-
1
、
Absolute trade
theory(main idea)
绝对贸易理论
:
the greater efficiency that one nation
may have over another in the production of
a commodity. conclusion:
Both countries have absolute advantage in one
commodity
’
s
production because the natural or acquired
advantage. If each nation
specializes
in the production of the commodity of its absolute
advantage and
exchanges part of its
output for the commodity of its absolute
disadvantage, both
nations benefit from
the trade.
2
、▲
Absorption
approach
：
一、
Overview of The Absorption
Approach:
1)
The
absorption approach was put forward by Alexander
in 1952.
2)
This
approach emphasizes changes in real domestic
income and absorption as a
determinant
of a nation
’
s balance of
payments.
3)
The
balance of trade is viewed as the difference
between what the economy
produces and
what it absorbs for domestic use.
二、
Absorption :
1
）
A
nation
’
s
absorption
falls
into
three
categories,
consumption
(c),
investment
(i), government purchase (g).
2
）
The domestic
absorption (a)
a
符号：
“比等号再多一道”
c +
i + g
1
、▲
Balance
of payments equilibrium and
adjustment
：
Balance of payments equilibrium is a
state that the debits equals to the credits
in the autonomous transactions. This
would simply mean that their stocks of
international reserves are unchanging.
2
、▲
Balance of
payments equilibrium and
disequilibrium
：
（一）
Balance of payments
equilibrium: is a state that the debits equals to
the
credits in the autonomous
transactions. This would simply mean that their
stocks
of international reserves are
unchanging.
（二）
Disequilibrium
in
balance
of
payments
：
1)
Deficit
in
the
balance
of
payments:
the
excess
of
debits
over
credits
in
the
autonomous
transactions.
Deficit
countries
will experience
reserve asset losses. 2) Surplus in the balance
of payments: the
excess
of
credits
over
debits
in
the
autonomous
transactions.
surplus
countries
will
experience reserve
asset accumulation.
3
、▲
Basic theories
of the balance of payments:
1) The
Elasticity Approach to Balance-of-Payments
2) The absorption approach to the
balance of payments
3) The monetary
approach to the balance of payments
1
、
Comparative
trade <
/p>
theory
比较贸易理论
:
(main
points)A
country
has a comparative
advantage in
producing a goods if the opportunity cost of
producing that goods in
terms of other
goods is lower in that country than it is in other
countries.
basic
ideas:
Even
if
a
nation
has
an
absolute
disadvantage
in
the
production
of
both
goods, a
basis for mutually beneficial trade may still
exist.
In this case, countries should
specialize where they have their greatest absolute
advantage
(if
they
have
absolute
advantage
in
both
goods)
or
in
their
least
absolute
disadvantage (if they have absolute
advantage in neither goods).
(
两利相权取其重，
两害相权取其轻）
2
、
Competitive
advantage of
nations
：
美国
20C80<
/p>
、
90
年代迈克尔
-
波特认为：具有比
较优势的国家未必具有竞争优势。
Porter
’
s
Competitive
Advantage
of
Nations
：
1
）
Factor
endowments
（
basic
factors and advanced factors).
2
）
Demand conditions . 3)
Related and supporting industries.
4)Firm strategy, structure, rivalry
。波特认
为，
一国经济地位上升的过程就是其竞争优势加强的过程，
国家竞争优势的发展可分为四个
阶段，即：要素驱动（
factor-
driven
）阶段、投资驱动（
investment-dr
iven
）阶段、创新
驱动（
inno
vation-
driven
）阶段、财富驱动（
wealth-
driven
）阶段。
3
、
Customs union
theory
：
（一
Consumer surplus: +(a+b+c+d)
Supplier surplus: -a
Government revenue:
–
(c+e)
Overall
welfare: (b+d)-e
e is the trade
division effect, b+d is the trade creation effect.
1
、▲
Explanations
of intra-industry trade in differentiated
products:
（一）
1) Inputs
are
very
different,
finished
goods
are
very
similar,
or
have
very
similar usage. Such
kind of intra-industry trade can be better
explained by H-O
Model.
