托马斯.A.普格尔 国际贸易 英语chap014
托马斯A普格尔_国际贸易_英语chap004
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Q: England is relatively labor-abundant and the United States is relatively land abundant. Food production is relatively landintensive and umbrella production is relatively labor-intensive. H-O theory predicts (1)with increasing marginal costs of production, the United States can be expected to export umbrellas to England and import corn from England (2)with constant marginal costs of production, the United States will produce only corn and export corn to England and England will export umbrellas to the United States. (3)with constant marginal costs of production, England will production only corn and export corn to the United States and the United States will export umbrellas to England. (4)with constant marginal costs of production, the United States will produce some corn and some umbrellas and export some corn to England.
国际金融托马斯A普格尔(著)第14版chapter2
复式账法的三大规则： 1） 任何一笔交易发生，必然涉及借方和贷方两个
方面：有借必有贷，借贷必相等 2） 借方：不论实际资源还是金融资产，都表示持
有量的增加 3） 贷方：不论是实际资产还是金融资产，都表示
持有量的减少
借方用-表示，贷方用+表示 1. 出口（贷），进口（借）
Assets held by a nation’s monetary authorities as a kind of “war chest” to enable them to intervene in the foreign exchange market if and when they decide to do so.
• Capital outflow: Either an increase in
foreign assets in the nation, or a reduction in the nation’s assets abroad Debit items
1.3.3 Official International Reserves
Key Terms
• Balance of Payments (BOP) 国际收支
• Double-Entry Accounting Principle 复式记帐法
• Credit and Debit Transactions 贷方交易与借方交易
• Current Account, Financial Account, Statistical Discrepancy 经常账户、金融账户、统计误差
(4) Unilateral transfer (gift) (Current a. Goverment grants b. Private individuals
托马斯.A.普格尔_国际贸易_英语chap007
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How about the change of trade triangle in three figures?
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What happen of the size of trade triangle in figure 6.1 when the consumption of wheat increase?
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Figure 7.2 – Single-Factor Growth: The Rybczynski Theorem
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What’s the sources of long-run economic growth?
Increase in countries’ endowments of production factors
Balanced versus biased growth
Growth in only one factor
托马斯.A.普格尔_国际贸易_英语chap002
Importing country Exporting country
Note: one –dollar, one-vote metric (measurement of the net effect of a change using the assumption that each dollar of gain or loss to different individuals and groups is valued equally ) . why do we need such assumption?
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Can you answer the four questions again?
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Effects on the well-being of producer, consumer and the nation
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Figure 2.2 – The Market for Motorbikes: Demand and Supply
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托马斯.A.普格尔_国际贸易_英语chap009
2.
3.
4.
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Chapter9
The import quota进口配额
Why protectionists and government officials may favor using quota instead of a tariff?
1.Your initial recognition
2.External effect It costs a particular amount of money
3.This the reality : one dollar, one vote metric
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2.The import quota进口配额
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Chapter9
The import quota进口配额
Import
(maximum) total quantity of imports of a product allowed into a country during a period of time
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国际金融英文版(托马斯.A.普格尔 著)---Chapter 3
direct quotation: 1 foreign currency unit = x home currency units indirect quotation: 1 home currency unit = x foreign currency units
THE BASICS OF CURRENCY TRADING
An exchange system quotation is given by stating the number of units of "term currency" (or "price currency" or "quote currency") that can be bought in terms of 1
The Foreign Exchange Market
The basics of currency trading
Demand and supply for foreign exchange Exchange rate system
Arbitrage in the foreign exchange market
THE BASICS OF CURRENCY TRADING
What is exchange rate?
Exchange rate is the price of one nation’s money in terms of another nation’s money. Exchange rate is the rate used by the market participants to convert one currency into another currency. Exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other.
托马斯.A.普格尔_国际贸易_英语chap008
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Case 1: the tarrif rate on the inputs and the final good is the same. Case 2: the tariff rate on the inputs is larger than the tariff on the final good. Case 3: the tariff rate on the inputs is smaller than the tariff on the final good. (figure 7.5)
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Figure 8.4 – The Net National Loss from a Tariff in Two Equivalent Diagrams
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some questions about tariff?
Do you think tariff will lower world well-being? why? Do you think tariff will lower the well-being of each nation or depend on? Why? Could you name some cases that tariff might be used for a nation? Besides tariff, what other ways do a nation choose nowadays to protect the market in reality?
