HNDEconomics2TheWorldEconomy世界经济学报告.docx
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HNDEconomics2TheWorldEconomy世界经济学报告.docx
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HNDEconomics2TheWorldEconomy世界经济学报告
Economics2:
TheWorldEconomy
Content
Introduction----------------------------------------------------------------3
Section1:
InternationalTrade
Threegainsfromtradinginternationally---------------------------------------3
FreeTrade--------------------------------------------------------------------------3
AbsoluteandComparativeAdvantage-----------------------------------------3
Protectionism----------------------------------------------------------------------4
Barrierstotrade-------------------------------------------------------------------4
WTOandEU----------------------------------------------------------------------5
Section2:
InternationalFinance
BalanceofPaymentsandGeneraltrendsinUKTrade----------------------6
Relationshipbetweentheexchangerateandthebalanceofpayments—14
SingleCurrency------------------------------------------------------------------15
EffectsonindividualsandbusinessoftheEuro-----------------------------15
Section3:
LessDevelopedCountries(LDCs)
CharacteristicsofaLDC--------------------------------------------------------16
CurrentissuesthatfaceLDCs--------------------------------------------------16
TheimpactsofmultinationalsonLDCsandNICs--------------------------16
Conclusion-----------------------------------------------------------------16
References------------------------------------------------------------------17
Introduction:
AsamemberofthegovernmentofnationontheperipheryofEurope,itismyobligationtoillustratethebenefitsofjoiningtheEUtothePremier.Inthisreport,Iwillanalyze15elementsinnextthreepartstomakeaclearexplanationofbenefitsofjoiningtheEU.
Section1:
InternationalTrade
Threegainsfromtradinginternationally:
Tobeginwith,theinternationaltradecouldincreaseworldout-put.Thetendencyofglobalizationbringsthefirmsmoreopportunitiestogainthelabor,resources,contractsandnewtechnology.Thesupplyanddemandwillbeimprovedwiththeimprovementofcompany’sproductivity.
Oncethesupplyhasbeenimproved,thegoodsandserviceswereproducedatlowercostandtherearemoreandmorecompetitions,thepriceoftheproductmightfallwhichmeansconsumerscouldgetmorechoicesandcheapergoods.
Inaddition,themostimportantgainingofinternationaltradeisitcangenerateeconomicgrowth.Freetradecouldincreasesales,profitmargins,andmarketsharesandthebothdemandandsupplylevelhasupdated.Meanwhile,theproducerneedsmoreresources,laborandcapitaltoproducemoretosatisfytheglobalmarket.Itdirectresultinimprovingthematerialmarket,financemarket,andmaydeclinetheunemploymentrate.
Freetrade
Freetradeisaconceptthatthereisnobarriertogoodsandservicesexchangedbetweencountries.Sincedifferentcountrieshavedifferentterrain,weather,resourcesandtechnology,theinternationaltradewouldbringthegoodswhicharemorevaluablethanthelocalpeopleproduceitbythemselves.
AgoodexampleforfreetradeisinNov.18,2004,ChinesePresidentandChileanPresidentdeclaredthestartoftheFTAnegotiations.Accordingtotheagreement,thetwocountrieswouldstarttariffreductionofgoodstradefromJuly1,2006.Tariffofproductsaccountingfor97%ofthetotalofthetwocountrieswouldbezerointenyears.ChinaandChilewouldcarryoutfreetradeineducation,science&technology,environmentprotection,labor,socialsecurity,IPR,investmentandpromotion,mineralandindustry.ThisagreementhaspromotedthefreetradebetweenChinaandChilesuccessfully.
Absoluteandcomparativeadvantage
Absoluteadvantagereferstotheabilityofaparticularpersonoracountrytoproduceaparticulargoodwithfewerresourcesthananotherpersonorcountry.Absoluteadvantageissaidtooccurwhenonecountrycanproduceagoodorservicetopre-determinedqualitymorecheaplythananthercountry.Itstandscontrastedwiththeconceptofcomparativeadvantagewhichreferstotheabilitytoproduceaparticulargoodataloweropportunitycost.Opportunitycostisdefinedasthecostofchoosingagoodorservicemeasuredintermsofthenextbestalternativegivenup.Acountryhasacomparativeadvantageinproducingagoodiftheopportunitycostofproducingthatgoodintermofothergoodsislowerinthatcountrythanitisinothercountries.
Example:
KoreaandJapanhavefollowingproductionpossibilitiesfortwocommodities,mobilephonesandcomputers;assumethatalltheresourcesownedbyeachcountryaresame.
Mobilephone
Computer
Japan
2000
20000
Korea
1000
15000
ItisclearthatJapanhasanAbsoluteadvantageoverKoreainbothcommodities.Buttheadvantageithasismuchgreaterformobiles.UsingthesameresourcesasKoreaitcanmaketwiceasmanymobilephones.
