International economics

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in wage rates. As noted above, that theorem is sometimes taken to mean that trade between an industrialised country and a developing country would lower the wages of the unskilled in the industrialised country. However, it is unreasonable to assume that productivity would be the same in a low-wage developing country as in a high-wage developed country. A 1999 study has found international differences in wage rates to be approximately matched by corresponding differences in productivity. (Such discrepancies that remained were probably the result of over-valuation or under-valuation of exchange rates, or of inflexibilities in labour markets.) It has been argued that, although there may sometimes be short-term pressures on wage rates in the developed countries, competition between employers in developing countries can be expected eventually to bring wages into line with their employees'

1455:), leaving the remaining workforce without the benefit of their support. That effect upon the welfare of the parent country is to some extent offset by the remittances that are sent home by the emigrants, and by the increased skill and education with which some of them return. One study introduces a further offsetting factor to suggest that the opportunity to migrate fosters enrolment in education thus promoting a "brain gain" that can counteract the lost human capital associated with emigration. However, these factors can be counterweighed on their turn depending on the intentions that remittances are used for. As evidence from Armenia suggests, instead of acting as a contractual tool, remittances have a potential for recipients to further incentivize emigration by serving as a resource to alleviate the migration process. 1044:(H-O) depends upon the assumptions of no international differences of technology, productivity, or consumer preferences; no obstacles to pure competition or free trade and no scale economies. On those assumptions, it derives a model of the trade patterns that would arise solely from international differences in the relative abundance of labour and capital (referred to as factor endowments). The resulting theorem states that, on those assumptions, a country with a relative abundance of capital would export capital-intensive products and import labour-intensive products. The theorem proved to be of very limited predictive value, as was demonstrated by what came to be known as the " 1064:

trade between an industrialised country and a developing country would lower the wages of the unskilled in the industrialised country. (But, as noted below, that conclusion depends upon the unlikely assumption that productivity is the same in the two countries). Large numbers of learned papers have been produced in attempts to elaborate on the H–O and Stolper–Samuelson theorems, and while many of them are considered to provide valuable insights, they have seldom proved to be directly applicable to the task of explaining trade patterns.

1242:(VRAs) or voluntary export restraints (VERs) which were negotiated with the governments of exporting countries (mainly Japan)—until they too were banned. Tariffs have been considered to be less harmful than quotas, although it can be shown that their welfare effects differ only when there are significant upward or downward trends in imports. Governments also impose a wide range of non-tariff barriers that are similar in effect to quotas, some of which are subject to WTO agreements. A recent example has been the application of the 1407:

there are many possible failure sequences. The internationally systemic crises that followed included the equity crash of October 1987, the Japanese asset price collapse of the 1990s the Asian financial crisis of 1997 the Russian government default of 1998(which brought down the Long-Term Capital Management hedge fund) and the 2007-8 sub-prime mortgages crisis. The symptoms have generally included collapses in asset prices, increases in risk premiums, and general reductions in liquidity.

40: 1192:". Whether such policies succeed depends upon the governments’ skills in picking winners, with reasonably expectations of both successes and failures. It has been claimed that South Korea's automobile industry owes its existence to initial protection against imports, but a study of infant industry protection in Turkey reveals the absence of any association between productivity gains and degree of protection, such as might be expected of a successful import substitution policy. 1507:). Part of the increase in income inequality that has taken place within countries is attributable - in some cases - to globalisation. A recent IMF report demonstrates that the increase in inequality in the developing countries in the period 1981 to 2004 was due entirely to technological change, with globalisation making a partially offsetting negative contribution, and that in the developed countries globalisation and technological change were equally responsible. 1459:

concentrated in specific highly skilled sectors, such as medicine, the consequences are severe and even catastrophic in cases where 50% or so of trained doctors have emigrated. The crucial issues, as recently acknowledged by the OECD, is the matter of return and reinvestment in their countries of origin by the migrants themselves: thus, government policies in Europe are increasingly focused upon facilitating temporary skilled migration alongside migrant remittances.

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wage earners and corporate and personal taxpayers threatened to migrate in search of better terms. In fact, there are few signs of international convergence of interest rates, wage rates or tax rates. Although the world is more integrated in some respects, it is possible to argue that on the whole it is now less integrated than it was before the first world war, and that many middle-east countries are less globalised than they were 25 years ago.

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cent increase in openness to trade increases the level of GDP per capita by between 0.9 per cent and 2.0 per cent. They suggested that much of the gain arises from the growth of the most productive firms at the expense of the less productive. Those findings and others have contributed to a broad consensus among economists that trade confers very substantial net benefits, and that government restrictions upon trade are generally damaging.

1624: 1467:. Since such migrants work in unskilled industries for lower wages and often zero social insurance costs, the gain from labour migration flows is actually higher than the minimal gains calculated for legal flows; accompanying side-effects are significant, however, and include political damage to the idea of immigration, lower unskilled wages for the host population, and increased policing costs alongside lower tax receipts. 855: 1323:

by reducing their costs of capital, and the direct investment of physical capital would tend to promote specialisation and the transfer of skills and technology. However, the eventual outcome of these policies was not what had been expected. Theoretical considerations alone cannot determine the balance between those benefits and the costs of volatility, and the question has had to be tackled by empirical analysis.

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export hi-tech products to others and receive imports of more standard products from them. Another econometric study also established a correlation between country size and the share of exports made up of goods in the production of which there are scale economies. The study further suggested that internationally traded goods fall into three categories, each with a different type of comparative advantage:

1225:(WTO), average tariff levels were progressively reduced to about 7 per cent during the second half of the 20th century, and some other trade restrictions were also removed. The restrictions that remain are nevertheless of major economic importance: among other estimates, the World Bank estimated in 2004 that the removal of all trade restrictions would yield benefits of over $ 500 billion a year by 2015. 1011:

international trade economics differs little from that of the remainder of economics. However, the direction of academic research on the subject has been influenced by the fact that governments have often sought to impose restrictions upon international trade, and the motive for the development of trade theory has often been a wish to determine the consequences of such restrictions.

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years into the future. Markets in financial assets tend to be more volatile than markets in goods and services because decisions are more often revised and more rapidly put into effect. There is the share presumption that a transaction that is freely undertaken will benefit both parties, but there is a much greater danger that it will be harmful to others.