International Trade(14 Edition) 托马斯A普格尔课后习题双数题参考答案
Answers to Even Problems for Thomas Pugel,International Economics Text (14th Edition)TRADE MODULEChapter 1International Economics Is DifferentOverviewThe introduction to the subject of international economics has three major purposes:1. Show that international economics addresses important and interesting current events and issues.2. Show why international economics is special.3. Provide a broad overview of the book.We begin with four controversies that show the importance of current issues addressed by international economics.The first is the rise of international outsourcing (or offshoring) of service activities and jobs from the United States and other industrialized countries to India and other developing countries. Here we introduce the idea that business activities that would be normal and almost unnoticed if they occur within a country can become prominent political issues when they cross national boundaries. A business is always looking for ways to lower costs, and buying inputs from outside suppliers rather than making the inputs itself is one of its standard choices. But buying business services such as telephone call centers and software development from India affects white-collar workers in the industrialized countries. Such a shift can lead to substantial media attention, even though the overall size of the outsourcing is not that large. Even though international outsourcing is just another form of international trade that generally brings national gains overall, political pressures push government officials to do something to defend local jobs. In this case the options for government policies that can reduce the outsourcing are limited, but there have been proposals to prohibit government contracts with private firms if they offshore some of the work.The second is international migration, especially the increasingly vehement complaints about immigrants in many of the major receiving countries. In these countries a rather large (10 percent or more) and rising percentage of the population is foreign-born, including many who are in their new countries illegally. Opponents accuse immigrants of causing general economic harm, imposing fiscal costs as immigrants use government services, and increasing crime. International economics is often about emotional issues like immigration, yet we do our best to use economic analysis to think objectively about actual economic effects. In a preview of the analysis of Chapter 15, we can reach two key conclusions about the effects of immigration on the receiving country. First, as with many issues in international economics, there are both winners and losers in the receiving country. Second, we can determine the net effect on the receiving country. Aswe often conclude when we examine freer international exchange, the net national effect of immigration is positive according to the basic economic model, in this case even if we ignore the gains to the immigrants themselves.The third controversy is the exchange rate value of the Chinese yuan. From the mid-1990s to 2005, the Chinese government maintained a fixed exchange rate of the yuan to the U.S. dollar. As China’s trade surplus increased and the Chinese government continually had to enter the foreign exchange market to buy dollars and sell yuan to keep the exchange rate steady, the United States and the European Union increasingly complained about the fixed rate and urged the Chinese government to allow the yuan to rise in value. In 2005 the Chinese government implemented a small revaluation of the yuan, and then it allowed gradual appreciation of the yuan. Yet, the trade surplus continued to increase into 2007, and foreign complaints grew.In the controversy over China’s exchange rate policy, we can see many of the issues that we will examine in Parts Three and Four of the book, including the measurement and meaning of a country’s balance of payments (including its trade balance), government policies toward the foreign exchange market and how a government defends a fixed exchange rate against market pressure for the exchange rate value to change, foreign financial investments and the role of currency speculators, political pressures that can place limits on how long a country with a fixed exchange rate and a trade surplus can maintain the fixed rate value, and how exchange rates affect not only a country’s trade balance, but also its national macroeconomic performance (including production, employment, and inflation).The fourth controversial development is the rising number and importance of sovereign wealth funds—vehicles for national governments to seek high returns on their foreign financial investments. For some countries that have sovereign wealth funds, the national wealth to invest internationally comes from general intervention in the foreign exchange market (example, China); for other countries the wealth comes from foreign sales of crude oil or other commodities. Controversy arises from the close link of national governments to the foreign investments. A government that has a sovereign wealth fund could alter its national economic policies to make larger financial gains on its investments, or it may use these investments to further its foreign political objectives or other nonfinancial objectives. These concerns have some plausibility, because a national government has the power to make decisions and take actions to pursue its national goals even if other countries view the effects of these decisions and actions as harmfulto their national economies or interests. There is little evidence that anything nefarious has actually occurred as sovereign wealth funds have made their foreign investments. Still, most of these funds are secretive, so the suspicions and controversy stay alive.These four controversies show that international economics addresses important current issues. They also can be used to show why international economics is special—why national boundaries matter in economics. The first reason that international economics is special is that some resources do not move freely between countries. Land is essentially immobile. There are substantial impediments to the movement of labor internationally, as we see in the analysis of international migration, because the personal and economic costs to people of moving from one country to another can be substantial, and because government policies often restrict international movements of labor. Financial capital moves more freely, but there still seems to be a home bias to many people’s financial investments.The second reason that international economics is special is that national government policies matter—in fact, they matter in two ways. One way is that national governments can adopt policies toward international transactions. This is seen in the discussion of political efforts to limit international outsourcing. The other way is that national governments adopt different economic policies. These national policies usually are designed to serve national interests, but they