International Finance: Theory and Policy, Global Edition

Höfundar: Paul R. Krugman; Maurice Obstfeld; Marc Melitz (Útgáfa: 12)
International Finance: Theory and Policy, Global Edition

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International Finance: Theory and Policy veitir yfirvegaða og áhugaverða umfjöllun um helstu hugtök fræðigreinarinnar og hagnýtingu þeirra. Aðgengilegum inngangi að kenningum alþjóðafjármála fylgir ítarleg umfjöllun um beitingu þeirra við stefnumótun. Í þessari nýju 12. útgáfu halda Nóbelsverðlaunahafinn Paul Krugman, hinn virti fræðimaður Maurice Obstfeld og Marc Melitz við Harvard University áfram að setja viðmið fyrir kennslu í alþjóðafjármálum.

Nánar um bókina

Útgefandi
Pearson International Content
ISBN
9781292416908
Print ISBN
9781292417004
Format
Page Fidelity (PDF)
Útgáfa
12
Höfundar
Paul R. Krugman; Maurice Obstfeld; Marc Melitz
Tungumál
English
Útgefið
2022-02-28
Prent takmörkun á líftíma
100
Prent takmörkun
2
Afritunar takmörkun
2

Kaflar

  • Title Page
  • Copyright
  • Brief Contents
  • Contents
  • Preface
  • Chapter 1. Introduction
  • What Is International Economics About?
  • The Gains from Trade
  • The Pattern of Trade
  • How Much Trade?
  • Balance of Payments
  • Exchange Rate Determination
  • International Policy Coordination
  • The International Capital Market
  • International Economics: Trade and Money
  • Part 1: Exchange Rates and Open-Economy Macroeconomics
  • Chapter 2. National Income Accounting and the Balance of Payments
  • The National Income Accounts
  • National Product and National Income
  • Capital Depreciation and International Transfers
  • Gross Domestic Product
  • National Income Accounting for an Open Economy
  • Consumption
  • Investment
  • Government Purchases
  • The National Income Identity for an Open Economy
  • An Imaginary Open Economy
  • The Current Account and Foreign Indebtedness
  • Saving and the Current Account
  • Private and Government Saving
  • Box: The Mystery of the Missing Deficit
  • The Balance of Payments Accounts
  • Examples of Paired Transactions
  • The Fundamental Balance of Payments Identity
  • The Current Account, Once Again
  • The Capital Account
  • The Financial Account
  • Statistical Discrepancy
  • Box: Multinationals’ Profit Shifting and Ireland’s Volatile GDP
  • Official Reserve Transactions
  • Case Study: The Assets and Liabilities of the World’s Biggest Debtor
  • Summary
  • Chapter 3. Exchange Rates and the Foreign Exchange Market: An Asset Approach
  • Exchange Rates and International Transactions
  • Domestic and Foreign Prices
  • Exchange Rates and Relative Prices
  • The Foreign Exchange Market
  • The Actors
  • Characteristics of the Market
  • Spot Rates and Forward Rates
  • Foreign Exchange Swaps
  • Futures and Options
  • The Demand for Foreign Currency Assets
  • Assets and Asset Returns
  • Risk and Liquidity
  • Interest Rates
  • Exchange Rates and Asset Returns
  • A Simple Rule
  • Return, Risk, and Liquidity in the Foreign Exchange Market
  • Equilibrium in the Foreign Exchange Market
  • Interest Parity: The Basic Equilibrium Condition
  • How Changes in the Current Exchange Rate Affect Expected Returns
  • The Equilibrium Exchange Rate
  • Interest Rates, Expectations, and Equilibrium
  • The Effect of Changing Interest Rates on the Current Exchange Rate
  • The Effect of Changing Expectations on the Current Exchange Rate
  • Case Study: What Explains the Carry Trade?
  • Forward Exchange Rates and Covered Interest Parity
  • Summary
  • Chapter 4. Money, Interest Rates, and Exchange Rates
  • Money Defined: A Brief Review
  • Money as a Medium of Exchange
  • Money as a Unit of Account
  • Money as a Store of Value
  • What Is Money?
