XI-International Trade-5 Flashcards
terms of trade
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
autarky
自给自足，封闭经济
world price
the price of goods and services in a country
with no restriction on trade
FDI
foreign direct investment
by a firm in source country invest
in productive assets in a host country
FPI
foreign portfolio investment
short term investment
by individual, firm or insititutional investors
of foreign stocks and foreign gov bonds
MNC
跨国公司
multinational coropration
when a firm engages in a FDI
pro international trade
5 arguments
gain from exchange/specialization (比较优势)
greater economies of scale
greater productivity
increased competition
better resource allocation
against international trade
2 arguements
potential greater income inequality
loss of job by import competition
explain
comparative advantage
in table
注意用机会成本解释
“牺牲多少。。换来多少。。”
comparative advantage:
Ricadian Model
- labor (productivity)是生产的唯一变量
- 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
- 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。
comparative advantage:
Heckscher-Ohlin Model
- capital and labor两个变量
- 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
- 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
restrictions on foreign flows
trade restriction: tariffs, import quotas,
voluntary export restrains (VER), export subsidies, embargos,
domestic content requirements (components of domestic origin)
capital restriction
tariff in chart
gain and loss
loss of cosumer surplus: ABCD
local producers gain: A
gov gain: C
national welfare DWL: B+D
explain
comparative advantage
in chart
autarkic price - equilibrium
world price - new equilibrium
export - import
indifference curve raises
大国可通过加关税获得益处的条件（2+1）
- 贸易对手不retaliate
- 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
effects of trade restrictions I
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
effects of trade restrictions II
forms Trading Blocs
depending on degree of integration
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）
地区贸易协议带来的两个影响
Trade Creation
Trade Diversion
地区贸易协议的好与坏
spill over of both goods and bads
4 purposes of
capital control
- maitain currency exchange rate
- protect domestic interest rates from external forces
- protect domestic (liquid and fixed) asset price
- protect strategic industries
current account
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)
capital account
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）
financial account
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
financial account +
capital account
合并概念
“capital account”:
= FPI+ FDI
current account deficit
的实质
inter-temporal trade
importing present consumption (when it borrows to fund current expentidure)
and exporting future consumption (when it repays loans)
CA = Y - (C + I + G)
来源及
含义
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
Sp + Sg = I + CA
- 推导
- 意义
- 从 S-I=(G-T)+(X-M)得来，Sg=T-G
- 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
Sp = I + CA - Sg
含义
S = I + (G-T) + (X-M)
private savings can be used in 3 ways:
- domestic investment
- financing gov deficit
- 增加对外债权和资产
CA = Sp + Sg - I
含义
- current account deficit comes from: low private savings, gov deficit, or high investment
- 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
- 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
functions of
IMF
- cooperation on monetary problems
- 促进国际经济、贸易、就业、减贫
- exchange rate stability
- manage international payments system
- lend foreign currencies to countries facing BoP problems
2 major agreements within the
WTO body of treaties
General Agreement on Tariffs and Trade (GATT， 1948-1995， WTO的前身)
General Agreement on Trade and Services (GATS)
a country captures more of the gains from trade
if
the terms of trade are closer to it’s partners
autarkic price than
to its autarkic price
（出口国）
在export subcidy中，
大国还是小国的welfare loss更多，为何
大国
the increased production reduces its global price, so
terms of trade worsens.