ForJapanthe‘cost’of1Mobilephoneis10balesofComputers,i.e.20000/2000
ForKoreaitis15,i.e.15000/1000
ButifwelookatthecaseofcomputerswewillfindthathereforJapanthecostofabaleofcomputersisone-tenthofaMobilephonewhileforKoreaitisonefifteenth.IntermsoftheoutputofMobilephoneforegone(opportunitycost),computerischeaperinKoreathanJapan.KoreahasaComparativeadvantageincomputerwhileJapanhascomparativeadvantageinmobilephone.
Protectionism
Protectionismistheeconomicpolicyofrestrainingtradebetweennations,throughmethodssuchashightariffsonimportedgoods,restrictivequotas,avarietyofrestrictivegovernmentregulationsdesignedtodiscourageimportsandanti-dumpinglawsinanattempttoprotectdomesticindustriesinaparticularnationfromforeigntake-overorcompetition.
Herearetwoexamplesofprotectionism:
1:
Britainimportsbananasfromitsex-coloniesinSouthAmericawhileUSAownshugebananaplantationsinSouthAmerica.In1999BritainrefusedtoimportbananasfromSouthAmerica,sotheUSgovernmentslappedtariffsonsomeBritish-madegoods.Themostseriousonewasapunitivetariffof100%onScottishwoolproductsinordertolimittheimportfromBritain.
2:
AnotherexampleofprotectionismisinJanuary,2009,AmericangovernmentsettledapolicythatonlytheAmericansteelcanbeusedinAmerica.TheAmericangovernmenttendedtousethispolicytoreducethelossinfinancialcrisisandithelpsthesteelworkerstokeeptheirjobs.Inthisexample,protectionismprotectsthedomesticlower-skilledlaboranddomesticindustries.
Barrierstotrade
Toprotectacountry’sownindustries,thecountrywhichinadversesideneedtofindsomewaystobebarrierstolimittheimportproducts,usually,thetwomethodsare—tariffandnontariffs.
Tariffistaxesorcustomsdutiesplacedonforeignproductstoartificiallyraisetheirpricesandthishopefully,suppressesdomesticdemandforthem.Thistaxmaybeadvalue,thatis,apercentageofthepriceofthegoodsorspecific,thatis,ataxperunitofweightorphysicalquantity.
Forexample,inJanuary12,2009theRussiangovernmentraisedtheexpropriationtariff(upto30percent)forthecarsimportinthenextninemonths.Theimportcar’spricewillbeincreasedtobeWP(priceforthewholeworld)addsthetariff,sincethepriceisincreasing,thesalesoftheimportcarsmustfalldown.ThecustomersmightchoosetheRussiancarinsteadofimportcarssinceitischeaper.
Non-tariffbarrierstraditionallyhavebeenactionssuchQuotas,embargoes,exchangecontrolandimportdeposits.Probablythebestknownoftheseisthequota.Thisisaphysicallimitationonthequantityofimport.Quotaisaphysicallimitationonthequantityofimportswhichhadbeenacknowledgedbylocallaws.Usuallytheimportersneedtoapplytopayforalicensetosellgoods.
Forinstance,Russiausesanothermethodtolimitforeigncarimportsince2008—tolimitthequantityofimport;onlyafewcompanieswhichhavetheimportlicensecouldimportcarsandhaveasellingupperlimit.Russiausesthesemethodstorestricttheimportquantity,andduringthegovernmentlimitedforeigngoodsimport,itcanpromotethedomesticindustries.
WTOandEU
In1948,theGeneralAgreementonTariffsandTrade(GATT)wasestablishedbythedevelopedcountries.In1Jan1995,theGATTwassupplantedbyanewinstitution,theWorldTradeOrganization(WTO)andaimstoimprovetradeandinvestmentflowsaroundtheworld.Itisaninternationalbodyseekingtopromotefreetradebyopeningmarketsthroughtheeliminationofimporttariffs.Theorganizationadministerstradeagreements,monitorsinternationaltradepolicyandactsasaforumfortradenegotiations.ThefourmaingoalsofWTOare:
freeingglobaltradethroughuniversallyloweredtariffs,imposingthesamerulesonallmembersinordertohomogenizethetradeprocess,spurringcompetitionthroughloweredsubsidies,andensuringthesametradeconcessionsforallmembernations.TheWTOalsoprovidestechnicalassistanceandtrainingfordevelopingcountries.WTOaimsforequalrepresentationamongmembersbygrantingeachmembercountry"most-favorednation"status;whenamembercountrybestowsatradeprivilegeonanothernation,theprivilegemustbeextendedtoallothermembercountries.Anothertenetis"nationaltreatment,"whichbehoovescountriestotreatforeignimportsequallywiththoseproduceddomestically.
ThebestexampleforjoiningtheWTOisthejoinofChinain2007,afterthat,Chinaachieveslotsofbenefitsfromthedecreaseoftariff,limitationsandthesimplificationoftradingprocedures.
EUstandsforEuropeanUnionandisaneconomicunion,whichaimstoabolishtariffsandquotasamongmembers,commontariffandquotasystem,restrictionsonfactormovementsandharmonizat
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