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
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