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Index

549

choosing exchange rate system, 462464 constraints imposed by free capital flows, 462464 crawling peg, 479480 currency crises, 480484 exchange-rate practices, 461462 exchange-rate stabilization, 466467 fixed exchange-rate system, 464471 floating exchange rates, 471474 increasing credibility of fixed exchange rates, 486492 managed floating rates, 474479 par value and official exchange rate, 465466 Currency depreciation absorption approach to, 456458 monetary approach to, 458 and trade deficit, 447450 Currency manipulation, China and, 470 Currency markets draw day traders, 400401 Currency risk, 527 Currency swap, 372 Current account, 346347 adjustment, 435436 balance, 354355 business cycles, and economic growth, 357359 deficits, 354, 356357, 361363 deficits cost American jobs, 360361 impact of capital flows on, 355356 macroeconomic stability and, 504505 Customs union, 273 valuation, 114

D

Day traders, currency markets draw, 400401 Deadweight loss, 131 Debit transaction, 343 Debt, 513533 international, 527529 reducing bank exposure to developing-nation, 529530 risk, and reserves, 513533 Debt forgiveness, debt reduction and, 530531 Debt reduction and debt forgiveness, 530531 Debt service/export ratio, 528 Debt/equity swaps, 529 Debtor, net, 364 Debtor nation, United States as, 365 Deficits cost American jobs, 360361 currency depreciation and trade, 447450 current account, 354363 dollar depreciation and not closing U.S. trade, 456 problem of current account, 356357 running current account, 361363 Definitions cost-based, 173 priced-based, 173 Dell Inc., 1718, 115117, 329330 Demand for international reserves, 514517 theory of reciprocal, 43 Demand-pull inflation, 505 Demonetization of gold, 523 Department of Commerce, U.S., 173, 178 Depreciation, 376 absorption approach to currency, 456458 dollar, 456 monetary approach to currency, 458 time path of, 451453

Destabilizing speculation, 398 Devaluation and revaluation, 467468 Developing and advanced nations, 233234 Developing nations achieving export-led growth, 259260 aid promoting growth of, 253 aiding, 249255 bringing them in from cold, 253255 Developing nations, trade policies for, 231269 aiding developing nations, 249255 Chinas transformation to capitalism, 262266 developing-nation trade characteristics, 231233 East Asian economies, 260262 economic growth strategies, 255260 import substitution versus export-led growth, 255260 India breaking out of Third World, 266268 OPEC oil cartel, 245249 stabilizing primary-product prices, 241244 tensions between developing and advanced nations, 233234 trade problems of developing nations, 234241 Developing nations, trade problems of, 234241 Developing to industrial countries, capital flows from, 352353 Developing-nation debt, 529530 trade characteristics, 231233 Dickens, Charles, 213 Direct controls, 496 Direct exporting versus foreign direct investment/licensing, 315316 Direct investment versus licensing, foreign, 316318 Dirty float, 474 Discount, 388 Discrepancy, statistical, 349350 Discrimination international price, 170172 trade without, 191192 Disequilibrium, fundamental, 466 Distribution of income, 69 Diversification conglomerate, 310 horizontal, 310 safe havens, and investment flows, 421 vertical, 310 Doctrine, price-specie-flow, 32 Doha Round, 202203 Dollar appreciation of, 447 depreciation and not closing U.S. trade deficit, 456 and European tourists, 381 indexes of foreign-exchange value of, 383385 playing falling and rising, 399 trade-weighted, 384 ups and downs of, 421423 as worlds reserve currency, 518519 Dollarization, 489491 Domestic content requirements, 165166 Domestic revenue effect, 133 Domestic standard of living, maintenance of, 144 Domestic workers, U.S. immigration policy harming, 336 Domestically or abroad, producing, 315318 Double-entry accounting, 343346 Dubrinski, Ivan, 121 Dumping, 170172 protection against foreign, 207212 Dynamic comparative advantage, 9698

Dynamic effects of economic integration, 275 Dynamic gains from international trade, 45 Dynamic gains from trade, 4547

E

East Asian economies, 260262 Economic activity, globalization of, 23 Economic costs and benefits of common currency, 286292 Economic crises of 20072009, global, 492 Economic development, foreign direct investment and, 265 Economic downturn of 20072009, 358 Economic growth, 357359 flying-geese pattern of, 261262 and the poor, 259 strategies, 255260 Economic integration, 272 dynamic effects of, 275 static effects of, 275 Economic interdependence, 1 Economic objectives of nations, 495496 Economic policy coordination, international, 507 Economic policy, G-20 agrees to cooperate on global, 507 Economic sanctions, 223227 factors influencing, 225227 Organization (WTO) Economic union, 273 Economic variables, 405 Economic-policy coordination, international, 506510 Economics, transition, 302306 Economies agglomeration, 4 East Asian, 260262 of scale, 87 Economy global, 128129 international, 127 market, 303 monetary and fiscal policy in closed, 498500 monetary and fiscal policy in open, 500504 nonmarket, 303 political, 147149 terrorism jolts global, 2426 United States as open, 711 Economy, macroeconomic policy and open, 495511 aggregate demand and aggregate supply, 496498 economic objectives of nations, 495496 inflation with unemployment, 505506 international economic-policy coordination, 506510 macroeconomic stability and current account, 504505 monetary and fiscal policy in closed economy, 498500 monetary and fiscal policy in open economy, 500504 policy agreement versus policy conflict, 504505 policy instruments, 496 Economy and crowding, open, 501 Effective exchange rate, 384 Effective rate of protection, 115117 Effective tariff rate, 115 Elasticity approach, 447450 Emergency protection from imports, 203206 Energy costs, rising, 104 World Trade __

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