2)
Inputs
are
similar,
finished
goods
are
also
similar.
Such
kind
of
intra-industry
trade can
only be explained by intra-industry trade theory.
（二）
The types of
differentiated products
：
1)
Horizontally
differentiated goods are goods that are different
in some slight
way,
although
their
prices
are
similar.
Such
as
the
clothes
of
different
styles.
2
）
Vertically
differentiated goods have very different physical
characteristics
and different prices,
such as the auto industry.
2
、
Economies of
scale
规模经济：
A common
explanation of international trade in
differentiated
products
is
that
this
trade
is
a
result
of
economies
of
scale
in
the
product
’
s product
ion.
5
、▲
Exchange
rates and their
determination
：
The demand and
supply of foreign
exchange
：<
/p>
（一）
demand
for
foreign
exchange
：
1
）
Changes
in
domestic
income
、
Changes
in relative
price
、
A
country
’
s tastes and
preferences
、
Investment
abroad
（二）
The supply of
foreign exchange
：
The supply
of foreign exchange occurs as a
result
of the foreigners demand for domestic products.
6
、▲
Elasticity
Approach
(Marshall-Lerner
condition
and
the
J-curve
effect)
：<
/p>
（一）
Marshall-Lerner condition:
Under the assumption that the supply curves of
imports
and exports are both infinitely
elastic, then the Marshall-Lerner condition
indicates that the
depreciation/appreciation can correct the balance
of payments
if
the
sum
of
the
price
elasticity
of
the
demand
for
imports
and
demand
for
exports,
in absolute terms,
is greater than 1.
Ex + Em > 1
：货币贬值改善贸易收支（小字母为下标）
Ex + Em = 1
：货币贬值对贸易收支不发生作用
Ex + Em < 1
：货币贬值使贸易收支进一步恶化
（二）
The
“
J-Curve
”
effect
：
1) The <
/p>
“
J-Curve
”
is an (often, but not always) observed phenomenon.
2) What
is
observed
is
that,
following
a
depreciation
or
devaluation
of
the
currency,
the
nation
’
s balance of payments
worsens before it improves.
J-curve effect: The deterioration
before a net improvement in a
country
’
s trade
balance resulting from a depreciation
or devaluation.
（三）
Reasons
for the J-Curve: The M-L condition is satisfied in
the long run but
not in the short run.
Short-run elasticity of demand are smaller than
long-run
elasticity because of the
recognition lags; decision lags; delivery lags;
replacement lags; production lags and
so on.
1
、
▲
< br>Factor
price
equalization
theorem
要素价格均等化定理
:
Given
all
the
assumptions
of
the
HO
model,
international
trade
will
bring
about
equalization
in
the
relative
and
absolute returns to homogeneous factors across
nations.
2
、
Four
situations of the macro economy:
1)
Surplus and
unemployment
2)
Surplus and inflation
3)
Deficit and
unemployment
4)
Deficit and inflation
3
、
Fiscal and
monetary police with fixed exchange rate:
（一）
Money supply is
increased---->interest
rate falls
---->capital
flows
或者
investment and income
rise---->
二者再合并
（二）
Overall
balance
of
payments
worsens---->Money
supply
falls
in
order
to
maintain
fixed exchange rate---->Monetary policy
ineffective
4
、
Fiscal and
monetary police with flexible exchange rates:
Under flexible exchange rate, the
central bank is not obliged to intervene in the
foreign-exchange
market
to
support
a
particular
exchange
rate.
Free
exchange
rates
will automatically bring the
nation
’
s balance of payments
in equilibrium. The
exchange rate
depreciates to correct a deficit or appreciate to
correct a surplus
▲
Goals of
open economies:
The most important goals
of open economies are internal
balance
and external
balance
1
、▲
H-O
model:
（一）
Factor-
proportion
theory,
also
called
H-O
Model,
was
proposed
by
two Swedish scholars, Elif Heckscher and Bertil
Ohlin in 1930s. So it is also
called
H-O
theory.
This
theory
tried
to
explain
the
causes
of
comparative
advantage
and states that a
country
’
s comparative
advantage is determined by its initial
resource endowments.