often have international effects. The tension between national interests and international effects is raised in the discussions of China’s exchange rate policy and sovereign wealth funds. Tips for teachingOne good way to begin the first class session is with a look at current events, even before the mechanics and requirements of th e course are presented. The instructor might use the day’s newspaper (for instance, the Financial Times or Wall Street Journal) or the week’s magazine (for instance, the Economist or Business Week) to highlight a few stories related to the content of the c ourse. We have found that this is good way to get the students’ attention and interest. Another good beginning would be to provide a discussion that updates one or more of the four controversies in Chapter 1. For example, the instructor could look at the most recent information on China’s trade balance and the exchange rate value of its yuan.You may want to consider beginning other class sessions of the course (not only the first class session) with a look at one or two stories in that day’s newspaper. The stories should relate in some way to the material covered in the course, but they do have to relate to the specific material covered in that day’s session. We have found that this look at current events reinforces the relevance of international economic analysis. It also encourages students to read a good newspaper or magazine and to keep up with current events. In addition, we can model critical reading, if we both summarize the article’s information and offer our own opinion or analysis (or ask the students for their opinions).The instructor may also point out that there is a lot of information on international issues available on the World Wide Web. Figure A.1 in Appendix A provides a list of some important sites.One issue in teaching is to get student s to “take ownership” of the learning of the material. One good way to accomplish this is to get them to teach some of the material. In doing so they gain greater understanding as well as appreciation for the applicability of what sometimes sound like dry concepts and abstract issues. You may want to consider an assignment like the one that Pugel (and others at New York University) have been using successfully. It asks students working in groups to choose a topic based on current and recent events or developments and prepare and make a brief presentation to the rest of the class, during the second half of the course term. The accompanying pages under the heading “Sample Assignment” show a version of this assignment. It is good to get such an assignment set up early in the term, so that students have enough time to gather information and prepare the talk. One more thought--In evaluating each presentation, you may want to get the students in audience involved by asking each to complete a brief evaluation form for each presentation.Sample assignmentNEW YORK UNIVERSITYPRIVATEStern School of BusinessThe Global EconomyGroup PresentationsEach group will give a presentation to the class from one of the topics listed below. Your presentation is an opportunity to hone your research and presentation skills, to apply concepts from this course (and possibly from other courses), to attack a real issue, and to show off your creativity.A presentation will last no longer than 14 minutes. In addition, you will have 3 minutes for questions from the class. I suggest you plan a talk that fills about 12 or 13 minutes to ensure that you finish within time. Going over the time limit for the presentation will result in a lower evaluation score for “style” and overall assessme nt.For the oral part of the presentation, all group members must be involved in speaking. One aspect of the presentation is the ability to transition from one group member to the next as eachin turn makes part of the presentation.Evaluation will be based on three criteria:Informativeness: How much did we learn from your presentation? Analysis and interpretation: Did you effectively analyze and/or interpret the information that you have on the topic? Did we gain novel insights into the topic? Style: Was your presentation clear and compelling? Were the slides effective? Did you keep within the time limit?Above all, keep your classmates interested. If you use PowerPoint, you should bring your presentation to class on a USB memory stick or CD with the presentation file.Presentation TopicsChoose your topic from the list below. Topics will be allocated on a first-come, first-served basis. If you prefer a topic of your own devising, let me know and we’ll discuss it.Each topic comes with a series of questions. There is some scope to modify the questions, if you think it would lead to a more interesting presentation. Just ask me first.After you know your topic, the group should search for information and start to plan the presentation. After you have an idea of what you will talk about, make an appointment to meet with me. You should come to speak with me at least once before giving your presentation. For many topics you can find much information on the Web. With Web research, it is up to you to verify that a source is credible and accurate.Here are the suggested topics.ASEANThe member countries of ASEAN have committed to forming a true free trade area. What are the goals for this AFTA? How much progress has been made? Why has progress not been faster? Are there important issues that seem to thwart or limit the effort? What will happen over the next five years or so?CAFTAThe United States, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic signed the Central American Free Trade Agreement in 2004. What are the key features of the agreement? Why did the various national governments push to reach the agreement? Why has ratification and implementation been rather slow? What will happen in the next three to five years?Byrd AmendmentDefine what this U.S. government policy is and how it works. Why did this policy lead to a dispute settlement case in the WTO? What did the WTO decide? What is the current state of the dispute? Should the United States have more forcefully resisted the WTO pressure to change thispolicy?CottonU.S. policies toward cotton have become globally controversial. What are these policies? What effects do they have on the global cotton market? Why have the policies become controversial? How has the WTO been involved in efforts to alter U.S. cotton policies? What is the outlook for the next several years?Russia and the WTORussia has been in negotiations to join the WTO. What is the process for Russia to accede to membership? How far along is the process? What are the major issues that have been resolved, and what major issues still must be resolved? What is your prediction for when Russia will join? Oil PricesCrude oil prices have increased dramatically since the late 1990s. Is this the reemergence of OPEC as an effective cartel? What is the evidence that OPEC has had an impact? What is the evidence that other factors matter? What do you think will happen to oil prices in the next five years?Malaysia: