国际经济学(双语)-第10章
克鲁格曼国际经济学课件英文官方第10版1第十章
10-13
Counter-Argument
• For some countries like the U.S., an import tariff and/or export tax could improve national welfare at the expense of other countries.
3. Free trade provides competition and opportunities for innovation (dynamic benefits).
– By providing entrepreneurs with an incentive to seek new ways to export or compete with imports, free trade offers more opportunities for learning and innovation.
10-9
The Cases for Free Trade (cont.)
• The political argument for free trade
– Taking politics into account, free trade is the best feasible policy, even though there may be better policies in principle.
• Any policy that deviates from free trade would be quickly manipulated by political groups, leading to decreased national welfare.
克鲁格曼 国际经济学第10版 英文答案 国际贸易部分krugman_intlecon10_im_11_GE
Chapter 11Trade Policy in Developing Countries⏹Chapter OrganizationImport-Substituting IndustrializationThe Infant Industry ArgumentPromoting Manufacturing Through ProtectionismCase Study: Mexico Abandons Import-Substituting IndustrializationResults of Favoring Manufacturing: Problems of Import-Substituting IndustrializationTrade Liberalization since 1985Trade and Growth: Takeoff in AsiaBox: India’s BoomSummary⏹Chapter OverviewThe final two chapters on international trade, Chapters 11 and 12, discuss trade policy considerations in the context of specific issues. Chapter 11 focuses on the use of trade policy in developing countries and Chapter 12 focuses on new controversies in trade policy.Although there is great diversity among developing countries, they share some common policy concerns. These include the development of domestic manufacturing industries, the uneven degree of development within the country, and the desire to foster economic growth and improve living standards. This chapter discusses both the successful and unsuccessful trade policy strategies that have been applied by developing countries in attempts to address these concerns.Many developing countries pose the creation of a significant manufacturing sector as a key goal of economic development. One commonly voiced argument for protecting manufacturing industries is the infant industry argument, which states that developing countries have a potential comparative advantage in manufacturing and can realize that potential through an initial period of protection. This argument assumes market failure in the form of imperfect capital markets or the existence of externalities in production. Such a market failure makes the social return to production higher than the private return. Without some government support, the argument goes, the amount of investment that will occur in this industry will be less than socially optimal levels. Government support can theoretically raise investment up to the socially optimal level. Given these arguments, many nations have attempted import-substituting industrialization, where government support is focused on those industries that compete directly with imports. In the 1950s and 1960s, the strategy was quite popular and did lead to a dramatic reduction in imports in some countries. The overall result, though, was not a success. The infant industry argument did not always hold, as protection could let young industries survive but could not make them efficient. The methods used to protect industries© 2015 Pearson Education Limited60 Krugman/Obstfeld/Melitz •International Economics: Theory & Policy, Tenth Editionwere often complex and overlapped across industries, in some cases leading to exorbitantly high rates of protection. Furthermore, protection often led to an inefficiently small scale of production within countries by creating competition over monopoly profits that would not have existed without protection. By the late 1980s, most countries had shifted away from the strategy, and the chapter includes a case study of Mexico’s change from import substitution to a more open strategy.Since 1985, many developing countries have abandoned import substitution and pursued (sometimes aggressively) trade liberalization. The chapter notes two sides of the experience. On the one hand, trade has gone up considerably and changed in character. Developing countries export far more of their GDP than prior to liberalization, and more of it is in manufacturing as opposed to primary commodities. On the other hand, the growth experience of these countries has not been universally good, and it is difficult to tell if the success stories are due to trade or due to reforms that came at the same time as liberalization. While countries such as the “Asian Tigers,” China and India, have experienced spectacular rates of growth following trade liberalization, only part of this growth can be attributed to trade reform. Furthermore, countries such as Brazil and Mexico that have also moved toward freer trade have not experienced the same rates of economic growth.Answers to Textbook Problems1. The countries that seem to benefit most from international trade include many of the countries of thePacific Rim: South Korea, Taiwan, Singapore, Hong Kong, Malaysia, Indonesia, and others. Though the experience of each country is somewhat different, most of these countries employed some kind of infant industry protection during the beginning phases of their development but then withdrew protection relatively quickly after industries became competitive on world markets. Concerningwhether their experiences lend support to the infant industry argument or argue against it is still a matter of controversy. However, it appears that it would have been difficult for these countries to engage in export-led growth without some kind of initial government intervention. Similarly, both China and India have experienced rapid economic growth following economic liberalization and increased openness. Although part of their growth may be attributed to a reduction in trade barriers, other factors certainly played a role. This disparity is underscored by the fact that nations such as Mexico and Brazil also liberalized trade but have yet to see comparable rates of economic growth. 2. The Japanese example gives pause to those who believe that protectionism is always disastrous.However, Japanese success does not demonstrate that protectionist trade policy was responsible for that success. Japan was an exceptional society that had emerged into the ranks of advanced nations before World War II and was recovering from wartime devastation. It is arguable that economicsuccess would have come anyway, so the apparent success of protection represents a “pseudo-infant industry” case of the kind discussed in the text.3. a. The initial high costs of production would justify infant industry protection if the costs to thesociety during the period of protection were less than the future stream of benefits from a mature, low-cost industry.b. An individual firm does not have an incentive to bear development costs itself for an entireindustry when these benefits will accrue to other firms. The first firm will not factor in how itsinvestment benefits other firms, yielding an inefficiently low level of investment relative to thesocial optimum. There is a stronger case for infant industry protection in this instance because of the existence of market failure in the form of the appropriability of technology.© 2015 Pearson Education Limited4. India ceased being a colony of Britain in 1948; thus, its dramatic break from all imports in favor ofhomemade products following WWII was part of a political break from colonialism. In fact, thepreference for homemade clothing production over British-produced textiles was one of the early battles leading up to independence in India. The presence of a domestic manufacturing lobby inMexico (as opposed to recently deposed colonial firms in India) may have helped keep Mexico open to importing capital goods necessary in the manufacturing process.5. In some countries, the infant industry argument simply did not appear to work well. Such protectionwill not create a competitive manufacturing sector if there are basic reasons why a country does not have a competitive advantage in a particular area. This was particularly the case in manufacturing where many low-income countries lack skilled labor, entrepreneurs, and the level of managerialacumen necessary to be competitive in world markets. The argument is that trade policy alone cannot rectify these problems. Often manufacturing was also created on such a small scale that it made the industries noncompetitive where economies of scale are critical to being a low-cost producer.Moreover protectionist policies in less-developed countries have had a negative impact on incentives, which has led to “rent-seeking” or corruption.。
克鲁格曼国际经济学第十版英文版
Copyright © 2012 Pearson Education. All rights reserved.
