International Economics
Publisher: Worth Publishers
Published: December 28, 2007
Language: eng
Format: Hardcover
Number of pages: 1056
ISBN-13: 9780716792833
Subjects: Business & Economics / Economics / International; Economics - General; International - Economics; Business & Economics; Business / Economics / Finance; Business/Economics
Table of contents: title: Preface
pagenum: xvii; label: Part 1
title: Introduction to International Macroeconomics; label: Chapter 1
title: The Global Macroeconomy
pagenum: 1; label: 1
title: Foreign Exchange: Of Currencies and Crises
pagenum: 2; title: How Exchange Rates Behave
pagenum: 3; title: Why Exchange Rates Matter
pagenum: 4; title: When Exchange Rates Misbehave
pagenum: 6; title: Headlines: Economic Crisis in Argentina
pagenum: 8; title: Summary
pagenum: 9; label: 2
title: Globalization of Finance: Of Debts and Deficits
pagenum: 10; title: Deficits and Surpluses: The Balance of Payments
pagenum: 10; title: Debtors and Creditors: External Wealth
pagenum: 13; title: Darlings and Deadbeats: Defaults and Other Risks
pagenum: 14; title: Summary
pagenum: 16; label: 3
title: Government and Institutions: Of Policies and Performance
pagenum: 17; title: Integration and Capital Controls: The Regulation of International Finance
pagenum: 18; title: Independence and Monetary Policy: The Choice of Exchange Rate Regimes
pagenum: 19; title: Institutions and Economic Performance: The Quality of Governance
pagenum: 21; title: Summary
pagenum: 23; title: Headlines: The Wealth of Nations
pagenum: 24; label: 4
title: Conclusions
pagenum: 25; label: Part 2
title: Exchange Rates; label: Chapter 2
title: Introduction to Exchange Rates and the Foreign Exchange Market
pagenum: 29; label: 1
title: Exchange Rate Essentials
pagenum: 30; title: Defining the Exchange Rate
pagenum: 30; title: Appreciations and Depreciations
pagenum: 32; title: Multilateral Exchange Rates
pagenum: 34; title: Example: Using Exchange Rates to Compare Prices in a Common Currency
pagenum: 35; title: Headlines: By How Much Has the Dollar Fallen?
pagenum: 36; label: 2
title: Exchange Rates in Practice
pagenum: 38; title: Exchange Rate Regimes: Fixed versus Floating
pagenum: 39; title: Application: Recent Exchange Rate Experiences
pagenum: 39; title: Side Bar: Currency Unions and Dollarization
pagenum: 45; label: 3
title: The Market for Foreign Exchange
pagenum: 45; title: The Spot Contract
pagenum: 46; title: Transaction Costs
pagenum: 46; title: Derivatives
pagenum: 47; title: Application: Foreign Exchange Derivatives
pagenum: 47; title: Private Actors
pagenum: 48; title: Government Actions
pagenum: 49; label: 4
title: Arbitrage and Spot Exchange Rates
pagenum: 51; title: Cross Rates and Vehicle Currencies
pagenum: 53; label: 5
title: Arbitrage and Interest Rates
pagenum: 54; title: Riskless Arbitrage: Covered Interest Parity
pagenum: 55; title: Application: Evidence on Covered Interest Parity
pagenum: 57; title: Risky Arbitrage: Uncovered Interest Parity
pagenum: 58; title: Side Bar: Assets and Their Attributes
pagenum: 59; title: Application: Evidence on Uncovered Interest Parity
pagenum: 61; title: Uncovered Interest Parity: A Useful Approximation
pagenum: 62; title: Summary
pagenum: 64; label: 6
title: Conclusions
pagenum: 64; label: Chapter 3
title: Exchange Rates I: The Monetary Approach in the Long Run
pagenum: 69; label: 1
title: Exchange Rates and Prices in the Long Run: Purchasing Power Parity and Goods Market Equilibrium
pagenum: 70; title: The Law of One Price
pagenum: 71; title: Purchasing Power Parity
pagenum: 72; title: The Real Exchange Rate
pagenum: 73; title: Absolute PPP and the Real Exchange Rate
pagenum: 74; title: Absolute PPP, Prices, and the Nominal Exchange Rate
pagenum: 74; title: Relative PPP, Inflation, and Exchange Rate Depreciation
pagenum: 74; title: Summary
pagenum: 76; title: Application: Evidence for PPP in the Long Run and Short Run
pagenum: 76; title: How Slow is Convergence to PPP?
