PARTⅠTrade theory ch117.docx

PARTⅠTrade theory ch117.docx

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PARTⅠTradetheorych117

Preface

§1.SomedistinctivefeaturesofInternationalEconomics:

TheoryandPolicy.

Thisbookemphasizesseveralofthenewertopicsthatpreviousauthorsfailedtotreatinasystematicway:

·Assetmarketapproachtoexchangeratedetermination.

·Increasingreturnsandmarketstructure.

·Politicsandtheoryoftradepolicy.

·Internationalmacroeconomicpolicycoordination

·Thewordcapitalmarketanddevelopingcountries.

·Internationalfactormovements.

§2.Learningfeatures:

·Casestudies

·Specialboxes

·Captioneddiagrams

·Summaryandkeyterms

·Problems

·Furtherreading

§3.Referencebooks:

·[美]保罗•克鲁格曼，茅瑞斯•奥伯斯法尔德，《国际经济学》，第6版，中译本，中国人民大学出版社，2007.

·李坤望主编，《国际经济学》，第二版，高等教育出版社，2005.

·DominickSalvatore,InternationalEconomics,PrenticeHallInternational，第9版，清华大学出版社，英文版，2008.

Chapter1

Introduction

·Nationsaremorecloselylinkedthroughtradeingoodsandservices,throughflowsofmoney,andthroughinvestmentthaneverbefore.

§1.Whatisinternationaleconomicsabout?

Seventhemesrecurthroughoutthestudyofinternationaleconomics:

·Thegainsfromtrade

（Nationalwelfareandincomedistribution）

·Thepatternoftrade

·Protectionism

·Thebalanceofpayments

·Exchangeratedetermination

·Internationalcapitalmarket

§2.Internationaleconomics:

tradeandmoney

·PartI（chapters2through7）:

internationaltradetheory

·PartII（chapters8through11）:

internationaltradepolicy

·PartIII（chapters12through17）:

internationalmonetarytheory

·PartIV（chapters18through22）:

internationalmonetarypolicy

Chapter2WorldTrade:

AnOverview

§1WhoTradeswithWhom?

1.SizeMatters:

TheGravityModel

•Thesizeofaneconomyisdirectlyrelatedtothevolumeofimportsandexports.

•Largereconomiesproducemoregoodsandservices,sotheyhavemoretosellintheexportmarket.Largereconomiesgeneratemoreincomefromthegoodsandservicessold,sopeopleareabletobuymoreimports.

•3ofthetop10tradingpartnerswiththeUSin2003werealsothe3largestEuropeaneconomies:

Germany,UKandFrance.Thesecountrieshavethelargestgrossdomesticproduct（GDP）inEurope.

Culturalaffinity:

iftwocountrieshaveculturalties,itislikelythattheyalsohavestrongeconomicties.

Geography:

oceanharborsandalackofmountainbarriersmaketransportationandtradeeasier.

2.DistanceMatters:

TheGravityModel

Distancebetweenmarketsinfluencestransportationcostsandthereforethecostofimportsandexports.Distancemayalsoinfluencepersonalcontactandcommunication,whichmayinfluencetrade.

Estimatesoftheeffectofdistancefromthegravitymodelpredictthata1%increaseinthedistancebetweencountriesisassociatedwithadecreaseinthevolumeoftradeof0.7%to1%.

Borders:

crossingbordersinvolvesformalitiesthattaketimeandperhapsmonetarycostsliketariffs.Theseimplicitandexplicitcostsreducetrade.Theexistenceofbordersmayalsoindicatetheexistenceofdifferentlanguagesordifferentcurrencies,eitherofwhichmayimpedetrademore.

3.Thegravitymodel

Thegravitymodelis:

wherea,b,andcareallowedtodifferfrom1.

§2.TheChangingCompositionofTrade

1.HastheWorldBecome“Smaller”?

Thereweretwowavesofglobalization.

1840–1914:

economiesreliedonsteampower,railroads,telegraph,telephones.Globalizationwasinterruptedandreversedbywarsanddepression.

1945–present:

economiesrelyontelephones,airplanes,computers,internet,fiberoptics,…

2.ChangingCompositionofTrade

Today,mostofthevolumeoftradeisinmanufacturedproductssuchasautomobiles,computers,clothingandmachinery.

Servicessuchasshipping,insurance,legalfeesandspendingbytouristsaccountfor20%ofthevolumeoftrade.

Mineralproducts（e.g.,petroleum,coal,copper）andagriculturalproductsarearelativelysmallpartoftrade.

MultinationalCorporationsandOutsourcing

Before1945,multinationalcorporationsplayedasmallroleworldtrade.

ButtodayaboutonethirdofallUSexportsand42%ofallUSimportsaresalesfromonedivisionofamultinationalcorporationtoanother.

Chapter3

LaborProductivityandComparativeAdvantage:

TheRicardianModel

*Countriesengageininternationaltradefortwobasicreasons:

·Comparativeadvantage:

countriesaredifferentintechnology（chapter3）orresource（chapter4）.

·Economicsofscale（chapter6）.

*Allmotivesareatworkintherealworldbutonlyonemotiveispresentineachtrademodel.

§1.Theconceptofcomparativeadvantage

1.Opportunitycost:

Theopportunitycostofrosesintermsofcomputersisthenumberofcomputersthatcouldhavebeenproducedwiththeresourcesusedtoproduceagivennumberofroses.

Table3-1HypotheticalChangesinProduction

MillionRosesThousandComputers

UnitedStates

－10

＋100

SouthAmerica

＋10