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Index

553

Mortgage-backed securities (MBS), 12 Most favored nation (MFN), 190 Motor vehicle importers, FTZs benefit, 124 Multifiber Arrangement (MFA), 205 Multilateral contracts, 243244 Multilateral trade negotiations, 193195 Multilateralism, regional integration versus, 271272 Multinational enterprises (MNEs) as source of conflict, 325331 Multinational enterprises (MNEs), international factor movements and, 309339 country risk analysis, 318319 international joint ventures, 321325 international labor mobility, 331337 international trade theory and multinational enterprises (MNEs), 319320 Japanese transplants in U.S. automobile industry, 320321 migration, 331337 motives for foreign direct investment, 311314 multinational enterprises (MNEs), 309311 multinational enterprises (MNEs) as source of conflict, 325331 supplying products to foreign buyers, 315318 Multinational enterprises (MNEs), international trade theory and, 319320 Multinationals exploit foreign workers, U.S., 313

N

Nation, United States as debtor, 365 National sovereignty, 328329 Nations. see also, Exporting nations; Advanced nations; Developing nations economic objectives of, 495496 Group of Five (G-5), 509 Group of Seven (G-7), 510 Nations trade, why, 3233, 3436 Negotiations, failed trade, 202203 Net creditor, 364 Net debtor, 364 Net foreign investment and current account balance, 354355 Nicaraguan coffee farmer, 244 Nominal (money) interest rate, 417 Nominal exchange rates, 384 Nominal exchange-rate index, 384 Nominal tariff rate, 115 Noneconomic arguments, 145147 Nonmarket economy, 303 Nontariff trade barriers (NTBs), 155186 antidumping regulations, 173176 domestic content requirements, 165166 dumping, 170172 export quotas, 163165 import quota, 155159 miscellaneous, 178183 miscellaneous nontariff trade barriers (NTBs), 178183 quotas versus tariffs, 159161 subsidies, 166170 tariff-rate quota, 161163 two-tier tariff, 161163 unfair antidumping laws, 176178 Normal trade relations, 190 North American Free Trade Agreement (NAFTA), 80, 273, 292300 benefits and costs for Mexico and Canada, 293294

benefits and costs for United States, 294297 and Central American Free Trade Agreement (CAFTA), 299 and optimum currency area, 298300 textiles and apparel, 297298 and trade diversion, 297298 North Korea, 225227 No-trade boundary, 42 Nucor (U.S. steel manufacturer), 442443

O

Obama, Barack, 79, 201, 330, 497 Offer rate, 374 Official exchange rate, 465466 Official reserve assets, 349 Official settlements transactions, 348 Offshore, U.S. tax code sending American jobs, 330 Offshore-assembly provision, outsourcing and, 119120 Ohlin, Bertil, 70, 80, 263 Oil and autos, trade in crude, 43 Oil cartel, OPEC, 245249 Open economy and crowding out, 501 monetary and fiscal policy in, 500504 United States as, 711 Open economy and macroeconomic policy, 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 Openness, 8 Opportunity costs constant, 38 increasing, 49 Optimum currency area, 287288 Optimum tariff retaliation and, 134135 Options call, 380 defined, 379 foreign-currency, 379380 put, 380 Organization of Petroleum Exporting Countries (OPEC), 1, 11, 112, 245249 Outer limits for the equilibrium terms of trade, 42 Outsource production and strong yen, Japanese firms, 444 Outsourcing of Boeing 787 Dreamliner triggers machinists strike, 60 comparative advantage and job, 5863 defined, 119 and offshore-assembly provision (OAP), 119120 Overall balance, 495 Overshooting, exchange-rate, 423425

P

Par value and official exchange rate, 465466 Paradox, Leontief, 85 Parity, purchasing power, 410415, 429 Partial specialization, 52 Payment process, international, 345 Payments, balance of, 329, 343367, 441460

balance of international indebtedness, 363365 current account deficit, 354363 double-entry accounting, 343346 structure, 346350 surplus, 354363 U.S. balance of payments, 350354 Payments, U.S. balance of, 350354 Peg, crawling, 479480 Peg exchange rates, adjustable, 469 Persistent dumping, 170 Personal computer (PC), 17 Playing field, level, 144 Policies

agreement versus policy conflict, 504505 coordination, 507 expenditure-changing, 496 expenditure-switching, 496 fiscal, 496, 498504 G-20 agrees to cooperate on global economic, 507 industrial, 9698 instruments, 496 monetary, 496, 498504 Political economy of protectionism, 147149 Poor, the

economic growth and, 259 tariffs and, 139140 trade and, 8287 Poor coffee farmers, fair-trade movement

and, 244 Predatory dumping, 170 Premium, 388 Price adjustments, 434436

current-account adjustment, 435436 gold standard, 434 quantity theory of money, 434435 Price controls, wage and, 506 Price discrimination, international, 170172 Price-adjustment mechanism, 434 Priced-based definition, 173 Prices

effects of exchange-rate changes on costs and, 441445 falling commodity, 235 law of one, 410411 stabilizing primary-product, 241244 strike, 380 Price-specie-flow doctrine, 32 Pricing, transfer, 329331 Primary products, 231 Primary-product prices, stabilizing,

241244 Principle of absolute advantage, 33 Principle of comparative advantage, 34 Producer surplus, 125127 Product cycle theory, 9396 Product life cycle theory, 93 Production and export controls, 241242 Production costs, equalization of, 145 Production gains from speculation, 3940 Production in United States, manufacturers

keeping, 6263 Production possibilities schedules, 3738

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