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Economics & Market > XI-International Trade-5 > Flashcards

XI-International Trade-5 Flashcards

1
Q

terms of trade

A

贸易条件

ratio of price of exports to the price of imports

index number normalized to 100

如果出口价格相对进口价格增长，贸易条件就改善

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2
Q

autarky

A

自给自足，封闭经济

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3
Q

world price

A

the price of goods and services in a country

with no restriction on trade

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4
Q

FDI

A

foreign direct investment

by a firm in source country invest

in productive assets in a host country

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5
Q

FPI

A

foreign portfolio investment

short term investment

by individual, firm or insititutional investors

of foreign stocks and foreign gov bonds

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6
Q

MNC

A

跨国公司

multinational coropration

when a firm engages in a FDI

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7
Q

pro international trade

5 arguments

A

gain from exchange/specialization (比较优势)

greater economies of scale

greater productivity

increased competition

better resource allocation

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8
Q

against international trade

2 arguements

A

potential greater income inequality

loss of job by import competition

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9
Q

explain

comparative advantage

in table

A

注意用机会成本解释

“牺牲多少。。换来多少。。”

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10
Q

comparative advantage:

Ricadian Model

A
  1. labor (productivity)是生产的唯一变量
  2. 劳动力生产率，即实际上的科技因素，是决定一国比较优势的决定因素
  3. free trade中，小国完全分工，比较优势产业产量仍然无法满足总需求，因此大国不完全分工，仍生产部分非比较优势产业产品。
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11
Q

comparative advantage:

Heckscher-Ohlin Model

A
  1. capital and labor两个变量
  2. 每个国家两个因素的相对量不同，产生比较优势，资本密集的国家加大出口资本密集行业产品，劳动密集国家加大出口劳动密集行业产品
  3. 模型可以解释贸易产生的收入再分配：如资本密集国家，资本密集行业产品出口增加，价格上升，对资本的回报更多 ——哪种要素有比较优势，哪种要素价格就将上升
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12
Q

restrictions on foreign flows

A

trade restriction: tariffs, import quotas,

voluntary export restrains (VER), export subsidies, embargos,

domestic content requirements (components of domestic origin)

capital restriction

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13
Q

tariff in chart

gain and loss

A

loss of cosumer surplus: ABCD

local producers gain: A

gov gain: C

national welfare DWL: B+D

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14
Q

explain

comparative advantage

in chart

A

autarkic price - equilibrium

world price - new equilibrium

export - import

indifference curve raises

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15
Q

大国可通过加关税获得益处的条件（2+1）

A
  1. 贸易对手不retaliate
  2. DWL比terms of trade的增长要小

但：总体是有DWL的，即使大国gain，因为小国损失更多

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16
Q

effects of trade restrictions I

A

小国：world price taker

大国：加征关税时，进口商品为了抢占市场可能降低价格，带来大国welfare rise

17
Q

effects of trade restrictions II

A
18
Q

forms Trading Blocs

depending on degree of integration

A

Free Trade Areas (FTA， 成员间自由贸易，对外各自为政)

customs union (成员间自由贸易，对外统一关税)

common market （统一海关，要素自由流动）

economic/(统一经济政策/机构)

monetary union （统一货币）

19
Q

地区贸易协议带来的两个影响

A

Trade Creation

Trade Diversion

20
Q

地区贸易协议的好与坏

A

spill over of both goods and bads

21
Q

4 purposes of

capital control

A
  1. maitain currency exchange rate
  2. protect domestic interest rates from external forces
  3. protect domestic (liquid and fixed) asset price
  4. protect strategic industries
22
Q

current account

A

1. Merchandise trade (commodities & goods)

2. Services

3. Income receipts (股票分红、债券利息)

4. Unilateral Transfers (worker transmit, foreign grant)

23
Q

capital account

A

1. capital transfers: 债务豁免、因移民引起的商品和金融资产移动（移入或移出）、固定资产所有权转移，买卖固定资产所得款项，遗产

2. sales and purchases of non-produced, non-financial assets: 自然资源所有权+无形资产（专利、版权、特许经营权等）

24
Q

financial account

A

1. assets abroad: （个人及政府）黄金、外汇、外国证券、IMF头寸、对外直接投资、

2. foreign assets in the reporting country: 本国国内的外国官方资产，本国政府企业债券、外来直接投资，本国银行对外国债务

25
Q

financial account +

capital account

合并概念

A

“capital account”:

= FPI+ FDI

26
Q

current account deficit

的实质

A

inter-temporal trade

importing present consumption (when it borrows to fund current expentidure)

and exporting future consumption (when it repays loans)

27
Q

CA = Y - (C + I + G)

来源及

含义

A

Y = C + I + G + CA

贸易赤字表示国内经济（C+I+G）高于国内产出（Y），需要净进口外国商品和服务

如果国内生产的东西多余国内需要的，就用于出口

28
Q

Sp + Sg = I + CA

  1. 推导
  2. 意义
A
  1. 从 S-I=(G-T)+(X-M)得来，Sg=T-G
  2. 一国可以不用通过增加国内存款来补养国内投资，而通过减少CA（trade deficit）来实现
29
Q

Sp = I + CA - Sg

含义

A

S = I + (G-T) + (X-M)

private savings can be used in 3 ways:

  1. domestic investment
  2. financing gov deficit
  3. 增加对外债权和资产
30
Q

CA = Sp + Sg - I

含义

A
  1. current account deficit comes from: low private savings, gov deficit, or high investment
  2. 贸易赤字若来源于Sp+Sg减少，即国内消费增加引起，即意味着借钱来消费，本国偿还负债能力不变
  3. 贸易赤字若来源于国内投资增加，则国内生产力提高，偿债能力提高
31
Q

functions of

IMF

A
  1. cooperation on monetary problems
  2. 促进国际经济、贸易、就业、减贫
  3. exchange rate stability
  4. manage international payments system
  5. lend foreign currencies to countries facing BoP problems
32
Q

2 major agreements within the

WTO body of treaties

A

General Agreement on Tariffs and Trade (GATT， 1948-1995， WTO的前身)

General Agreement on Trade and Services (GATS)

33
Q

a country captures more of the gains from trade

if

A

the terms of trade are closer to it’s partners

autarkic price than

to its autarkic price

34
Q

（出口国）

在export subcidy中，

大国还是小国的welfare loss更多，为何

A

大国

the increased production reduces its global price, so

terms of trade worsens.

Economics & Market (11 decks)

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