2-9
– influence of an economy’s size on trade – distance and other factors that influence trade
• Borders and trade agreements • Globalization: then and now • Changing composition of trade • Service outsourcing
Copyright © 2012 Pearson Education. All rights reserved.
2-11
Distance and Borders
• Estimates of the effect of distance from the gravity model predict that a 1% increase in the distance between countries is associated with a decrease in the volume of trade of 0.7% to 1%.
5. Borders: crosห้องสมุดไป่ตู้ing borders involves formalities that take time and perhaps monetary costs like tariffs.
– These implicit and explicit costs reduce trade. – The existence of borders may also indicate the existence of
国际经济学第五版关键词、复习与思考答案：第10章 区域经济一体化与国际卡特尔
第十章区域经济一体化与国际卡特尔一、关键词1. 区域经济一体化。
是相对于经济全球化而提出的，是指地理区域比较接近的两个或者两个以上国家或地区由政府出面在特定的一体化框架内，通过协调，缔结条约或协定，实施统一的政策或措施，各方互惠互利，以便在经济上实现联合而组成的区域性经济组织。
2. 自由贸易区。
自由贸易区（free trade area）是指成员方通过签订自由贸易协定，逐渐减免甚至取消关税和非关税壁垒，从而逐渐实现商品自由贸易，但各成员方独立地保有对非成员方的关税结构和其他贸易保护措施。
3. 关税同盟。
关税同盟（customs union）是指成员方通过签订条约或协定取消区域内的关税或其他进口限制，实现商品自由贸易，但对非同盟国家实行统一关税税率的一体化组织。
4. 贸易创造。
指各成员之间相互取消关税所带来的贸易规模扩大和福利增加。
5. 贸易转移。
指各成员之间建立共同的对外关税和各成员之间相互取消关税所带来的贸易方向转移，也就是贸易伙伴从组织外国家转换为组织内国家。
6.国际卡特尔。
指跨国界的同类产品的生产者通过某种协议控制产量，划定市场销售份额，将国际市场价格维持在完全竞争价格以上，以获取垄断高额利润为目的的国际寡头垄断的组织形式。
二、复习与思考1. 假定封闭经济状态下产品X的价格在A国是10美元、在B国是8美元、在C国为6美元，并且A国是小国，不能通过贸易影响B国和C国的价格。
如果A国最初对从B国和C国进口的产品X征收非歧视性的100%从价税，那么A国应在国内生产产品X，还是从B国或C国进口产品X？答：如果A国对来自B国和C国的X商品施加100%的从价税，A国将自己生产X商品，因为自行生产的价格是10美元，相比之下，包括关税在内，从B国进口X的商品价格是16美元，从C国进口则是12美元。
2. 以练习题1为基础：（1）如果A国与B国结成关税同盟，A国应在国内生产产品X，还是从B 国或C国进口产品X？（2）A国与B国建立的关税同盟是贸易创造关税同盟，还是贸易转移关税同盟，或两者都不是？答：（1）若A国和B国结成关税同盟，A国从B国进口X商品，这样价格仅为8美元，低于自行生产价格10美元，更低于从C国进口的12美元。
克鲁格曼 国际经济学第10版 英文答案 国际贸易部分krugman_intlecon10_im_12_GE
Chapter 12Controversies in Trade Policy⏹Chapter OrganizationSophisticated Arguments for Activist Trade PolicyTechnology and ExternalitiesImperfect Competition and Strategic Trade PolicyBox: A Warning from Intel’s FounderCase Study: When the Chips Were UpGlobalization and Low-Wage LaborThe Anti-Globalization MovementTrade and Wages RevisitedLabor Standards and Trade NegotiationsEnvironmental and Cultural IssuesThe WTO and National IndependenceCase Study: A Tragedy in BangladeshGlobalization and the EnvironmentGlobalization, Growth, and PollutionThe Problem of “Pollution Havens”The Carbon Tariff DisputeSummary⏹Chapter OverviewAlthough the text has shown why, in general, free trade is a good policy, this chapter considers two controversies in trade policy that challenge free trade. The first regards strategic trade policy. Proponents of activist government trade intervention argue that certain industries are desirable and may be underfunded by markets or dominated by imperfect competition and warrant some government intervention. The second controversy regards the recent debate over the effects of globalization on workers, the environment, and sovereignty. While the anti-globalization arguments often lack sound structure, their visceral nature demonstrates that the spread of trade is extremely troubling to some groups.As seen in the previous chapters, activist trade policy may be justified if there are market failures. One important type of market failure involves externalities present in high-technology industries due to their knowledge creation. Existence of externalities associated with research and development and high technology make the private return to investing in these activities less than their social return. This means© 2015 Pearson Education, Inc.64 Krugman/Obstfeld/Melitz •International Economics: Theory & Policy, Tenth Editionthat the private sector will tend to invest less in high-technology sectors than is socially optimal. Although there may be some case for intervention, the difficulties in targeting the correct industry and understanding the quantitative size of the externality make effective intervention complicated. To address this market failure of insufficient knowledge creation, the first best policy may be to directly support research and development in all industries. Still, although it is a judgment call, the technology spillover case for industrial policy probably has better footing in solid economics than any other argument.Another set of market failures arises when imperfect competition exists. Strategic trade policy by a government can work to deter investment and production by foreign firms and raise the profits of domestic firms.An example is provided in the text that illustrates the case where the increase in profits following the imposition of a subsidy can actually exceed the cost of a subsidy to an imperfectly competitive industryif domestic firms can capture profits from foreign firms. Although this is a valid theoretical argument for strategic policy, it is nonetheless open to criticism in choosing the industries that should be subsidized and the levels of subsidies to these industries. These criticisms are associated with the practical aspects of insufficient information and the threat of foreign retaliation. The case study on the attempts to promote the semiconductor chips industry shows that neither excess returns nor knowledge spillovers necessarily materialize even in industries that seem perfect for activist trade policy.The next section of the chapter examines the anti-globalization movement. In particular, it examines the concerns over low wages in poor countries. Standard analysis suggests that trade should help poor countries and, in particular, help the abundant factor (labor) in those countries. Protests in Seattle, which shut down WTO negotiations, and subsequent demonstrations at other meetings showed, though, that protestors either did not understand or did not agree with this analysis.The concern over low wages in poor countries is a revision of arguments in Chapter 2. Analysis in the current chapter shows again that trade should help the purchasing power of all workers and that if anyone is hurt, it is the workers in labor-scarce countries. The low wages in export sectors of poor countriesare higher than they would be without the export-oriented manufacturing, and although the situation of these workers may be more visible than before, that does not make it worse. Practically, the policy issue is whether or not labor standards should be part of trade pacts. Although such standards may act in ways similar to a domestic minimum wage, developing countries fear that such standards would be used as a protectionist tool. A case study on the 2013 collapse of a garment factory in Bangladesh highlights this tension. The