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Principles of international economics

Author: Chacholiades, Miltiades Publisher: McGraw-Hill, 1981.Language: EnglishDescription: 607 p. : Graphs ; 25 cm.ISBN: 0070103453Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HB847 .C433 1981
(Browse shelf)
001261271
Available 001261271
Total holds: 0

Includes bibliographical references and index

Digitized

Principles of International Economics Contents Preface CHAPTER 1 Introduction 1-1 1-2 1-3 1-4 1-5 1-6 Microeconomics versus Macroeconomics Positive Economics versus Welfare Economics The Scope of International Economics The Role of Trade The Role of International Monetary Relations The Plan of the Book xv 1 1 2 3 4 5 6 1 CAUSES AND EFFECTS OF TRADE CHAPTER 2 The Law of Comparative Advantage 2-1 Three Basic Questions 2-2 The Labor Theory of Value: A Digression 2-3 Absolute Advantage 13 13 14 16 2-4 Comparative Advantage 2-5 Opportunity Cost 2-6 Geometrical Analysis 2-7 Limitations of the Classical Theory 2-8 Summary Suggested Reading 21 26 28 32 32 33 34 34 34 38 47 51 53 53 55 57 CHAPTER 3 Opportunity Cost and Community Indifference PART A OPPORTUNITY COST 3-1 Increasing Opportunity Costs 3-2 The Neoclassical Theory of Production: A Digression 3-3 The Box Diagram 3-4 The Production-Possibilities Frontier PART B COMMUNITY INDIFFERENCE 3-5 Indifference Curves 3-6 Social Indifference Curves 3-7 Summary APPENDIX SOME SPECIAL CASES OF SOCIAL INDIFFERENCE CURVES 58 60 61 61 66 69 78 79 82 84 88 89 89 90 91 93 96 98 102 107 108 Suggested Reading CHAPTER 4 International Equilibrium 4-1 General Equilibrium in a Single Economy 4-2 A Neoclassical Demonstration of Comparative 4-3 4-4 4-5 4-6 Advantage Offer Curves The Terms of Trade Decreasing Opportunity Costs Summary APPENDIX MEADE'S GEOMETRIC TECHNIQUE Suggested Reading CHAPTER 5 The Heckscher-Ohlin Model 5-1 General Introduction 5-2 The Basic Assumptions of the Heckscher-Ohlin Model 5-3 The Identity of Production Functions between Countries 5-4 5-5 5-6 5-7 5-8 5-9 The Meaning of Factor Intensity Factor Abundance Factor Prices and Commodity Prices Factor-Price Equalization The Heckscher-Ohlin Theorem Summary APPENDIX THE HECKSCHER-OHLIN THEOREM ON THE BASIS OF THE PHYSICAL DEFINITION OF FACTOR ABUNDANCE 109 109 110 112 114 114 116 116 117 119 124 127 A5-1 Identical and Homothetic Tastes between Countries A5-2 The Heckscher-Ohlin Theorem Suggested Reading CHAPTER 6 Empirical Testing PART A EMPIRICAL TESTING OF THE RICARDIAN MODEL PART B THE LEONTIEF PARADOX 6-1 Introduction 6-2 Empirical Findings 6-3 Explanations of the Leontief Paradox PART C FACTOR-INTENSITY REVERSALS 6-4 Summary APPENDIX BOX DIAGRAMS AND FACTOR-INTENSITY REVERSALS 128 129 Suggested Reading CHAPTER 7 Growth and Trade PART A THE NATURE OF THE GROWTH PROCESS 132 132 133 135 138 138 139 143 146 147 149 7-I The Sources of Economic Growth 7-2 Classification of Technical Progress PART B THE EFFECTS OF GROWTH ON SMALL COUNTRIES 7-3 The Scenario 7-4 Factor Accumulation 7-5 Technical Progress PART C THE EFFECTS OF GROWTH ON LARGE COUNTRIES 7-6 The Terms-of-Trade Effect 7-7 The Effect of Growth on Social Welfare PART D THE TERMS OF TRADE OF PRIMARY-PRODUCT EXPORTERS 153 153 154 159 161 7-8 Introduction 7-9 The Prebisch-Singer Thesis 7-10 Summary Suggested Reading 2 COMMERCIAL POLICY CHAPTER 8 The Theory of Tariffs 8-1 Types of Tariff 8-2 The Effects of the Tariff on a Small Country 8-3 8-4 8-5 8-6 8-7 The Effects of the Tariff on a Large Country The Optimal Tariff Tariffs and World Welfare Effective Protection Summary Suggested Reading 165 166 167 175 179 184 189 196 198 199 199 200 202 209 211 216 219 223 224 226 227 228 229 236 241 245 246 252 253 255 256 259 261 262 263 265 270 CHAPTER 9 Domestic Distortions and Noneconomic Objectives 9-1 The Theory of Domestic Distortions 9-2 The Optimal Tariff Again 9-3 Distortions in Domestic Production and Trade Intervention 9-4 Other Domestic Distortions 9-5 The Infant-Industry Argument 9-6 Immiserizing Growth and Distortions 9-7 Noneconomic Arguments for Protection 9-8 Summary Suggested Reading CHAPTER 10 Other Trade Barriers and U.S. Commerical Policy 10-1 Export Taxes 10-2 Export and Import Subsidies 10-3 Quantitative Restrictions 10-4 International Cartels 10-5 Dumping 10-6 Other Nontariff Barriers 10-7 Highlights of U.S. Tariff History and Trade Liberalization 10-8 Summary Suggested Reading CHAPTER 11 Customs Unions 11-1 Preferential Trading Arrangements: Some Definitions 11-2 11-3 11-4 11-5 The Nature of Preferential Trading The Theory of the Second Best: A Digression An Outline of the Theory of Customs Unions An Illustration of Trade Creation and Trade