区域贸易安排
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o economieΒιβλιοθήκη Baidu of scale – access to a larger
market allows producers to become more efficient through greater specialization, better equipment, and usage of by-products
EU Agricultural Policy – Subsidies
P304
LOGO
o export subsidies also used to maintain higher prices of EU - common policy 欧盟农业政策—补贴 o EU producers sell for low price but receive higher price o EU purchases any surplus o surplus then sold on world market for lower price
European Union & Maastricht
P301
LOGO
o 1991 Maastricht Treaty established monetary union and euro as common currency by 2002
欧盟与马斯特里赫协议 o convergence criteria:
example: EU
Types of Regional Agreements (cont.)
o Economic union – common market agreement with P293:
1) common national, taxation, fiscal, and social 区域经贸协议的类型 policies among members 2) transfers of sovereignty to a supranational 经济同盟 authority example: Belgium and Luxembourg 1920s
increased rate of return and ability to spread R&D costs trade makes greater levels of investment more likely
European Union
P300
LOGO
Treaty of Rome – 1957 – established European Community – precursor to EU
European Union: 1960 - 1985
LOGO
o EU members removed tariffs in 1968 leading to fivefold increase in trade o EU adopted common external tariffs in 1970 making it a customs union o trade creation: machinery, transportation equipment, chemicals & raw materials o trade diversion: agricultural commodities and raw materials o trade creation exceeded trade diversion o EU saw increases in economies of scale, competition & investment o 1985 EU eliminated nontariff barriers resulting in creation of European common market
1) inflation ≤ 1.5% above average inflation of three countries with lowest inflation 2) long term interest rates ≤ 2.0% above average of same three countries 3) exchange rate within target bands of monetary union for 2 years 4) budget deficit ≤ 3.0% of GDP 5) government debt ≤ 60.0% of GDP
LOGO
o Monetary union P293– economic union with additional characteristic of common monetary policy and common currency P293
example: United States
货币同盟
Dynamic Effects of Trade Arrangements
example: Benelux
o Common market – agreement that permits (1) free trade among members; (2) common external trade restrictions; (3) free movement of factors of production.
EU Agricultural Policy - Variable Levies LOGO
P303
o no restriction on agriculture traded internally o EU policy based in part on variable levies 欧盟农业政策 --差价税 o adjusted to maintain desired price levels o more restrictive than an import quota in that foreign producers cannot cut prices and absorb tariff cost to maintain export sales
o definition – region in which it is economically preferable to have a single official currency 最优货币区 o success of common currency area:
• similar business cycles • similar economic structures • single monetary policy affecting all members in same manner • absence of legal or cultural barriers that would limit labor mobility • wage flexibility • stabilizing transfer system
1)1957: Belgium, France, Italy, Luxembourg, Netherlands & West Germany 2)1973: United Kingdom, Ireland & Denmark 3)1981: Greece 4)1987: Spain & Portugal 5)1995: Austria, Finland & Sweden 6)2004: Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia & Slovenia 7)2007: Bulgaria & Romania
European Monetary Union
P306
LOGO
A common currency also implied the need for a single European Central Bank responsible for all 欧洲货币联盟 monetary and exchange rate policies of the EMU. oadvantages: • eliminated exchange rate risk • reduced currency conversion costs • insulation from monetary disturbance & speculation
Types of Regional Agreements
P292
LOGO
o Free-trade area – agreement to remove trade barriers among members.
example: NAFTA 区域经贸协议的类型
o Customs union – agreement to remove trade barriers among members and impose uniform trade restrictions against non-members.
odisadvantages: • loss of individual monetary authority • transition to common currency could lead to speculative attacks
Optimum Currency Areas
P307
LOGO
o EU concerns based on rigid wages and limited labor mobility tied to cultural factors
North American Free Trade Agreement
o free trade area for U.S., Canada & Mexico but not a customs union 北美自由贸易区 o issues: • U.S. & Canada represented developed economies while Mexico was a developing economy • Mexico’s authoritarian political system • substantial difference in standard of living between Mexico and Canada & U.S. o decision: integrate Mexico to stimulate development or allow problems in that nation to continue to spill over borders
国际贸易
广州大学华软软件学院国际经贸系 贺 锋
2012-2013第二学期
第八章 区域贸易安排
LOGO
1
2
第一节 第二节
3
4
第三节
第四节
Regional Integration vs Multilateralism
P291
LOGO
o regional trade blocs could be a complement to multilateralism by setting a precedent which other区域经济一体化与多边主义 nations will follow o can lead to deeper integration o however regional agreements are also discriminatory in that some nations are treated differently than others o decreases incentives for nations to pursue multilateral agreements o trade bloc members may not gain additional economies of scale through multilateralism
LOGO
o greater competition – increased number
of producers makes collusion less likely and forces firms to become more efficient
o stimulus of investment – because of
market allows producers to become more efficient through greater specialization, better equipment, and usage of by-products
EU Agricultural Policy – Subsidies
P304
LOGO
o export subsidies also used to maintain higher prices of EU - common policy 欧盟农业政策—补贴 o EU producers sell for low price but receive higher price o EU purchases any surplus o surplus then sold on world market for lower price
European Union & Maastricht
P301
LOGO
o 1991 Maastricht Treaty established monetary union and euro as common currency by 2002
欧盟与马斯特里赫协议 o convergence criteria:
example: EU
Types of Regional Agreements (cont.)