Bangladeshi garment industry would not be globally competitive if it had to raise labor standards to rich country standards. Bangladeshi garment workers, though very poorly paid by rich country standards, earn more than workers in non-export sectors. A potential solution would be for consumers in rich countries to pay more for goods certified to have been produced under improved labor standards, thereby giving producers in poor countries both the means and the incentive to improve labor standards,Anti-globalization protestors were by no means united in their cause. There were also strong concerns that export manufacturing in developing countries was bad for the environment. Again, the issue is whether these concerns should be addressed by tying environmental standards into trade negotiations, and the open question is whether this can be done without destroying the export industries in developing countries. Globalization raises questions of cultural independence and national sovereignty. Specifically, many countries are disturbed by the WTO’s ability to overturn laws that do not seem to be trade restrictions but which nonetheless have trade impacts. This point highlights the difficulty of advancing trade liberalization when the clear impediments to trade—tariffs or quotas—have been removed, yet national policies regarding industry promotion or labor and environmental standards still need to be reformed.© 2015 Pearson Education LimitedThe final section of the chapter examines the link between trade and the environment. In general, production and consumption can cause environmental damage. Yet, as a country’s GDP per capita grows, the environmental damage done first grows and then eventually declines as the country gets rich enough to begin to protect the environment. As trade has lifted incomes of some countries, it may have been bad for the environment—but largely by making poor countries richer, an otherwise good thing. In theory, there could be a concern about “pollution havens,” that is countries with low environmental standards that attract “dirty” industries. There is relatively little evidence of this ph enomenon thus far. Furthermore, the pollution in these locations tends to be localized and is therefore better left to national rather than international policy. The chapter concludes with a discussion of the cap and trade system for greenhouse gases (an example of transboundary pollution) currently being debated in the U.S. Congress. Part of this policy aimed at reducing carbon emissions is an imposition of a “carbon tariff” on imports from countries that do not have their own carbon taxes. Proponents argue that such tariffs are necessary to prevent production from shifting to pollution havens and to reduce the overall level of carbon emissions, while opponents argue that these tariffs are simply more protectionism masquerading as environmental regulation.Answers to Textbook Problems1. The main disadvantage is that strategic trade policy can lead to both “rent-seeking” and beggar-thy-neighbor policies, which can increase one country’s welfare at the other country’s expense. Such policies can lead to a trade war in which every country is worse off, even though one country could become better off in the absence of retaliation. This is the danger in enacting strategic trade policy: It often provokes retaliation, which, in the long run, can make everyone worse off. Furthermore, it can be difficult to identify both which industries to subsidize and how much to subsidize them. Failure to correctly identify these factors can lead to a net loss from a subsidy.2. Globalization has many pros and cons, well-illustrated in famous controversies—like the onestimulated by Joseph Stiglitz’s book, Globalization and Its Discontents. Initiatives like the Doha Development Agenda try to address some of them and find solutions acceptable to every country. 3. The results of basic research may be appropriated by a wider range of firms and industries thanthe results of research applied to specific industrial applications. The benefits to the United States of Japanese basic research would exceed the benefits from Japanese research targeted to specific problems in Japanese industries. A specific application may benefit just one firm in Japan, perhaps simply subsidizing an activity that the market is capable of funding. General research will provide benefits that spill across borders to many firms and may be countering a market failure, externalities present in the advancement of general knowledge.4. The reason why strategic trade policies attract retaliation from other countries is because they presentthe same problems that are faced when considering the use of a tariff to improve the terms of trade.Strategic policies are, in essence, a type of beggar-thy-neighbor policies that increase one country’s welfare at other countries’ expense. A good example is represented by export quot as on scarcemineral ores—like the one adopted by China for Rare Earth Elements (REE) exports since 2006—that have already provoked filing a complaint to the WTO by the US, the EU, and Japan.。
国际经济学英文课件(萨尔瓦多第十版)
International Economic Theories and Policies ■ International Trade Theory 国际贸易理论
■ Analyzes the basis of and the gains from international trade.
FIGURE 1-3 Imports and Exports as a Percentage of U.S. GDP, 1965-2001.
Salvatore: International Economics, 10th Edition © 2010 John Wiley & Sons, Inc.
■ 1980 to present
■ Most pervasive and dramatic period of globalization 全球化最广泛和剧烈的阶段
■ Fueled by improvements in telecommunications and transportation 受益于电信和运输极大改善
imports and exports of goods and services to GDP 用一国商品和服务进出口总值比上GDP的比值来 粗略衡量
Salvatore: International Economics, 10th Edition © 2010 John Wiley & Sons, Inc.
Salvatore: International Economics, 10th Edition © 2010 John Wiley & Sons, Inc.
International Trade and the Nation’s Standard of Living
《国际经济学》第十章
Types of regional trading arrangements
Common Market — all tariffs are removed between members, a common external trade policy is adopted for nonmembers, and all barriers to factor movements among the member countries are removed. (e.g. EC — the European Community) Community)
Trade creation — economic integration leads to a shift in product origin from a domestic producer whose resource costs are higher to a member producer whose resource costs are lower. This shift represents a movement in the direction of the free-trade allocation of resources and freethus is presumably beneficial for welfare. Trade creation causes the national gain shown as area b.
