World Trade and Payments: An Introduction

Abstract

1: Introduction. PART I: THE BASIC TRADE MODEL. Commodity Trade. Expanded Gains from Trade with Resource Movements. Applications and Interpretations. PART II: TRADE PATTERNS, INCOME DISTRIBUTION, AND GROWTH. Technology and Productivity: The Ricardian Trade Model. Trade and Local Income Distribution: The Specific Factors Model. Factor Endowments and Trade: The 2 x 2 Heckscher-Ohlin Model. Trade, Growth, and Product Variety. Trade in Intermediate Goods and Factors of Production. PART III: THE THEORY AND PRACTICE OF COMMERCIAL POLICY. Protection and the National Welfare. The Political Economy of Protection. Trade Policy and Imperfect Competition. Trade Controls in Practice. Preferential Arrangements and Regional Issues in Trade Policy. PART IV: MONEY, INCOME, AND THE BALANCE OF PAYMENTS. The Balance of Payments Accounts. The Foreign Exchange Market and Trade Elasticities. National Income and the Trade Balance. Spending and the Exchange Rate in the Keynesian Model. The Money Supply, the Price Level, and the Balance of Payments. LDCs and Other Small Open Economies with Non-Traded Goods. PART V: INTERNATIONAL FINANCIAL MARKETS AND THEIR MACROECONOMIC IMPLICATIONS. The Internationalization of Financial Markets. Fiscal and Monetary Policy with Partial International Capital Mobility. Fiscal and Monetary Policy Under Modern Financial Market Conditions. Interdependence, Aggregate Supply, and Policy Coordination. PART VI: THE DETERMINATION OF EXCHANGE RATES IN INTERNATIONAL ASSET MARKETS. Expectations, Money, and the Determination of the Exchange Rate. Exchange Rate Forecasting and Risk.

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