世界经济2.docx

世界经济2.docx

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世界经济2

Reporttitle

EvaluationofInternationalTradeandWorldEconomies

Reportwrittenby

Data:

December2009

1.Fromtheimportantaspectsoftheworldeconomy.Therearethreemostcommonlyexpressedgainsare:

Itallowscountriestoimportgoodswhichtheymaybeunabletoproducethemselves,inexchangeforthosethattheycanproduce.

Secondly,itallowsacountrytospecialiseintheproductionofgoodsinwhichithassomeformofadvantage-possiblyfromthenaturalresourcesavailable.Itisalsoimportanttohighlightthatthespecializationofproductionwillimplicateloweredcostsasthatparticularcountryisabletoinvestthenecessaryfundsforproduction.

Furthermore,internationaltradeoftenresultsinthetotalworldproductionlevelincreasing-whichisbeneficialfortheworldeconomyascurrencyvaluesarestimulated.

2.Freetradeisasysteminwhichthetradeofgoodsandservicesbetweenorwithincountriesflowsunhinderedbygovernment-imposedrestrictions.

3.Comparativeadvantageissaidtooccurwhereonecountrycanproducegoodsataloweropportunitycost–itsacrificeslessresourcesinproduction.Forexample,RussiaandChinacanproduceeitherfoodorclothesbyOneunitoflabour,asfollows

Food

Clothes

Russia

400or

300

China

200or

240

Fromthechart,wecangetsomemessagethatRussiahasabsoluteadvantageinproducingfoodandclothes.

TheopportunitycostofproducingfoodinRussiais300/400=3/4

TheopportunitycostofproducingclothesinRussiais400/300=4/3

TheopportunitycostofproducingfoodinChinais240/200=6/5

TheopportunitycostofproducingclothesinChinais200/240=5/6

Fromtheabovecalculationresult,whichcanbeseenthatRussiahascomparativeadvantageinproducingfoodthanChina,ChinahascomparativeadvantageinproducingclothesthanRussia.

Beforetrade,eachcountrydividesitslabourbetweenthetwoproducts,wecangetthistableasfollows:

Food

Clothes

Russia

200

150

China

200

120

TotalOutput

300

270

Afterspecialisation–eachcountrydevotesitsresourcestothatinwhichithasacomparativeadvantageasfollows:

Food

Clothes

Russia

400

0

China

0

240

TotalOutput

400

240

Comparedwithabovetwotables,wecanseebenefitsofpartiallyspecialisation.IfUSAdevote4resourcetofoodand1toclothes,whileChinaspecialisesfullyinclothes.

Sowegetthistableasfollows:

Food

Clothes

Russia

320

60

China

0

240

TotalOutput

320

300

Itcanbefoundthatthemoreefficientcountrycanhavemoreof‘bothgoods’iftheabovepositionwouldbeachieved.Thisisanincreaseinbothproductsoveroriginaloutput.

4.Protectionismistheeconomicpolicyofrestrainingtradebetweenstates,throughmethodssuchastariffsonimportedgoods,restrictivequotas,andavarietyofothergovernmentregulationsdesignedtodiscourageimports,andpreventforeigntake-overofnativemarketsandcompanies.Thispolicyiscloselyalignedwithanti-globalization,andcontrastswithfreetrade,wheregovernmentbarrierstotradeandmovementofcapitalarekepttoaminimum.Thetermismostlyusedinthecontextofeconomics,whereprotectionismreferstopoliciesordoctrineswhichprotectbusinessesandworkerswithinacountrybyrestrictingorregulatingtradewithforeignnations.

5.Atradebarrierisageneraltermthatdescribesanygovernmentpolicyorregulationthatrestrictsinternationaltrade.Thebarrierscantakemanyforms,includingthefollowingtermsthatincludemanyrestrictionsininternationaltradewithinmultiplecountriesthatimportandexportanyitemsoftrade:

Atariffisadutyimposedongoodswhentheyaremovedacrossapoliticalboundary.

Non-tariffbarrierstotrade（NTB's）aretradebarriersthatrestrictimportsbutarenotintheusualformofatariff.SomecommonexamplesofNTB'sareanti-dumpingmeasuresandcountervailingduties,which,althoughtheyarecalled"non-tariff"barriers,havetheeffectoftariffsoncetheyareenacted.

6.TheirusehasrisensharplyaftertheWTOrulesledtoaverysignificantreductionintariffuse.Somenon-tarifftradebarriersareexpresslypermittedinverylimitedcircumstances,whentheyaredeemednecessarytoprotecthealth,safety,orsanitation,ortoprotectdepletablenaturalresources.Inotherforms,theyarecriticizedasameanstoevadefreetraderulessuchasthoseoftheWorldTradeOrganization（WTO）,theEuropeanUnion（EU）,orNorthAmericanFreeTradeAgreement（NAFTA）thatrestricttheuseoftariffs.Fortworecentexamples,2009yearsonNovember6,AustraliasanctiononproducesChinaaluminumextrusionmaterialexporttocarryouttemporarycounter-dumpingoriginally,leviesadditionaltaxes16%insteadleanstosellthetax.