7
Effects of regional trade arrangements
Static effects
– Trade creation effect (consumption effect, production effect) – Trade diversion effect
国际经济学(萨尔瓦多)第10版中文课件
2018/9/12
CUEB-国际经济学 第一章 导论
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第三节 比较优势论
(The Theory of Comparative Advantage)
时间：1817年 代表人物： David Ricardo (英） 代表作：Principles of Political Economy and Taxation
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A和B对X与Y的需求量
X A B 1 1 Y 1 1
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折成劳动量
X A 1 2 3 Y 2 1 3
B
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假设A与B两国的劳动存量
分工的好处和利益必须通过交换来实现；
市场机制是决定分工模式和实现分工利益的最 有效的机制； 国际分工意味着在更大范围内实现生产的专业 化，有助于劳动生产率的提高和收入的增加；
自由的国际贸易是实现国际分工利益的最有效 途径。
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（二）绝对优势理论
CUEB-国际经济学 第一章 导论 2
宏观国际经济理论
2018/9/12
主要内容
一、微观国际经济理论
国际贸易纯理论 国际贸易政策 外汇理论与政策 国际收支调整理论与政策 内外平衡政策
二、宏观国际经济理论
三、生产要素的国际流动 四、国际经济协调
CUEB-国际经济学 第一章 导论 3
国际经济学基础Chapter 10
6
Who is a ‘resident’? resident’
‘Residents’ means businesses, Residents’ individuals and government agencies, including citizens temporarily living abroad but excluding local subsidiaries of foreign corporations Time dimension
PART 4
The Balance of Payments, Foreign Exchange Markets, and Exchange Rates
1
Chapter 10
Balance of Payments
2
Contents
10.1 Introduction 10.2 Balance-of-payments: Definition and Use Balance-of10.3 Balance-of-payments Accounting Principles Balance-of10.4 Double-Entry Bookkeeping Double10.5 The International Transaction of China 10.6 Accounting Balances and Disequilibrium in International Trade 10.7 Measuring Deficits or Surplus in the Balance of Payments 10.8 The international Investment Position
– Money laundering – Illegal drug trade
10《国际经济学》第十章.
关税同盟理论主要研究关税形成后，关税体制的变 更—对内取消关税，对外设置共同关税—对国际贸易的 静态和动态效应。
所谓关税同盟的静态效应，是指假定在经济资源总量 不变、技术条件没有改进的情况下，关税同盟对集团内 外国家、经济发展以及物质福利的影响。
关税同盟的重要特点是“对内自由、对外保护”，关
税同盟在扩大区域贸易的同时，也减少了区域内外国家 之间的贸易往来，因此，它对国际贸易有很大的影响。
End
（二）贸易转移效应（1）
假定缔结关税同盟前关税同盟国不生产某种商 品而采取自由贸易的立场，无税（或关税很低） 地从世界上生产效率最高、成本最低的国家进口 产品；关税同盟建立后，同盟成员国的产品转由 同盟内生产效率最高的国家进口。如果同盟内生 产效率最高的国家不是世界上生产效率最高的国 家，则进口成本较同盟成立增加，消费开支扩大， 使同盟国的社会福利水平下降，这就是贸易转移 效应。
概念：
自由贸易区（Free Trade Area）：它 是指由签订有自由贸易协定的两个或两个 以上的国家或地区组成的贸易区域。自由 贸易区内逐渐减免甚至取消关税与进口数 量限制，同时，保留成员国各自的原有独 立的对区外国家的关税结构和其他贸易保 护措施。
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End
此外，一国由原先从同盟外国家的高价 购买转而从结盟成员国的低价购买也属于 贸易创造。
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贸易创造效应
第一，由于成员国之间相互取消关税，成员 国由原先生产并消费本国的高成本、高价格产 品，转向购买成员国的低价格产品，从而使消 费者节省开支，增加福利。
第二，提高生产效率，降低成本。从一国看， 以扩大的贸易取代了本国的低效率生产；从关 税同盟的整体看，生产从高成本的成员国转向 低成本成员国，因二提高了资源配置效率，给 成员国带来福利的增加。它代表了关税同盟的 自由贸易方向。
国际经济学英文课件chapter10
Chapter 10
2
10.1 Foreign Exchange Markets
▪ Definition
Foreign exchange markets are the markets where individuals, firms and banks buy and sell foreign currencies or foreign exchange.
A weighted average of the exchange rates between the domestic currency and the nation’s most important trade partners, with weights given by the relative importance of the nation’s trade with each of these trade partners.
Normal Exchange Rate Real Exchange Rate
Chapter 10
11
10.2.2 Arbitrage
Definition
Arbitrage refers to the purchase of a currency where it is cheaper for immediate resale where it is more expensive in order to make a profit.
