International finance : theory and policy / / Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz

• Autore: Krugman Paul R.
• Pubblicazione: Harlow, England : , : Pearson, , [2014]; ©2014
• Edizione: Tenth, Global edition.
• Descrizione fisica: 1 online resource (456 pages) : illustrations
• Disciplina: 332.042
• Soggetto topico: International finance
• Note generali: Includes index.
• Nota di contenuto: Cover -- Brief Contents -- Contents -- Preface -- Chapter 1: Introduction -- What is International Economics About? -- The Gains from Trade -- The Pattern of Trade -- How Much Trade? -- Balance of Payments -- Exchange Rate Determination -- International Policy Coordination -- The International Capital Market -- International Economics: Trade and Money -- Part 1: Exchange Rates and Open-Economy Macroeconomics -- Chapter 2: National Income Accounting and the Balance of Payments -- The National Income Accounts -- National Product and National Income -- Capital Depreciation and International Transfers -- Gross Domestic Product -- National Income Accounting for an Open Economy -- Consumption -- Investment -- Government Purchases -- The National Income Identity for an Open Economy -- An Imaginary Open Economy -- The Current Account and Foreign Indebtedness -- Saving and the Current Account -- Private and Government Saving -- Box: The Mystery of the Missing Deficit -- The Balance of Payments Accounts -- Examples of Paired Transactions -- The Fundamental Balance of Payments Identity -- The Current Account, Once Again -- The Capital Account -- The Financial Account -- Net Errors and Omissions -- Official Reserve Transactions -- Case Study: The Assets and Liabilities of the World's Biggest Debtor -- Summary -- Chapter 3: Exchange Rates and the Foreign Exchange Market: An Asset Approach -- Exchange Rates and International Transactions -- Domestic and Foreign Prices -- Exchange Rates and Relative Prices -- The Foreign Exchange Market -- The Actors -- Box: Exchange Rates, Auto Prices, and Currency Wars -- Characteristics of the Market -- Spot Rates and Forward Rates -- Foreign Exchange Swaps -- Futures and Options -- The Demand for Foreign Currency Assets -- Assets and Asset Returns -- Box: Nondeliverable Forward Exchange Trading in Asia -- Risk and Liquidity. ; Interest Rates -- Exchange Rates and Asset Returns -- A Simple Rule -- Return, Risk, and Liquidity in the Foreign Exchange Market -- Equilibrium in the Foreign Exchange Market -- Interest Parity: The Basic Equilibrium Condition -- How Changes in the Current Exchange Rate Affect Expected Returns -- The Equilibrium Exchange Rate -- Interest Rates, Expectations, and Equilibrium -- The Effect of Changing Interest Rates on the Current Exchange Rate -- The Effect of Changing Expectations on the Current Exchange Rate -- Case Study: What Explains the Carry Trade? -- Summary -- Appendix: Forward Exchange Rates and Covered Interest Parity -- Chapter 4: Money, Interest Rates, and Exchange Rates -- Money Defined: A Brief Review -- Money as a Medium of Exchange -- Money as a Unit of Account -- Money as a Store of Value -- What Is Money? -- How the Money Supply Is Determined -- The Demand for Money by Individuals -- Expected Return -- Risk -- Liquidity -- Aggregate Money Demand -- The Equilibrium Interest Rate: The Interaction of Money Supply and Demand -- Equilibrium in the Money Market -- Interest Rates and the Money Supply -- Output and the Interest Rate -- The Money Supply and the Exchange Rate in the Short Run -- Linking Money, the Interest Rate, and the Exchange Rate -- U.S. Money Supply and the Dollar/Euro Exchange Rate -- Europe's Money Supply and the Dollar/Euro Exchange Rate -- Money, the Price Level, and the Exchange Rate in the Long Run -- Money and Money Prices -- The Long-Run Effects of Money Supply Changes -- Empirical Evidence on Money Supplies and Price Levels -- Money and the Exchange Rate in the Long Run -- Inflation and Exchange Rate Dynamics -- Short-Run Price Rigidity versus Long-Run Price Flexibility -- Box: Money Supply Growth and Hyperinflation in Zimbabwe -- Permanent Money Supply Changes and the Exchange Rate. ; Exchange Rate Overshooting -- Case Study: Can Higher Inflation Lead to Currency Appreciation? The Implications of Inflation Targeting -- Summary -- Chapter 5: Price Levels and the Exchange Rate in the Long Run -- The Law of One Price -- Purchasing Power Parity -- The Relationship between PPP and the Law of One Price -- Absolute PPP and Relative PPP -- A Long-Run Exchange Rate Model Based on PPP -- The Fundamental Equation of the Monetary Approach -- Ongoing Inflation, Interest Parity, and PPP -- The Fisher Effect -- Empirical Evidence on PPP and the Law of One Price -- Explaining the Problems with PPP -- Trade Barriers and Nontradables -- Departures from Free Competition -- Differences in Consumption Patterns and Price Level Measurement -- Box: Some Meaty Evidence on the Law of One Price -- PPP in the Short Run and in the Long Run -- Case Study: Why Price Levels Are Lower in Poorer Countries -- Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates -- The Real Exchange Rate -- Demand, Supply, and the Long-Run Real Exchange Rate -- Box: Sticky Prices and the Law of One Price: Evidence from Scandinavian Duty-Free Shops -- Nominal and Real Exchange Rates in Long-Run Equilibrium -- International Interest Rate Differences and the Real Exchange Rate -- Real Interest Parity -- Summary -- Appendix: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach -- Chapter 6: Output and the Exchange Rate in the Short Run -- Determinants of Aggregate Demand in an