Theworldtradeorganisationplaysavitalroleinthedevelopmentoffreetrade,theobjectiveofWTOisthatencouragingtheloweringoftraderestrictionsandtosettledisputewithacommondisputeprocedure.HereisanareatheWTOhasdealtwithinattempttopromotefreetrade.

7.EuropeanUnionisdevelopsbytheEuropeanCommunitycomes,iscollectionpoliticalentitiesandtheeconomicentityinabody,hasthematerialeffectregionintegrationorganizationintheworld.Thefreemovementofgoods,people,servicesandcapitalisthefundamentalprincipleoftheEU.inDecember,1991,theEuropeanCommunityMastrichtsummitthrough"theEuropeanUnionTreaty",wasgenerallycalled"MastrichtTreaty"（i.e.MaastrichtTreaty）.onNovember1,1993,MaastrichtTreatybecameeffectiveofficially,EuropeanUnionwasbornofficially.TheheadquartersarelocatedinBelgiumcapitalBrussels.

8.Thebalanceofpaymentsisthedifferencebetweenthemoneycomingintoacountryandthemoneyleavingthesamecountry.thebalanceofpaymentsconsistsofthecurrentaccountwhichconcernsincomeandexpenditureandisdividedintofourcategories,thesearetradeingoods,tradeinservice,incomeandcurrenttransfers.Andthecapitalcurrentwhichhastwocategories:

capitaltransfersandacquisition,thefinancialaccountwhichdealswithflowofdirectportfolioandinvestmentsandreserveassetsandtheinternationalinvestmentpositionwhichshowsthestockofexternalfinancialassetsandliabilities.

Thereisabalanceofpayments（£million）summariesfortheUKonthe2001.allthefiguresarepresentedasfollows:

9.Fromthetable,wecanfindthereceivesaremainlyfrominvestmentincomeincludingdirectinvestmentreceivesandportfolioinvestmentreceives.Currenttransfersrefertothereisnocorrespondingexchangeofagoodorservice.InUK,theCentralGovernmentTransfer:

taxes,paymentsandreceiptstotheEU,socialsecuritypaymentsabroadandmilitaryexpenditureabroad.OtherSectorTransfers:

receiptsfromtheEUsocialfund,taxesonincomeandwealthpaidbyUKworkersandbusinessestoforeigngovernments.ThereisnodoubtthatitwasthemovetowardsbecomingaServices-basedeconomywhichchangedtheemphasisintheUKeconomy.Alltheheavymanufacturingandengineeringindustrieslargelydisappeared.forthelastthirtyyearswecansurelygettheconclusionthattheUKwiththeexceptionofashortspellintheearly1980shasbeenindeficitintradeandgoods.thisdeficithasalsogrowndramaticallyfromthe1992-2002years.Thetradeinservicehasconverselybeeninsurpluseveryyearandhasgrowndramaticallyfromthe1992-2002years.Asfollows:

year

1992

1997

2000

2001

2002

exports（goods）

107,863

171,923

187,936

190,500

186,170

imports（goods）

120,931

184,265

218,262

223,560

221,352

balance

-13,050

-12,342

-30,326

-33,510

-35,182

Fromthetable,covering1992to2002,showsexportsofgoodshashadanenormousincreaseupfrom£107,863millionto£171,923,thenkeepgrowingyear2001,inyear2002thedatadecreasedslowlycomparedwith2001.thetrendofexportswasthesametotheimports.However,thedeficithasgrowndramaticallyfrom1992to2002.

year

1992

1997

2000

2001

2002

exportofservice

36,228

59,699

77,199

77,683

83,467

importofservice

30,746

47,171

65,361

66,383

69,308

balance

5,482

12,528

11,838

11,300

14,159

Thetableshowsthatthevalueandsurplusoftradeinservicehasrisendramatically.UKhasbecomeaservice-basedeconomy.

ThetrendsintheUKeconomyoverthelast30yearsshowamarketincreaseinthebalanceoftradedeficit.EvenaverymarkedincreaseintheincomegeneratedintheIncomesectionhasnotbeensufficienttoovercomethisdeficitandthereforethecurrentaccounthasalsousuallybeenindeficit.

10.Acountry'sinternationalbalanceofpaymentssituationwillleadtocurrencyexchangeratefluctuations.Thebalanceofpaymentsofallresidentsofacountry'sexternaleconomicandfinancialrelationssummary.Acountry'sinternationalbalanceofpaymentsreflectsthecountry'seconomicstatusintheinternationalarena,butalsoaffectthecountry'smacro-andmicro-economicperformance.Thebalanceofpaymentsimpactofthefinalanalysis,therelationshipbetweensupplyanddemandofforeignexchangeontheexchangerateimpact.

Fromaneconomictransaction（suchasexports）orcapitaltransactions（suchasforeigninvestmentinitsownright）gaverisetoforeignexchangeincome.Sinceforeignexchangeisusuallynotfreecirculationinthelocalmarket,sotheneedtoexchangethedomesticcurrencytoforeigncurrencyintodomesticcirculation.Thishascreatedtheforeignexchangemarketofforeignexchangesupply.Andbecauseofaneconomictransaction（suchasimports）orcapitaltransactions（toinvestabroad）giverisetoforeignexchangeexpenditu