the Balance of Payments
Chapter 10
8
10.2.1 Equilibrium Foreign Exchange Rates
Definition
See Table 14.2 (P463)
克鲁格曼 国际经济学第10版 英文答案 国际贸易部分krugman_intlecon10_im_09
Chapter 9The Instruments of Trade PolicyChapter OrganizationBasic Tariff AnalysisSupply, Demand, and Trade in a Single IndustryEffects of a TariffMeasuring the Amount of ProtectionCosts and Benefits of a TariffConsumer and Producer SurplusMeasuring the Costs and BenefitsBox: Tariffs for the Long HaulOther Instruments of Trade PolicyExport Subsidies: TheoryCase Study: Europe’s Common Agricultural PolicyImport Quotas: TheoryCase Study: An Import Quota in Practice: U.S. SugarVoluntary Export RestraintsCase Study: A Voluntary Export Restraint in PracticeLocal Content RequirementsBox: Bridging the GapOther Trade Policy InstrumentsThe Effects of Trade Policy: A SummarySummaryAPPENDIX TO CHAPTER 9: Tariffs and Import Quotas in the Presence of Monopoly The Model with Free TradeThe Model with a TariffThe Model with an Import QuotaComparing a Tariff and a Quota© 2015 Pearson Education Limited46 Krugman/Obstfeld/Melitz •International Economics: Theory & Policy, Tenth EditionChapter OverviewThis chapter and the next three focus on international trade policy. Students will have heard in the media various arguments for and against restrictive trade practices. Some of these arguments are sound, and some are clearly not grounded in fact. This chapter provides a framework for analyzing the economic effects of trade policies by describing the tools of trade policy and analyzing their effects on consumers and producers in domestic and foreign countries. Case studies discuss actual episodes of restrictive trade practices. An instructor might try to underscore the relevance of these issues by having students scan newspapers and magazines for other timely examples of protectionism at work.The analysis presented here takes a partial equilibrium view, focusing on demand and supply in one market, rather than the general equilibrium approach followed in previous chapters. Import demand and export supply curves are derived from domestic and foreign demand and supply curves. There are a number of trade policy instruments analyzed in this chapter using these tools. Some of the important instrumentsof trade policy include specific tariffs, defined as taxes levied as a fixed charge for each unit of a good imported; ad valorem tariffs, levied as a fraction of the value of the imported good; export subsidies, which are payments given to a firm or industry that ships a good abroad; import quotas, which are direct restrictions on the quantity of some good that may be imported; voluntary export restraints, which are quotas on trading that are imposed by the exporting country instead of the importing country; and local content requirements, which are regulations that require that some specified fraction of a good is produced domestically.The import supply and export demand analysis assumes a large country tariff, in which the imposition of a tariff drives a wedge between prices in domestic and foreign markets, and increases prices in the country imposing the tariff and lowers the price in the other country by less than the amount of the tariff. This contrasts with most textbook presentations, which make the small country assumption that the domestic internal price equals the world price plus the tariff. The chapter also discusses how the actual protection provided by a tariff may not equal the tariff rate if imported intermediate goods are used in the production of the protected good. The proper measurement, the effective rate of protection, is described in the text and calculated for a sample problem.The analysis of the costs and benefits of trade restrictions require tools of welfare analysis. The text explains the essential tools of consumer and producer surplus. Consumer surplus on each unit sold is defined as the difference between the actual price and the amount that consumers would have been willing to pay for the product. Geometrically, consumer surplus is equal to the area under the demand curve and above the price of the good. Producer surplus is the difference between the minimum amount for which a producer is willing to sell his product and the price that he actually receives. Geometrically, producer surplus is equal to the area above the supply curve and below the price line. These tools are fundamental to the student’s understanding of the implications of trade policies and should be developed carefully.The costs of a tariff include distortionary efficiency losses in both consumption and production. A tariff provides gains from terms of trade improvement when and if it lowers the foreign export price. Summing the areas in a diagram of internal demand and supply provides a method for analyzing the net loss or gain from a tariff. The gain from a tariff is larger the greater is the decrease in foreign export price from the tariff (as the tariff-imposing country is able to pass some of the costs of the tariff on to foreign exporters). Because large countries will have a larger influence on export prices than small countries, a large country is more likely to gain and, therefore, impose an import tariff.Other instruments of trade policy can be analyzed with this method. An export subsidy operates in exactly the reverse fashion of an import tariff. For example, Europe’s common agricultural policy has raised the price European farmers receive so much that Europe ends up exporting agricultural goods despite very high labor and land costs. The net cost of this shift to consumers is about $30 billion a year.An import quota has similar effects as an import tariff upon prices and quantities, but revenues, in the form of quota rents, accrue to the quota license holders, who are often foreign producers. For example, a quota on sugar imported into the United States has greatly increased the fortunes of foreign sugar producers (many of which are owned by American sugar refiners), at a significant cost to American consumers. Estimates place the cost of each job in the American sugar industry “saved” by protection at $1.75 million. Voluntary export restraints are a form of quotas in which import licenses are held by foreign governments. For example, Japan voluntarily limited exports of cars to the United States to forestall any import tariffs on cars from Japan in the wake of the oil price spike of 1979. The net result of these VER’s was to raise the price of Japanese cars, with the gains accruing directly to Japanese manufacturers. A similar story is happening now with voluntary export restraints on solar panels exported from China to the European Union.Another trade instrument is to mandate local content requirements. These raise the price of imports as well as domestic goods competing with imports but do not yield either tariff revenue or quota rents. The recent construction of the new Bay Bridge linking San Francisco and Oakland is used as a case study. Federal funding was available for this project but would have required the state of California to use a much more costly American contractor as opposed to the significantly cheaper Chinese bid. In the end, the bridge was built through local bonds rather than federal funding because of the local content requirement of federal funding.The Appendix discusses tariffs and import quotas in the presence of a domestic monopoly. Free trade eliminates the monopoly power of a domestic producer, and the monopolist mimics the actions of a firm in a perfectly competitive market, setting output such that marginal cost equals world price. A tariff raises domestic price. The monopolist, still facing a perfectly elastic demand curve, sets output such that marginal cost equals internal price. A monopolist faces a downward-sloping demand curve under a quota. A quota is not equivalent to a tariff in this case. Domestic production is lower and internal price higher when a particular level of imports is obtained through the imposition of a quota rather than a tariff.Answers to Textbook Problems1. The import demand equation, MD, is found by subtracting the Home supply equation from the Homedemand equation. This results in MD= 80 - 40 ⨯P. Without trade, domestic prices and quantities adjust such that import demand is 0. Thus, the price in the absence of trade is 2.2. a. Foreign’s export supply curve, XS, is XS=-40 + 40⨯P. In the absence of trade, the price is 1.b. When trade occurs, export supply is equal to import demand, XS=MD. Thus, using the equationsfrom Problems 1 and 2a, P= 1.50, and the volume of trade is 20.