pagenum: 77; title: Sidebar: Forecasting When the Real Exchange Rate Is Undervalued or Overvalued
pagenum: 78; title: What Explains Deviations from PPP?
pagenum: 79; title: Headlines: The Big Mac Index
pagenum: 80; label: 2
title: Money, Prices, and Exchange Rates in the Long Run: Money Market Equilibrium in a Simple Model
pagenum: 82; title: What is Money?
pagenum: 82; title: The Measurement of Money
pagenum: 83; title: The Supply of Money
pagenum: 84; title: The Demand for Money: A Simple Model
pagenum: 84; title: Equilibrium in the Money Market
pagenum: 85; title: A Simple Monetary Model of Prices
pagenum: 86; title: A Simple Monetary Model of the Exchange Rate
pagenum: 87; title: Money Growth, Inflation, and Depreciation
pagenum: 87; label: 3
title: The Monetary Approach: Implications and Evidence
pagenum: 89; title: Exchange Rate Forecasts Using the Simple Model
pagenum: 89; title: Application: Evidence for the Monetary Approach
pagenum: 92; title: Application: Hyperinflations of the Twentieth Century
pagenum: 93; title: Side bar:Currency Reform
pagenum: 95; title: Headlines: The First Hyperinflation of the Twenty-First Century
pagenum: 97; label: 4
title: Money, Interest, and Prices in the Long Run: A General Model
pagenum: 98; title: The Demand for Money: The General Model
pagenum: 98; title: Long-Run Equilibrium in the Money Market
pagenum: 99; title: Inflation and Interest Rates in the Long Run
pagenum: 100; title: The Fisher Effect
pagenum: 101; title: Real Interest Parity
pagenum: 101; title: Application: Evidence on the Fisher Effect
pagenum: 102; title: The Fundamental Equation under the General Model
pagenum: 104; title: Exchange Rate Forecasts Using the General Model
pagenum: 104; label: 5
title: Monetary Regimes and Exchange Rate Regimes
pagenum: 107; title: The Long Run: The Nominal Anchor
pagenum: 108; title: Side Bar: Nominal Anchors in Theory and Practice
pagenum: 110; label: 6
title: Conclusions
pagenum: 111; label: Chapter 4
title: Exchange Rates II: The Asset Approach in the Short Run
pagenum: 117; label: 1
title: Exchange Rates and Interest Rates in the Short Run: UIP and FX Market Equilibrium
pagenum: 118; title: Risky Arbitrage
pagenum: 118; title: Equilibrium in the FX Market: An Example
pagenum: 120; title: Adjustment to FX Market Equilibrium
pagenum: 122; title: Changes in Domestic and Foreign Returns and FX Market Equilibrium
pagenum: 122; title: Summary
pagenum: 124; label: 2
title: Interest Rates in the Short Run: Money Market Equilibrium
pagenum: 124; title: Money Market Equilibrium in the Short Run: How Nominal Interest Rates Are Determined
pagenum: 125; title: Money Market Equilibrium in the Short Run: Graphical Solution
pagenum: 126; title: Adjustment to Money Market Equilibrium in the Short Run
pagenum: 127; title: Another Building Block: Short-Run Money Market Equilibrium
pagenum: 127; title: Changes in Money Supply and the Nominal Interest Rate
pagenum: 128; title: Changes in Real Income and the Nominal Interest Rate
pagenum: 129; title: The Monetary Model: The Short Run Versus the Long Run
pagenum: 129; label: 3
title: The Asset Approach: Applications and Evidence
pagenum: 130; title: The Asset Approach to Exchange Rates: Graphical Solution
pagenum: 130; title: Short-Run Policy Analysis
pagenum: 133; title: Application: The Rise and Fall of the Dollar, 1999-2004
pagenum: 135; label: 4
title: A Complete Theory: Unifying the Monetary and Asset Approaches
pagenum: 137; title: Side Bar: Confessions of a Forex Trader
pagenum: 139; title: Long-Run Policy Analysis
pagenum: 140; title: Overshooting
pagenum: 144; title: Application: Bernanke's Bold Move
pagenum: 145; title: Side Bar: Overshooting in Practice
pagenum: 146; label: 5
title: Fixed Exchange Rates and the Trilemma
pagenum: 148; title: What Is a Fixed Exchange Rate Regime?
