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国际经济学:理论与政策(国际金融)(全球版 第10版)

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作者:[美]保罗·R. 克鲁格曼(Paul R. Krugman)、莫里斯·奥伯斯法尔德(Maurice Obstfeld)、马克·J. 梅利兹(Marc J. Melitz)
定价:69
印次:1-2
ISBN:9787302572558
出版日期:2021.03.01
印刷日期:2022.12.20

《国际经济学:理论与政策》的三位作者都是著名的经济学家。本书是美国许多知名大学的首选教材,它深刻洞悉了国际贸易和国际金融领域的最新变化和争议,在内容安排上既包含国际经济学的最新进展,又重视长期以来作为学科核心的传统理论与见解。本书配有大量的案例、专栏和图表,注重理论在实践中的应用。作者以其多年来对国际经济学的研究和实践经验,系统介绍了国际贸易理论和政策、国际收支平衡、汇率决定和国际宏观经济政策的最新研究成果,是一本不可多得的国际经济学教材。

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Years after the global financial crisis that broke out in 2007–2008, the industrial world’s economies are still growing too slowly to restore full employment. Emerging markets, despite impressive income gains in many cases, remain vulnerable to the ebb and flow of global capital. And finally, an acute economic crisis in the euro area has lasted since 2009, bringing the future of Europe’s common currency into question. This tenth edition therefore comes out at a time when we are more aware than ever before of how events in the global economy influence each country’s economic for- tunes, policies, and political debates. The world that emerged from World War II was one in which trade, financial, and even communication links between countries were limited. More than a decade into the 21st century, however, the picture is very dif- ferent. Globalization has arrived, big time. International trade in goods and services has expanded steadily over the past six decades thanks to declines in shipping and communication costs, globally negotiated reductions in government trade barriers, the widespread outsourcing of production activities, and a greater awareness of for- eign cultures and products. New and better communications technologies, notably the Internet, have revolutionized the way people in all countries obtain and exchange information. International trade in financial assets such as currencies, stocks, and bonds has expanded at a much faster pace even than international product trade. This process brings benefits for owners of wealth but also creates risks of contagious financial instability. Those risks were realized during the recent global financial cri- sis, which spread quickly across national borders and has played out at huge cost to the world economy. Of all the changes on the international scene in recent decades, however, perhaps the biggest one remains the emergence of China—a development that is already redefining the international balance of economic and political power in the coming century. Imagine the astonishment of the generation that lived through the depressed 1930s as adults, had its members been able to foresee the shape of today’s world economy! Nonetheless, the economic concerns that continue to cause international debate have not changed that much from those that dominated the 1930s, nor indeed since they were first analyzed by economists more than two centuries ago. What are the merits of free trade among nations compared with protectionism? What causes countries to run trade surpluses or deficits with their trading partners, and how are such imbalances resolved over time? What causes banking and currency crises in open economies, what causes financial contagion between economies, and how should governments handle international financial instability? How can governments avoid unemployment and inflation, what role do exchange rates play in their efforts, and how can countries best cooperate to achieve their economic goals? As always in international economics, the interplay of events and ideas has led to new modes of analysis. In turn, these analyti- cal advances, however abstruse they may seem at first, ultimately do end up playing a major role in governmental policies, in international negotiations, and in people’s everyday lives. Globalization has made citizens of all countries much more aware than ever before of the worldwide economic forces that influence their fortunes, and global- ization is here to stay. xv New to the Tenth Edition For this edition, we are offering an Economics volume as well as Trade and Finance splits. The goal with these distinct volumes is to allow professors to use the book that best suits their needs based on the topics they cover in their International Economics course. In the Economics volume for a two-semester course, we follow the standard practice of dividing the book into two halves, devoted to trade and to monetary ques- tions. Although the trade and monetary portions of international economics are often treated as unrelated subjects, even within one textbook, similar themes and methods recur in both subfields. We have made it a point to illuminate connections between the trade and monetary areas when they arise. At the same time, we have made sure that the book’s two halves are completely self-contained. Thus, a one-semester course on trade theory can be based on Chapters 2 through 12, and a one-semester course on international monetary economics can be based on Chapters 13 through 22. For pro- fessors’ and students’ convenience, however, they can now opt to use either the Trade or the Finance volume, depending on the length and scope of their course. We have thoroughly updated the content and extensively revised several chapters. These revisions respond both to users’ suggestions and to some important develop- ments on the theoretical and practical sides of international economics. The most far-reaching