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In less than three decades, China has grown from playing a
negligible role in international trade to being one of the world's
largest exporters, a substantial importer of raw materials,
intermediate outputs, and other goods, and both a recipient and
source of foreign investment. Not surprisingly, China's economic
dynamism has generated considerable attention and concern in the
United States and beyond. While some analysts have warned of the
potential pitfalls of China's rise - the loss of jobs, for example
- others have highlighted the benefits of new market and investment
opportunities for US firms. Bringing together an expert group of
contributors, "China's Growing Role in World Trade" undertakes an
empirical investigation of the effects of China's new status. The
essays collected here provide detailed analyses of the
microstructure of trade, the macroeconomic implications,
sector-level issues, and foreign direct investment. This volume's
careful examination of micro data in light of established economic
theories clarifies a number of misconceptions, disproves some
conventional wisdom, and documents data patterns that enhance our
understanding of China's trade and what it may mean to the rest of
the world.
Trade is a cornerstone concept in economics worldwide. This updated
second edition of the essential graduate textbook in international
trade brings readers to the forefront of knowledge in the field and
prepares students to undertake their own research. In Advanced
International Trade, Robert Feenstra integrates the most current
theoretical approaches with empirical evidence, and these materials
are supplemented in each chapter by theoretical and empirical
exercises. Feenstra explores a wealth of material, such as the
Ricardian and Heckscher-Ohlin models, extensions to many goods and
factors, and the role of tariffs, quotas, and other trade policies.
He examines imperfect competition, offshoring, political economy,
multinationals, endogenous growth, the gravity equation, and the
organization of the firm in international trade. Feenstra also
includes a new chapter on monopolistic competition with
heterogeneous firms, with many applications of that model. In
addition to known results, the book looks at some particularly
important unpublished results by various authors. Two appendices
draw on index numbers and discrete choice models to describe
methods applicable to research problems in international trade.
Completely revised with the latest developments and brand-new
materials, Advanced International Trade is a classic textbook that
will be used widely by students and practitioners of economics for
a long time to come. * Updated second edition of the essential
graduate textbook* Current approaches and a new chapter on
monopolistic competition with heterogeneous firms* Supplementary
materials in each chapter* Theoretical and empirical exercises* Two
appendices describe methods for international trade research
Published price indexes are nearly always constructed from
individual prices collected by somesampling framework, were the
samples are chosen, in part, to minimize the time and
expenseinvolved in collecting the prices. In particular, the time
spent by reporting firms or consumers isquite rightly treated as
precious. It is inevitable that questionnaires sent out in repeated
monthswill sometimes not be returned. For example, about
one-quarter of the individual items trackedunder the International
Price Program (IPP) of the Bureau of Labor Statistics (BLS) do not
report a price in any given month, though of these, about 60%
eventually supply a price quote for thatmonth or a later month.
The goal of this paper is to theoretically and empirically
demonstrate the consequences of different imputation methods using
recent data from the International Price Program. We suppose that
prices are missing due to random or erratic reporting. We consider
three different imputation methods: carry-forward, which just
assumes that the missing price is the same as in the previous
period; cell-mean, which imputes the missing price using either the
short-term or long-term index for related commodities; and linear
interpolation, which uses the last and next observations for the
item to linearly interpolate. Certain hybrid techniques, combining
either carry-forward or cell-mean with linear interpolation, are
also considered.
These two volumes contain seventy essays chosen largely for the
originality of their contributions. The first volume contains
several classic papers. Among them are the many contributions to
the theory of distortions in the 1960s which laid the foundations
of the postwar theory of commercial policy. Also included are
Bhagwati's important papers of the 1970s and 1980s which have
shaped a new revolution in the theory of trade and welfare: the
political-economy-theoretic analysis of DUP (directly-unproductive
profit-seeking) activities. Influential essays on the
nonequivalence of tariffs and quotas, immiserizing growth,
cost-benefit analysis in open economies, and other major areas of
trade theory are covered. The second volume presents essays that
have opened up new areas of analysis in the theory of international
trade and in the associated fields of public finance and
developmental economics. Bhagwati's seminal work on the novel
question of the appropriate income tax jurisdiction in the presence
of international factor mobility, his well-known analyses of the
consequences of skilled migration, the problem of the optimal
choice between international capital and labor mobility, are all
included.
These two volumes contain seventy essays chosen largely for the
originality of their contributions. The first volume contains
several classic papers. Among them are the many contributions to
the theory of distortions in the 1960s which laid the foundations
of the postwar theory of commercial policy. Also included are
Bhagwati's important papers of the 1970s and 1980s which have
shaped a new revolution in the theory of trade and welfare: the
political-economy-theoretic analysis of DUP (directly-unproductive
profit-seeking) activities. Influential essays on the
nonequivalence of tariffs and quotas, immiserizing growth,
cost-benefit analysis in open economies, and other major areas of
trade theory are covered. The second volume presents essays that
have opened up new areas of analysis in the theory of international
trade and in the associated fields of public finance and
developmental economics. Bhagwati's seminal work on the novel
question of the appropriate income tax jurisdiction in the presence
of international factor mobility, his well-known analyses of the
consequences of skilled migration, the problem of the optimal
choice between international capital and labor mobility, are all
included.
