International Economics An Introduction to Theory and Policy 2nd Edition by Rajat Acharyya ISBN 9780192865144 0192865145

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ISBN 10: 0192865145
ISBN 13: 9780192865144
Author: Rajat Acharyya

International Economics An Introduction to Theory and Policy 2nd Edition Table of contents:

Part I Basis and Gains from Inter-industry Trade

Chapter 1 Basis of Inter-industry Trade

1.1 Arbitrage and Inter-industry Trade

1.2 Comparative Advantage

1.2.1 Public Policy and Induced Comparative Advantage: Fundamental Sources

1.2.2 Selective Factor Disadvantage, Innovations, and Shifting Comparative Advantage

1.2.3 Comparative Advantage in vertical stages of production: Global Value Chain

1.3 Digital and Virtual Trade

1.4 Advanced Topic: Revealed Comparative Advantage

Chapter 2 Gains from Trade

2.1 Trade, Gains, and Redistribution

2.2 Resource Reallocation and Gains from Trade

2.3 Decomposition of GFT: Specialization and Exchange Gains

2.3.1 Substitution Possibility in Consumption and the Exchange Gain

2.3.2 Substitution Possibility in Production and Specialization Gain

2.4 Sufficient Conditions for GFT

2.5 Pollution: A Trade-Off between GFT and Environmental Degradation

2.6 Increasing Returns to Scale (IRS) and GFT

2.6.1 Case I: GFT under Weak IRS and Violation of Tangency Condition

2.6.2 Case II: GFT under Strong IRS and Non-convexity

Appendix A2

I. Returns to Scale and Convexity of the Production Set

Chapter 3 Test of Comparative Advantage and Measuring GFT

3.1 Measuring the Welfare Change: Compensating and Equivalent Variations

3.2 GFT by CV Measure

3.3 Equivalent Variation and GFT

3.4 A Test of Comparative Advantage: The Case of Japan

Chapter 4 International Equilibrium and the Terms of Trade

4.1 Offer Curve of the Home Country

4.2 Backward Bending Offer Curve

4.3 Offer Curve under Constant Opportunity Cost

4.4 Foreign Offer Curve and the International Equilibrium

4.5 Welfare Properties of the International Equilibrium

4.5.1 Gains from trade revisited

4.5.2 Global Pareto optimality offree trade bundle

Appendix A4

I. Geometric Measurement of the Import Demand Elasticity along Offer Curve

II. Existence, Uniqueness, and Stability of International Equilibrium

III. Trade Indifference Curves and Alternative Derivation of Offer Curves

IV. Measurement and Trends in Barter TOT

Part II Theories of Comparative Advantage and Pattern of Trade

Chapter 5 Technology and Trade

5.1 Constant Opportunity Cost, Technology, and Trade

5.2 Role of Relative Size of Trading Nations and Distribution of GFT

5.3 Advanced Topics

5.3.1 Many Commodity Extension

5.3.2 World Production Possibility Frontier and Many Countries Extension

5.3.3 Technology for Sale

5.4 International Trade and Technology Choice

Chapter 6 Factor Endowment and Trade

6.1 Assumptions and the Structure of the HOS Model

6.2 Autarchic Equilibrium and the Pattern of Trade

6.3 Two Properties of the Model: Output and Price Magnification Effects

6.3.1 Endowment Shock and Output Changes

6.3.2 Price Magnification Effect

6.4 Factor Prices at the Post-trade Equilibrium

Appendix A6

I. Full Employment Output Levels and Conditions for Incomplete Specialization

II. Price Magnification Effect

III. Algebraic Derivation of the Relative Supply Curve

IV. Output Magnification Effect or the Rybczynski Theorem

V. A Fixed Coefficient HOS Model

Chapter 7 Digressions on Factor Endowment Theory and Trade Empirics

7.1 Empirical Tests of the HO Theorem: Leontief Paradox

7.2 Factor Content and the HOV Theorem

7.3 Price Magnification Effect and FPE Revisited

7.3.1 Factor Immobility and Specific Factors

7.3.2 Non-traded Goods

7.3.3 Advanced Topic: FPE in Higher Dimensions

7.4 Advanced Topic: Evidence on Within Country Wage Movements and the Wage Gap Debate