1382:") and have often included the removal of all restrictions upon incoming investment. The Fund has been severely criticised by Joseph Stiglitz and others for what they consider to be the inappropriate enforcement of those policies and for failing to warn recipient countries of the dangers that can arise from the volatility of capital movements. 1312:

an extended series of damaging financial crises. One study estimated that by the end of the twentieth century there had been 112 banking crises in 93 countries, another that there had been 26 banking crises, 86 currency crises and 27 mixed banking and currency crises, many times more than in the previous post-war years.

1048:" (the discovery that, despite its capital-rich factor endowment, America was exporting labour-intensive products and importing capital-intensive products) Nevertheless, the theoretical techniques (and many of the assumptions) used in deriving the H–O model were subsequently used to derive further theorems. 1527:

of Harvard has noted that the benefits of globalisation are unevenly spread, and that it has led to income inequalities, and to damaging losses of social capital in the parent countries and to social stresses resulting from immigration in the receiving countries. An extensive critical analysis of

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It is a process that has ancient origins, which has gathered pace in the last fifty years, but which is very far from complete. In its concluding stages, interest rates, wage rates and corporate and income tax rates would become the same everywhere, driven to equality by competition, as investors,

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committee to conclude that any economic benefits of immigration to the United Kingdom are relatively small. Evidence from the United States also suggests that the economic benefits to the receiving country are relatively small, and that the presence of immigrants in its labour market results in only

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Neoclassical theory had led them to expect capital to flow from the capital-rich developed economies to the capital-poor developing countries - because the returns to capital there would be higher. Flows of financial capital would tend to increase the level of investment in the developing countries

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in which most governments no longer attempt to control their exchange rates or to impose controls upon access to foreign currencies or upon access to international financial markets. The behaviour of the international financial system was transformed. Exchange rates became very volatile and there was

1302:($ ), and the United States government had undertaken to buy gold on demand at a fixed rate of $ 35 per ounce. In support of those commitments, most signatory nations had maintained strict control over their nationals’ use of foreign exchange and upon their dealings in international financial assets. 1228:

The largest of the remaining trade-distorting policies are those concerning agriculture. In the OECD countries government payments account for 30 per cent of farmers’ receipts and tariffs of over 100 per cent are common. OECD economists estimate that cutting all agricultural tariffs and subsidies by

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by manufacturers. The Prebisch/Singer findings remain controversial, but they were used at the time—and have been used subsequently—to suggest that the developing countries should erect barriers against manufactured imports in order to nurture their own "infant industries" and so reduce their need

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differs from the remainder of economic theory mainly because of the comparatively limited international mobility of the capital and labour. In that respect, it would appear to differ in degree rather than in principle from the trade between remote regions in one country. Thus the methodology of

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Of the moves toward integration that have occurred, the strongest has been in financial markets, in which globalisation is estimated to have tripled since the mid-1970s. Recent research has shown that it has improved risk-sharing, but only in developed countries, and that in the developing countries

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Quotas prompt foreign suppliers to raise their prices toward the domestic level of the importing country. That relieves some of the competitive pressure on domestic suppliers, and both they and the foreign suppliers gain at the expense of a loss to consumers, and to the domestic economy, in addition

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is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of

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has a variety of meanings, but in economic terms it refers to the move that is taking place in the direction of complete mobility of capital and labour and their products, so that the world's economies are on the way to becoming totally integrated. The driving forces of the process are reductions

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Nevertheless, there have been widespread misgivings about the effects of international trade upon wage earners in developed countries. Samuelson's factor price equalisation theorem indicates that, if productivity were the same in both countries, the effect of trade would be to bring about equality

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There is a strong presumption that any exchange that is freely undertaken will benefit both parties, but that does not exclude the possibility that it may be harmful to others. However (on assumptions that included constant returns and competitive conditions) Paul Samuelson has proved that it will

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provides a logical explanation of international trade as the rational consequence of the comparative advantages that arise from inter-regional differences - regardless of how those differences arise. Since its exposition by David Ricardo the techniques of neo-classical economics have been applied

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One of their effects has been greatly to increase the international inter-connectedness of the financial markets and to create an international financial system with the characteristics known in control theory as "complex-interactive". The stability of such a system is difficult to analyse because

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offers a summary of the empirical evidence. The authors found little evidence either of the benefits of the liberalisation of capital movements, or of claims that it is responsible for the spate of financial crises. They suggest that net benefits can be achieved by countries that are able to

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does not differ in principle from the economics of international trade, but there are significant differences of emphasis. The practice of international finance tends to involve greater uncertainties and risks because the assets that are traded are claims to flows of returns that often extend many

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industrialisation is not that it is bound to fail, but that subsidies and tax incentives do the job better. It has also been pointed out that, in any case, trade restrictions could not be expected to correct the domestic market imperfections that often hamper the development of infant industries.

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study has suggested that there are further dynamic gains resulting from better resource allocation, deepening specialisation, increasing returns to R&D, and technology spillover. The authors found the evidence concerning growth rates to be mixed, but that there is strong evidence that a 1 per

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to identify from the available statistics, the contribution of particular factors among the many different factors that affect trade. One example of such an econometric model is the gravity equation. The contributions of differences of technology have been evaluated in several such studies. The

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Another corollary of the H–O theorem is Samuelson's factor price equalisation theorem which states that as trade between countries tends to equalise their product prices, it tends also to equalise the prices paid to their factors of production. Those theories have sometimes been taken to mean that

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Increased globalisation has also made it easier for recessions to spread from country to country. A reduction in economic activity in one country can lead to a reduction in activity in its trading partners as a result of its consequent reduction in demand for their exports, which is one of the

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Other researchers have found research and development expenditure, patents issued, and the availability of skilled labor, to be indicators of the technological leadership that enables some countries to produce a flow of such technological innovations and have found that technology leaders tend to

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of the H–O theorem, was an early example. In its most general form it states that if the price of a good rises (falls) then the price of the factor used intensively in that industry will also rise (fall) while the price of the other factor will fall (rise). In the international trade context for

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onwards, regulators and their economic advisors have been aware that economic and financial crises can spread rapidly from country to country, and that financial crises can have serious economic consequences. For many decades, that awareness led governments to impose strict controls over the

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For example, mismanagement of mortgage lending in the United States led in 2008 to banking failures and credit shortages in other developed countries, and sudden reversals of international flows of capital have often led to damaging financial crises in developing countries. And, because of the