In less than three decades, China has grown from playing a
negligible role in world trade to being one of the world's largest
exporters, a substantial importer of raw materials, intermediate
outputs, and other goods, and both a recipient and source of
foreign investment. Not surprisingly, China's economic dynamism has
generated considerable attention and concern in the United States
and beyond. While some analysts have warned of the potential
pitfalls of China's rise - the loss of jobs, for example - others
have highlighted the benefits of less expensive goods and services
purchased by U.S. consumers along with new market and investment
opportunities for U.S. firms. Bringing together an expert group of
contributors, "China's Growing Role in World Trade" undertakes an
empirical investigation of the effects of China's new status. The
essays collected here provide detailed analyses of the
microstructure of trade, the macroeconomic implications,
sector-level issues, and foreign direct investment. This volume's
careful examination of micro data in light of established economic
theories eliminates a number of misconceptions, overturns some
conventional wisdom, and documents data patterns that enhance our
understanding of issues related to China's trade.
The economies of South Korea and Taiwan in the second half of the
twentieth century are to scholars of economic development what the
economy of Britain in the late eighteenth and early nineteeth
centuries is to economic historians. This book, first published in
2006, is a collaboration between a leading trade economist and a
leading economic sociologist specializing in East Asia, and offers
an explanation of the development paths of post-World War II Korea
and Taiwan. The ambitions of the authors go beyond this, however.
They use these cases to reshape the way economists, sociologists,
and political scientists will think about economic organization in
the future. They offer nothing less than a theory of, and extended
evidence for, how capitalist economies become organized. One of the
principal empirical findings is that a primary cause for the
industrialization of East Asia is the retail revolution in the
United States and the demand-responsiveness of Asian manufacturers.
Along with its painful economic costs, the financial crisis of 2008
raised concerns over the future of international policy making. As
in recessions past, new policy initiatives emerged that placed
greater importance on protecting national interests than promoting
international economic cooperation. Whether in fiscal or monetary
policies, the control of currencies and capital flows, the
regulation of finance, or the implementation of protectionist
policies and barriers to trade, there has been an almost worldwide
trend toward the prioritizing of national economic security. But
what are the underlying economic causes of this trend, and what can
economic research reveal about the possible consequences? Prompted
by these questions, Robert C. Feenstra and Alan M. Taylor have
brought together top researchers with policy makers and
practitioners whose contributions consider the ways in which the
global economic order might address the challenges of globalization
that have arisen over the last two decades and that have been
intensified by the recent crisis. Chapters in this volume consider
the critical linkages between issues, including exchange rates,
global imbalances, and financial regulation, and plumb the
political and economic outcomes of past policies for what they
might tell us about the future of global economic cooperation.
The economies of South Korea and Taiwan in the second half of the
twentieth century are to scholars of economic development what the
economy of Britain in the late eighteenth and early nineteeth
centuries is to economic historians. This book, first published in
2006, is a collaboration between a leading trade economist and a
leading economic sociologist specializing in East Asia, and offers
an explanation of the development paths of post-World War II Korea
and Taiwan. The ambitions of the authors go beyond this, however.
They use these cases to reshape the way economists, sociologists,
and political scientists will think about economic organization in
the future. They offer nothing less than a theory of, and extended
evidence for, how capitalist economies become organized. One of the
principal empirical findings is that a primary cause for the
industrialization of East Asia is the retail revolution in the
United States and the demand-responsiveness of Asian manufacturers.
Once unquestionably the world's leading economic and industrial
power, the United States now views with growing dismay the
impressive industrial efficiency, vigorous work ethics, and large
American holdings of various other nations. Is the United States
truly lagging in its ability to compete effectively in world
markets? Concern over this question has been voiced in both the
business and government sectors, as well as by academic economists.
A recent conference, sponsored by the National Bureau of Economic
Research, explored the effects of trade policies on a nation's
ability to compete in international markets. In Trade Policies for
International Competitiveness, Robert C. Feenstra collects seven
papers from the conference, each accompanied by discussants'
comments, and adds a helpful introduction. Some of the issues
considered by contributors are effects of macroeconomic and
strategic foreign policies on competitiveness; the recent influx of
foreign direct investment in the United States, primarily from
Japan; the extent to which Japanese trade patterns are a reflection
of underlying factor and endowments rather than trade barriers; and
the market structure of Canadian industries, including applications
for ongoing U.S.-Canadian free trade negotiations. Topical and
provocative, these papers will be of value to economists,
policymakers, and those in the business world.
Every time you buy a can of tuna or a new television, its bar code
is scanned to record its price and other information. These
"scanner data" offer a number of attractive features for economists
and statisticians, because they are collected continuously, are
available quickly, and record prices for all items sold, not just a
statistical sample. But scanner data also present a number of
difficulties for current statistical systems.
"Scanner Data and Price Indexes" assesses both the promise and the
challenges of using scanner data to produce economic statistics.
Three papers present the results of work in progress at statistical
agencies in the U.S., United Kingdom, and Canada, including a
project at the U.S. Bureau of Labor Statistics to investigate the
feasibility of incorporating scanner data into the monthly Consumer
Price Index. Other papers demonstrate the enormous potential of
using scanner data to test economic theories and estimate the
parameters of economic models, and provide solutions for some of
the problems that arise when using scanner data, such as dealing
with missing data.
Since the early 1980s, the U.S. economy has experienced a growing
wage differential: high-skilled workers have claimed an increasing
share of available income, while low-skilled workers have seen an
absolute decline in real wages. How and why this disparity has
arisen is a matter of ongoing debate among policymakers and
economists. Two competing theories have emerged to explain this
phenomenon, one focusing on international trade and labor market
globalization as the driving force behind the devaluation of
low-skill jobs, and the other focusing on the role of technological
change as a catalyst for the escalation of high-skill wages.
This collection brings together innovative new ideas and data
sources in order to provide more satisfying alternatives to the
trade versus technology debate and to assess directly the specific
impact of international trade on U.S. wages. This timely volume
offers a thorough appraisal of the wage distribution predicament,
examining the continued effects of technology and globalization on
the labor market.
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