© 2015 Pearson Education Limited48 Krugman/Obstfeld/Melitz •International Economics: Theory & Policy, Tenth Edition3. a. The new MD curve is 80 - 40 ⨯ (P+ t) where t is the specific tariff rate, equal to 0.5. (Note: Insolving these problems, you should be careful about whether a specific tariff or ad valorem tariff is imposed. With an ad valorem tariff, the MD equation would be expressed as MD= 80 - 40 ⨯ (1 + t)P. The equation for the export supply curve by the foreign country is unchanged.MD=XS80 - 40 ⨯ (P+ 0.5) = 40P- 4080 - 20 - 40P= 40P- 4080P= 100P World= 1.25P Home=P World+t= 1.25 + 0.5 = 1.75Trade =MD=XS= (40 ⨯ 1.25) - 40 = 10D Home= 100 - (20 ⨯ 1.75) = 65S Home= 20 + (20 ⨯ 1.75) = 55D Foreign= 80 - (20 ⨯ 1.25) = 55S Foreign= 40 + (20 ⨯ 1.25) = 65b. andc. The welfare of the Home country is best studied using the combined numerical andgraphical solutions presented below in Figure 9-1.Figure 9-1where the areas in the figure are:a.55(1.75 - 1.50) - 0.5(55 - 50)(1.75 - 1.50) = 13.125b. 0.5(55 - 50)(1.75 - 1.50) = 0.625c. (65 - 55)(1.75 - 1.50) = 2.50d. 0.5(70 - 65)(1.75 - 1.50) = 0.625e. (65 - 55)(1.50 - 1.25) = 2.50Consumer surplus change: -(a+ b+ c+ d) =-16.875. Producer surplus change: a= 13.125.Government revenue change: c+ e= 5. Efficiency losses b+ d are exceeded by terms of tradegain e. (Note: In the calculations for the a, b, and d areas, a figure of 0.5 shows up. This is because we are measuring the area of a triangle, which is one-half of the area of the rectangle defined by the product of the horizontal and vertical sides.)4. Using the same solution methodology as in Problem 3, when the Home country is very small relativeto the Foreign country, its effects on the terms of trade are expected to be much smaller. The small country is much more likely to be hurt by its imposition of a tariff. Indeed, this intuition is shown in this problem. The free trade equilibrium is now at the price $1.09 and the trade volume is now 36.40.With the imposition of a tariff of 0.5 by Home, the new world price is $1.045, the internal Home price is $1.545, Home demand is 69.10 units, Home supply is 50.90, and the volume of trade is 18.20. When Home is relatively small, the effect of a tariff on world price is smaller than when Home is relatively large. When Foreign and Home were closer in size, a tariff of 0.5 by Home lowered world price by25 percent, whereas in this case the same tariff lowers world price by about 5 percent. The internalHome price is now closer to the free trade price plus t than when Home was relatively large. In this case, the government revenues from the tariff equal 9.10, the consumer surplus loss is 33.51, and the producer surplus gain is 21.089. The distortionary losses associated with the tariff (areas b+ d) sum to 4.14 and the terms of trade gain (e) is 0.819. Clearly, in this small country example, the distortionary losses from the tariff swamp the terms of trade gains. The general lesson is that the smaller the economy, the larger the losses from a tariff because the terms of trade gains are smaller.5. Dumping is a situation of selling the product at a lower price in the international market compared tothe domestic market. An anti-dumping shows that the companies sell the product lower than the cost of production. When companies follow the dumping and anti-dumping activities, the consumerpurchases the product at a lower price in the dumped country. This leads to the increase in thepurchasing power and welfare of the consumer. The increased competition forces the domesticproducer to cut prices and the overall market price falls.6.An imposition of tariff increases the price of the product at home. This leads to a decrease in quantitydemanded, hence a decrease in import. As demand decreases the income of the exporting country also falls. A decline in income of the export country leads to a reduction in demand for foreign goods.This means, the export of the home country also declines. An imposition of protective tariff increases domestic employment, competing with the foreign industries. This is because, a low import of commodity results in higher demand for the domestic product hence increasing employment.Yes, there might be indirect employment losses in other sectors. The countries which imposes tariff are also unable to export more. This is because an imposition of protective tariff reduces the income of the foreign country, hence reducing demand. Similarly, the domestic industries that use the imported goods as input, also find it expensive to use those imported goods due to the imposition of tariff. This might reduce the employment in other sectors.7. We first use Foreign’s export supply and Home’s import demand curves to determine the newworld price. The Foreign supply of exports curve, with a Foreign subsidy of 0.5 per unit, becomes XS=-40 + 40(1 + 0.5) ⨯P. The equilibrium world price is 1.2, and the internal Foreign price is 1.8.The volume of trade is 32. The Foreign demand and supply curves are used to determine the costs and benefits of the subsidy. Construct a diagram similar to that in the text and calculate the area of the various polygons. The government must provide (1.8 - 1.2)⨯ 32 = 19.2 units of output to support the subsidy. Foreign producer surplus rises due to the subsidy by the amount of 15.3 units of output.Foreign consumer surplus falls due to the higher price by 7.5 units of the good. Thus, the net loss to Foreign due to the subsidy is 7.5 + 19.2 - 15.3 = 11.4 units of output. Home consumers and producers face an internal price of 1.2 as a result of the subsidy. Home consumers surplus rises by 70 ⨯ 0.3 +0.5 (6⨯ 0.3) = 21.9, while Home producer surplus falls by 44 ⨯ 0.3 + 0.5(6 ⨯ 0.3) = 14.1, for a netgain of 7.8 units of output.© 2015 Pearson Education Limited50 Krugman/Obstfeld/Melitz •International Economics: Theory & Policy, Tenth Edition8. a. False, unemployment has more to do with labor market issues and the business cycle than withtariff policy. Empirical estimates suggest that the cost to society of jobs saved through tariffs isexorbitantly high, and tariffs may actually increase unemployment in nonprotected industries.b. False, the opposite is true because tariffs by large countries can actually reduce world prices,which helps offset their effects on consumers.c. This kind of policy might reduce automobile production and Mexico but also would increase theprice of automobiles in the United States and would result in the same welfare loss associatedwith any quota.9. At a price of $10 per bag of peanuts, Acirema imports 200 bags of peanuts. A quota limiting theimport of peanuts to 50 bags has the following effects:a. Set MD= 50 to find the post-quota price: 350 - 15P= 50. The price of peanuts rises to $20 per bag.b. The quota rents are ($20 - $10) ⨯ 50 = $500.c. The consumption distortion loss is 0.5 ⨯ 100 bags ⨯ $10 per bag = $500.d. The production distortion loss is 0.5 ⨯ 50 bags ⨯ $10 per bag = $250.10.An export subsidy would reduce the supply of sugar in Brazil and hence raise the domestic price. Therise in domestic price is less than 20%. The terms of trade will worsen for Brazil. This is because it lowers the price of sugar in the foreign market due to the increased supply. This leads to an additional loss in the terms of trade, equal to the price difference, due to the increased supply in the importing country.The government can impose countervailing import duties to protect the domestic producers and the price in the importing country.11. It would improve the income distribution within the economy because wages in manufacturingwould increase, and real incomes for others in the economy would decrease due to higher prices for manufactured goods. This is true only under the assumption that manufacturing wages arelower than all others in the economy. If they were higher than others in the economy, the tariffpolicies would worsen the income distribution.。
国际经济学 英文版 第十章
FIGURE 10.1 Terms of Trade of Developing Countries
10-10 of 54
Import-Substitution Development Strategy
• These policies are designed to promote rapid industrialization and development by erecting high barriers to foreign goods to encourage local production.