Appendix A7

I. Price Magnification Effect in the SF Model

II. Growth in Labour Force and Relative Supply

Part III Basis and Gains from Intra-industry Trade

Chapter 8 Theories of Intra-industry Trade

8.1 IIT in Identical Products

8.2 IIT in Horizontally Differentiated Products

8.2.1 Love for Variety Approach, Monopolistic Competition, and IIT

8.2.2 Characteristic Approach

8.3 Product Development and IIT in Vertically Differentiated Products

8.4 Firm Heterogeneity and Export Decision

8.5 Advanced Topic: Intra-industry Trade Indices

8.5.1 The Grubel-Lloyd (GL) Index of Intra-industry Trade

8.5.2 Other Measures and Refinements of the GL Index of Intra-industry Trade

Appendix A8

I. Algebra of Brander (1981) Model with Transport Cost: Linear Market Example

II. Monopolistic Competition and IIT in Differentiated Goods: Krugman (1979)

Part IV Trade Intervention and Coordination

Chapter 9 Import Tariff and Export Subsidies

9.1 Economic Effects of an Import Tariff: A Partial Equilibrium Analysis

9.2 Revenue Motive and Revenue Maximizing Tariff

9.3 General Equilibrium Analysis: TOT and Volume of Trade (VOT) Effects

9.3.1 Change in Output, Consumption, and Volume of Trade for a Small Economy

9.3.2 TOT Effect, Welfare Change, and the Optimum Tariff for a Large Country

9.3.3 Tariff Retaliation and Trade War among Countries

9.4 Tariffs and Protection of Domestic Industries

9.4.1 Infant Industry Argument for Protection

9.4.2 Imported Input and Effective Rate of Protection

9.4.3 Tariff Protection in a Large Country: The Metzler Paradox

9.5 Tariff and Income Distribution

9.6 Export Subsidy, TOT Deterioration, and Welfare Loss

Appendix A9

I. Import Demand Elasticity and Its Decomposition

II. Change in Real Income and the Optimum Tariff

III. Revenue Maximizing and Optimum Tariffs

IV. Welfare Reaction Curves

V. Lerner’s Symmetry Result

VI. Lerner’s Case: Government Spending and TOT Deterioration

VII. Symmetry of Lerner’s Case and the Metzler Paradox

Chapter 10 Quantitative Restrictions, Non-tariff Barriers, and Equivalence

10.1 Import Quota, Implicit Tariff, and Scarcity Rent

10.2 Voluntary Export Restraints

10.3 Other Non-tariff Barriers

Chapter 11 Market Imperfection and Trade Policy

11.1 Competitive World Production and Domestic Monopoly

11.2 Protection of a Domestic Monopoly

11.2.1 Competitive Foreign Supply: Non-equivalence of Tariff and Quota

11.2.2 Monopoly Foreign Supplier and Strategic Competition

11.3 International Price Discrimination and Dumping

11.4 International Market Share Rivalry and Strategic Trade Policy

11.4.1 Export Subsidies and Market Share Rivalry

11.4.2 Tariff as an Export Promotion Strategy

11.5 Advanced Topic: Monopoly, Pareto Sub-Optimality, and GFT

Appendix A11

I. Decomposition of the Change in Real Income in a Non-competitive Economy

Chapter 12 Political Economy of Trade Policy

12.1 DUP Lobbying Activities

12.2 Political Economy of Trade Policy Choice

12.2.1 Democracy, Political Risk, and Political Support Approach

12.2.2 Lobbying and Contribution Approaches

Appendix A12

I. Comparison of Profits Under Import Quota and Import Tariff

Chapter 13 Market Failure, Distortions, and Trade Policy

13.1 Taxonomy of Distortions

13.1.1 Types of Distortions

13.1.2 Causes of Distortions

13.2 Optimal Intervention

13.2.1 Tariff or Quota as Optimal Policy Intervention for Foreign Distortion

13.2.2 Optimal Policy Intervention for Production Distortion

13.2.3 Optimal Policy Intervention for Consumption Distortion

Appendix A13

I. Product Distortion under Wage Differential

Chapter 14 Multilateralism and Regionalism

14.1 Typology of Regional Trading Agreements (RTAs) and Economic Cooperation

14.1.1 Different Stages of Regional Economic Cooperation

14.1.2 Evolution of the European Union through Successive Stages of Cooperation