pagenum: 149; title: Pegging Sacrifices Monetary Policy Autonomy in the Short Run: Example
pagenum: 149; title: Pegging Sacrifices Monetary Policy Autonomy in the Long Run: Example
pagenum: 151; title: The Trilemma
pagenum: 153; title: Application: The Trilemma in Europe
pagenum: 154; title: Side Bar: Intermediate Regimes
pagenum: 155; label: 6
title: Conclusions
pagenum: 155; title: Application: News and the Foreign Exchange Market in Wartime
pagenum: 157; label: Part 3
title: The Balance of Payments; label: Chapter 5
title: National and International Accounts: Income, Wealth, and the Balance of Payments
pagenum: 165; label: 1
title: Measuring Macroeconomic Activity: An Overview
pagenum: 166; title: The Flow of Payments in a Closed Economy: Introducing the National Income and Product Accounts
pagenum: 167; title: The Flow of Payments in an Open Economy: Incorporating the Balance of Payments Accounts
pagenum: 169; title: Summary
pagenum: 172; label: 2
title: National Accounts: Product, Expenditure, and Income
pagenum: 173; title: Three Approaches
pagenum: 173; title: From GNE to GDP: Accounting for Trade in Goods and Services
pagenum: 173; title: Headlines: Who Makes the iPod?
pagenum: 175; title: From GDP to GNI: Accounting for Trade in Factor Services
pagenum: 176; title: Application: Celtic Tiger or Tortoise?
pagenum: 177; title: From GNI to GNDI: Accounting for Transfers of Income
pagenum: 179; title: What the National Economic Aggregates Tell Us
pagenum: 181; title: Headlines: Are Rich Countries 'Stingy' with Foreign Aid?
pagenum: 182; title: Understanding the Data for the National Economic Aggregates
pagenum: 183; title: What the Current Account Tells Us
pagenum: 185; title: Application: Global Imbalances
pagenum: 186; label: 3
title: Balance of Payments Accounts: International Transactions
pagenum: 192; title: Accounting for Asset Transactions
pagenum: 192; title: Accounting for Home and Foreign Assets
pagenum: 194; title: How the Balance of Payments Accounts Work
pagenum: 194; title: Understanding the Data for the Balance of Payments Account
pagenum: 199; title: What the Balance of Payments Account Tells Us
pagenum: 203; label: 4
title: External Wealth
pagenum: 203; title: The Level of External Wealth
pagenum: 204; title: Changes in External Wealth
pagenum: 204; label: Side Bar
title: The Nokia Economy
pagenum: 206; title: Understanding the Data on External Wealth
pagenum: 207; title: What External Wealth Tells Us
pagenum: 210; label: 5
title: Conclusions
pagenum: 211; title: Headlines: Lies, Damned Lies...
pagenum: 211; title: Key Points, Key Terms, and Problems; title: Appendix to Chapter 5: External Wealth and Total Wealth
pagenum: 217; label: Chapter 6
title: Balance of Payments I: The Gains from Financial Globalization
pagenum: 219; label: 1
title: Intertemporal Macroeconomics
pagenum: 221; title: The Long-Run Budget Constraint
pagenum: 222; title: A Long-Run Example: The Perpetual Loan
pagenum: 226; title: Implications of the LRBC for Gross National Expenditure and Gross Domestic Product
pagenum: 226; title: Summary
pagenum: 227; title: Application: The Favorable Situation of the United States
pagenum: 227; title: Application: The Difficult Situation of the Emerging Markets
pagenum: 230; label: 2
title: Gains from Consumption Smoothing
pagenum: 233; title: The Basic Model
pagenum: 233; title: Consumption Smoothing: A Numerical Example and Generalization
pagenum: 234; title: Summary: Save for a Rainy Day
pagenum: 238; title: Side Bar: Wars and the Current Account
pagenum: 238; title: Application: Consumption Volatility and Financial Openness
pagenum: 239; title: Application: Precautionary Saving, Reserves, and Sovereign Wealth Funds
pagenum: 240; title: Headlines: Copper-Bottomed Insurance
pagenum: 242; title: Headlines: The Next Globalization Backlash?
