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ECO 358 International Economics

ECO 358 International Economics. Professor Malamud BEH 502 895 – 3294 Fax: 895 – 1354 Email: bernard.malamud@unlv.edu Website: http://faculty.unlv.edu/bmalamud. International Economics: The Way the World Works. Objectives : Facts : the world’s economies and relations between them

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ECO 358 International Economics

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  1. ECO 358International Economics • Professor Malamud • BEH 502 • 895 – 3294 Fax: 895 – 1354 • Email: bernard.malamud@unlv.edu • Website: http://faculty.unlv.edu/bmalamud

  2. International Economics: The Way the World Works Objectives: Facts: the world’s economies and relations between them Principles: Trade flows Capital flows Currency exchange rates Advantages and disadvantages of fixed and floating rates Issues: Globalization: IsThe World Flat ?!?! Protection Rebalancing

  3. International Interdependencies • Trade: goods, services, raw materials, energy • Finance: exchange rates, foreign debt, foreign investment (fdi and portfolio investment) • Business: multinational enterprises (MNEs), global production • Migration: flows of skilled workers, unskilled workers, family members

  4. World In Recession Unemployment Rate Country20072009 United States 4.6% 10.5% Japan 3.8% 5.5% Britain 5.3% 7.8% Canada 6.0% 8.5% EU 9.3% France 7.9% 10.0% Germany 9.0% 7.6% Italy 6.2% 7.4% Spain 8.3% 19.3% Brazil 9.3% 8.1% Russia 5.9% 9.9% India 7.2% 7.2% China 4.0% 9.0% (1/09)

  5. Trade in goods and services (percent of gdp) Country % of GDP, 2002% of GDP, 2006 ExportsImportsExportsImports Netherlands 53 46 71 63 Canada 37 33 46 40 Germany 31 25 40 35 South Korea 27 26 43 40 Norway 31 18 45 28 France 22 21 26 27 United Kingdom 18 21 26 30 United States 9 13 11 15 Japan 10 8 11 10

  6. Macro Facts: Trade Deficit, Goods & Services

  7. Today’s Report

  8. Macro Facts: Merchandise Trade Deficit

  9. Eurozone 16 • Austria • Ireland • Spain • Finland • Portugal • Greece • Slovenia • Cyprus • Malta • Slovakia • Germany • France • Italy • Netherlands • Belgium • Luxembourg

  10. Trade Issues • If one country gains, must the other lose? • Think comparative advantage. • Do imports reduce employment? • Do tariffs/quotas/restrictions save jobs? • When might they? • Should weak domestic industries be subsidized? • Is a trade deficit “bad”? Is a surplus “good”? • Does “fair trade” mean that our exports to a country will equal our imports from it?

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