o Economic union – common market agreement with P293:
1) common national, taxation, fiscal, and social 区域经贸协议的类型 policies among members 2) transfers of sovereignty to a supranational 经济同盟 authority example: Belgium and Luxembourg 1920s
increased rate of return and ability to spread R&D costs trade makes greater levels of investment more likely
European Union
P300
LOGO
Treaty of Rome – 1957 – established European Community – precursor to EU
European Union: 1960 - 1985
LOGO
o EU members removed tariffs in 1968 leading to fivefold increase in trade o EU adopted common external tariffs in 1970 making it a customs union o trade creation: machinery, transportation equipment, chemicals & raw materials o trade diversion: agricultural commodities and raw materials o trade creation exceeded trade diversion o EU saw increases in economies of scale, competition & investment o 1985 EU eliminated nontariff barriers resulting in creation of European common market
1) inflation ≤ 1.5% above average inflation of three countries with lowest inflation 2) long term interest rates ≤ 2.0% above average of same three countries 3) exchange rate within target bands of monetary union for 2 years 4) budget deficit ≤ 3.0% of GDP 5) government debt ≤ 60.0% of GDP
LOGO
o Monetary union P293– economic union with additional characteristic of common monetary policy and common currency P293
example: United States
货币同盟
Dynamic Effects of Trade Arrangements
example: Benelux
o Common market – agreement that permits (1) free trade among members; (2) common external trade restrictions; (3) free movement of factors of production.
EU Agricultural Policy - Variable Levies LOGO
P303
o no restriction on agriculture traded internally o EU policy based in part on variable levies 欧盟农业政策 --差价税 o adjusted to maintain desired price levels o more restrictive than an import quota in that foreign producers cannot cut prices and absorb tariff cost to maintain export sales
o definition – region in which it is economically preferable to have a single official currency 最优货币区 o success of common currency area:
• similar business cycles • similar economic structures • single monetary policy affecting all members in same manner • absence of legal or cultural barriers that would limit labor mobility • wage flexibility • stabilizing transfer system
1)1957: Belgium, France, Italy, Luxembourg, Netherlands & West Germany 2)1973: United Kingdom, Ireland & Denmark 3)1981: Greece 4)1987: Spain & Portugal 5)1995: Austria, Finland & Sweden 6)2004: Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia & Slovenia 7)2007: Bulgaria & Romania
European Monetary Union
P306
LOGO
A common currency also implied the need for a single European Central Bank responsible for all 欧洲货币联盟 monetary and exchange rate policies of the EMU. oadvantages: • eliminated exchange rate risk • reduced currency conversion costs • insulation from monetary disturbance & speculation
Types of Regional Agreements
P292
LOGO
o Free-trade area – agreement to remove trade barriers among members.
example: NAFTA 区域经贸协议的类型
o Customs union – agreement to remove trade barriers among members and impose uniform trade restrictions against non-members.
odisadvantages: • loss of individual monetary authority • transition to common currency could lead to speculative attacks
Optimum Currency Areas
P307
LOGO
o EU concerns based on rigid wages and limited labor mobility tied to cultural factors
North American Free Trade Agreement
o free trade area for U.S., Canada & Mexico but not a customs union 北美自由贸易区 o issues: • U.S. & Canada represented developed economies while Mexico was a developing economy • Mexico’s authoritarian political system • substantial difference in standard of living between Mexico and Canada & U.S. o decision: integrate Mexico to stimulate development or allow problems in that nation to continue to spill over borders
国际贸易
广州大学华软软件学院国际经贸系 贺 锋
2012-2013第二学期
第八章 区域贸易安排
LOGO
1
2
第一节 第二节
3
4
第三节
第四节
Regional Integration vs Multilateralism
P291
LOGO
o regional trade blocs could be a complement to multilateralism by setting a precedent which other区域经济一体化与多边主义 nations will follow o can lead to deeper integration o however regional agreements are also discriminatory in that some nations are treated differently than others o decreases incentives for nations to pursue multilateral agreements o trade bloc members may not gain additional economies of scale through multilateralism
LOGO
o greater competition – increased number
of producers makes collusion less likely and forces firms to become more efficient
o stimulus of investment – because of