14.1.3 Open and Unanimous Regionalism

14.1.4 Scope and Coverage of RTAs

14.2 Bilateralism and Regionalism: Old and the Contemporary

14.2.1 Pre-World War I Bilateralism and Regionalism

14.2.2 Post-World War and Contemporary Regionalism

14.3 Regional Trading Agreements: Trends, Causes, and Effects

14.3.1 Growth, Composition, and Distribution of RTAs

14.3.2 Economic Effects and Gains from Regionalism

14.3.3 Why are RTAs Formed?

14.4 Multilateralism in the Post-WTO Era and Global Free Trade

14.4.1 From Regionalism to Multilateralism?

Part V Input Trade, Services, and Growth

Chapter 15 Trade, Growth, and Inclusion

15.1 International Trade and Growth

15.1.1 Trade as an Engine of Growth

15.1.2 Trade as Vent for Surplus

15.1.3 Trade, Redistribution, and Growth

15.1.4 Trade, Variety, and Growth

15.1.5 Import-led Growth (ILG)

15.1.6 Country Experiences

15.2 Growth, TOT, and Welfare

15.2.1 Secular Deterioration in TOT for a Primary Good Exporter

15.2.2 Immiserizing Growth

15.3 Trade, Growth, and Inclusion

Appendix A15

I. Diversification of the Export Basket

II. Composition of the Export Basket: Manufacturing and High-Technology Exports

Chapter 16 Foreign Capital Inflow, Multinationals, and Migration

16.1 Factor Flows and the Goods Price Equalization (GPE) Theorem

16.2 Foreign Capital Inflow: Causes and Consequences

16.2.1 Growth, Welfare, and Distributional Consequences of Foreign Capital Inflow

16.2.2 Foreign Capital Inflow and Aggregate Employment in the Host Country

16.3 Foreign Direct Investment and Multinational Corporations (MNCs)

16.3.1 Tariff Jumping Theory

16.3.2 Fragmentation and Economies of Scale

16.3.3 Fragmentation, Vertical Specialization and Global Value Chain

16.3.4 Government Policies in Developing Countries: Export Processing Zones (EPZs)

16.4 Asymmetry between Labour Migration and Capital Flow

Chapter 17 Services Trade

17.1 Conceptual Issues

17.2 Services Trade: Types and Trends

17.3 Determinants of Services Trade

17.4 Services Trade, Welfare Gains, and Growth

17.4.1 Welfare Gains and Income Distribution

17.4.2 Services Export-Led Growth

Part VI Standards, Regulations, and Multilateral Trade Agreements

Chapter 18 Product Standards, Regulations, and Trade

18.1 Quality Standards, Trade, and Employment

18.2 Labour Standards and Trade Sanctions

18.3 Environmental Standards, Trade, and FDI

18.3.1 Standards, Comparative Advantage, and Unfair Trade

18.3.2 Trade, Income Gains, and Demand for Higher Standards

18.3.3 Capital Flight, Pollution Havens, and Migration of Dirty Industries

Chapter 19 World Trade Organization and Trade Agreements

19.1 Structure and Functions of the WTO

19.1.1 Structure of the WTO

19.1.2 Functions of the WTO

19.2 Decision Making

19.3 WTO Rules and Principles of Trade Policy

19.4 WTO Agreements

19.4.1 Multilateral Agreements on Trade in Goods

19.4.2 Agreement on Trade Related Intellectual Property Rights (TRIPS)

19.4.3 Plurilateral Trade Agreements: Agreement on Government Procurement (GPA)

Appendix A19

I. Tariff Reductions and Market Access for Non-agricultural Products (NAMA)

Part VII Theory of Balance of Payments and Open Economy Macroeconomics

Chapter 20 Balance of Payments and National Income Accounting

20.1 Classification of Transactions and Sub-accounts

20.2 BOP Accounting: An Example

20.3 Autonomous and Accommodating Transactions and BOP Equilibrium

20.4 Basic Identities in BOP and National Income Accounting

Chapter 21 National Income and Current Account Balance: The Income Approach

21.1 Effective Demand, National Income, and Trade Balance: Income Approach

21.2 Expenditure and Foreign Trade Multipliers Without the International Transmission Effect

21.2.1 Foreign Trade Multipliers

21.2.2 Expenditure Multipliers

21.3 International Transmission Mechanism