Did Capital Controls Work?Thailand and Malaysia followed different paths during the Asian crisis, with Malaysia imposing capital controls while Thailand maintained capital mobility. Which worked better? Did Malaysia benefit from reducing its “exposure” to international capital flows?EcuadorEcuador dollarized in 2000. Why did the Ecuadorian government choose this policy? In what ways does it seem to have helped the Ecuadorian economy? In what ways has it hurt or caused problems or costs? Do you think that it was a good or bad idea for Ecuador to dollarize? China’s Yuan Exchange RateThe United States and the European Union have been pressing China’s government to alter its exchange rate policy to allow more flexibility, presumably so that the yuan will appreciate by a substantial amount. What has been an d are China’s policies toward the foreign exchange market? From the point of view of China’s government and the well-being of the Chinese economy and people, what are the main reasons for the Chinese government to allow more flexibility and (probably) subs tantial yuan appreciation? What are the main reasons for China’s government to maintain its current exchange rate policy? What do you think will actually happen in the next two to three years?Euro Area ExpansionThe total number of euro-using countries is now fifteen. But that leaves twelve current EU members still using their national currencies. What is the process for gaining approval to adopt the euro? Which of these other twelve EU members will probably adopt the euro in the next five to ten years? Which will probably not? What are the reasons for these differences?Chapter 2The Basic Theory Using Demand and SupplyOverviewThis chapter indicates why we study theories of international trade and presents the basic theory using supply and demand curves. Trade is important to individual consumers, to workers and other factor owners, to firms, and therefore to the whole economy. The new box, “Trade: Increasingly Important,” provides useful data about the types of products traded and the relatively rapid growth of trade.Trade is also contentious, with perpetual battles over government policies toward trade. To understand the controversy, we need to develop theories of why people trade as they do.It is useful to organize the analysis of international trade by contrasting a world of no trade with a world of free trade, leaving analysis of intermediate cases (e.g., non-prohibitive tariffs) for Part Two. The analysis seeks to answer four key questions about international trade:1.Why do countries trade? What determines the pattern of trade?2.How does trade affect production and consumption in each country?3.What are the gains (or losses) for a country as a whole from trading?4.What are the effects of trade on different groups in a country? Are there groups thatgain and other groups that lose?Theories of international trade provide answers to these four questions.Basic demand and supply analysis can be used to provide early answers to these four questions, as well as to introduce concepts that can be used in more elaborate theories. Using motorbikes as an example, the chapter first reviews the basic analysis of both demand (the demand curve and the role of the product’s price, other influences on quantity demanded, movements along the demand curve and shifts in the demand curve, and the price elasticity of demand as a measure of responsiveness) and supply (the supply curve, the role of marginal cost, other influences on quantity supplied, movements along the supply curve and shifts in the supply curve, and the price elasticity of supply). It pays special attention to the meaning and measurement of consumer surplus and producer surplus. This section, which focuses on review and development of basic tools, ends with the picture of market equilibrium in a national market with no trade as the intersection of the domestic demand curve and the domestic supply curve.The remainder of the chapter examines the use of supply and demand curves to analyze international trade. If there are two national markets for a product and no trade between them, it is likely that the product’s price will differ between the two markets. Someone should notice the difference and try to profit by arbitrage between the two markets. If governments permit free trade, then the export supply from the initially low-priced market (the rest of the world in the textbook example) can satisfy the import demand in the initially high-priced market (the United States in the textbook example), and the world shifts to a free-trade equilibrium. We can show this free trade equilibrium by deriving the supply-of-exports curve for the rest of the world and the demand-for-imports curve for the United States. The international market for the product clears at the intersection of the export-supply and import-demand curves, indicating the equilibrium international or world price and the quantity traded. This equilibrium world price also becomes the domestic price in each country with free trade.The same set of three graphs (the two national markets and the international-trade market) is used to show the effects of the shift from no-trade to free-trade on different groups in each country and to show the net gains from trade for each nation. In the importing country consumers of the product gain consumer surplus and producers of the product lose producer surplus. Using the one-dollar, one-vote metric, the country as a whole gains, because the gain in consumer surplus is larger than the loss of producer surplus. In the exporting country producers of the product gain producer surplus and consumers of the product lose consumer surplus. The analysis shows that the country as a whole gains because the gain in producer surplus is larger than the loss of consumer surplus. Furthermore, the country that gains more from the shift to free trade is the country whose price changes more—the country with the less elastic trade curve (import demand or export supply).TipsWe believe that this chapter is an excellent way to introduce the analysis of trade. The four questions about trade focus student attention on key issues that are interesting to most of them. Students then get a quick payoff through the use of the familiar supply-demand framework. By the end of this short chapter we have preliminary answers to all four trade questions. We have also laid a solid foundation for the analysis of trade using supply and demand curves, the approach that will receive the most attention in Part Two on trade policies.In class presentations it may be useful to show the graphs in a sequence, perhaps using a series of slides. After presenting the review of demand and supply and the national market equilibrium with no trade, the following sequence works well.1.Two national market graphs with no trade, one with a high no-trade price (the United States),and one with a low no-trade price (the rest of the world, or ROW). Question to the class: “If you were the first person to notice this situation, could you make a