pagenum: 242; label: 3
title: Gains from Efficient Investment
pagenum: 243; title: The Basic Model
pagenum: 243; title: Efficient Investment: A Numerical Example and Generalization
pagenum: 243; title: Summary: Make Hay while the Sun Shines
pagenum: 247; title: Application: Delinking Saving from Investment
pagenum: 247; title: Can Poor Countries Gain from Financial Globalization?
pagenum: 249; title: Application: A versus k
pagenum: 254; title: Side Bar: What Does the World Bank Do?
pagenum: 258; title: Headlines: A Brief History of Foreign Aid
pagenum: 259; label: 4
title: Gains from Diversification of Risk
pagenum: 260; title: Diversification: A Numerical Example and Generalization
pagenum: 260; title: Application: The Home Bias Puzzle
pagenum: 266; title: Summary: Don't Put All Your Eggs in One Basket
pagenum: 268; label: 5
title: Conclusions
pagenum: 270; title: Key Points, Key Terms, and Problems; title: Appendix to Chapter 6: Common versus Idiosyncratic Shocks
pagenum: 275; label: Chapter 7
title: Balance of Payments II: Output, Exchange Rates, and Macroeconomic Policies in the Short Run
pagenum: 277; label: 1
title: Demand in the Open Economy
pagenum: 278; title: Preliminaries and Assumptions
pagenum: 279; title: Consumption
pagenum: 279; title: Investment
pagenum: 281; title: The Government
pagenum: 281; title: The Trade Balance
pagenum: 282; title: Headlines: Soaring Loonie Drives Canadian Shoppers South
pagenum: 284; title: Application: The Trade Balance and the Real Exchange Rate
pagenum: 286; title: Side Bar: Barriers to Expenditure Switching: Pass-Through and the J Curve
pagenum: 287; title: Exogenous Changes in Demand
pagenum: 290; label: 2
title: Goods Market Equilibrium: The Keynesian Cross
pagenum: 291; title: Supply and Demand
pagenum: 291; title: Determinants of Demand
pagenum: 292; title: Factors That Shift the Demand Curve
pagenum: 294; title: Headlines: Expenditure Switching and the Dollar Devaluation
pagenum: 295; title: Summary
pagenum: 295; label: 3
title: Goods and Forex Market Equilibria: Deriving the IS Curve
pagenum: 296; title: Equilibrium in Two Markets
pagenum: 296; title: Forex Market Recap
pagenum: 296; title: Deriving the IS Curve
pagenum: 298; title: Factors That Shift the IS Curve
pagenum: 299; title: Summing Up the IS Curve
pagenum: 301; label: 4
title: Money Market Equilibrium: Deriving the LM Curve
pagenum: 302; title: Money Market Recap
pagenum: 302; title: Deriving the LM Curve
pagenum: 304; title: Factors That Shift the LM Curve
pagenum: 304; title: Summing Up the LM Curve
pagenum: 305; label: 5
title: The Short-Run IS-LM-FX Model of an Open Economy
pagenum: 306; title: Macroeconomic Policies in the Short Run
pagenum: 307; title: Monetary Policy under Floating Exchange Rates
pagenum: 308; title: Monetary Policy under Fixed Exchange Rates
pagenum: 309; title: Fiscal Policy under Floating Exchange Rates
pagenum: 310; title: Fiscal Policy under Fixed Exchange Rates
pagenum: 312; title: Summary
pagenum: 313; title: Application: The Rise and Fall of the Dollar in the 1980s
pagenum: 314; label: 6
title: Stabilization Policy
pagenum: 317; title: Application: Australia, New Zealand, and the Asian Crisis of 1997
pagenum: 317; title: Problems in Policy Design and Implementation
pagenum: 320; label: 7
title: Conclusions
pagenum: 322; title: Key Points, Key Terms, and Problems; title: Appendix 1 to Chapter 7: The Marshall-Lerner Condition
pagenum: 327; title: Appendix 2 to Chapter 7: Multilateral Real Exchange Rates
pagenum: 329; label: Part 4
title: Applications and Policy Issues; label: Chapter 8
title: Fixed versus Floating: International Monetary Experience
pagenum: 331; label: 1
title: Exchange Rate Regime Choice: Key Issues
pagenum: 333; title: Application: Britain and Europe: The Big Issues
pagenum: 333; title: Key Factors in Exchange Rate Regime Choice: Integration and Similarity
pagenum: 339; title: Economic Integration and the Gains in Efficiency
pagenum: 339; title: Economic Similarity and the Costs of Asymmetric Shocks
pagenum: 340; title: Simple Criteria for a Fixed Exchange Rate
pagenum: 340; title: Application: Do Fixed Exchange Rates Promote Trade?