changes in the Finance volume are the following: ■ Chapter 6, Output and the Exchange Rate in the Short Run In response to the global economic crisis of 2007–2009, countries throughout the world adopted countercycli- cal fiscal responses. Renewed academic research on the size of the fiscal multiplier soon followed, although most of it was set in the closed economy and so ignored the exchange rate effects stressed in this chapter’s model. For this edition, we have added a new Case Study on the size of the fiscal multiplier in the open economy. In line with recent academic literature, which focuses on fiscal policy at the zero lower in- terest-rate bound, we integrate the discussion with our model of the liquidity trap. ■ Chapter 7, Fixed Exchange Rates and Foreign Exchange Intervention The chapter now includes additional discussion of “inflow attacks” on exchange rates being held at appreciated levels through foreign exchange intervention and other measures, a phenomenon seen in China and other countries. A new Case Study focuses on the Swiss National Bank’s policy of capping the Swiss franc’s level against the euro. ■ Chapter 8, International Monetary Systems: An Historical Overview A detailed der- ivation of an open economy’s multi-period intertemporal budget constraint now complements the discussion of external balance. (Instructors who do not want to cover this relatively more technical material can skip it without loss of continuity.) The intertemporal analysis is applied to analyze the sustainability of New Zealand’s persistent foreign borrowing. In addition, the chapter’s discussion of recent events in the global economy has been updated. ■ Chapter 9, Financial Globalization: Opportunity and Crisis For this new edition, we have switched the earlier order of Chapters 9 and 10 so that the book now covers the international capital market before covering optimum currency areas and the euro crisis. Our reasoning is that the euro crisis is in large part a crisis of the banks, which students cannot understand without a good prior grasp of international banking and its problems. Consistent with this approach, the new Chapter 9 covers bank bal- ance sheets and bank fragility in detail, with emphasis on bank capital and capital regulation. Ever since this book’s first edition, we have stressed the global context of banking regulation. In this edition, we explain the “financial trilemma,” which forces national policymakers to choose at most two from among the potential objectives of financial openness, financial stability, and national control over financial policy. ■ Chapter 10, Optimum Currency Areas and the Euro The crisis in the euro area esca- lated dramatically after the last edition of this book went to press. For this new edi- tion, we have brought our coverage of the euro crisis up to date with new material on initiatives for closer policy coordination in the euro countries, such as banking union. Our theoretical discussion of optimum currency areas also reflects lessons of the euro crisis. ■ Chapter 11, Developing Countries: Growth, Crisis, and Reform Our coverage of capital flows to developing countries now includes recent research on the small size of those flows, as well as their paradoxical tendency to favor low-growth over high-growth developing economies. We point out the close link between theories of capital alloca- tion to developing countries and theories of the cross-country distribution of income. In addition to these structural changes, we have updated the book in other ways to maintain current relevance. Thus, in the Finance volume, we examine the causes of the large measured global current account surplus (Chapter 2); we describe the outbreak and resolution of Zimbabwe’s hyperinflation (Chapter 4); and we describe the evolving infrastructure of international bank regulation, including Basel III and the Financial Stability Board (Chapter 9). About the Book The idea of writing this book came out of our experience in teaching international economics to undergraduates and business students since the late 1970s. We perceived two main challenges in teaching. The fi was to communicate to students the exciting intel- lectual advances in this dynamic fi The second was to show how the development of international economic theory has traditionally been shaped by the need to understand the changing world economy and analyze actual problems in international economic policy. We found that published textbooks did not adequately meet these challenges. Too often, international economics textbooks confront students with a bewildering array of special models and assumptions from which basic lessons are difficult to extract. Because many of these special models are outmoded, students are left puzzled about the real-world relevance of the analysis. As a result, many textbooks often leave a gap between the somewhat antiquated material to be covered in class and the exciting issues that dominate current research and policy debates. That gap has widened dra- matically as the importance of international economic problems—and enrollments in international economics courses—have grown. This book is our attempt to provide an up-to-date and understandable analytical framework for illuminating current events and bringing the excitement of international economics into the classroom. In analyzing both the real and monetary sides of the subject, our approach has been to build up, step by step, a simple, unified framework for communicating