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Whereas some studies suggest that parent countries can benefit from the emigration of skilled workers, generally it is emigration of unskilled and semi-skilled workers that is of economic benefit to countries of origin, by reducing pressure for employment creation. Where skilled emigration is

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Another study provides descriptive evidence suggesting that attempts at import substitution industrialisation since the 1970s have usually failed, but the empirical evidence on the question has been contradictory and inconclusive. It has been argued that the case against import substitution

1435:. Economic theory indicates that the movement of a skilled worker from a place where the returns to skill are relatively low to a place where they are relatively high should produce a net gain, although it would tend to depress the wages of skilled workers in the recipient country). 1462:

Unlike movement of capital and goods, since 1973 government policies have tried to restrict migration flows, often without any economic rationale. Such restrictions have had diversionary effects, channeling the great majority of migration flows into illegal migration and "false"

1121:. Any remaining international wage differences would then be the result of productivity differences, so that there would be no difference between unit labour costs in developing and developed countries, and no downward pressure on wages in the developed countries. 1037:

to it to model the patterns of trade that would result from various postulated sources of comparative advantage. However, extremely restrictive (and often unrealistic) assumptions have had to be adopted in order to make the problem amenable to theoretical analysis.

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results in a net gain in economic welfare. Wage differences between developed and developing countries have been found to be mainly due to productivity differences which may be assumed to arise mostly from differences in the availability of physical, social and

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goods that are produced by the extraction and routine processing of available natural resources—such as coal, oil and wheat, for which developing countries often have an advantage compared with other types of production—which might be referred to as "Ricardo

1373:, mainly by restoring their depleted currency reserves. Their loans are, however, conditional upon the introduction of economic measures by recipient governments that are considered by the Fund's economists to provide conditions favourable to recovery. 1365:

The IMF was set up in 1944 to encourage international cooperation on monetary matters, to stabilise exchange rates and create an international payments system. Its principal activity is the payment of loans to help member countries to overcome

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high-technology goods and high scale-economy goods, such as computers and aeroplanes, for which the comparative advantage arises from the availability of R&D resources and specific skills and the proximity to large sophisticated

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economies. Successful identification of such a situation, followed by the temporary imposition of a barrier against imports can, in principle, produce substantial benefits to the country that applies it—a policy known as

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Economists’ findings about the benefits of trade have often been rejected by government policy-makers, who have frequently sought to protect domestic industries against foreign competition by erecting barriers, such as

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Modern trade analysis moves away from the restrictive assumptions of the H-O theorem and explores the effects upon trade of a range of factors, including technology and scale economies. It makes extensive use of

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to the world economy. When quotas were banned under the rules of the General Agreement on Tariffs and Trade (GATT), the United States, Britain and the European Union made use of equivalent arrangements known as

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study suggests that if the share of foreign workers grew to 3% of the labour force in the rich countries there would be global benefits of $ 675 billion a year by 2025. However, a survey of the evidence led a

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mechanisms by which the business cycle is transmitted from country to country. Empirical research confirms that the greater the trade linkage between countries the more coordinated are their business cycles.

3065: 1358:" and some, such as Denmark, have retained their national currencies but have pegged them at a fixed rate to an adjacent common currency. On an international scale, the economic policies promoted by the 2776: 1395:

activities and conduct of banks and other credit agencies, but in the 1980s many governments pursued a policy of deregulation in the belief that the resulting efficiency gains would outweigh any

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meet threshold conditions of financial competence but that for others, the benefits are likely to be delayed, and vulnerability to interruptions of capital flows is likely to be increased.

3131: 1669: 1343:, some of them – together with many developing countries – maintain exchange rates that are nominally "fixed", usually with the US dollar or the euro. The adoption of a fixed rate requires 2349: 1319:

had claimed that if there were any resulting instability, it would mainly be the consequence of macroeconomic instability, but an empirical analysis in 1999 found no apparent connection.

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always be possible for the gainers from international trade to compensate the losers. Moreover, in that proof, Samuelson did not take account of the gains to others resulting from wider

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A major change in the organisation of international finance occurred in the latter years of the twentieth century, and economists are still debating its implications. At the end of the

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is more widely employed. Also, the consensus among economists concerning its principal issues is narrower and more open to controversy than is the consensus about international trade.

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and developing into a range of theorems that depend for their practical value upon the realism of their postulates. "Modern" trade analysis, on the other hand, depends mainly upon

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There has also been concern that international trade could operate against the interests of developing countries. Influential studies published in 1950 by the Argentine economist

1103:, from the international specialisation of productive activities - and consequent economies of scale, and from the transmission of the benefits of technological innovation. An 1213:, against imports. Average tariff levels of around 15 per cent in the late 19th century rose to about 30 percent in the 1930s, following the passage in the United States of the 1090:

low-technology goods, such as textiles and steel, that tend to migrate to countries with appropriate factor endowments—which might be referred to as "Heckscher-Ohlin goods"; and,

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But in 1971 the United States government announced that it was suspending the convertibility of the dollar, and there followed a progressive transition to the current regime of

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in the long-term, but which would be unable to survive in the face of competition from imported goods. This situation can occur when time is needed either to achieve potential

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The branch of trade theory which is conventionally categorized as "classical" consists mainly of the application of deductive logic, originating with Ricardo's Theory of

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has advanced the infant industry case for protection in developing countries and criticised the conditions imposed for help by the International Monetary Fund. Professor

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made two successive recommendations (Basel I and Basel II) concerning the regulation of banks, and a coordinating group of regulating authorities, and the

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Gary Hufbauer: "The Impact of National Characteristics and Technology on the Commodity Composition of Trade in Manufactured Goods" in Vernon op cit 1970

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Their recommended economic policies are broadly those that have been adopted in the United States and the other major developed countries (known as the "

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50% would set off a chain reaction in realignments of production and consumption patterns that would add an extra $ 26 billion to annual world income.

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Measures designed to reduce the vulnerability of the international financial system have been put forward by several international institutions. The

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it has increased macroeconomic volatility. It is estimated to have resulted in net welfare gains worldwide, but with losers as well as gainers. .

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suggested that there is a tendency for the prices of agricultural products to fall relative to the prices of manufactured goods; turning the

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Blattman, Christopher; Clemens, Michael A.; Williamson, Jeffrey G. (June 2003). "Who Protected and Why? Tariffs the World Around 1870–1938".