profit?” This is a goodway to motivate international trade driven by arbitrage.The U.S. national market graph and the international market graph. Question to the class: “Let’s say that the United States is willing to open up to free trade and integrate into the world market. If it does this, the world price will also be the price within the United States. How much will the United States want to import?” It depends on what the world price is. The instructor can pick one or twohypothetical world price(s) (below the no-trade U.S. price), and measure the gap between domestic quantity demanded and domestic quantity supplied. This is the U.S. demand for imports, and these import quantity-price combinations can be used to plot the U.S. demand-for-imports curve in the international market.2. A graph of the international market and the ROW national market. A comparable discussionto item 2 above, to derive the supply-of-exports curve.3.Superimpose the graphs from item 2 on the graphs from item 3. Question to the class: “Whatwill happen with free trade? When there is ongoing free trade, what is the equilibrium world price?” This set of three graphs can be used to show the free-trade equilibrium: world price, quantity traded, and quantities produced and consumed in each country.4. A single graph showing the U.S. national market, to contrast no trade with free trade.Questions to the class: “What group is made happier by the shift from no trade to free trade?What group is a loser? Can we somehow say that the country gains from free trade?”5. A single graph showing the ROW national market, with the same questions in item 5. Subsequent chapters in Part I present additional theories of trade. The figure shown on the accompanying page provides a summary of the key features of these theories. It may be useful to copy and distribute this figure to your students. If it is distributed when the class begins to study the material, it can serve as a roadmap. If it is distributed when the class finishes the lectures on the material, it can serve as a summary and review.For instructors who want to begin with the discussion of absolute and comparative advantage rather than with the supply-and-demand framework that focuses on a single product, this should be possible. After covering the introductory material (the first two pages of Chapter 2, and, possibly, the box “Trade: Increasingly Important”), the course would skip to Chapter 3. The remaining material from Chapter 2 on the supply and demand analysis can be inserted right after Chapter 4’s section referring to analysis using supply and demand curves, or this material can be presented as a separate topic elsewhere in the course.Suggested answers to questions and problems(in the textbook)2. Producer surplus is the net gain to producers from being able to sell a product through amarket. It is the difference between the lowest price at which some producer is willing to supply each unit of the product and the actual market price that is paid, summed over all units that are produced and sold. The lowest price at which someone is willing to supply the unit just covers the extra (marginal) cost of producing that unit. To measure producer surplus for a product using real world data, three major pieces of information are needed. First, the market price. Second, the quantity supplied. Third, some information about the slope (or shape) of the supply curve. How would quantity supplied change if the market price decreased? Or, what are the extra costs of producing each unit up to the actualquantity supplied? Producer surplus could then be measured as the area below the market price line and above the supply curve.4. The country's demand for imports is the amount by which the country's domestic quantitydemanded exceeds the country's domestic quantity supplied. The demand-for-imports curve is derived by finding the difference between domestic quantity demanded anddomestic quantity supplied, for each possible market price for which quantity demanded exceeds quantity supplied. The demand-for-imports curve shows the quantity that the country would want to import for each possible international market price.6.If there were no exports of scrap iron and steel, the domestic market would clear at the price at which domestic quantity demanded equals domestic quantity supplied. But the United States does export scrap iron and steel. The extra demand from foreign buyers increases the market price of scrap iron and steel. Domestic users of scrap iron and steel pay a higher price than they would if there were no exports. Thus, some support aprohibition on these exports, in order to lower the market price of the scrap that they buy. 8. a. With free trade at $67 per barrel:Domestic production Q S : 67 = 0.5 + 35Q S , or Q s = 1.9 billion barrels.Domestic consumption Q D : 67 = 291 - 40Q D , or Q D = 5.6 billion barrels.b. With no imports, domestic quantity supplied must equal domestic quantity demanded Price ($/barrel) 67 1.9 5.6 Quantity (billions of barrels) S US D US(both equal to Q N ) at the domestic equilibrium price P N :291 - 40Q N = 0.5 + 35Q N , or Q N = 3.87 billion barrels produced and consumed.Using one of the equations, we can calculate that the domestic price would be about $136 per barrel.c. Domestic producers of oil would gain, receiving an increase of producer surplus shownas area o in the graph. Domestic consumers of oil would lose, experiencing a loss of consumer surplus shown as area o + i + l in the graph.10. The supply curve S US shifts down (or to the right). The U.S. demand-for-imports curveD m shifts to the left (or down). The equilibrium international price decreases below 1,000—it is shown by the intersection of the new U.S. D m curve and the original S x curve.12. a. In the graphs below, the free trade equilibrium price is P F , the price at which the quantityof exports supplied by Country I equals the quantity of imports demanded by Country II. (The quantity-of-imports demanded curve for country II is the same as the country's regular demand curve.) This world price is above the no-trade price in country I. The quantity traded with free trade is Q T .Price ($/barrel) 136 1.9 3.87 5.6 Quantity(billions of barrels)S US o i l D US 67P P P T T T。
托马斯A普格尔国际贸易英语chap011_图文
Export subsidy and no countervailing duty
Contervailing duty is bad for the country imposing it but good for the whole world.
The net national loses w+z when importing country imposes countervailing duty.
The export price is lower than the full unit cost (including a profit margin).
Types
Predatory dumping
A low export price used by the exporting firm with the intention to drive its competitors in the importing country out of business
Dumping
Selling exports at a price that is “too low,” a price below “normal value” or “fair market value.”
The export price is lower than the price charged for comparable domestic sales in the home market of the exporter.
Actual antidumping policies
The WTO rules permit countries to retaliate against dumping, if the dumping injures domestic importcompeting producers.