the grand traditional insights as well as the newest findings and approaches. To help the student grasp and retain the underlying logic of international economics, we motivate the theoretical development at each stage by pertinent data and policy questions. The Place of This Book in the Economics Curriculum Students assimilate international economics most readily when it is presented as a method of analysis vitally linked to events in the world economy, rather than as a body of abstract theorems about abstract models. Our goal has therefore been to stress con- cepts and their application rather than theoretical formalism. Accordingly, the book does not presuppose an extensive background in economics. Students who have had a course in economic principles will find the book accessible, but students who have taken further courses in microeconomics or macroeconomics will find an abundant supply of new material. Specialized appendices and mathematical postscripts have been included to challenge the most advanced students. Some Distinctive Features This book covers the most important recent developments in international economics without shortchanging the enduring theoretical and historical insights that have tra- ditionally formed the core of the subject. We have achieved this comprehensiveness by stressing how recent theories have evolved from earlier findings in response to an evolving world economy. The text is divided into a core of chapters focused on theory, followed by chapters applying the theory to major policy questions, past and current. In Chapter 1, we describe in some detail how this book addresses the major themes of international economics. Here we emphasize several of the topics that previous authors failed to treat in a systematic way. asset Market approach to Exchange rate Determination The modern foreign exchange market and the determination of exchange rates by national interest rates and expectations are at the center of our account of open- economy macroeconomics. The main ingredient of the macroeconomic model we develop is the interest parity relation, augmented later by risk premiums (Chapter 3). Among the topics we address using the model are exchange rate “overshooting”; inflation targeting; behavior of real exchange rates; balance-of-payments crises under fixed exchange rates; and the causes and effects of central bank intervention in the foreign exchange market (Chapters 4 through 7). International Macroeconomic Policy Coordination Our discussion of international monetary experience (Chapters 8 through 11) stresses the theme that different exchange rate systems have led to different policy coordina- tion problems for their members. Just as the competitive gold scramble of the interwar years showed how beggar-thy-neighbor policies can be self-defeating, the current float challenges national policymakers to recognize their interdependence and formulate policies cooperatively. the World Capital Market and Developing Countries A broad discussion of the world capital market is given in Chapter 9 which takes up the welfare implications of international portfolio diversification as well as prob- lems of prudential supervision of internationally active banks and other financial institutions. Chapter 11 is devoted to the long-term growth prospects and to the specific macroeconomic stabilization and liberalization problems of industrializing and newly industrialized countries. The chapter reviews emerging market crises and places in his- torical perspective the interactions among developing country borrowers, developed country lenders, and official financial institutions such as the International Monetary Fund. Chapter 11 also reviews China’s exchange-rate policies and recent research on the persistence of poverty in the developing world. Learning Features This book incorporates a number of special learning features that will maintain stu- dents’ interest in the presentation and help them master its lessons. Case Studies Case studies that perform the threefold role of reinforcing material covered earlier, illustrating its applicability in the real world, and providing important historical infor- mation often accompany theoretical discussions. Special Boxes Less central topics that nonetheless offer particularly vivid illustrations of points made in the text are treated in boxes. Among these markets for nondeliverable forward exchange (Chapter 3); and the rapid accumulation of foreign exchange reserves by developing countries (Chapter 11). Captioned Diagrams More than 200 diagrams are accompanied by descriptive captions that reinforce the discussion in the text and help the student in reviewing the material. Learning Goals A list of essential concepts sets the stage for each chapter in the book. These learning goals help students assess their mastery of the material. Summary and Key terms Each chapter closes with a summary recapitulating the major points. Key terms and phrases appear in boldface type when they are introduced in the chapter and are listed at the end of each chapter. To further aid student review of the material, key terms are italicized when they appear in the chapter summary. Problems Each chapter is followed by problems intended to test and solidify students’ compre- hension. The problems range from routine computational drills to “big picture” ques- tions suitable for classroom discussion. In many problems we ask students to apply what they have learned to real-world data or policy