  • How the Money Supply Is Determined
  • The Demand for Money by Individuals
  • Expected Return
  • Risk
  • Liquidity
  • Aggregate Money Demand
  • The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
  • Equilibrium in the Money Market
  • Interest Rates and the Money Supply
  • Output and the Interest Rate
  • The Money Supply and the Exchange Rate in the Short Run
  • Linking Money, the Interest Rate, and the Exchange Rate
  • U.S. Money Supply and the Dollar/Euro Exchange Rate
  • Europe’s Money Supply and the Dollar/Euro Exchange Rate
  • Money, the Price Level, and the Exchange Rate in the Long Run
  • Money and Money Prices
  • The Long-Run Effects of Money Supply Changes
  • Empirical Evidence on Money Supplies and Price Levels
  • Money and the Exchange Rate in the Long Run
  • Inflation and Exchange Rate Dynamics
  • Short-Run Price Rigidity versus Long-Run Price Flexibility
  • Box: Money Supply Growth and Hyperinflation in Zimbabwe
  • Permanent Money Supply Changes and the Exchange Rate
  • Exchange Rate Overshooting
  • Case Study: Inflation Targeting and Exchange Rate in Emerging Countries
  • Summary
  • Chapter 5. Price Levels and the Exchange Rate in the Long Run
  • The Law of One Price
  • Purchasing Power Parity
  • The Relationship between PPP and the Law of One Price
  • Absolute PPP and Relative PPP
  • A Long-Run Exchange Rate Model Based on PPP
  • The Fundamental Equation of the Monetary Approach
  • Ongoing Inflation, Interest Parity, and PPP
  • The Fisher Effect
  • Empirical Evidence on PPP and the Law of One Price
  • Explaining the Problems with PPP
  • Trade Barriers and Nontradables
  • Departures from Free Competition
  • Differences in Consumption Patterns and Price Level Measurement
  • Box: Measuring And Comparing Countries’ Wealth Worldwide: The International Comparison Program (IC
  • PPP in the Short Run and in the Long Run
  • Case Study: Why Price Levels Are Lower in Poorer Countries
  • Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates
  • The Real Exchange Rate
  • Demand, Supply, and the Long-Run Real Exchange Rate
  • Box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops
  • Nominal and Real Exchange Rates in Long-Run Equilibrium
  • International Interest Rate Differences and the Real Exchange Rate
  • Real Interest Parity
  • Summary
  • Appendix to chapter 5: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexibl
  • Chapter 6. Output and the Exchange Rate in the Short Run
  • Determinants of Aggregate Demand in an Open Economy
  • Determinants of Consumption Demand
  • Determinants of the Current Account
  • How Real Exchange Rate Changes Affect the Current Account
  • How Disposable Income Changes Affect the Current Account
  • The Equation of Aggregate Demand
  • The Real Exchange Rate and Aggregate Demand
  • Real Income and Aggregate Demand
  • How Output Is Determined in the Short Run
  • Output Market Equilibrium in the Short Run: The DD Schedule
  • Output, the Exchange Rate, and Output Market Equilibrium
  • Deriving the DD Schedule
  • Factors That Shift the DD Schedule
  • Asset Market Equilibrium in the Short Run: The AA Schedule
  • Output, the Exchange Rate, and Asset Market Equilibrium
  • Deriving the AA Schedule
  • Factors That Shift the AA Schedule
  • Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together
  • Temporary Changes in Monetary and Fiscal Poli
  • Monetary Policy
  • Fiscal Policy
  • Policies to Maintain Full Employment
  • Inflation Bias and Other Problems of Policy Formulation
  • Permanent Shifts in Monetary and Fiscal Policy
  • A Permanent Increase in the Money Supply
  • Adjustment to a Permanent Increase in the Money Supply
  • A Permanent Fiscal Expansion
  • Macroeconomic Policies and the Current Account
  • Gradual Trade Flow Adjustment and Current Account Dynamics
  • The J-Curve
  • Exchange Rate Pass-Through and Inflation
  • Global Value Chains and Exchange Rate Effects on Export and Import Prices
  • The Current Account, Wealth, and Exchange Rate Dynamics
  • Box: Understanding Pass-Through to Import and Export Prices
  • The Liquidity Trap
  • Case Study: How Big Is the Government Spending Multiplier?
  • Summary
  • Appendix 1 to chapter 6: Intertemporal Trade and Consumption Demand
  • Appendix 2 to chapter 6: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities
  • Appendix 3 to chapter 6: The IS-LM Model and the DD-AA Model
  • Chapter 7. Fixed Exchange Rates and Foreign Exchange Intervention
  • Why Study Fixed Exchange Rates?
