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International Economics (Lecture 3 (Competitive Advantage (Sustainable…
International Economics
Lecture I
IE
Interactions
nations
governments
Gains
Pattern
Inter-Industry
Intra-Industry
Interdependence
Before colonization
After
Approaches
Mercantilism
Persons
Thomas Mun
Colbert
Wealth = Money
resources agriculture
industry
trade
Physiocracy
Persons
Turgot
Quesnay
Wealth = Physical
+agriculuture
closed state
only cannot manufacture
Classical
Persons
Adam Smith
David Ricardo
Free trade
Labour = FoP
inter-nation trade
absolute advantage
comparative advantage
Neo-classical
Persons
Eli Heckscher
Bertil Ohlin
Labour not the only
Keynesian
Modern Capitalism
Mass production
Low energy prices
Welfare states
Technological improvements
Stable financial systems
Post-Keynesian
Persons
Myrdal
Hirschmann
Perroux
Centre-periphery relations
Disparities
Asymmetric dependency
Backwash effect
Perverse capital movement
Neo-liberalism
Persons
Hayek
Friedman
Free trade
Minimum state intervention
Global Capitalism
Lecture II
Advantage
Absolute
Individual
National
Conditions
Surplus
Determination
Countries
Specialization
Comparative
Opportunity cost
Conditions
Determinations
Countries
Specialization
Terms
Specialization
Globalization
Imports
Exports
Lecture 3
H-O theorem
Relative Advantage
Conditions
FoP
Labour
Capital
Leontief Paradox
US capital intensive
the reverse
Product Life-Cycle
The new trade
return on specialization
economies of scale
imperfectly competitive framework
intra-industry
Competitive Advantage
Michael Porter
Determinants
Factor endowments
Strategy. Structure. Rivalry.
Demand conditions
Related/ supporting industries
Corporation strategies
Cost Leadership
Differentiation
Sustainable
unique
not easily substitutable
valuable
durable
not easily imitated
consistently higher rate of profit
Others
Country Similarity
Global strategic Rivalry
Lecture 4
Instruments
Tariffs
Specific
Ad valorem
Export subsides
Import quota
Voluntary Export Restraints (VERs)
Local Content Requirements
WTO
discrimination
freer
predictability
Fair competition
reform
Lecture 5
Free trade
International
Dilemmas
Free trade
Protectionism
Advantages
Protectionism
import tariffs
import quotas
Efficiency
Political Arguments
Tariff
Optimum
Prohibitive
Domestic market failure
Regional Economic Integration
Preferential Trade Agreement (PTA)
no general
some
Free Trade Area (FTA)
eliminate internal
no common external
trade deflection
certificates of origin
Custom unions
no internal
common external
different import quotas
Common market
free movement
upon free trade
Economic and Monetary/ Political Union
Lecture 6
FoP
Labour flows
mobility model
unemployment
Capital flows
Lendind. Borrowing.
FDI
Short-term
movements
Catching up
technology
Lecture 8
Import Substituting Industrialization
restricting imports
low/ middle countries
abandoned mid-1980s
Infant Industry
temporary protection
market failures
imperfect asset markets
appropriating gains
Liberalized Trade
help sectors
increased income inequality
East Asia
export-oriented
some more general
Lecture 9
National Income Accounts
GNP
Adjusments
Depreciation
Indirect business taxes
Expenditures
Consumption
Investment
Gov purchases
Current Account Balance
GDP
National Saving (S)
Consumption (C)
Government Purchase (G)
National Income (Y)
Balance of Payment Accounts
Accounts
current
financial
at least 3
Official reserve assets
Statistical Discrepancy
All other assets
capital
Lecture 10
Open Economy
Goals
Balance
Internal
Full Employment
Price Level Stability
Aggregate Demand
Domestic Money Supply
External
Current Account
Factors
Economy Cirsumstances
World Conditions
Institutional Arrangement
Excessive Current Account Deficits
Temporarily High Consumption
Undermine Foreign Investors
Lower Domestic Investment
Problems for Creditors
Reasons
Easier Tax
Domestic Unemployment
Technological Spillover Effect
Gold Standard
External Balance
Price–specie flow mechanism
automatic mechanism
simultaneous balance of payments equilibrium
all countries
Internal Balance
Brett Woods
Meaning External Balance
Speculative Capital Flows . Crises.
IMF
Convertibility
USA
Confidence Problem
foreign holdings
exceed US gold reserves
Special Drawing Right
artificial reserve asset
central banks transactions
Lecture 11
EU
Why
Power
Stable
Unified Market
EMF
Why
Stable
German influence
Eliminate Devaluations
1979
Policies
Maastricht Treaty
Single European Act of 1986
remove
barriers
trade
financial capital
immigration
Stability Growth Pact
financial penalties
excessive deficits/ debt
Optimal Currency Areas
Robert Mundell
Free flows
Trade
Capital
Financial
Physical
Workers
optimal area
fixed exchange rate
highly economically intergrated
Considerations
Lecture 12
International Capital Market
Participants
Banks. Institution.
Non-bank Institution
Private
Central Banks. Government.
Policy maker
2 of 3
fixed exchange rate
monetary policy. Domestic.
Free international flows
Offshore Banking
Agency Office
Subsidiary Bank
Foreign Branch
International Banking Facilities
Offshore Currency Trading
growth international
trade
business
avoidance domestic
regulations
Reserve Requirement
tax
political factors
Gains from Trade
Comparative Advantage
Intertemporal Trade
Portfolio Diversification
Assets Classification
Debt Instrumetns
Equity
Domestic Bank
Deposit Insurance
Reserve Requirements
Capital requirements. Assets restrictions.
Bank examation
Lender of last resort
Difficulties
International Regulatory Cooperation
Basel Accord
Core Principles
Lecture 13
Measuring
Inequality Indicators
Lorenz curve
Gini coefficient
Explanation Poverty
Competitiveness
Requirements
Institutions
Infastructure
Macroeconomic stability
Education. Health
Efficiency Enhancers
Higher Education. Training
Good market efficiency
Labor market
Financial
Technical
Readiness
Innovation
Innovation
Business sophistication
Groups
Economic
Government
Business
Infastructure