemodelsofthepreviouschaptersasspecialcases.This“standardtrademodel”isdepictedgraphicallybyageneralequilibriumtrademodelasappliedtoasmallopeneconomy.Relativedemandandrelativesupplycurvesareusedtoanalyzeavarietyofpolicyissues,suchastheeffectsofeconomicgrowth,thetransferproblem,andtheeffectsoftradetariffsandproductionsubsidies.Theappendixtothechapterdevelopsoffercurveanalysis.

Whileanextremelyusefultool,thestandardmodeloftradefailstoaccountforsomeimportantaspects

ofinternationaltrade.Specifically,whilethefactorproportionsHeckscher-Ohlintheoriesexplainsometradeflowsbetweencountries,recentresearchininternationaleconomicshasplacedanincreasingemphasisoneconomiesofscaleinproductionandimperfectcompetitionamongfirms.

Chapter6presentsmodelsofinternationaltradethatreflectthesedevelopments.Thechapterbeginsbyreviewingtheconceptofmonopolisticcompetitionamongfirms,andthenshowingthegainsfromtradewhichariseinsuchimperfectlycompetitivemarkets.Next,internalandexternaleconomiesofscaleinproductionandcomparativeadvantagearediscussed.Thechaptercontinueswithadiscussionoftheimportanceofintra-industrytrade,dumping,andexternaleconomiesofproduction.Thesubjectmatter

ofthischapterisimportantsinceitshowshowgainsfromtradeariseinwaysthatarenotsuggestedby

thestandard,moretraditionalmodelsofinternationaltrade.Thesubjectmatteralsoisenlighteninggiventheincreasedemphasisonintra-industrytradeinindustrializedcountries.

Chapter7focusesoninternationalfactormobility.Thisdepartsfrompreviouschapterswhichassumedthatthefactorsofproduc