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Core Principles of Effective Banking Supervision Basel Committee on Banking Supervision, Bank for International Settlements 2006(Basel 2)

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Jagdish Bhagwati The Consensus for Free Trade Among economists — has it frayed? Lecture to the World Trade Organization October 8th 2007

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which it was devised it means that trade lowers the real wage of the scarce factor of production, and protection from trade raises it.

1418:, that was set up in 1999 to identify and address the weaknesses in the system, has put forward some proposals in an interim report. 1347:

by the country's central bank, and is usually accompanied by a degree of control over its citizens’ access to international markets.

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Subir Lall, Chris Papageorgiou and Petia Topalva Globalization and Inequality in IMF World Economic Outlook October 2007 Chapter 4

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Their findings have been confirmed by a number of subsequent studies, although it has been suggested that the effect may be due to

3078: 1599: 2977: 1584: 1218: 3121: 2965: 2777:"Catia Batista, Pedro Vicente and Aitor Lacuesta: "Brain Drain or Brain Gain?Micro: Evidence from an African Success Story", 2218: 2201:

Hallak, Juan Carlos; Levisohn, James (2008). "Fooling Ourselves: The Globalization and Growth Debate". In Zedillo, E. (ed.).

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From the standpoint of a developing country, the emigration of skilled workers represents a loss of human capital (known as

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temporary advantage arising from a country's development of a new technology is seen as contributory factor in one study.

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The essential guide to understanding why domestic companies will soon change their outsourcing focus from China to Mexico.

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against the developing countries and producing an unintended transfer of wealth from them to the developed countries.

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to export agricultural products. The arguments for and against such a policy are similar to those concerning the

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Frenkel, Jacob; Razin, Assaf (1987). "The Mundell–Fleming Model A Quarter Century Later: A Unified Exposition".

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House of Lords Select Committee on Economic Affairs Session 2007-8 HL paper 82, The Stationery Office, London

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and its extensions are often used to analyse the role of capital mobility (and it was also used by

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Globalisation is seen as contributing to economic welfare by most economists – but not all. Professor

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Kym Anderson and Alan Winter: "The Challenge of Reducing International Trade and Migration Barriers",

1727:. Links to article-abstract examples for each subclassification are at JEL Classification Codes Guide 3405: 3176: 1496: 1415: 243: 4289: 4235: 3978: 3933: 3772: 3643: 3520: 2866: 2075: 1720: 1222: 812: 550: 505: 358: 127: 71: 3993: 3041: 2841: 1495:

Globalisation can also have a significant influence upon the conduct of macroeconomic policy. The

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Some governments have abandoned their national currencies in favour of the common currency of a

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Henry Thompson (2011). "International Economics: Global Markets and Competition (3rd Edition)"

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study flows of money across countries and the resulting effects on their economies as a whole.

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Krueger, Anne; Tuncer, Bilge (1982). "An Empirical Test of the Infant Industry Argument".

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Samuelson, Paul (June 1949). "International Trade and the Equalization of Factor Prices".

992:; national security and economic nationalism; and international agreements and observance. 8: 4224: 4033: 3852: 3752: 3732: 3692: 3648: 3633: 3589: 3530: 3455: 3445: 3415: 3338: 3109: 2674: 1400: 1368: 1271: 952: 919: 796: 605: 427: 368: 293: 283: 253: 180: 88: 3893: 3325: 2857: 2236:"Domestic Distortions, Tariffs, and the Theory of Optimum Subsidy: Some Further Results" 465: 4279: 4250: 4208: 4013: 3722: 3702: 3670: 3584: 3579: 3559: 3510: 3450: 3440: 3385: 3380: 3212: 2919: 2730: 2630: 2406: 2295: 2258: 2183: 2156: 2084: 1960: 1882: 1860: 1842: 1807: 1275: 1177: 964: 824: 780: 585: 422: 417: 397: 348: 288: 278: 223: 218: 190: 185: 155: 23: 2974: 2006: 1399:

s. The extensive financial innovations that followed are described in the article on

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The Gains from Trade and the Gains from Aid: Essays in International Trade Theory

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Proceedings of the American Philosophical Society, vol. XCVII p332 September 1953

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Understanding Exchange Rate Volatility Without the Contrivance of Macroeconomics

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Rybczyinski, Tadeusz (1955). "Factor Endowments and Relative Commodity Prices".

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across international financial markets, and the effects of these movements on

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There have been many econometric studies intended to quantify those gains. A

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Stolper, Wolfgang; Samuelson, Paul (1941). "Protection and Real Wages".

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In making an influential case for flexible exchange rates in the 1950s,

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The Future of Globalization: Explorations in Light of Recent Turbulence

2187: 2160: 2088: 1886: 1846: 1811: 1274:

has fewer applications than in the theory of international trade, and

670: 470: 2726: 2649: 2104:"The Terms of Trade Debate and its Implications for Primary Producers" 1964: 923:

studies goods and services flows across international boundaries from

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Paul Streeten "Integration, Interdependence, and Globalization" in

2699: 2697: 2174:

Bruton, Henry J. (1998). "A Reconsideration of Import Substitution".

1992: 1979: 1550: 1426:

Elementary considerations lead to a presumption that international

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The Economic Development of Latin America and Its Principal Problems

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Chapter 7 John Murray, 1821. Third edition.(First published: 1817)

1355: 2694: 2513: 1620:

International Encyclopedia of the Social & Behavioral Sciences

1171:" is used to denote a new industry which has prospects of gaining 914:

different countries, including trade, investment and transaction.

2599:

Timothy Lane: "The Asian Financial Crisis; What Have We Learned"

1914:• Luc Soete: "A General Test of Technological Gap Trade Theory", 1339:

Although the majority of developed countries now have "floating"

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M. June Flanders (2008). "international economics, history of,"

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Stanley W. Black (2008). "international monetary institutions,"

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Harvard Institute of Economic Research Discussion Paper No. 2010

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Bhagwati, Jagdish; Ramaswami, V. K.; Srinivasan, T. N. (1969).

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has surveyed the debate that has taken place among economists.

1521:

School of International and Public Affairs, Columbia University

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in politically imposed barriers and in the costs of transport.

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Skilled Migration: the Perspective of the Developing Countries

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Samuelson, Paul (1939). "The Gains from International Trade".

