1. Introduction 2. World Trade: An Overview 3. Labor Productivity and Comparative Advantage: The Ricardian Model 4. Specific Factors and Income Distribution 5. Resources and Trade: The Heckscher-Ohlin Model 6. The Standard Trade Model 7. External Economies of Scale and the International Location of Production 8. Firms in the Global Economy: Export Decisions, Outsourcing, and Multinational Enterprises 9. The Instruments of Trade Policy 10. The Political Economy of Trade Policy 11. Trade Policy in Developing Countries 12. Controversies in Trade Policy 13. National Income Accounting and the Balance of Payments 14. Exchange Rates and the Foreign Exchange Market: An Asset Approach 15. Money, Interest Rates, and Exchange Rates 16. Price Levels and the Exchange Rate in the Long Run 17. Output and the Exchange Rate in the Short Run 18. Fixed Exchange Rates and Foreign Exchange Intervention 19. International Monetary Systems: An Historical Overview 20. Financial Globalization: Opportunity and Crisis 21. Optimum Currency Areas and the Euro 22. Developing Countries: Growth, Crisis, and Reform |