questions. Further readings For instructors who prefer to supplement the textbook with outside readings, and for students who wish to probe more deeply on their own, each chapter has an annotated bibliography that includes established classics as well as up-to-date examinations of recent issues. MyEconLab MyEconLab MyEconLab is the premier online assessment and tutorial system, pairing rich online content with innovative learning tools. MyEconLab includes comprehensive home- work, quiz, test, and tutorial options, allowing instructors to manage all assessment needs in one program. Key innovations in the MyEconLab course for the tenth edition of International Economics: Theory & Policy include the following: ■ Real-Time Data Analysis Exercises, marked with , allow students and instructors to use the latest data from FRED, the online macroeconomic data bank from the Federal Reserve Bank of St. Louis. By completing the exercises, students become familiar with a key data source, learn how to locate data, and develop skills to inter- pret data. ■ In the enhanced eText available in MyEconLab, figures labeled MyEconLab Real- Time Data allow students to display a pop-up graph updated with real-time data from FRED. ■ Current News Exercises, new to this edition of the MyEconLab course, provide a turn- key way to assign gradable news-based exercises in MyEconLab. Every week, Pearson scours the news, finds a current article appropriate for an economics course, creates an exercise around the news article, and then automatically adds it to MyEconLab. Assigning and grading current news-based exercises that deal with the latest economic events has never been more convenient. Students and MyEconLab This online homework and tutorial system puts students in control of their own learning through a suite of study and practice tools correlated with the online, in- teractive version of the textbook and learning aids such as animated figures. Within MyEconLab’s structured environment, students practice what they learn, test their understanding, and then pursue a study plan that MyEconLab generates for them based on their performance. Instructors and MyEconLab MyEconLab provides flexible tools that allow instructors easily and effectively to cus- tomize online course materials to suit their needs. Instructors can create and assign tests, quizzes, or homework assignments. MyEconLab saves time by automatically grading all questions and tracking results in an online gradebook. MyEconLab can even grade assignments that require students to draw a graph. After registering for MyEconLab instructors have access to downloadable supple- ments such as an instructor’s manual, PowerPoint lecture notes, and a test bank. The test bank can also be used within MyEconLab, giving instructors ample material from which they can create assignments—or the Custom Exercise Builder makes it easy for instructors to create their own questions. Weekly news articles, video, and RSS feeds help keep students updated on current events and make it easy for instructors to incorporate relevant news in lectures and homework. For more information about MyEconLab or to request an instructor access code, visit www.myeconlab.com. additional Supplementary resources A full range of additional supplementary materials to support teaching and learning accompanies this book. ■ The Online Instructor’s Manual—updated by Hisham Foad of San Diego State University—includes chapter overviews and answers to the end-of-chapter problems. ■ The Online Test Bank offers a rich array of multiple-choice and essay questions, in- cluding some mathematical and graphing problems, for each textbook chapter. It is available in Word, PDF, and TestGen formats. This Test Bank was carefully revised and updated by Robert F. Brooker of Gannon University. ■ The Computerized Test Bank reproduces the Test Bank material in the TestGen software that is available for Windows and Macintosh. With TestGen, instructors can easily edit existing questions, add questions, generate tests, and print the tests in variety of formats. ■ The Online PowerPoint Presentation with Tables, Figures, & Lecture Notes was re- vised by Amy Glass of Texas A&M University. This resource contains all text fig- ures and tables and can be used for in-class presentations. ■ The Companion Web Site at www.pearsonhighered.com/krugman contains additional appendices. (See page xvi of the Contents for a detailed list of the Online Appendices.) Instructors can download supplements from our secure Instructor’s Resource Center. Please visit www.pearsonhighered.com/irc. Acknowledgments Our primary debt is to Christina Masturzo, the Acquisitions Editor in charge of the project. We also are grateful to the Program Manager, Carolyn Philips, and the Proj- ect Manager, Carla Thompson. Heather Johnson’s efforts as Project Manager with Integra-Chicago were essential and efficient. We would also like to thank the me- dia team at Pearson—Denise Clinton, Noel Lotz, Courtney Kamauf, and Melissa Honig—for all their hard work on the MyEconLab course for the tenth edition. Last, we thank the other editors who helped make the first nine editions of this book as good as they were. We also wish to acknowledge the sterling research assistance of Tatjana Kleine- berg and Sandile Hlatshwayo. Camille Fernandez provided superb logistical support, as usual. For helpful suggestions and moral support, we thank Jennifer Cobb, Gita Gopinath, Vladimir Hlasny, and Phillip Swagel. We thank