Diversion 11-6 Consumption Effects 11-7 Dynamic Effects of Customs Unions 11-8 Other Problems of Customs Unions 11-9 Preferential Trading among Less Developed Economies 11-10 Summary Suggested Reading 272 274 275 276 3 THE INTERNATIONAL ADJUSTMENT PROCESS CHAPTER 12 The Foreign Exchange Market 12-1 The Basis of the Foreign Exchange Market 12-2 Organization of the Market 12-3 The International Character of the Foreign Exchange Market 12-4 Exchange Risk 12-5 Forward Exchange 12-6 Covered Interest Arbitrage 12-7 The Eurodollar Market 12-8 Summary Suggested Reading 281 282 285 287 289 293 299 301 304 306 307 307 309 316 318 320 327 327 330 331 332 333 336 344 347 352 352 354 355 356 358 360 CHAPTER 13 The Balance of Payments 13-1 13-2 13-3 13-4 13-5 13-6 13-7 Definitions and Conventions The Principles of Balance-of-Payments Accounting Reporting Difficulties Balance-of-Payments Equilibrium Accounting Balances The International Investment Position Summary Suggested Reading CHAPTER 14 The Balance-of-Payments Problem: A Basic Model 14-1 14-2 14-3 14-4 14-5 14-6 14-7 The Basic Assumptions International Equilibrium The Adjustment Process: (1) Income = Absorption The Adjustment Process: (2) Income # Absorption The Transfer Problem Conclusion Summary Suggested Reading CHAPTER 15 The Price-Adjustment Mechanism 15-1 The Partial-Equilibrium Model 15-2 Schedules for Imports and Exports 15-3 Equilibrium in the Commodity Markets 15-4 15-5 15-6 15-7 15-8 The Effects of Devaluation Supply and Demand for Foreign Exchange Nontraded Goods: A Digression The Price-Specie-Flow Mechanism The Purchasing-Power-Parity Theory: Another Digression 15-9 Empirical Evidence 15-10 Summary APPENDIX DEVALUATION 363 369 373 376 377 381 384 386 389 390 391 398 404 409 414 416 417 418 419 424 426 432 436 437 441 444 445 447 Suggested Reading CHAPTER 16 The Income-Adjustment Mechanism 16-1 Income Determination in a Closed Economy 16-2 16-3 16-4 16-5 Income Determination in an Open Economy The Foreign-Trade Multiplier Foreign Repercussion Summary APPENDIX FOREIGN-TRADE MULTIPLIERS Suggested Reading CHAPTER 17 Money and the Balance of Payments 17-1 Payments Imbalances and the Supply of Money 17-2 Effects of the Money Supply on the Balance of Payments (Introduction) 17-3 Equilibrium in the Money Market: The LM Curve 17-4 Equilibrium in the Goods Market: The IS Curve 17-5 General Macroeconomic Equilibrium 17-6 Balance-of-Payments Equilibrium: The External Balance Schedule 17-7 The IS-LM Apparatus and the External Balance Schedule 17-8 The Monetary Approach to the Balance of Payments: A Digression 17-9 Summary Suggested Reading 4 ADJUSTMENT POLICIES CHAPTER 18 International Economic Policy 18-1 The Theory of Economic Policy 18-2 Temporary versus Fundamental Disequilibria 18-3 The Meaning of Internal Balance: A Digression 451 452 455 458 18-4 Policy Mix for Internal and External Balance 18-5 The Phillips Curve in the Open Economy 18-6 Summary Suggested Reading 467 475 476 477 478 479 479 480 482 486 489 489 491 492 494 495 CHAPTER 19 Direct Controls 19-1 19-2 19-3 19-4 19-5 19-6 Classification of Direct Controls Fiscal Controls The General Effects of Trade Taxes and Subsidies The Macroeconomic Effects of Import Taxes The Macroeconomic Effects of Export Subsidies Symmetry between Import Taxes plus Export Subsidies and Devaluation 19-7 Commercial Controls 19-8 Monetary Controls 19-9 Desirability of Controls 19-10 Summary Suggested Reading CHAPTER 20 Fiscal and Monetary Policy for Internal and External Balance 20-1 The IS-LM Model Again 20-2 20-3 20-4 20-5 20-6 The Compatibility of Internal and External Balance Difficulties in the Practice of Policy The Assignment Problem Criticism of the Fiscal-Monetary Mix Summary Suggested Reading 497 498 503 505 509 513 514 516 517 518 525 529 532 535 540 542 543 544 545 547 549 551 553 CHAPTER 21 Flexible Exchange Rates 21-I The Theory of Employment with Flexible Exchange Rates 21-2 The IS-LM Model with Flexible Exchange Rates 21-3 Stabilization Policy: A Digression 21-4 Exchange-Rate Regimes and Stabilization 21-5 Further Arguments for and against Flexible Exchange Rates 21-6 Summary Suggested Reading CHAPTER 22 The International Monetary System 22-1 Types of International Monetary Systems 22-2 The Characteristics of a Good International Monetary System 22-3 Adjustment, Liquidity, and Confidence 22-4 The Gold Standard (1870-1914) 22-5 The Interwar Period 22-6 The Bretton Woods System (1944-1971) 22-7 The Present System of Managed Flexibility 22-8 The New European Monetary System 22-9 Summary Suggested Reading 560 563 563 565 567 Indexes Name Index Subject Index

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