(
二）
Assumptions of
factor-proportions theory
：
1)
Only two
nations, two products, and two factors-labor and
capital.
2)
Perfect competition both in the product
and factor markets.
3)
No transportation cost or other trade
barriers.
4)
Incomplete specialization
5)
All factors
and all products are identical.
6)
Consumers have
equal tastes and preferences.
7)
Technology
available
is
the
same
in
two
nations
and
constant
returns
to
scale.
8)
Factor can
move freely in one nation and can not move between
the two nations.
9)
Two products have different factor-
intensity.
10)
Two countries
have different factor-abundance.
（三）
HO
模型的关键假定包括：第一，两国的生产技术是相同的——也即劳
动生产率没有
差异，而且生产的规模报酬不变；第二，各个市场都是完全竞争的；第三，
各国的各生产要
素都是充分利用的；
第四，各国有着相同和位似
的偏好；
第五，生产要素在一国内部可以自
由流动，
但是在两国之间完全不能流动。
HO
模型包括四个
定理：
HO
定理、
stopler
－
samuelson
定理、
Rybczynski
定理和生产要素价格均等化定理
1
、
Intra-industry
trade(
定义
)
Intrain
dustry
trade
index
(ITI)
indicates
the
amount
of
intraindustry trade embodied in a
country
’
s international
trade.
ITI = 1 - |X - M|/X + M
X=value of exports
M=value
of imports
2
、▲
Infant
industry argument
幼稚产业论：
Alexander Hamilton unsed it in his
Report on Manufacturers in 1791.
List,
(Georg) Friedrich ( 1789 --- 1846)
(
李斯特）
German-U.S. economist.
His
best-known work was The National
System of Political Economy (1841).He maintained
that a national economy can be divided
into five stages. In an early stage of
industrialization required tariff
protection to stimulate development.
该理
论将一国经济发展的历程分为五个阶段：
原始未开化阶段、畜牧阶段、
< br>农业阶段、
农工
业阶段、农工商业阶段。
他认为，在不同的经济发展阶段应采用不同的贸易政策，
自由贸易
并不适用于每个经济发展阶段。
在农工业阶段的国家应采用保护主义的贸易政
策，
原因是此
时本国工业虽有所发展，
但发展程度低，
国际竞争力差，
不足以与来自处于农工商业阶段
国
家的产品相竞争。
如若采用自由贸易政策，
< br>不但享受不到贸易利益，
还会令经济遭受巨大冲
击。
幼稚产业论认为古典学派的根本缺点在于推行
“世界主义”
，
而忽视经济发展的民族特
< br>点。
生产力理论是李斯特幼稚产业理论的核心内容。
该理
论认为财富的生产力比财富本身重
要的多。
“
< br>J-Curve
”
effect
：
1) The <
/p>
“
J-Curve
”
is an (often, but not always) observed phenomenon.
2) What
is
observed
is
that,
following
a
depreciation
or
devaluation
of
the
currency,
the
nation
’
s balance of payments
worsens before it improves.
J-curve
effect: The deterioration before a net improvement
in a country
’
s trade
balance resulting from a depreciation
or devaluation.
（三）
Reasons
for the J-Curve: The M-L condition is satisfied in
the long run but
not in the short run.
Short-run elasticity of demand are smaller than
long-run
elasticity because of the
recognition lags; decision lags; delivery lags;
replacement lags; production lags and
so on.
▲
Keynes
’
protective trade
theory
凯因斯的保护贸易理论
：
Main
ideas
：
There
is
deficiency
of
the
domestic
effective
demand
in
free
trade.
So
in
open
economy,
the
government
should
encourage
export
and
limit
this
theory realized that
the surplus can
’
t increase
without limitation.
▲
Leontief
Paradox
里昂惕夫悖论
:
The
contradiction
between
the
empirical
results
of
Leontief and the
conclusion of the factor proportions theorem is
called Leontief
Paradox.
1
、
Mercantilism
重商主义
(main ideas):
1)
Wealth equaled gold and silver.
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