ห้องสมุดไป่ตู้
10-16 of 54
FIGURE 10.2 Patterns of Production and Consumption with Neutral Growth
10-17 of 54
Neutral Economic Growth
• A proportionate increase in all resources and consumption so that trade also expands proportionately to the growth of the economy. • After growth, the economy continues to produce and consume the two goods in the same ratios as before growth (refer to Figure 10.2).
– – – – High levels of consumption Broad-based educational achievement Adequate housing Access to high-quality health care, etc.
《国际经济学第十章》PPT课件复习进程
章节结构
❖ 简介 ❖ 汇率和国际交易 ❖ 外汇市场 ❖ 汇率决定理论
简介
❖ 汇率之所以非常重要是因为它使我们能够 把不同国家的价格转化为可比形式。
❖ 汇率有着与其他资产价格同样的定价方式。 ❖ 学习本章总的目的是：
理解汇率是如何决定的 理解汇率在国际贸易中的作用
汇率和国际交易
购买力平价与Βιβλιοθήκη 实脱轨的原因❖ 经验证据不支持购买力平价和一价定律的 原因在于:
贸易壁垒的存在 非自由竞争 不同国家价格水平计量方面的差异 它假设所有商品都是贸易商品，忽视了非贸易
商品的存在。
它过分强调了物价对汇率的影响，汇率的变化 也可以影响物价。
结束
❖使出口商品的相对价格上升 ❖使进口商品的相对价格下降
一国货币贬值：
❖使出口商品的相对价格下降 ❖使进口商品的相对价格上升
汇率和国际交易
表 10-2： 美元/英镑汇率和美国名牌牛仔裤与英国毛衣的相对价格
外汇市场
❖ 汇率是由外汇市场决定的。
外汇市场就是国际货币的交易场所。
❖ 外汇市场的参与者
外汇市场的主要参与者包括：
卖出价
美元 100 港币 100 欧元 100 英镑 100 日元 100
683.60 682.23
88.19
88.01
959.09 955.25
1125.41 1120.91
6.99
6.97
676.76 87.40 925.04 1085.46 6.75
684.97 88.37 962.93 1129.91 7.02
❖本国货币贬值
以本币表示的外币价格上涨 本国出口商品对外国人来说变便宜了，外
国际经济学理论与政策--双语各章练习
国际经济学理论与政策--双语各章练习Quiz for Chapter 12Ⅰ. Fill the following blanks with the proper word or expression1. Y-( )=CA2、National income equals GNP less ( ),plus ( ),less( ). 3. GNP equals GDP ( ) net receipts of factor income from the rest of the world. 4. The national income identity for an open economy is ( ).5. When a country 's exports exceed its imports, we say the country has a current account ( ).6. The current account includes( )7. Any transaction resulting in a payment to foreigners is entered in the balance of payment account as a ( ).8. In a closed economy, national saving always equals ( ).9.When official reserves increase, this will be recorded in the ( ), with ( )sign. 10. When debit is bigger than net decrease of the reserve, the difference will go to the ( ).Ⅱ. True or false1. The balance of payments accounts always balance in practice as theymust in theory.( )2. Net unilateral transfers are considered part of the current accountsbut not a part of national income .( ) 3. The GNP a country generates over some time period must equal its national income ,the income earned in that period by its factors of production. ( )4. When you buy a share of Microsoft stock , you are buying neither a good or a service , so your purchase dose not show up in GNP. ( )5. If the government deficit rises and private saving and investment donot change much ,the current account surplus must fall by roughly the same account as the increase in the fiscal deficit. ( )6. We include income on foreign investment in the current account because that income really is compensation for the services provided by foreign investments.( )7. Remember that foreign borrowing may not always be a bad idea :a country that borrows abroad to undertake profitable domestic investment can pay its creditors and still have money left over.( )8. Government agencies including central banks can freely hold foreign reserves and intervene officially in exchange market.( )9. When the United States lends abroad, a payment is made to foreignersand the capital account is credited. 10. One reason intervention is importantis that central banks use it as a way of altering the amount of money in circulation.Ⅲ. Answer the following questions:1. Why account keepers adds the account a statistical discrepancy to the balance of payment?2. The nation of Pecunia had a current account deficit of ＄1 billion anda nonreserve financial account surplusof ＄550 million in 2021.(1) What was the balance of payments of Pecunia in that year? What happened to the country’s net foreignassets?(2) Assume that foreign central banks neither buy nor sell Pecunian assets. How did the Pecunian central bankshad purchased ＄600 million of Pecunian assets in 2021? How would this official intervention show up in the balance of payments accounts?(3) How would your answer to (2) change if you learned that foreigncentral banks had purchased enter foreignbalance of payments accounts?Ⅳ. Fill the following blanks:China's balance of payment in 2000Unit US dollar (million) Balance Current Account Goods Services Income Unilateral Transfer Capital Account Direct investment Portfolio investment Other capital Statistical Discrepancy Official Reserve34473 -5600 -14665 6311 37482 -3990 -31534 -11929 Quiz for Chapter 13Ⅰ. Fill the following blanks with the proper word or expression1. Changes in exchange rates are described as or .2. Foreign exchange deals sometimes specify a value date farther away thantwo-days-30 days, 90days, 180 days, or even several years. The exchange rates quoted in such transactions are called 3. is the most liquid of assets4. The ease with which the asset can be sold or exchange for goods, wecall the character is 5. A foreign is a spot sale of a currency combined with a forward repurchase of the currency. 6. The foreign exchange market is in when deposits of all currencies offer the same expected rate of return.7. The price of one currency in terms of another is called an8. All else equal, a in the expected future exchange rate causes a rise in the current exchange rate. 9. is the percentage increase in value, it offers over some time period.10. All else equal, an in the interest paid on deposits of a currency causes that currency toappreciate against foreign currencies.Ⅱ. True or false1. A rate of appreciation of the dollar against the euro is the rate of depreciation of the euro against dollar.( )2. The exchange rate quoted as the price of foreign currency in terms of domestic currency is called direct quotation. ( )3. all else equal, an appreciation of a country's currency makes its goods cheaper for foreigners. ( )4. The foreign exchange market is in equilibrium when deposits of all currencies offer the same expected rate of return. ( )5. All else equal., When a country's currency depreciated, domestic residents find that imports from abroad are more expensive. ( )6. Central bank is at the center of the foreign exchange market.( )7. A depreciation of the dollar against euro today makes euro deposit less attractive on the condition that expected future dollar/euro rate and interest rates do not change.( )8. all else equal, a decrease of the interest paid on deposit of USdollars causes dollars to appreciate against foreign currency.( )9. New York. is the largest foreign exchange market in the world. ( )10. A fall in the expected future exchange rate causes a fall in the current exchange rate.