Renowned for its precise, in-depth coverage of international trade and finance, this classic text features a balance of the latest research, critical policy issues, and sophisticated economic analysis. The authors integrate the empirical studies thoroughly, giving students a richer understanding of how the existing economic models relate to the real world.
1. Introduction I: COMPARATIVE ADVANTAGE AND THE BASIC MODEL OF INTERNATIONAL TRADE. 2. The Gains from Trade 3. Applications of the Basic Model. Part II: GLOBALIZATION: TRADE PATTERNS AND INCOME DISTRIBUTION 4. Technology and International Income Distribution: The Ricardian Model 5: Factor Endowments and Trade I: Specific Factors 6: Factor Endowments and Trade II: The Heckscher-Ohlin Model 7: Imperfect Competition, Increasing Returns, and Product Variety 8: Resource Trade, Outsourcing, and Product Fragmentation 9: International Factor Movements: Labor and Capital III. THE THEORY AND PRACTICE OF COMMERCIAL POLICY. 10. Protection and the National Welfare. 11. The Political Economy of Protection. 12. Trade Policy and Imperfect Competition. 13. Trade Controls in Practice. 14. Preferential Arrangements and Regional Issues in Trade Policy. IV. MONEY, INCOME, AND THE BALANCE OF PAYMENTS. 15. The Balance of Payments Accounts. 16. The Foreign Exchange Market and Trade: Elasticities. 17. National Income and the Trade Balance. 18. Spending and the Exchange Rate in the Keynesian Model. 19. The Money Supply, the Price Level, and the Balance of Payments. 20. Developing Countries and Other Small Open Economies with Non-Traded Goods. V. INTERNATIONAL FINANCIAL MARKETS AND THEIR MACROECONOMIC IMPLICATIONS. 21. The Globalization of Financial Markets. 22. The Mundell - Fleming Model with Partial International Capital Mobility. 23. Fiscal and Monetary Policy Under Modern Financial Market Conditions. 24. Crises in Emerging Markets. 25. Interdependence and Policy Coordination. 26. Supply and Inflation. VI. THE DETERMINATION OF EXCHANGE RATES IN INTERNATIONAL ASSET MARKETS. 27. Expectations, Money and the Determination of the Exchange Rate. 28. Exchange Rate Forecasting and Risk.