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Index

3M (Minnesota Mining & Manufacturing), 393

A

Absolute advantage, 3233 Absolute advantage, principle of, 33 Absorption approach, 447 Absorption approach to currency depreciation, 456458 Account balance, current, 354355 Account deficits cost American jobs, 360361 current, 354363 problem of current, 356357 Accounting, double-entry, 343346 Accounts capital and financial, 347349 current, 346347 impact of capital flows on current, 355356 macroeconomic stability and current, 504505 Ad volorem tariff, 113, 114 Adjustable peg exchange rates, 469 Adjustment, mechanisms of international, 433440 disadvantages of automatic adjustment mechanisms, 439 financial flows and interest-rate differentials, 436438 income adjustments, 438439 monetary adjustments, 439 price adjustments, 434436 Adjustment mechanism, 433 Adjustment mechanisms, disadvantages of automatic, 439 Adjustments automatic, 433 current-account, 435436 income, 438439 monetary, 439 Adjustments, price, 434436 current-account adjustment, 435436 gold standard, 434 quantity theory of money, 434435 Advanced nations, 231, 233234, 240241 Agglomeration economies, 4 Aggregate demand and aggregate supply, 496498 Agricultural export subsidies of advanced nations, 240241 Agricultural policy, common, 283 Aid promoting growth of developing nations, 253 Airbus, government subsidies support Boeing and, 9899 American jobs, current account deficits cost, 360361 American jobs offshore, U.S. tax code sending, 330

American legislation, U.S. fiscal stimulus

and buy, 180 American tire companies, 201 American workerswages, immigrants hurting,

337 Analysis, fundamental, 428430 Anheuser-Busch (A-B), 315316 Antidumping

duties, 173, 207212 laws, 176178 regulations, 173176 Appreciation, 377

cost-cutting strategies of manufacturers and currency, 445447 Appreciation of dollar and U.S. manufacturers,

447 Appreciation of yen and Japanese manufacturers,

445447 Arbitrage, 385386

covered interest, 396397 exchange, 386 interest, 394397 three-point, 386 two-point, 386 uncovered interest, 395396 Arguments

free-trade, 140 infant-industry, 145 noneconomic, 145147 Asian economies, East, 260262 Asia-Pacific Economic Cooperation (APEC), 302 Asset-market approach, 415421 Assets, official reserve, 349 Autarky, 38 Auto restraints put brakes on U.S. motorists,

Japanese, 164165 Automaker subsidies, and WTO, 227 Automakers, globalization drives changes for U.S.,

7879 Automatic adjustment, 433 Automatic adjustment mechanisms, disadvantages

of, 439 Automobile industry, Japanese transplants in U.S.,

320321 Automobiles

Brazilian, 257 North American content of, 168 Autos, trade in crude oil and, 43

B

Bailout fund, eurozone needing, 290292 Balance external, 495

internal, 495 overall, 495 trade, 350 Balance of payments, 329, 343367 balance of international indebtedness, 363365 current account deficit, 354363 double-entry accounting, 343346 structure, 346350 surplus, 354363

  • U.

    S., 350354

  • U.

    S. balance of payments, 350354

Balance of payments, exchange-rate adjustments and, 441460 absorption approach to currency depreciation, 456458 cost-cutting strategies of manufacturers and currency appreciation, 445447 currency depreciation and trade deficit, 447450 effects of exchange-rate changes on costs and prices, 441445 elasticity approach, 447450 exchange rate pass-through, 453456 J-curve effect, 451453 monetary approach to currency depreciation, 458 time path of depreciation, 451453 Bank exposure, reducing to developing-nation debt, 529530 Banking, international, 513533 debt reduction and debt forgiveness, 530531 demand for international reserves, 514517 eurodollar market, 531532 facilities for borrowing reserves, 524526 foreign currencies, 517521 gold, 521523 international lending risk, 526527 nature of international reserves, 513514 problem of international debt, 527529 reducing bank exposure to developing-nation debt, 529530 special drawing rights (SDRs), 524 supply of international reserves, 517 Banks central, 400 commercial, 400 Barriers, exit, 5556 Barter terms of trade, 4445 Basis for trade, 31 Bastiat, Frederic, 147 Beef, Europe has cow over hormone-treated U.S., 181182 Beggar-thy-neighbor, 134

547

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