21.4 Transfers and Trade Balance: The Transfer Problem

21.4.1 The Classical Case

21.4.2 Under-Effected Transfer in a Keynesian World

Appendix A21

I. Foreign Trade and Expenditure Multipliers without Transmission Mechanism

II. Expenditure Multiplier with Transmission Mechanism

III. Transfer, TOT, and Real Income of the Donor

IV. Under-Effected Transfer in an Effective-Demand Model

Chapter 22 International Currency Systems and Exchange Rate Regimes

22.1 The International Monetary System

22.1.1 Gold Standard

22.1.2 Bretton Woods and Thereafter

22.1.3 Different Currency and Exchange Rate Regimes in the Post-Bretton Woods Era

22.2 Exchange Rate under a Clean Float

22.3 Interventions in the Foreign Exchange Market

22.3.1 A Dirty or Managed Float

22.3.2 Over-Valued Pegged Exchange Rate Regime

22.3.3 Exchange Control and Black Market for Foreign Exchange

22.3.4 BOP Crisis under Over-Valued Pegged Exchange Rate Regime

22.3.5 Target Zone

22.4 India’s BOP Crisis and Its Exchange Rate Policies

Appendix A22

I. Existence, Uniqueness, and Stability in the Foreign Exchange Market under Clean Float

II. The Optimal Under-Invoicing of Exports

III. Allocation of Expenditure and Black Market Dollar Demand

Chapter 23 BOP Adjustment Policies in a Pegged Exchange Rate Regime

23.1 Two Types of Adjustment Policies

23.1.1 Expenditure Reducing Policies: Absorption Approach

23.1.2 Expenditure Switching Policy: Elasticity Approach

23.2 Synthesis Approach

23.2.1 Expenditure Reducing Policy

23.2.2 Expenditure Switching Policies

23.3 Internal and External Balance and the Policy Conflict

23.4 Advanced Topics on Devaluation

23.4.1 The Laursen-Metzler Effect

23.4.2 Non-traded Good, Real Exchange Rate, and Devaluation

Appendix A23

I. Elasticity Approach

II. Synthesis Approach: Slopes of YiYi and TBi = 0 Curves

III. Devaluation and Trade Balance

IV. Tariff, National Income, and Trade Balance

V. Devaluation and the Real Exchange Rate

Chapter 24 Money, Price, and Exchange Rate

24.1 The Monetarist Approach to BOP

24.1.1 Hume’s Price-Specie Flow Mechanism

24.1.2 Building Blocks of the Monetarist Model

24.1.3 Monetary Adjustment under Fixed Exchange Rate

24.1.4 Monetary Adjustment under Flexible Exchange Rate

24.2 Monetary Adjustment under Keynesian Assumption

24.2.1 Mundell’s Income-Specie Flow Mechanism

24.2.2 Capital Mobility and Stabilization Policies under Pegged Exchange Rate

24.2.3 Capital Mobility and Stabilization Policies under Clean Float

24.3 Asset Market, Portfolio Choice, and the Exchange Rate

24.4 Purchasing Power Parity and the Exchange Rate

24.4.1 Wage-Price Flexibility and the Long-Run Exchange Rate

24.4.2 The Purchasing Power Parity Puzzle

24.4.3 Exchange Rate Pass-Through

Appendix A24

I. Price Changes in Monetarist Model under Flexible Exchange Rate

II. Mundell-Fleming Model under Flexible Exchange Rate: Shift of the IS Curve and the B = 0 Locus

Chapter 25 Financial Crises in the Developing World

25.1 Latin American Debt Crisis of the 1980s

25.1.1 Austerity measures and management of the Debt Crisis

25.2 Financial Crisis in Asia in late 1990s

25.2.1 Nature, Dimension and Cause of the crisis

25.2.2 Measures to manage the crisis

25.3 Current Scenario: Another Debt Crisis on the Card?

Chapter 26 Currency Regimes Revisited

26.1 Policy Targets and Choice of Exchange Rate Regime

26.1.1 Targeting BOP Equilibrium

26.1.2 Insulating the Domestic Economy: Inflation and Output

26.1.3 Uncertainty and Destabilizing Speculative Activity

26.1.4 Internal Balance and Effectiveness of Domestic Stabilizing Policies

26.1.5 Autonomy of Domestic Monetary Policy

26.2 Capital Flows, Money Supply, and Exchange Rate: The Impossible Trinity

26.3 Optimum Currency Area

Glossary of International Agencies

Index

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