Ⅲ. Answer the following questions:1. Currently, the spot exchange rate is US$1=SF1.50 and the expected exchange rate for six month is SF1.55. the interest rate is 8% in the US per annum and 10% in the Switzerland per annum. （1）Determine whether interest rate parity is currently holding.（2）If it is not holding, what will happen in the foreign exchange market?.（3）If the expected exchange rate is unchanged, what is the spot rate when foreign exchange rate is in equilibrium?2. Suppose the dollar interest rate and the pound sterling interest rate are the same, 5 percent per year. What is the relation between the current equilibrium ＄/￡ exchange rate and its expected future level? Suppose the expected future ＄/￡ exchange rate, ＄1.52 per pound, remains constant as Britain’s interest rate rises to 10 percent per year. If the U.S. interest rate also remains constant, what is the new equilibrium ＄/￡ exchange rate?Quiz for Chapter 14Ⅰ. Fill the following blanks wi th the proper word or expression1. M1 includes __________.2. An economy ' s money supply is controlled by _________________.3. Three main factors that determine aggregate money demand are4. When money supply equals money demand, we say that the money market is_______________________. 5. A rise in the average value of transactionscarried out by a household or firm cause its demand for money to .6. is an important phenomenon because it helps explain whyexchange rates move so sharply from day to day.7. If the economy is initially at full employment, a permanent increase inthe money supply eventually be followed by in the pricelevel.8. Overshooting is a direct consequence of the short-run9. An economy’s is the position it would eventually reach if no neweconomic shocks occurred during the adjustment to full employment.10. All else equal, a permanent in a country’s money supplycauses a proportional long-run depreciation of its currency against foreigncurrencies.Ⅱ. True or false1. An increase in real output lowers the interest rate. ( )2. In the short run, a reduction in a country's money supply causes itscurrency to appreciate in the foreign exchange market. ( )3. All else equal, an increase in a country 's money supply causes aproportional increase in its price level in the long run. ( )3. All else equal, a rise in the interest rate causes the demand for moneyto fall. ( ) 4. If there is initially an excess demand of money, theinterest rate falls in the short-run. ( )5. A rise in the average value of transactions carried out by a householdor firm causes its demand for money to fall. ( )6. Given the price level and out put, an increase in the money supply lowers the interest rate. ( )7. A change in the supply of money has effect on the long-run values of the interest rate or real output. ( )8. The higher the interest rate, the more you sacrifice by holding wealth in the form of money. ( )9. An increase in real output lowers the interest rate, given the price level and the money supply( ) 10. An economy experiences inflation when its price level is falling. ( )感谢您的阅读，祝您生活愉快。
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IS* Y*
It
is different from the previous model in two aspects. Home’s income will have a spilling-over effect on Foreign. Assume capital has perfect mobility.
10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates 10.2 International Transmission of Macroeconomic Policies under Floating Exchange Rates 10.3 International Transmission of Inflation 10.4 International Policy Coordination and Monetary Cooperation
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10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates
Chapter 10 International Transmission and Coordination of Macroeconomic Policies
10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates 10.2 International Transmission of Macroeconomic Policies under Floating Exchange Rates 10.3 International Transmission of Inflation 10.4 International Policy Coordination and Monetary Cooperation
−
E2:
Y↓ (Y2>Y0), r↓ (r2>r0) E2*: Y*↑ (Y2*), r*↑ (r2*=r2)
10.2 International Transmission of Macroeconomic Policies under Floating Exchange Rates International Transmission of Monetary Policy under Floating Exchange Rates
r↓
K*↑ BP* e*↓ f*↓ Ms*↑ L M * Y*↑, r*↓
+
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Y↓ (Y2>Y0), r↑ (r2<r0) E2*: Y*↑ (Y2*), r*↓ (r2*=r2)
10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates
10.2 International Transmission of Macroeconomic Policies under Floating Exchange Rates
International Transmission of Fiscal Policy under Floating Exchange Rates
The above findings are based on perfect capital mobility assumption. But even if capital cannot flow totally smoothly, these conclusions will not be overthrown. An expansionary fiscal policy or a monetary policy of the home country still has positive spilling-over effect on the foreign country. But the spilling-over effect of a fiscal policy becomes stronger while that of a monetary policy becomes weaker.
10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates
Two-Nation Mundell-Fleming Model
r LM E E* r* LM*
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e +K :
Because
the rise in the interest rate crowds out investment. The increase of the foreign country’s output results from the spilling-out effect of the home country’s income increase but it is partly offset by the rise of the interest rate.
10.1 International Transmission of Macroeconomic Policies under Fixed Exchange Rates
International Transmission of Fiscal Policy under Fixed Exchange Rates Under fixed exchange rates, an expansionary fiscal policy of the home country brings about output increases of both the home country and the foreign country. But compared with the case of single country, the output increase of the home country resulting from fiscal policy is smaller.
International Economics
Chapter 10
International Transmission and Coordination of Macroeconomic Policies
Chapter 10 International Transmission and Coordination of Macroeconomic Policies
e +K :
G↑ IS E1: Y↑(Y1) M↑ X*↑ IS * E 1 * : Y*↑(Y1*)
r↑(r1) r1*< r1 K↑ BP+ e↓ f↓ Ms↑ L M
r*↑(r1*< r1)
Y↑ M↑ X*↑ IS * Y*↑
Under floating exchange rates, an expansionary fiscal policy of the home country results in output increases of both the home country and the foreign country. Compared with the case of single country, an expansionary fiscal policy of the home country will not be unable to increase output. The world r is driven high and then e↓will totally offset the expansionary effect of fiscal policy. Foreign output increases. Y↑brings about M↑, i.e. X*↑, causing Y*↑. r↑ results in e↓ and X*↑, causing Y*↑.