Evolving patterns in global trade and finance / Sven W. Arndt (Claremont McKenna College, USA).

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About the Author; Table of Contents; Preface; Acknowledgments; Introduction and Overview; Part I: Trade Policy in a Changing Economic Environment; Part II: Fragmentation and Cross-Border Production Networks; Part III: Macro Policy Challenges in Open Economies; Endnotes; References; Part I: Beyond the Standard Trade Model; 1. Free Trade and Its Alternatives; 1. Introduction; 2. The Benchmark Model; The small country in partial equilibrium; The large country in partial equilibrium; Import protection in general equilibrium; Effects of tariffs on factor prices; Non-tariff trade policies.

Non-trade policiesExport promotion; Export subsidies; Exchange-rate protection; 3. Intra-Industry Trade; Scale economies and product differentiation; Production networks and vertical intra-industry trade and investment; 4. Imperfect Competition; Domestic monopoly; Foreign monopoly; 5. Other Market Distortions; Externalities; Environmental and labor standards; Preferential Free Trade Agreements (PTAs); 6. Concluding Comments; References; 2. On Discriminatory vs. Non-Preferential Tariff Policies; I; II; References; 3. Customs Union and the Theory of Tariffs; I. Large Union: Prohibitive Tariff.

II. Large Union: NonprohibitiveTariffIII. Customs Union and Alternative Tariff Policies; IV. Conclusion; REFERENCES; 4. Domestic Distortions and Trade Policy; 1. Domestic distortions in a small country; A. Distortions in the tradable goods sector; B. Distortion in non-tradable goods production; 2. The choice of the export commodity; 3. Concluding remarks; REFERENCES; Part II: Fragmentation and Cross-Border Production Networks; 5. Fragmentation; Analytical issues; Foreign direct investment; Multinational companies; Productivity, employment, and wages; Regional integration.

Fragmentation and interdependenceFurther Reading; 6. Super-Specialization and the Gains from Trade; I. INTRODUCTION; II. SPECIALIZATION BEYOND FINISHED PRODUCTS; A. Output and Employment Effects; B. The Terms of Trade; C. National Welfare; III. CONCLUSION; REFERENCES; 7. Global Production Networks and Regional Integration; 1. INTRODUCTION; 2. TRADE LIBERALIZATION VERSUS ECONOMIC COOPERATION; 3. TRADE CREATION AND DIVERSION UNDERPRODUCTION SHARING; 4. THE EXCHANGE RATE AND THE TRADE BALANCE; 5. PRODUCTION SHARING AND FOREIGN DIRECT INVESTMENT; 6. FIXED VERSUS FLOATING RATES.

7. CONCLUDING REMARKSNOTES; REFERENCES; 8. Production Networks in an Economically Integrated Region; I. Introduction; II. Creating a Regional Economy; III. Trade Liberalization versus Market Integration; IV. Varieties of Cross-Border Sourcing; V. Market Opening through Component Specialization; VI. Scale Economies and other Dynamic Elements; VII. Concluding Comments; NOTES; REFERENCES; 9. Trade Diversion and Production Sharing; 1. Introduction; 2. Production Sharing, the Trade Regime, and Welfare; 3. Rules of Origin; 4. Production Sharing and Trade Diversion.

In Evolving Patterns in Global Trade and Finance, Professor Sven W Arndt offers succinct and rigorous explanations of important developments in trade, finance and international monetary relations. Topics include economic and monetary integration, cross-border production networks, and stabilization policy in orthodox and mixed exchange-rate regimes. The theoretical framework developed in this volume provides critical assessments of existing policies and practices, develops theoretical foundations for new and emerging patterns in trade and finance, and evaluates how well economists and policy m.

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