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This chapter provides an introduction to global capital flows. It considers four types of flows: foreign direct investment, equity investment, bond finance, and commercial bank lending. It considers the determinants of these four types of capital flows. It takes up the issues of net versus gross flows, capital account liberalization, and the application of capital controls.
This chapters considers means by which countries can attract inward foreign direct investment and join global value chains. It develops a benefit–cost framework for hosting FDI. It considers a number of policy stances towards FDI and strategies for promoting domestic linkages. It briefly considers the global governance of multinational enterprises.
This chapter provides an introduction to exchange rates, including the nominal and real exchange rate. It describes and assesses the purchasing power parity model of exchange rate determination. It considers the role of hedging and foreign exchange derivatives. Appendices look at price levels and the PPP model and develop the monetary approach to exchange rate determination.
This chapter provides an overview of international economics and economic globalization. It considers current trends in international trade, international finance, and international production, the latter including foreign direct investment and migration. It introduces key concepts and terms, setting the stage for subsequent chapters.
This book is designed for a one-semester course in international economics, primarily targeting non-economics majors and programs in business, international relations, public policy, and development studies. It has been written to make international economics accessible to both students and professionals. Assuming a minimal background in economics and mathematics, the textbook goes beyond the usual trade-finance dichotomy to address international trade, international production, and international finance; and takes a practitioner point of view rather than a standard academic one, introducing students to the material needed to become effective analysts in international economic policy. This new edition features such additional topics as global production and global capital flows, migration, the Ricardian model, and international organizations like the IMF. Examples have been updated to include recent developments (Brexit, for example) and all charts include the latest data. The website for the text can be found at http://iie.gmu.edu.
This chapter provides an introduction to preferential trade agreements or regional trade agreements. It considers trade creation and trade diversion within a supply and demand framework of PTAs. It then summarizes the examples of the European Union, NAFTA, Mercosur, ASEAN and its AFTA, and the Trans-Pacific Partnership.
This chapter provides an introduction to economic growth and growth theory. It describes both the Solow growth model and new growth theory. It considers the role of human capital in growth processes, as well as trade and institutions. An appendix briefly describes the algebra of growth theory.
This chapter provides an introduction to monetary unions. It defines monetary unions and traces the history of the European Monetary Union. It assesses the EMU from the perspective of the theory of optimum currency areas. It then takes up the CFA franc zone and the Common Monetary Area in Africa.
This chapter provides an introduction to flexible exchange rates. It presents both a simple supply and demand model of exchange rate determination and the assets-based approach of the interest rate parity condition. It considers the role of interest rates and expectations in exchange rate determination. An appendix analyzes monetary policies and the nominal exchange rate.
This chapter provides an introduction to global monetary history and the International Monetary Fund. It presents recent monetary history from the gold standard forward. It discusses the operation of the IMF, including its response to a number of past crises. It then takes up the political economy of lending by the IMF and provides a general assessment of the institution.
This chapter provides an introduction to economic crises. It describes a number of different types of crises and defines both contagion and systemic risk. It analyzes balance of payments and currency crises, the Asian crisis, and the global financial crisis. It takes up the potential roles of prudential regulation and currency controls in helping to prevent crises.
This chapter provides an introduction to migration as an aspect of economic globalization. It considers trends in international migration, high- and low-skilled migration, remittances, and migration policy. It relates migration to other aspects of economic globalization.
This chapter provides an introduction to multinational enterprises and foreign direct investment. It considers foreign market entry, motivations for international production, entry mode choice, and empirical patterns of FDI.