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Creative Commons Attribution-ShareAlike 3.0 Unported License

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The Trade Comovement Problem in International Macroeconomics

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Remittances and Emigration Intentions: Evidence from Armenia

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Ayhan Kose, Eswar Prasad, Kenneth Rogoff, and Shang-Jin Wei

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Milton Friedman "The Case for Flexible Exchange Rates" in

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HM Treasury (Annex A of Trade and the Global Economy 2004)

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WTO agreements concerning non-tariff barriers WTO 2007

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The New Palgrave Dictionary of Economics, 2nd Edition

1385: 2497:Eichengreen, Barry; Bordo, Michael (January 2002). 1945:

Canadian Journal of Economics and Political Science

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On the Principles of Political Economy and Taxation

1150:in the index numbers used or to the possession of 3199: 3114:International Trade and Globalisation, 3rd edition 2819:Fred Bergsten “The G-20 and the World Economy” in 1294:had agreed to maintain their currencies each at a 4316: 2496: 1789: 2860:Reaping the Benefits of Financial Globalisation 1270:incidence of rapid change, the methodology of 2994:Globalization and its Discontents" Norton 2002 2862:IMF Research Department Discussion Paper 2007 2200: 2020: 2018: 3220: 2146: 891: 3056:This article incorporates material from the 2939:Analytical Afterthoughts on The Asian Crisis 2901: 1922:The Technology Factor in International Trade 1741:Studies in the Theory of International Trade 1334: 1111: 1040:The best-known of the resulting models, the 2823:Vol 5 Number 3 Page 28 July/September 2004 2617:The Russian Default and Contagion to Brazil 2209:. London and New York: Routledge. pp. 2015: 1864: 1698:Foundations of International Macroeconomics 1683: • Bennett T. McCallum (1996). 1345:intervention in the foreign exchange market 3227: 3213: 3156:Carnegie Endowment for International Peace 3019:Institute for International Economics 1997 2664:, Financial Stability Forum, February 2008 1256: 898: 884: 2762:Aleksandr Grigoryan and Knar Khachatryan 2350:World Bank Global Economic Prospects 2004 1991: 1942: 1924:National Bureau of Economic Research 1970 1824: 3170:IIGG Interactive Guide to Global Finance 3152:Links for A-Z with much micro/macro too. 3100:The New Palgrave Dictionary of Economics 3090:The New Palgrave Dictionary of Economics 3079:The New Palgrave Dictionary of Economics 2904:International Monetary Fund Staff Papers 2706:"The Economic Benefits from Immigration" 2111:California School of Mines Working Paper 2052: 1903:International Trade and Technical Change 1679:The New Palgrave Dictionary of Economics 1666:The New Palgrave Dictionary of Economics 1656:The New Palgrave Dictionary of Economics 1610:The New Palgrave Dictionary of Economics 1600:The New Palgrave Dictionary of Economics 1251: 1001: 2748:Frederic Docquier and Hillel Rapoport 2425:Tariff and Non-tariff Barriers to Trade 2275: 4317: 2867:Martin Evans and Viktoria Hnatkovska 2844:Who's Driving Financial Globalization? 2703: 2557:Financial Globalization: A Reappraisal 2173: 2072: 1984:OECD Trade Policy Working Paper No. 43 1219:General Agreement on Tariffs and Trade 996: 3208: 3108: 2409:International Trade Theory and Policy 2123: 1920: • Raymond Vernon (Ed): 1190:import substitution industrialization 3149:Glossary of International Economics. 2043:pages 176 to 180 Yale Nota Bene 2005 1692: • Maurice Obstfeld and 1162: 3304:Agent-based computational economics 2029:American Enterprise Institute: 1999 2027:Labor Costs and International Trade 1673: • Mario I. Blejer and 1528:these contentions has been made by 1282:Exchange rates and capital mobility 1025: 13: 2101: 1743: : Harper and Brothers 1937] 1546:List of international trade topics 1448:a small reduction in local wages. 1412:Bank for International Settlements 1290:, the national signatories to the 1067: 14: 4336: 3162:" Analysis on the Global Economy. 3160:International Economics Bulletin. 3137: 2871:IMF Staff Papers Vol 54 No 2 2007 2559:IMF Working Paper WP/06/189 2006 2124:Chang, Ha-Joon (September 2002). 1638:(2008). "international finance," 1386:International financial stability 1199: 1159:of infant industries in general. 1124: 3762:neoclassical–Keynesian synthesis 3017:Has Globalization Gone Too Far?. 2842:Paolo Mauro and Jonathan Ostry 2714:Journal of Economic Perspectives 2588:, IMF Working Paper WP/00/7 2000 2337:Assessing the Cost of Protection 1685:International Monetary Economics 1503:to give a simple account of the 1470: 1248:to exclude innovatory products. 1055:, which is often described as a 865: 853: 38: 3064:", which is licensed under the 3035: 3022: 3009: 2998: 2986: 2955: 2944: 2930: 2895: 2881:Kose, M. 