The International Economy

This text is a rigorous introduction to international economics for upper-level undergraduates and above.

Peter B. Kenen (Author)

9780521644358, Cambridge University Press

Paperback, published 13 January 2000

624 pages, 157 b/w illus. 51 tables
25.4 x 18.1 x 2.9 cm, 1.07 kg

'This is a textbook rich in policy and institutional detail, yet rigorous in its exposition of economic ideas. Students will love the real-world orientation, while their professors will appreciate the no-nonsense approach to theory. Just as the author himself, this text is unsurpassed in erudition, wisdom, and practical insights.' Dani Rodrik, Kennedy School, Harvard University

This text is a rigorous introduction to international economics for upper-level undergraduates and above. The first half examines the causes and effects of international trade, how tariffs and other trade policies affect the gains from trade, and the ways in which governments try collectively to regulate those policies. The second half deals with monetary matters - the behavior of exchange rates, how trade and capital flows affect the functioning of monetary and fiscal policies, the causes and management of currency crises, and the new European Monetary Union (EMU). This fourth edition assesses the outcome of the Uruguay Round of trade negotiations, the work of the new World Trade Organization (WTO), and the challenges posed by regional trade blocs. It surveys recent theoretical work on currency crisis, examines recent crises in emerging-market countries and the role of the International Monetary Fund (IMF), and appraises innovations in exchange-rate arrangements, including the EMU and the use of currency boards by emerging-market countries. A problem set follows each chapter.

Preface
Part I. Introduction: 1. The nation as an economic unit
Part II. International Trade Theory and Policy: 2. Comparative advantage and the gains from trade
3. Economic efficiency and comparative advantage
4. Factor endowments and comparative advantage
5. Factor substitution and a modified Ricardian model
6. Factor substitution and the Heckscher-Ohlin model
7. Imperfect competition and international trade
8. Trade and factor movements
9. Instruments and uses of trade policy
10. The evolution of trade policy
11. The future of the trading system
Part III. International Monetary Theory and Policy: 12. The balance of payments and foreign exchange market
13. Incomes and the current account
14. Exchange rates and the current account
15. Interest rates and the capital account
16. Expectations, exchange rates, and the capital account
17. Stocks, flows, and monetary equilibrium
18. Asset markets, exchange rates, and economic policy
19. The evolution of the monetary system
20. The future of the monetary system
Appendices
List of abbreviations
Index.

Subject Areas: Tariffs [LBBM1], International economic & trade law [LBBM], Trade agreements [KCLT1], International trade [KCLT], International economics [KCL], Monetary economics [KCBM]