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©PearsonEducationLimited2015.Allrightsreserved.1-1Chapter1Introduction©PearsonEducationLimited2015.Allrightsreserved.1-2Preview•Whatisinternationaleconomicsabout?•Internationaltradetopics–Gainsfromtrade,explainingpatternsoftrade,effectsofgovernmentpoliciesontrade•Internationalfinancetopics–Balanceofpayments,exchangeratedetermination,internationalpolicycoordinationandcapitalmarkets•Internationaltradeversusfinance©PearsonEducationLimited2015.Allrightsreserved.1-3WhatIsInternationalEconomicsAbout?•Internationaleconomicsisabouthownationsinteractthrough:–tradeofgoodsandservices,flowsofmoney,andinvestment.•Internationaleconomicsisanoldsubject,butcontinuestogrowinimportanceascountriesbecometiedmoretotheinternationaleconomy.•Nationsarenowmorecloselylinkedthaneverbefore.©PearsonEducationLimited2015.Allrightsreserved.1-4WhatIsInternationalEconomicsAbout?(cont.)•U.S.exportsandimportsassharesofgrossdomesticproducthavebeenonalong-termupwardtrend.–Internationaltradehasroughlytripledinimportancecomparedtotheeconomyasawholeinthepast50years.–Bothimportsandexportsfellin2009duetotherecession.©PearsonEducationLimited2015.Allrightsreserved.1-5Fig.1-1:ExportsandImportsasaPercentageofU.S.NationalIncome©PearsonEducationLimited2015.Allrightsreserved.1-6WhatIsInternationalEconomicsAbout?(cont.)•ComparedtotheUnitedStates,othercountriesareevenmoretiedtointernationaltrade.–TheirimportsandexportsasashareofGDParesubstantiallyhigher.–TheUnitedStates,duetoitssizeanddiversityofresources,relieslessoninternationaltradethanalmostanyothercountry.©PearsonEducationLimited2015.Allrightsreserved.1-7Fig.1-2:AverageofExportsandImportsasPercentageofNationalIncomein2011©PearsonEducationLimited2015.Allrightsreserved.1-8GainsfromTrade•Thattherearegainsfromtradeisprobablythemostimportantinsightininternationaleconomics.•Countriessellinggoodsandservicestoeachotheralmostalwaysgeneratesmutualbenefits.1.Whenabuyerandasellerengageinavoluntarytransaction,bothcanbemadebetteroff.•Norwegianconsumersimportorangesthattheywouldhaveahardtimeproducing.©PearsonEducationLimited2015.Allrightsreserved.1-9GainsfromTrade(cont.)2.Howcouldacountrythatisthemost(least)efficientproducerofeverythinggainfromtrade?•Countriesusefiniteresourcestoproducewhattheyaremostproductiveat(comparedtotheirotherproductionchoices),thentradethoseproductsforgoodsandservicesthattheywanttoconsume.•Countriescanspecializeinproduction,whileconsumingmanygoodsandservicesthroughtrade.©PearsonEducationLimited2015.Allrightsreserved.1-10GainsfromTrade(cont.)3.Tradebenefitscountriesbyallowingthemtoexportgoodsmadewithrelativelyabundantresourcesandimportsgoodsmadewithrelativelyscarceresources.4.Whencountriesspecialize,theymaybemoreefficientduetolarger-scaleproduction.5.Countriesmayalsogainbytradingcurrentresourcesforfutureresources(internationalborrowingandlending)andduetointernationalmigration.©PearsonEducationLimited2015.Allrightsreserved.1-11GainsfromTrade(cont.)•Tradeispredictedtobenefitcountriesasawholeinseveralways,buttrademayharmparticulargroupswithinacountry.–Internationaltradecanharmtheownersofresourcesthatareusedrelativelyintensivelyinindustriesthatcompetewithimports.–Trademaythereforeaffectthedistributionofincomewithinacountry.©PearsonEducationLimited2015.Allrightsreserved.1-12PatternsofTrade•Thepatternoftradedescribeswhosellswhattowhom.•DifferencesinclimateandresourcesexplainwhyBrazilexportscoffeeandSaudiArabiaexportsoil.•ButwhydoesJapanexportautomobiles,whiletheU.S.exportsaircraft?•Whysomecountriesexportcertainproductscanstemfromdifferencesin:–Laborproductivity–Relativesuppliesofcapital,laborandlandandtheiruseintheproductionofdifferentgoodsandservices©PearsonEducationLimited2015.Allrightsreserved.1-13EffectsofGovernmentPoliciesonTrade•Policymakersaffecttheamountoftradethrough–tariffs:ataxonimportsorexports,–quotas:aquantityrestrictiononimportsorexports,–exportsubsidies:apaymenttoproducersthatexport,–orthroughotherregulations(ex.,productspecifications)thatexcludeforeignproductsfromthemarket,butstillallowdomesticproducts.•Whatarethecostsandbenefitsofthesepolicies?©PearsonEducationLimited2015.Allrightsreserved.1-14TheEffectsofGovernmentPoliciesonTrade(cont.)•Ifagovernmentrestrictstrade,whatarethecostsifforeigngovernmentsrespondlikewise?•Tradepoliciesareoftenchosentocatertospecialinterestgroups,ratherthantomaximizenationalwelfare.•Governmentstendtoadopttariffs,thennegotiatethemdowninexchangeforreductionintradebarriersofothercountries.©PearsonEducationLimited2015.Allrightsreserved.1-15InternationalFinanceTopics•Exchangingriskyassetssuchasstocksandbondscanbenefitallcountriesbydiversificationthatreducesthevariabilityofincome–anothersourceofgainsfromtrade.•Mostinternationaltradeinvolvesmonetarytransactions.•Manymonetaryeventshaveimportantconsequencesforinternationaltrade.©PearsonEducationLimited2015.Allrightsreserved.1-16BalanceofPayments•Governmentsmeasurethevalueofexportsandimports,aswellasthevalueoffinancialassetsthatflowintoandoutoftheircountries.–Tradedeficits,wherecountriesimportmorethantheyexportinvalu