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OECD Trade Policy Papers. 1421: 1221:(GATT) and subsequently the 7: 2571:The 1987 Stock Market Crash 2506:NBER Working Paper No. 8716 2362:"Trends in Market Openness" 1766:The Heckscher-Ohlin Theorem 1539: 1360:International Monetary Fund 1328:International Monetary Fund 1181:, or to acquire potential 1133:and the British economist 10: 4341: 3836:Real business-cycle theory 2704:Borjas, George J. (1995). 1980:"Dynamic Gains from Trade" 1792:Review of Economic Studies 4276: 4234: 3876: 3610: 3359: 3324: 3242: 2858:IMF Research Department 2126:"Kicking Away the Ladder" 1916:Review of World Economics 1416:Financial Stability Forum 1335:Policies and institutions 1112:Factor price equalisation 1053:Stolper–Samuelson theorem 3188:Historical documents on 3116:. Stocksfield: Anforme. 2149:American Economic Review 2076:American Economic Review 1721:JEL classification codes 1571: 1223:World Trade Organization 128:JEL classification codes 4325:International economics 3476:Industrial organization 3299:Computational economics 3062:International economics 3030:Why Globalization Works 2963:Joseph Stiglitz website 2807:Finance and Development 2779:Oxford Economics Papers 2601:Finance and development 2530:p173 Phoenix Books 1966 2053:Prebisch, Raul (1950). 2041:Why Globalization Works 1308:floating exchange rates 1292:Bretton Woods Agreement 1245:precautionary principle 1215:Smoot–Hawley Tariff Act 1042:Heckscher-Ohlin theorem 1006:The economic theory of 990:international sanctions 985:international relations 911:International economics 314:Industrial organization 171:Computational economics 3681:Modern monetary theory 3346:Experimental economics 3316:Pluralism in economics 3289:Mathematical economics 2584:Akihiro and David Woo 2378:on September 10, 2006. 2371:. 1999. Archived from 1505:Asian financial crisis 166:Experimental economics 3194:international finance 3005:Dani Rodrik's website 2473:World Bank May, 2001" 2427:Farm Foundation 2002" 1556:Comparative advantage 1497:Mundell–Fleming model 1390:From the time of the 1263:international finance 1257:Scope and methodology 1252:International finance 1173:comparative advantage 1033:comparative advantage 1016:Comparative Advantage 1002:Scope and methodology 951:studies the flow of 948:International finance 3555:Social choice theory 3311:Behavioral economics 3294:Complexity economics 2677:Copenhagen Consensus 2423:"David Sumner et al 2369:OECD Economic Review 1827:The Economic Journal 1440:Copenhagen Consensus 1379:Washington Consensus 1300:United States dollar 1233:to which there is a 982:, a sub-category of 929:economic integration 393:Social choice theory 3639:American (National) 3339:Economic statistics 3196:available on FRASER 3190:international trade 3032:Yale Nota Bene 2005 2062:. 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3769: 3766: 3763: 3759: 3756: 3755: 3754: 3751: 3749: 3748:Institutional 3746: 3744: 3741: 3739: 3736: 3734: 3731: 3729: 3726: 3724: 3721: 3719: 3716: 3714: 3711: 3709: 3706: 3704: 3701: 3699: 3696: 3694: 3691: 3689: 3686: 3682: 3679: 3678: 3677: 3674: 3672: 3669: 3667: 3664: 3662: 3659: 3655: 3652: 3651: 3650: 3647: 3645: 3642: 3640: 3637: 3635: 3632: 3630: 3627: 3626: 3624: 3619: 3614: 3609: 3601: 3598: 3596: 3593: 3591: 3588: 3586: 3583: 3581: 3578: 3576: 3573: 3571: 3568: 3566: 3563: 3561: 3558: 3556: 3552: 3551:Public choice 3549: 3547: 3544: 3542: 3539: 3537: 3534: 3532: 3529: 3527: 3526:Participation 3524: 3522: 3519: 3517: 3514: 3512: 3509: 3507: 3504: 3502: 3499: 3497: 3494: 3492: 3489: 3487: 3486:Institutional 3484: 3482: 3479: 3477: 3474: 3472: 3469: 3467: 3464: 3462: 3459: 3457: 3454: 3452: 3449: 3447: 3444: 3442: 3439: 3437: 3436:Expeditionary 3434: 3432: 3429: 3427: 3426:Environmental 3424: 3422: 3419: 3417: 3414: 3412: 3409: 3407: 3404: 3402: 3399: 3397: 3394: 3392: 3389: 3387: 3384: 3382: 3379: 3377: 3374: 3372: 3369: 3368: 3364: 3362: 3358: 3352: 3349: 3347: 3344: 3340: 3337: 3336: 3335: 3332: 3331: 3329: 3327: 3323: 3317: 3314: 3312: 3309: 3305: 3302: 3301: 3300: 3297: 3295: 3292: 3290: 3287: 3285: 3282: 3278: 3275: 3273: 3270: 3268: 3265: 3263: 3260: 3258: 3255: 3254: 3253: 3250: 3249: 3247: 3245: 3241: 3237: 3230: 3225: 3223: 3218: 3216: 3211: 3210: 3207: 3201: 3198: 3195: 3191: 3187: 3185: 3181: 3178: 3174: 3171: 3167: 3164: 3161: 3157: 3154: 3151: 3150: 3145: 3142: 3141: 3133: 3129: 3125: 3119: 3115: 3111: 3107: 3105: 3101: 3097: 3095: 3091: 3087: 3085: 3081: 3080: 3075: 3073: 3071: 3067: 3063: 3059: 3054: 3053: 3043: 3038: 3031: 3025: 3018: 3012: 3006: 3001: 2995: 2989: 2983: 2979: 2976: 2971: 2967: 2964: 2958: 2952: 2947: 2941: 2940: 2937:Paul Krugman 2933: 2925: 2921: 2917: 2913: 2909: 2905: 2898: 2892: 2888: 2884: 2878: 2872: 2870: 2863: 2861: 2853: 2847: 2845: 2838: 2832: 2828: 2825: 2822: 2816: 2810: 2809:IMF June 2001 2808: 2801: 2787:on 2011-09-26 2786: 2782: 2780: 