International-Trade(14-Edition)-托马斯A普格尔课后习题双数题参考答案

1AnswerstoEvenProblemsforThomasPugel,InternationalEconomicsText(14thEdition)TRADEMODULEChapter1InternationalEconomicsIsDifferentOverviewTheintroductiontothesubjectofinternationaleconomicshasthreemajorpurposes:1.Showthatinternationaleconomicsaddressesimportantandinterestingcurrenteventsandissues.2.Showwhyinternationaleconomicsisspecial.3.Provideabroadoverviewofthebook.Webeginwithfourcontroversiesthatshowtheimportanceofcurrentissuesaddressedbyinternationaleconomics.Thefirstistheriseofinternationaloutsourcing(oroffshoring)ofserviceactivitiesandjobsfromtheUnitedStatesandotherindustrializedcountriestoIndiaandotherdevelopingcountries.Hereweintroducetheideathatbusinessactivitiesthatwouldbenormalandalmostunnoticediftheyoccurwithinacountrycanbecomeprominentpoliticalissueswhentheycrossnationalboundaries.Abusinessisalwayslookingforwaystolowercosts,andbuyinginputsfromoutsidesuppliersratherthanmakingtheinputsitselfisoneofitsstandardchoices.ButbuyingbusinessservicessuchastelephonecallcentersandsoftwaredevelopmentfromIndiaaffectswhite-collarworkersintheindustrializedcountries.Suchashiftcanleadtosubstantialmediaattention,eventhoughtheoverallsizeoftheoutsourcingisnotthatlarge.Eventhoughinternationaloutsourcingisjustanotherformofinternationaltradethatgenerallybringsnationalgainsoverall,politicalpressurespushgovernmentofficialstodosomethingtodefendlocaljobs.Inthiscasetheoptionsforgovernmentpoliciesthatcanreducetheoutsourcingarelimited,buttherehavebeenproposalstoprohibitgovernmentcontractswithprivatefirmsiftheyoffshoresomeofthework.Thesecondisinternationalmigration,especiallytheincreasinglyvehementcomplaintsaboutimmigrantsinmanyofthemajorreceivingcountries.Inthesecountriesaratherlarge(10percentormore)andrisingpercentageofthepopulationisforeign-born,includingmanywhoareintheirnewcountriesillegally.Opponentsaccuseimmigrantsofcausinggeneraleconomicharm,imposingfiscalcostsasimmigrantsusegovernmentservices,andincreasingcrime.Internationaleconomicsisoftenaboutemotionalissueslikeimmigration,yetwedoourbesttouseeconomicanalysistothinkobjectivelyaboutactualeconomiceffects.InapreviewoftheanalysisofChapter15,wecanreachtwokeyconclusionsabouttheeffectsofimmigrationonthereceivingcountry.First,aswithmanyissuesininternationaleconomics,therearebothwinnersandlosersinthereceivingcountry.Second,wecandeterminetheneteffectonthereceivingcountry.As2weoftenconcludewhenweexaminefreerinternationalexchange,thenetnationaleffectofimmigrationispositiveaccordingtothebasiceconomicmodel,inthiscaseevenifweignorethegainstotheimmigrantsthemselves.ThethirdcontroversyistheexchangeratevalueoftheChineseyuan.Fromthemid-1990sto2005,theChinesegovernmentmaintainedafixedexchangerateoftheyuantotheU.S.dollar.AsChina’stradesurplusincreasedandtheChinesegovernmentcontinuallyhadtoentertheforeignexchangemarkettobuydollarsandsellyuantokeeptheexchangeratesteady,theUnitedStatesandtheEuropeanUnionincreasinglycomplainedaboutthefixedrateandurgedtheChinesegovernmenttoallowtheyuantoriseinvalue.In2005theChinesegovernmentimplementedasmallrevaluationoftheyuan,andthenitallowedgradualappreciationoftheyuan.Yet,thetradesurpluscontinuedtoincreaseinto2007,andforeigncomplaintsgrew.InthecontroversyoverChina’sexchangeratepolicy,wecanseemanyoftheissuesthatwewillexamineinPartsThreeandFourofthebook,includingthemeasurementandmeaningofacountry’sbalanceofpayments(includingitstradebalance),governmentpoliciestowardtheforeignexchangemarketandhowagovernmentdefendsafixedexchangerateagainstmarketpressurefortheexchangeratevaluetochange,foreignfinancialinvestmentsandtheroleofcurrencyspeculators,politicalpressuresthatcanplacelimitsonhowlongacountrywithafixedexchangerateandatradesurpluscanmaintainthefixedratevalue,andhowexchangeratesaffectnotonlyacountry’stradebalance,butalsoitsnationalmacroeconomicperformance(includingproduction,employment,andinflation).Thefourthcontroversialdevelopmentistherisingnumberandimportanceofsovereignwealthfunds—vehiclesfornationalgovernmentstoseekhighreturnsontheirforeignfinancialinvestments.Forsomecountriesthathavesovereignwealthfunds,thenationalwealthtoinvestinternationallycomesfromgeneralinterventionintheforeignexchangemarket(example,China);forothercountriesthewealthcomesfromforeignsalesofcrudeoilorothercommodities.Controversyarisesfromthecloselinkofnationalgovernmentstotheforeigninvestments.Agovernmentthathasasovereignwealthfundcouldalteritsnationaleconomicpoliciestomakelargerfinancialgainsonitsinvestments,oritmayusetheseinvestmentstofurtheritsforeignpoliticalobjectivesorothernonfinancialobjectives.Theseconcernshavesomeplausibility,becauseanationalgovernmenthasthepowertomakedecisionsandtakeactionstopursueitsnationalgoalsevenifothercountriesviewtheeffectsofthesedecisionsandactionsasharmfultotheirnationaleconomiesorinterests.Thereislittleevidencethatanythingnefarioushasactuallyoccurredassovereignwealthfundshavemadetheirforeigninvestments.Still,mostofthesefundsaresecretive,sothesuspicionsandcontroversystayalive.Thesefourcontroversiesshowthatinternationaleconomicsaddressesimportantcurrent