Open Economy -- Determinants of Consumption Demand -- Determinants of the Current Account -- How Real Exchange Rate Changes Affect the Current Account -- How Disposable Income Changes Affect the Current Account -- The Equation of Aggregate Demand -- The Real Exchange Rate and Aggregate Demand -- Real Income and Aggregate Demand. ; How Output is Determined in the Short Run -- Output Market Equilibrium in the Short Run: The DD Schedule -- Output, the Exchange Rate, and Output Market Equilibrium -- Deriving the DD Schedule -- Factors that Shift the DD Schedule -- Asset Market Equilibrium in the Short Run: The AA Schedule -- Output, the Exchange Rate, and Asset Market Equilibrium -- Deriving the AA Schedule -- Factors that Shift the AA Schedule -- Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together -- Temporary Changes in Monetary and Fiscal Policy -- Monetary Policy -- Fiscal Policy -- Policies to Maintain Full Employment -- Inflation Bias and Other Problems of Policy Formulation -- Permanent Shifts in Monetary and Fiscal Policy -- A Permanent Increase in the Money Supply -- Adjustment to a Permanent Increase in the Money Supply -- A Permanent Fiscal Expansion -- Macroeconomic Policies and the Current Account -- Gradual Trade Flow Adjustment and Current Account Dynamics -- The J-Curve -- Exchange Rate Pass-Through and Inflation -- The Current Account, Wealth, and Exchange Rate Dynamics -- The Liquidity Trap -- Case Study: How Big is the Government Spending Multiplier? -- Summary -- Appendix 1: Intertemporal Trade and Consumption Demand -- Appendix 2: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities -- Chapter 7: Fixed Exchange Rates and Foreign Exchange Intervention -- Why Study Fixed Exchange Rates? -- Central Bank Intervention and the Money Supply -- The Central Bank Balance Sheet and the Money Supply -- Foreign Exchange Intervention and the Money Supply -- Sterilization -- The Balance of Payments and the Money Supply -- How the Central Bank Fixes the Exchange Rate -- Foreign Exchange Market Equilibrium under a Fixed Exchange Rate -- Money Market Equilibrium under a Fixed Exchange Rate -- A Diagrammatic Analysis. ; Stabilization Policies with a Fixed Exchange Rate -- Monetary Policy -- Fiscal Policy -- Changes in the Exchange Rate -- Adjustment to Fiscal Policy and Exchange Rate Changes -- Balance of Payments Crises and Capital Flight -- Managed Floating and Sterilized Intervention -- Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention -- Case Study: Can Markets Attack a Strong Currency? The Case of Switzerland -- Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability -- The Effects of Sterilized Intervention with Imperfect Asset Substitutability -- Evidence on the Effects of Sterilized Intervention -- Reserve Currencies in the World Monetary System -- The Mechanics of a Reserve Currency Standard -- The Asymmetric Position of the Reserve Center -- The Gold Standard -- The Mechanics of a Gold Standard -- Symmetric Monetary Adjustment under a Gold Standard -- Benefits and Drawbacks of the Gold Standard -- The Bimetallic Standard -- The Gold Exchange Standard -- Case Study: The Demand for International Reserves -- Summary -- Appendix 1: Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability -- Demand -- Supply -- Equilibrium -- Appendix 2: The Timing of Balance of Payments Crises -- Part 2: International Macroeconomic Policy -- Chapter 8: International Monetary Systems: An Historical Overview -- Macroeconomic Policy Goals in an Open Economy -- Internal Balance: Full Employment and Price Level Stability -- External Balance: The Optimal Level of the Current Account -- Box: Can a Country Borrow Forever? The Case of New Zealand -- Classifying Monetary Systems: The Open-Economy Monetary Trilemma -- International Macroeconomic Policy under the Gold Standard, 1870-1914 -- Origins of the Gold Standard -- External Balance under the Gold Standard -- The Price-Specie-Flow Mechanism. ; The Gold Standard "Rules of the Game": Myth and Reality.
• Sommario/riassunto: For courses in International Finance A balanced approach to theory and policy applications International Finance: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to international finance theory is followed by detailed coverage of policy applications. With this new tenth edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University continues to set the standard for International Finance courses. This program provides a better teaching and learning experience-for you and your students. It will help you to: Reveal theory and applications of international finance: Balanced coverage of theory and applications aids student retention and highlights the relevance of course material. Give students learning tools to master course material: Numerous in-text learning resources engage students and encourage further exploration of course topics. Provide the most updated coverage: Thoroughly updated content ensures that students are up to date on key issues. This title is available with MyEconLab, an online homework, tutorial, and assessment product designed to work with your Pearson text to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts. Students, if interested in purchasing this title with MyEconLab, ask your instructor for the correct package ISBN. Instructors, contact your Pearson representative for more information.
• Titolo autorizzato: International finance
• ISBN: 1-292-06540-0
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910154807403321
• Lo trovi qui: Univ. Federico II
• Serie: Always learning.; Pearson series in economics.