国际贸易 托马斯.A.普格尔 中国人民大学出版社 英文第15版
Chapter 02The Basic Theory Using Demand and SupplyOverviewThis chapter indicates why we study theories of international trade and presents the basic theory using supply and demand curves. Trade is important to individual consumers, to workers and other factor owners, to firms, and therefore to the whole economy. The box “Trade Is Important” provides useful data about the types of products traded and the increasing role of trade in national economies.Trade is also contentious, with perpetual battles over government policies toward trade. To understand the controversy, we need to develop theories of why people trade as they do.It is useful to organize the analysis of international trade by contrasting a world of no trade with a world of free trade, leaving analysis of intermediate cases (e.g., non-prohibitive tariffs) for Part Two. The analysis seeks to answer four key questions about international trade:1.Why do countries trade? What determines the pattern of trade?2.How does trade affect production and consumption in each country?3.What are the gains (or losses) for a country as a whole from trading?4.What are the effects of trade on different groups in a country? Are there groups thatgain and other groups that lose?Theories of international trade provide answers to these four questions.Basic demand and supply analysis can be used to provide early answers to these four questions, as well as to introduce concepts that can be used in more elaborate theories. Using motorbikes as an example, the chapter first reviews the basic analysis of both demand (the demand curve and the role of the product’s price, other influences on quantity demanded, movements along the demand curve and shifts in the demand curve, and the price elasticity of demand as a measure of responsiveness) and supply (the supply curve, the role of marginal cost, other influences on quantity supplied, movements along the supply curve and shifts in the supply curve, and the price elasticity of supply). It pays special attention to the meaning and measurement of consumer surplus and producer surplus. This section, which focuses on review and development of basic tools, ends with the picture of market equilibrium in a national market with no trade as the intersection of the domestic demand curve and the domestic supply curve.The remainder of the chapter examines the use of supply and demand curves to analyze international trade. If there are two national markets for a product and no trade between them, it is likely that the product’s price will differ between the two markets. Someone should notice the difference and try to profit by arbitrage between the two markets. If governments permit free trade, then the export supply from the initially low-priced market (the rest of the world in the textbook example) can satisfy the import demand in the initially high-priced market (the United States in the textbook example), and the world shifts to a free-trade equilibrium. We can show this free trade equilibrium by deriving the supply-of-exports curve for the rest of the world and the demand-for-imports curve for the United States. The international market for the product clears at the intersection of the export-supply and import-demand curves, indicating the equilibrium international or world price and the quantity traded. This equilibrium world price also becomes the domestic price in each country with free trade.The same set of three graphs (the two national markets and the international-trade market) is used to show the effects of the shift from no-trade to free-trade on different groups in each country and to show the net gains from trade for each nation. In the importing country consumers of the product gain consumer surplus and producers of the product lose producer surplus. Using the one-dollar, one-vote metric, the country as a whole gains, because the gain in consumer surplus is larger than the loss of producer surplus. In the exporting country producers of the product gain producer surplus and consumers of the product lose consumer surplus. The analysis shows that the country as a whole gains because the gain in producer surplus is larger than the loss of consumer surplus. Furthermore, the country that gains more from the shift to free trade is the country whose price changes more—the country with the less elastic trade curve (import demand or export supply).TipsWe believe that this chapter is an excellent way to introduce the analysis of trade. The four questions about trade focus student attention on key issues that are interesting to most of them. Students then get a quick payoff through the use of the familiar supply-demand framework. By the end of this short chapter we have preliminary answers to all four trade questions. We have also laid a solid foundation for the analysis of trade using supply and demand curves, the approach that will receive the most attention in Part Two on trade policies.In class presentations it may be useful to show the graphs in a sequence, perhaps using a series of slides. After presenting the review of demand and supply and the national market equilibrium with no trade, the following sequence works well.1.Two national market graphs with no trade, one with a high no-trade price (the United States),and one with a low no-trade price (the rest of the world, or ROW). Question to the class: “If you were the first person to notice this situation, could you make a profit?” This is a good way to motivate international trade driven by arbitrage.2.The U.S. national market graph and the international market graph. Question to the class:“Let’s say that the United States is willing to open up to free trade and integrate into the world market. If it does this, the world price will also be the price within the United States.How much will the United States want to import?” It d epends on what the world price is. The instructor can pick one or two hypothetical world price(s) (below the no-trade U.S. price), and