  • Central Bank Intervention and the Money Supply
  • The Central Bank Balance Sheet and the Money Supply
  • Foreign Exchange Intervention and the Money Supply
  • Sterilization
  • The Balance of Payments and the Money Supply
  • How the Central Bank Fixes the Exchange Rate
  • Foreign Exchange Market Equilibrium under a Fixed Exchange Rate
  • Money Market Equilibrium under a Fixed Exchange Rate
  • A Diagrammatic Analysis
  • Stabilization Policies with a Fixed Exchange Rate
  • Monetary Policy
  • Fiscal Policy
  • Changes in the Exchange Rate
  • Adjustment to Fiscal Policy and Exchange Rate Changes
  • Balance of Payments Crises and Capital Flight
  • Managed Floating and Sterilized Intervention
  • Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention
  • Case Study: Can Markets Attack a Strong Currency? The Case of Switzerland, 2011–2015
  • Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability
  • The Effects of Sterilized Intervention with Imperfect Asset Substitutability
  • Evidence on the Effects of Sterilized Intervention
  • Reserve Currencies in the World Monetary System
  • The Mechanics of a Reserve Currency Standard
  • The Asymmetric Position of the Reserve Center
  • The Gold Standard
  • The Mechanics of a Gold Standard
  • Symmetric Monetary Adjustment under a Gold Standard
  • Benefits and Drawbacks of the Gold Standard
  • The Bimetallic Standard
  • The Gold Exchange Standard
  • Case Study: The Demand for International Reserves
  • Summary
  • Appendix 1 to chapter 7: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutab
  • Demand
  • Supply
  • Equilibrium
  • Appendix 2 to chapter 7: The Timing of Balance of Payments Crises
  • Appendix 3 to chapter 7: The Monetary Approach to the Balance of Payments
  • Part 2: International Macroeconomic Policy
  • Chapter 8. International Monetary Systems: A Historical Overview
  • Macroeconomic Policy Goals in an Open Economy
  • Internal Balance: Full Employment and Price Level Stability
  • External Balance: The Optimal Level of the Current Account
  • Box: Can a Country Borrow Forever? The Case of New Zealand
  • Classifying Monetary Systems: The Open-Economy Monetary Trilemma
  • International Macroeconomic Policy under the Gold Standard, 1870–1914
  • Origins of the Gold Standard
  • External Balance under the Gold Standard
  • The Price-Specie-Flow Mechanism
  • The Gold Standard “Rules of the Game”: Myth and Reality
  • Internal Balance under the Gold Standard
  • Case Study: The Political Economy of Exchange Rate Regimes: Conflict over America’s Monetary Stand
  • The Interwar Years, 1918–1939
  • The Fleeting Return to Gold
  • International Economic Disintegration
  • Case Study: The International Gold Standard and the Great Depression
  • The Bretton Woods System and the International Monetary Fund
  • Goals and Structure of the IMF
  • Convertibility and the Expansion of Private Financial Flows
  • Speculative Capital Flows and Crises
  • Analyzing Policy Options for Reaching Internal and External Balance
  • Maintaining Internal Balance
  • Maintaining External Balance
  • Expenditure-Changing and Expenditure-Switching Policies
  • The External Balance Problem of the United States under Bretton Woods
  • Case Study: The End of Bretton Woods, Worldwide Inflation, and the Transition to Floating Rates
  • The Mechanics of Imported Inflation
  • Assessment
  • The Case for Floating Exchange Rates
  • Monetary Policy Autonomy
  • Symmetry
  • Exchange Rates as Automatic Stabilizers
  • Exchange Rates and External Balance
  • Case Study: The First Years of Floating Rates, 1973–1990
  • Macroeconomic Interdependence under a Floating Rate
  • Case Study: Transformation and Crisis in the World Economy
  • Box: The Thorny Problem of Currency Manipulation
  • Case Study: The Dangers of Deflation
  • What Has Been Learned Since 1973?
  • Monetary Policy Autonomy
  • Symmetry
  • The Exchange Rate as an Automatic Stabilizer
  • External Balance
  • The Problem of Policy Coordination
  • Are Fixed Exchange Rates Even an Option for Most Countries?