pagenum: 342; title: Application: Do Fixed Exchange Rates Diminish Monetary Autonomy and Stability?
pagenum: 345; label: 2
title: Other Benefits of Fixing
pagenum: 348; title: Fiscal Discipline, Seigniorage, and Inflation
pagenum: 348; title: Sidebar: The Inflation Tax
pagenum: 350; title: Liability Dollarization, National Wealth, and Contractionary Depreciations
pagenum: 350; title: Headlines: The Last Temptation?
pagenum: 357; title: Summary
pagenum: 358; label: 3
title: Fixed Exchange Rate Systems
pagenum: 359; title: Cooperative and Noncooperative Adjustments to Interest Rates
pagenum: 360; title: Cooperative and Noncooperative Adjustments to Exchange Rates
pagenum: 362; title: Application: The Gold Standard
pagenum: 365; label: 4
title: International Monetary Experience
pagenum: 368; title: The Rise and Fall of the Gold Standard
pagenum: 368; title: Bretton Woods to the Present
pagenum: 372; label: 5
title: Conclusions
pagenum: 375; title: Key Points, Key Terms, and Problems; label: Chapter 9
title: Exchange Rate Crises: How Pegs Work and How They Break
pagenum: 379; label: 1
title: Facts about Exchange Rate Crises
pagenum: 380; title: What Is An Exchange Rate Crisis?
pagenum: 380; title: How Costly Are Exchange Rate Crises?
pagenum: 381; title: Sidebar: The Political Costs of Crises
pagenum: 383; title: Summary
pagenum: 385; label: 2
title: How Pegs Work: The Mechanics of a Fixed Exchange Rate
pagenum: 385; title: Preliminaries and Assumptions
pagenum: 385; title: The Central Bank Balance Sheet
pagenum: 386; title: Fixing, Floating, and the Role of Reserves
pagenum: 388; title: How Reserves Adjust to Maintain the Peg
pagenum: 388; title: Graphical Analysis of the Central Bank Balance Sheet
pagenum: 389; title: Defending the Peg I: Changes in the Level of Money Demand
pagenum: 391; title: Application: Risk Premiums in Advanced and Emerging Markets
pagenum: 394; title: Application: The Argentine Convertibility Plan before the Tequila Crisis
pagenum: 398; title: Defending the Peg II: Changes in the Composition of Money Supply
pagenum: 400; title: Application: The Argentine Convertibility Plan after the Tequila Crisis
pagenum: 406; title: The Central Bank Balance Sheet and the Financial System
pagenum: 407; title: Side Bar: The Great Reserve Accumulation in Emerging Markets
pagenum: 410; title: Headlines: Too Much of a Good Thing?
pagenum: 412; title: Summary
pagenum: 412; label: 3
title: How Pegs Break I: Inconsistent Fiscal Policies
pagenum: 414; title: The Basic Problem: Fiscal Dominance
pagenum: 414; title: A Simple Model
pagenum: 414; label: Application
title: The Peruvian Crisis of 1986
pagenum: 419; title: Summary
pagenum: 422; label: 4
title: How Pegs Break II: Contingent Monetary Policies
pagenum: 422; title: The Basic Problem: Contingent Commitment
pagenum: 423; title: A Simple Model
pagenum: 424; label: Application
title: The Man Who Broke the Bank of England
pagenum: 429; title: Summary
pagenum: 430; label: 5
title: Conclusions
pagenum: 431; title: Can We Prevent Crises?