2772: 2766: 2765: 2758: 2752: 2751: 2744: 2736: 2732: 2728: 2724: 2720: 2716: 2715: 2707: 2700: 2698: 2691: 2686: 2680: 2678: 2671: 2665: 2663: 2657: 2651: 2646: 2640: 2638: 2632: 2626: 2620: 2618: 2610: 2604: 2602: 2595: 2589: 2587: 2580: 2574: 2572: 2566: 2560: 2558: 2551: 2545: 2543: 2536: 2529: 2523: 2515: 2514:10.3386/w8716 2511: 2507: 2500: 2493: 2479:on 2009-01-23 2478: 2474: 2472: 2464: 2458: 2453: 2439:on 2007-04-23 2435: 2428: 2426: 2418: 2412: 2410: 2403: 2395: 2391: 2385: 2374: 2370: 2363: 2357: 2351: 2346: 2339: 2338: 2332: 2324: 2320: 2316: 2309: 2301: 2297: 2293: 2289: 2285: 2281: 2280: 2272: 2264: 2260: 2256: 2252: 2248: 2244: 2237: 2230: 2222: 2216: 2212: 2207: 2206: 2197: 2189: 2185: 2181: 2177: 2170: 2162: 2158: 2154: 2150: 2143: 2135: 2131: 2127: 2120: 2112: 2105: 2098: 2090: 2086: 2082: 2078: 2077: 2069: 2058: 2057: 2049: 2042: 2036: 2030: 2028: 2021: 2019: 2012: 2010: 2003: 1994: 1989: 1985: 1981: 1974: 1966: 1962: 1958: 1954: 1950: 1946: 1939: 1930: 1923: 1918:December 1981 1917: 1911: 1904: 1901: 1896: 1888: 1884: 1880: 1876: 1872: 1868: 1862: 1859:See also the 1856: 1848: 1844: 1840: 1836: 1832: 1828: 1821: 1813: 1809: 1805: 1801: 1797: 1793: 1786: 1779: 1773: 1767: 1762: 1755: 1749: 1742: 1736: 1730: 1729:JEL:F5 links. 1726: 1722: 1716: 1710: 1706: 1703: 1699: 1695: 1690: 1686: 1680: 1676: 1671: 1667: 1661: 1657: 1651: 1645: 1641: 1637: 1632: 1626: 1622: 1621: 1615: 1611: 1606: 1602: 1601: 1594: 1586: 1580: 1576: 1567: 1564: 1562: 1559: 1557: 1554: 1552: 1549: 1547: 1544: 1543: 1537: 1535: 1531: 1526: 1522: 1518: 1508: 1506: 1502: 1498: 1493: 1489: 1485: 1481: 1478: 1477:globalization 1471:Globalization 1468: 1466: 1460: 1456: 1454: 1449: 1446: 1441: 1436: 1434: 1433:human capital 1429: 1419: 1417: 1413: 1408: 1404: 1402: 1398: 1397:systemic risk 1393: 1383: 1381: 1380: 1374: 1372: 1370: 1363: 1361: 1357: 1354:such as the " 1353: 1352:currency area 1348: 1346: 1342: 1332: 1329: 1324: 1320: 1318: 1313: 1310: 1309: 1303: 1301: 1297: 1293: 1289: 1279: 1277: 1273: 1267: 1264: 1249: 1247: 1246: 1241: 1236: 1230: 1226: 1224: 1220: 1216: 1212: 1211:import quotas 1208: 1197: 1193: 1191: 1186: 1185: 1180: 1179: 1174: 1170: 1160: 1158: 1153: 1149: 1144: 1142: 1141: 1136: 1132: 1131:Raul Prebisch 1122: 1120: 1109: 1106: 1102: 1092: 1089: 1085: 1084: 1083: 1079: 1076: 1065: 1061: 1058: 1054: 1049: 1047: 1043: 1038: 1035: 1034: 1023: 1021: 1017: 1012: 1009: 991: 987: 986: 981: 980: 976: 973: 972: 967: 966: 961: 958: 954: 950: 949: 945: 942: 938: 934: 930: 926: 922: 921: 917: 916: 915: 912: 901: 896: 894: 889: 887: 882: 881: 879: 878: 873: 863: 861: 856: 851: 850: 849: 848: 841: 838: 835: 831: 828: 826: 823: 821: 818: 817: 814: 809: 808: 799: 798: 794: 792: 789: 787: 784: 782: 779: 777: 774: 772: 769: 767: 764: 762: 759: 757: 754: 752: 749: 747: 744: 742: 739: 737: 734: 732: 729: 727: 724: 722: 719: 717: 714: 712: 709: 707: 704: 702: 699: 697: 694: 692: 689: 687: 684: 682: 679: 677: 674: 672: 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215: 212: 210: 207: 206: 200: 199: 192: 189: 187: 184: 182: 179: 177: 174: 172: 169: 167: 164: 162: 159: 157: 154: 152: 149: 147: 144: 143: 137: 136: 129: 126: 124: 121: 119: 116: 114: 111: 109: 106: 104: 100: 97: 95: 94:International 92: 90: 87: 85: 82: 80: 77: 76: 73: 70:Branches and 67: 66: 61: 58: 56: 53: 51: 48: 47: 46: 45: 41: 37: 36: 33: 30: 29: 25: 21: 20: 4300:Publications 4256:Publications 4223: 3819:Neoclassical 3809:Mercantilism 3718:Evolutionary 3580:Sociological 3553: / 3451:Geographical 3431:Evolutionary 3406:Digitization 3371:Agricultural 3334:Econometrics 3262:Price theory 3147: 3113: 3099: 3089: 3077: 3055: 3037: 3029: 3028:Martin Wolf 3024: 3016: 3015:Dani Rodrik 3011: 3000: 2993: 2988: 2957: 2946: 2938: 2932: 2907: 2903: 2897: 2882: 2877: 2868: 2859: 2852: 2843: 2837: 2820: 2815: 2806: 2800: 2789:. 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Article 3. 2133: 2129: 2119: 2110: 2097: 2080: 2074: 2068: 2055: 2048: 2040: 2039:Martin Wolf 2035: 2026: 2008: 2007:Murray Kemp 2002: 1983: 1973: 1948: 1944: 1938: 1929: 1921: 1915: 1910: 1902: 1895: 1870: 1866: 1855: 1830: 1826: 1820: 1798:(1): 58–73. 1795: 1791: 1785: 1777: 1772: 1761: 1753: 1748: 1740: 1735: 1725:JEL: F51-F55 1715: 1702:Description. 1697: 1689:Description. 1684: 1678: 1665: 1655: 1650: 1639: 1631: 1618: 1609: 1598: 1593: 1579: 1514: 1501:Paul Krugman 1494: 1490: 1486: 1482: 1474: 1461: 1457: 1450: 1437: 1425: 1409: 1405: 1396: 1389: 1377: 1375: 1367: 1364: 1349: 1338: 1325: 1321: 1314: 1306: 1304: 1285: 1268: 1260: 1243: 1239: 1234: 1231: 1227: 1203: 1194: 1182: 1176: 1166: 1156: 1152:market power 1151: 1148:quality bias 1147: 1145: 1138: 1128: 1118: 1115: 1097: 1080: 1075:econometrics 1071: 1062: 1050: 1039: 1031: 1029: 1019: 1015: 1013: 1007: 1005: 983: 977: 969: 962: 946: 941:trade quotas 918: 910: 909: 830:Publications 795: 418:Sociological 391: / 289:Geographical 269:Evolutionary 244:Digitization 209:Agricultural 113:Mathematical 93: 84:Econometrics 4094:von Neumann 3863:Supply-side 3848:Physiocracy 3792:Marginalism 3481:Information 3421:Engineering 3401:Development 3396:Demographic 3267:Game theory 3244:Theoretical 3058:Citizendium 2721:(2): 3–22. 