the following reviewers, past and present, for their recommendations and insights: Jaleel Ahmad, Concordia University Lian An, University of North Florida Anthony Paul Andrews, Governors State University Myrvin Anthony, University of Strathclyde, U.K. Michael Arghyrou, Cardiff University Richard Ault, Auburn University Amitrajeet Batabyal, Rochester Institute of Technology Tibor Besedes, Georgia Tech George H. Borts, Brown University Robert F. Brooker, Gannon University Francisco Carrada-Bravo, W.P. Carey School of Business, ASU Debajyoti Chakrabarty, University of Sydney Adhip Chaudhuri, Georgetown University Jay Pil Choi, Michigan State University Jaiho Chung, National University of Singapore Jonathan Conning, Hunter College and The Graduate Center, The City University of New York Brian Copeland, University of British Columbia Kevin Cotter, Wayne State University Barbara Craig, Oberlin College Susan Dadres, University of North Texas Ronald B. Davies, University College Dublin Ann Davis, Marist College Gopal C. Dorai, William Paterson University Robert Driskill, Vanderbilt University Gerald Epstein, University of Massachusetts at Amherst JoAnne Feeney, State University of New York at Albany Robert Foster, American Graduate School of International Management Patrice Franko, Colby College Diana Fuguitt, Eckerd College Byron Gangnes, University of Hawaii at Manoa Ranjeeta Ghiara, California State University, San Marcos Neil Gilfedder, Stanford University Amy Glass, Texas A&M University Patrick Gormely, Kansas State University Thomas Grennes, North Carolina State University Bodil Olai Hansen, Copenhagen Business School Michael Hoffman, U.S. Government Accountability Office Henk Jager, University of Amsterdam Arvind Jaggi, Franklin & Marshall College Mark Jelavich, Northwest Missouri State University Philip R. Jones, University of Bath and University of Bristol, U.K. Tsvetanka Karagyozova, Lawrence University Hugh Kelley, Indiana University Michael Kevane, Santa Clara University Maureen Kilkenny, University of Nevada Hyeongwoo Kim, Auburn University Stephen A. King, San Diego State University, Imperial Valley Faik Koray, Louisiana State University Corinne Krupp, Duke University Bun Song Lee, University of Nebraska, Omaha Daniel Lee, Shippensburg University Francis A. Lees, St. Johns University Jamus Jerome Lim, World Bank Group Rodney Ludema, Georgetown University Stephen V. Marks, Pomona College Michael L. McPherson, University of North Texas Marcel Mérette, University of Ottawa Shannon Mitchell, Virginia Commonwealth University Kaz Miyagiwa, Emory University Shannon Mudd, Ursinus College Marc-Andreas Muendler, University of California, San Diego Ton M. Mulder, Erasmus University, Rotterdam Robert G. Murphy, Boston College E. Wayne Nafziger, Kansas State University Steen Nielsen, University of Aarhus Dmitri Nizovtsev, Washburn University Terutomo Ozawa, Colorado State University Arvind Panagariya, Columbia University Nina Pavcnik, Dartmouth College Iordanis Petsas, University of Scranton Thitima Puttitanun, San Diego State University Peter Rangazas, Indiana University-Purdue University Indianapolis James E. Rauch, University of California, San Diego Michael Ryan, Western Michigan University Donald Schilling, University of Missouri, Columbia Patricia Higino Schneider, Mount Holyoke College Ronald M. Schramm, Columbia University Craig Schulman, Texas A&M University Yochanan Shachmurove, University of Pennsylvania Margaret Simpson, The College of William and Mary Enrico Spolaore, Tufts University Robert Staiger, University of Wisconsin-Madison Jeffrey Steagall, University of North Florida Robert M. Stern, University of Michigan Abdulhamid Sukar, Cameron University Rebecca Taylor, University of Portsmouth, U.K. Scott Taylor, University of British Columbia Aileen Thompson, Carleton University Sarah Tinkler, Portland State University Arja H. Turunen-Red, University of New Orleans Dick vander Wal, Free University of Amsterdam Gerald Willmann, University of Kiel Rossitza Wooster, California State University, Sacramento Bruce Wydick, University of San Francisco Jiawen Yang, The George Washington University Kevin H. Zhang, Illinois State University Although we have not been able to make each and every suggested change, we found reviewers’ observations invaluable in revising the book. Obviously, we bear sole respon- sibility for its remaining shortcomings. Paul R. Krugman Maurice Obstfeld Marc J. Melitz October 2013

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  • 普林斯顿大学教授,2008年诺贝尔经济学奖获得者,目前还担任许多国家和地区的经济政策咨询顾问。他的主要研究领域包括国际贸易、国际金融、货币危机与汇率变化理论,被誉为当今世界上最令人瞩目的贸易理论家之一。
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  • Preface xv

    Introduction 1

    What Is International Economics About? 3

    The Gains from Trade 4

    The Pattern of Trade 5

    How Much Trade? 5

    Balance of Payments 6

    Exchange Rate Determination 6

    International Policy Coordination 7

    The International Capital Market 8

    International Economics: Trade and Money 8

    Part  1 Exchange rates and Open-Economy Macroeconomics 11

    National Income Accounting and the Balance

    of Payments 11

    The National Income Accounts 13

    National Product and National Income 14

    Capital Depreciation and International Transfers 15

    Gross Domestic Product 15

    National Income Accounting for an Open Economy 16

    Consumption 16

    Investment 16

    Government Purc...

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