pagenum: 431; title: Key Points, Key Terms, and Problems; label: Chapter 10
title: The Euro
pagenum: 437; label: 1
title: The Economics of the Euro
pagenum: 440; title: The Theory of Optimum Currency Areas
pagenum: 440; title: Simple Optimum Currency Area Criteria
pagenum: 441; title: What's the Difference between a Fix and a Currency Union?
pagenum: 442; title: Other Optimum Currency Area Criteria
pagenum: 443; label: Application
title: Optimum Currency Areas: Europe versus the United States
pagenum: 446; title: Are the OCA Criteria Self-Fulfilling?
pagenum: 450; title: Headlines: Currency Unions and Trade
pagenum: 452; title: Summary
pagenum: 453; label: 2
title: The History and Politics of the Euro
pagenum: 453; title: A Brief History of Europe
pagenum: 453; title: Summary
pagenum: 461; label: 3
title: The ECB and the Eurozone in Theory and Practice
pagenum: 461; title: The European Central Bank
pagenum: 461; title: Headlines: The ECB Is from Mars, the Fed Is from Venus
pagenum: 464; title: The Rules of the Club
pagenum: 466; title: Sticking to the Rules
pagenum: 470; label: 4
title: Conclusions: Assessing the Euro
pagenum: 471; title: Headlines: Whither the Euro?
pagenum: 475; title: Key Points, Key Terms, and Problems; label: Chapter 11
title: Topics in International Macroeconomics
pagenum: 479; label: 1
title: Exchange Rates in the Long Run: Deviations from Purchasing Power Parity
pagenum: 480; title: Limits to Arbitrage
pagenum: 481; title: Application: It's Not Just the Burgers That Are Cheap
pagenum: 484; title: Nontraded Goods and the Balassa-Samuelson Model
pagenum: 485; title: Overvaluations, Undervaluations, and Productivity Growth: Forecasting Implications for Real and Nominal Exchange Rates
pagenum: 487; title: Application: Real Exchange Rates in Emerging Markets
pagenum: 490; title: Conclusions
pagenum: 492; label: 2
title: Exchange Rates in the Short Run: Deviations from Uncovered Interest Parity
pagenum: 492; title: Headlines: Eastern Europe and the Euro
pagenum: 493; title: Application: The Carry Trade
pagenum: 493; title: Headlines: Mrs. Watanabe's Hedge Fund
pagenum: 497; title: Application: Peso Problems
pagenum: 498; title: The Efficient Markets Hypothesis
pagenum: 500; title: Limits to Arbitrage
pagenum: 503; title: Conclusions
pagenum: 507; label: 3
title: Global Imbalances
pagenum: 508; title: Facts about Emerging Global Imbalances
pagenum: 508; title: A Model of Saving and Investment in the World Economy
pagenum: 508; title: Application: The Savings Glut
pagenum: 514; title: Looking Backward: How We Got Here
pagenum: 515; title: Looking Forward: What Next?
pagenum: 516; title: Sidebar: Reserves and Global Imbalances
pagenum: 516; title: Debtors, Creditors, and the Long-Run Budget Constraint
pagenum: 518; title: Real Exchange Rates and Global Imbalances: Two Views
pagenum: 519; title: Conclusions
pagenum: 522; label: 4
title: Debt and Default
pagenum: 524; title: A Few Peculiar Facts about Sovereign Debt
pagenum: 525; title: A Model of Default, Part One: The Probability of Default
pagenum: 526; title: Application: Is There Profit in Lending to Developing Countries?
pagenum: 532; title: A Model of Default, Part Two: Loan Supply and Demand
pagenum: 533; title: Application: The Costs of Default
pagenum: 536; title: Conclusions
pagenum: 540; title: Application: The Argentina Crisis of 2000-02
pagenum: 541; title: Headlines: Is the IMF 'Pathetic'?
pagenum: 545; title: Index
pagenum: 1-1