1687:. Oxford. 1566:Geopolitics 1530:Martin Wolf 1525:Dani Rodrik 1453:brain drain 1135:Hans Singer 666:von Neumann 319:Information 259:Engineering 239:Development 234:Demographic 176:Game theory 118:Methodology 4251:Economists 4124:Schumacher 4029:Schumpeter 3999:von Wieser 3919:von Thünen 3879:Economists 3778:Circuitism 3743:Humanistic 3738:Historical 3713:Ecological 3703:Democratic 3676:Chartalism 3666:Behavioral 3629:Mainstream 3590:Statistics 3585:Solidarity 3506:Managerial 3471:Humanistic 3466:Historical 3411:Ecological 3376:Behavioral 3050:References 2791:2009-06-27 2483:2009-06-27 2443:2009-06-27 2411:Chap 110-4 1719:As at the 1511:Opposition 1167:The term " 1157:protection 939:rates and 825:Economists 696:Schumacher 601:Schumpeter 571:von Wieser 491:von Thünen 452:economists 428:Statistics 423:Solidarity 344:Managerial 309:Humanistic 304:Historical 249:Ecological 214:Behavioral 108:Mainstream 4169:Greenspan 4134:Samuelson 4114:Galbraith 4084:Tinbergen 4024:von Mises 4019:Heckscher 3979:Edgeworth 3858:Stockholm 3853:Socialist 3753:Keynesian 3733:Happiness 3693:Classical 3654:Mutualism 3649:Anarchist 3634:Heterodox 3531:Personnel 3491:Knowledge 3456:Happiness 3446:Financial 3416:Education 3391:Democracy 3326:Empirical 3236:Economics 3132:Abstract. 3104:Abstract. 3094:Abstract. 3084:Abstract. 3060:article " 2300:154784307 2263:154714998 1867:Economica 1670:Abstract. 1644:Abstract. 1625:Abstract. 1614:Abstract. 1605:Abstract. 1551:Arbitrage 1475:The term 1428:migration 1422:Migration 1298:with the 1057:corollary 927:factors, 741:Greenspan 706:Samuelson 686:Galbraith 656:Tinbergen 596:von Mises 591:Heckscher 551:Edgeworth 369:Personnel 329:Knowledge 294:Happiness 284:Financial 254:Education 229:Democracy 123:Political 89:Heterodox 32:Economics 4319:Category 4280:Category 4260:journals 4246:Glossary 4199:Stiglitz 4164:Rothbard 4144:Buchanan 4129:Friedman 4119:Koopmans 4109:Leontief 4089:Robinson 3974:Marshall 3824:Lausanne 3728:Georgism 3723:Feminist 3671:Buddhist 3661:Austrian 3560:Regional 3536:Planning 3511:Monetary 3441:Feminist 3386:Cultural 3381:Business 3180:Archived 3112:(2007). 2978:Archived 2966:Archived 2827:Archived 1705:Archived 1696:(1996). 1660:Abstract 1540:See also 1371:problems 1356:Eurozone 1094:markets. 834:journals 820:Glossary 771:Stiglitz 736:Rothbard 716:Buchanan 701:Friedman 691:Koopmans 681:Leontief 661:Robinson 546:Marshall 450:Notable 398:Regional 374:Planning 349:Monetary 279:Feminist 224:Cultural 219:Business 24:a series 22:Part of 4295:Outline 4266:Schools 4258: ( 4219:Piketty 4214:Krugman 4079:Kuznets 4069:Kalecki 4044:Polanyi 3934:Cournot 3929:Bastiat 3914:Ricardo 3904:Malthus 3894:Quesnay 3797:Marxian 3688:Chicago 3618:history 3613:Schools 3600:Welfare 3570:Service 3361:Applied 2924:3867191 2735:9506404 2396:. 2006. 2188:2565125 2161:1812029 2089:1818065 1887:2551188 1847:2225933 1812:2967638 1519:of the 1207:tariffs 1087:goods"; 953:capital 840:Schools 832: ( 791:Piketty 786:Krugman 651:Kuznets 641:Kalecki 616:Polanyi 506:Cournot 501:Bastiat 486:Ricardo 476:Malthus 466:Quesnay 438:Welfare 408:Service 79:Applied 55:Outline 50:History 4204:Thaler 4184:Ostrom 4179:Becker 4174:Sowell 4154:Baumol 4059:Myrdal 4054:Sraffa 4049:Frisch 4039:Knight 4034:Keynes 4009:Fisher 4004:Veblen 3989:Pareto 3969:Menger 3964:George 3959:Jevons 3954:Walras 3944:Gossen 3868:Thermo 3546:Public 3541:Policy 3496:Labour 3461:Health 3120: 2922: 2891:368201 2889: 2733: 2679:, 2008 2323:431740 2321: 2298: 2261: 2217: 2213:–223. 2186: 2159: 2087: 1965:137133 1963: 1885: 1845: 1810: 937:tariff 776:Thaler 756:Ostrom 751:Becker 746:Sowell 726:Baumol 631:Myrdal 626:Sraffa 621:Frisch 611:Knight 606:Keynes 581:Fisher 576:Veblen 561:Pareto 541:Menger 536:George 531:Jevons 526:Walras 516:Gossen 384:Public 379:Policy 334:Labour 299:Health 156:Market 4290:Lists 4285:Index 4236:Lists 4209:Hoppe 4194:Lucas 4159:Solow 4149:Arrow 4139:Simon 4104:Lange 4099:Hicks 4074:Röpke 4064:Hayek 4014:Pigou 3984:Clark 3899:Smith 3814:Mixed 3773:Post- 3595:Urban 3575:Socio 3565:Rural 2920:JSTOR 2731:S2CID 2709:(PDF) 2502:(PDF) 2437:(PDF) 2430:(PDF) 2376:(PDF) 2365:(PDF) 2296:S2CID 2259:S2CID 2239:(PDF) 2184:JSTOR 2157:JSTOR 2107:(PDF) 2085:JSTOR 2060:(PDF) 1961:JSTOR 1883:JSTOR 1863:, in 1843:JSTOR 1808:JSTOR 1572:Notes 813:Lists 781:Hoppe 766:Lucas 731:Solow 721:Arrow 711:Simon 676:Lange 671:Hicks 646:Röpke 636:Hayek 586:Pigou 556:Clark 471:Smith 433:Urban 413:Socio 403:Rural 103:Macro 99:Micro 60:Index 4225:more 3949:Marx 3939:Mill 3924:List 3802:Neo- 3758:Neo- 3192:and 3118:ISBN 3070:GFDL 2887:SSRN 2394:OECD 2319:SSRN 2215:ISBN 1209:and 1105:OECD 1051:The 797:more 521:Marx 511:Mill 496:List 4189:Sen 3909:Say 3768:New 3501:Law 3168:. 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