measure the gap between domestic quantity demanded and domestic quantity supplied.This is the U.S. demand for imports, and these import quantity-price combinations can be used to plot the U.S. demand-for-imports curve in the international market.3. A graph of the international market and the ROW national market. A comparable discussionto item 2 above, to derive the supply-of-exports curve.4.Superimpose the graphs from item 2 on the graphs from item 3. Question to the class: “Whatwill happen with free trade? When there is ongoing free trade, what is the equilibrium world price?” This set of three graphs can be used to show the free-trade equilibrium: world price, quantity traded, and quantities produced and consumed in each country.5. A single graph showing the U.S. national market, to contrast no trade with free trade.Questions to the class: “What group is made happier by the s hift from no trade to free trade?What group is a loser? Can we somehow say that the country gains from free trade?”6. A single graph showing the ROW national market, with the same questions in item 5.Subsequent chapters in Part I present additional theories of trade. The figure shown on the accompanying page provides a summary of the key features of these theories. It may be useful to copy and distribute this figure to your students. If it is distributed when the class begins to study the material, it can serve as a roadmap. If it is distributed when the class finishes the lectures on the material, it can serve as a summary and review.For instructors who want to begin with the discussion of absolute and comparative advantage rather than with the supply-and-demand framework that focuses on a single product, this should be possible. After covering the introductory material (the first two pages of Chapter 2, and, possibly, the two boxes in the chapter), the course would skip to Chapter 3. The remaining material from Chapter 2 on the supply and demand analysis can be inserted right after Chapter 4’s section referring to analysis using supply and demand curves, or this material can be presented as a separate topic elsewhere in the course.Chapter 2 has the first of six boxes about the global financial and economic crisis that began in 2007 and became dramatically worse in 2008. The box “The Trade Mini-Collapse of 2009” documents and discusses the sharp decline in global trade that began in late 2008 (and the bounce back that occurred in 2010). With the introduction of the global crisis in Chapter One and the series of six boxes, an instructor can weave discussions of the global crisis and its aftermath throughout a course.Suggested answers to questions and problems(in the textbook)2. Producer surplus is the net gain to producers from being able to sell a product through amarket. It is the difference between the lowest price at which some producer is willing to supply each unit of the product and the actual market price that is paid, summed over all units that are produced and sold. The lowest price at which someone is willing to supply the unit just covers the extra (marginal) cost of producing that unit. To measure producer surplus for a product using real world data, three major pieces of information are needed.First, the market price. Second, the quantity supplied. Third, some information about the slope (or shape) of the supply curve. How would quantity supplied change if the market price decreased? Or, what are the extra costs of producing each unit up to the actualquantity supplied? Producer surplus could then be measured as the area below the market price line and above the supply curve.4. The country's demand for imports is the amount by which the country's domestic quantitydemanded exceeds the country's domestic quantity supplied. The demand-for-importscurve is derived by finding the difference between domestic quantity demanded anddomestic quantity supplied, for each possible market price for which quantity demanded exceeds quantity supplied. The demand-for-imports curve shows the quantity that thecountry would want to import for each possible international market price.6. If there were no exports of scrap iron and steel, the domestic market would clear at theprice at which domestic quantity demanded equals domestic quantity supplied. But theUnited States does export scrap iron and steel. The extra demand from foreign buyersincreases the market price of scrap iron and steel. Domestic users of scrap iron and steel pay a higher price than they would if there were no exports. Thus, some support aprohibition on these exports, in order to lower the market price of the scrap that they buy.8. a. With free trade at $60 per barrel:Domestic production Q S: 60 = 2 + 29Q S, or Q s = 2.0 billion barrels.Domestic consumption Q D: 60 = 325 - 50Q D, or Q D = 5.3 billion barrels.b. With no imports, domestic quantity supplied must equal domestic quantity demanded(both equal to Q N ) at the domestic equilibrium price P N :325 - 50Q N = 2 + 29Q N , or Q N = 4.09 billion barrels produced and consumed.Using one of the equations, we can calculate that the domestic price would be almost$121 per barrel.c. Domestic producers of oil would gain, receiving an increase of producer surplusshown as area o in the graph. Domestic consumers of oil would lose, experiencing a loss of consumer surplus shown as area o + i + l in the graph. Price ($/barrel)60 2.0 5.3 Quantity S US D US Price ($/barrel) 1212.0 4.09 5.3 Quantity S US o ilD US6010. The supply curve S US shifts down (or to the right). The U.S. demand-for-imports curveD m shifts to the left (or down). The equilibrium international price decreases below1,000—it is shown by the intersection of the new U.S. D m curve and the original S x curve.12. a. In the graphs below, the free trade equilibrium price is P F, the price at which the quantityof exports supplied by Country I equals the quantity of imports demanded by Country II.