  • Summary
  • Appendix to chapter 8: International Policy Coordination Failures
  • Chapter 9. Financial Globalization: Opportunity and Crisis
  • The International Capital Market and the Gains from Trade
  • Three Types of Gain from Trade
  • Risk Aversion
  • Portfolio Diversification as a Motive for International Asset Trade
  • The Menu of International Assets: Debt versus Equity
  • International Banking and the International Capital Market
  • The Structure of the International Capital Market
  • Offshore Banking and Offshore Currency Trading
  • The Shadow Banking System
  • Banking and Financial Fragil
  • The Problem of Bank Failure
  • Government Safeguards against Financial Instability
  • Moral Hazard and the Problem of “Too Big to Fail”
  • Box: Does the IMF Create Moral Hazard?
  • The Challenge of Regulating International Banking
  • The Financial Trilemma
  • International Regulatory Cooperation through 2007
  • Case Study: The Global Financial Crisis of 2007–2009
  • Box: Foreign Exchange Instability and Central Bank Swap Lines
  • International Regulatory Initiatives after the Global Financial Crisis
  • Metrics for International Capital Market Performance
  • The Extent of International Portfolio Equity Diversification
  • The Extent of Intertemporal Trade
  • The Efficiency of International Asset-Price Arbitrage
  • The Efficiency of the Foreign Exchange Market
  • Summary
  • Chapter 10. Optimum Currency Areas and the Euro
  • How the European Single Currency Evolved
  • What Has Driven European Monetary Cooperation?
  • Box: Brexit
  • The European Monetary System, 1979–1998
  • German Monetary Dominance and the Credibility Theory of the EMS
  • Market Integration Initiatives
  • European Economic and Monetary Union
  • The Euro and Economic Policy in the Euro Zone
  • The Maastricht Convergence Criteria and the Stability and Growth Pact
  • The European Central Bank and the Eurosystem
  • The Revised Exchange Rate Mechanism
  • The Theory of Optimum Currency Areas
  • Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule
  • Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule
  • The Decision to Join a Currency Area: Putting the GG and LL Schedules Together
  • What Is an Optimum Currency Area?
  • Other Important Considerations
  • Case Study: Is Europe an Optimum Currency Area?
  • The Euro Crisis and the Future of EMU
  • Origins of the Crisis
  • Self-Fulfilling Government Default and the “Doom Loop”
  • A Broader Crisis and Policy Responses
  • ECB Outright Monetary Transactions
  • Response to the COVID-19 Pandemic
  • The Future of EMU
  • Summary
  • Chapter 11. Developing Countries: Growth, Crisis, and Reform
  • Income, Wealth, and Growth in the World Economy
  • The Gap between Rich and Poor
  • Has the World Income Gap Narrowed Over Time?
  • The Importance of Developing Countries for Global Growth
  • Structural Features of Developing Countries
  • Box: The Commodity Super Cycle
  • Developing-Country Borrowing and Debt
  • The Economics of Financial Inflows to Developing Countries
  • The Problem of Default
  • Alternative Forms of Financial Inflow
  • The Problem of “Original Sin”
  • The Debt Crisis of the 1980s
  • Reforms, Capital Inflows, and the Return of Crisis
  • East Asia: Success and Crisis
  • The East Asian Economic Miracle
  • Box: Why Have Developing Countries Accumulated High Levels of International Reserves?
  • Asian Weaknesses
  • Box: What Did East Asia Do Right?
  • The Asian Financial Crisis
  • Lessons of Developing-Country Crises
  • Reforming the World’s Financial “Architecture”
  • Capital Mobility and the Trilemma of the Exchange Rate Regime
  • “Prophylactic” Measures
  • Coping with Crisis
  • Box: Emerging Markets and Global Financial Cycles
  • Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?
  • Box: Capital Paradoxes
  • Summary
  • Mathematical Postscript
  • Postscript to Chapter 9: Risk Aversion and International Portfolio Diversification
  • An Analytical Derivation of the Optimal Portfolio
  • A Diagrammatic Derivation of the Optimal Portfolio
  • The Effects of Changing Rates of Return
  • Merchandise Trade Flows with the United States (in 2018 U.S. dollars)
  • Gross National Product per Capita (in 2019 U.S. dollars)
  • Index
  • A
  • B
  • C
  • D
  • E
  • F
  • G
  • H
  • I
  • J
  • K
  • L
  • M
  • N
  • O
  • P
  • Q
  • R
  • S
  • T
  • U
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  • W
  • Y
  • Z