(The quantity-of-imports demanded curve for country II is the same as the country'sregular demand curve.) This world price is above the no-trade price in country I. Thequantity traded with free trade is Q T.P PPT TTb. In Country I producer surplus increases by area a + b + c, and consumer surplus falls byarea a + b. The net national gain from free trade is area c. In country II consumer surplus increases by area e and this is also the net national gain from trade. Because there is nodomestic production in Country II with or without trade, there is no change in producersurplus.A guide to the trade theories of Part OneWhat Forces DetermineName of Theory Trade Flows? Some Key Assumptions A. The basic theory Productivities Competition in all markets(Chapters 2-5) Factor Supplies Constant or increasing costsProduct demands Any number of productionfactors (types of labor,land, etc.)B. Supply-oriented theories of trade(special cases of the basic theory,with the demand side neutral):1. Absolute Absolute Competition in all marketsadvantage productivities Constant marginal costs(in Chapter 3) Only one factor (labor)2. Comparative Relative Competition in all marketsadvantage productivities Constant marginal costs(in Chapter 3) Only one factor (labor)3. Factor proportions Relative factor Competition in all markets(Heckscher- endowments Increasing marginal costsOhlin theory, Small number of factorsin Chapters 4-5) Technology neutralC. Additional theories of trade:1. Monopolistic Product differentiation Imperfect competitioncompetition Moderate scale De-emphasize factor(Krugman and economies suppliesothers, in Chapter 6)2. Global oligopoly Substantial internal Imperfect competition(in Chapter 6) scale economies De-emphasize factorHistory, luck, or suppliesgovernment policy3. External economies Substantial external Competition(in Chapter 6) scale economies De-emphasize factorLarge home market, supplieshistory, luck, orgovernment policy4. Technology differences, Technological innovation Competitionincluding product Technological "age" of Importance ofcycle (Vernon and the industry research andothers, in Chapter 7) development。
托马斯A普格尔国际贸易英语chap015
[合作探究·提认知] 电视剧《闯关东》讲述了济南章丘朱家峪人朱开山一家， 从清末到九一八事变爆发闯关东的前尘往事。下图是朱开山 一家从山东辗转逃亡到东北途中可能用到的四种交通工具。
依据材料概括晚清中国交通方式的特点，并分析其成因。 提示：特点：新旧交通工具并存(或：传统的帆船、独轮车， 近代的小火轮、火车同时使用)。 原因：近代西方列强的侵略加剧了中国的贫困，阻碍社会发 展；西方工业文明的冲击与示范；中国民族工业的兴起与发展； 政府及各阶层人士的提倡与推动。
动了经济与社会的发展。
关键词——交通和通讯不断进步、辛亥革命和国民大革命顺应
时
代潮流
图说历史
主旨句归纳
(1)1911年，革命党人发动武昌起义，辛亥
革命
爆发，随后建立了中华民国，颁布了《中
华
民国临时约法》；辛亥革命是中国近代化
进
程的里程碑。
(2)1924年国民党“一大”召开，标志着第 一
关键词——交通和通讯不断进步、辛亥革命和国民大革命顺应
关键词——交通和通讯不断进步、辛亥革命和国民大革命顺应
时代潮流
图说历史
主旨句归纳
(1)近代交通由传统的人力工具逐渐演变为
机械动力牵引的新式交通工具，火车、
汽车、电车、轮船、飞机先后出现。
(2)通讯工具由传统的邮政通信发展为先进
的电讯工具，有线电报、电话、无线电
报先后发明。
(3)近代以来，交通、通讯工具的进步，推
”；此后十年间，航空事业获得较快发展。
筹办航空事宜
处
三、从驿传到邮政 1．邮政 (1)初办邮政： 1896年成立“大清邮政局”，此后又设 ， 邮传邮正传式部脱离海关。 (2)进一步发展：1913年，北洋政府宣布裁撤全部驿站； 1920年，中国首次参加 万国。邮联大会
托马斯.A.普格尔 国际贸易 英语chap011
Fact—serious or potential injury-causality
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Government financial assistance to firms based on how much of a product the firms export.
Ways of export subsidy
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Switching an importable product into an exportable product
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Exportable product –small exporting country
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Dumping
Definition Types Reacting to dumping Actual antidumping policies Proposal for reform
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Figure 14.2 - The Relative Price of Primary Products, 1900-2003
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Exports of manufactures to industrial countries
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Chapter 14
Trade Policies for Developing Countries
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Outline of chapter 14
Which trade policy for developing countries? Are the long-run price trends against primary producers? International cartels to raise primaryproduct prices Import-substitution industrialization(ISI) Exports of manufactures to industrial countries
Erosion of Cartel Power
Declining demand as buyers respond by switching to substitutes Increasing responsiveness of competing supply from noncartel producers Declining share of the cartel’s production in the world market Cheating by the cartel members
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Import-substitution industrialization(ISI) a development strategy in which the government encourages the growth of domestic manufacturing industries by imposing high barriers to the imports of a range of manufactured products
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Figure 14.3 - A Cartel as a ProfitMaximizing Monopoly
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Are the long-run price trends against primary producers?
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International cartels to raise primaryproduct prices OECD:The international crude-oil cartel formed by the governments of a number of the major crude-oil producing countries in the world.
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Trade Policy Alternatives for a Developing Country Focus on exporting primary products Attempt to raise the world prices of primary products that are exported Protect and encourage new industries that produce products sold into the local market Encourage new industries that produce products that are exported
Figure 14.4 - The Changing Mix of Exports from Developing Countries, 1970-2002
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Figure 14.1 - Growth Rates, 1990-2003, and Levels of Income Per Capita, 2003
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Import-Substituting Industrialization
Potential strengths Infant industries can grow up Developing government can get much-needed revenue The country’s international terms of trade can improve Information on demand is acquired cheaply Actual experience Deadweight losses from resource misallocation Developing countries practicing or adopting freertrade policies grow more quickly