In Evolving Patterns in Global Trade and Finance, Professor Sven W Arndt offers succinct and rigorous explanations of important developments in trade, finance and international monetary relations. Topics include economic and monetary integration, cross-border production networks, and stabilization policy in orthodox and mixed exchange-rate regimes. The theoretical framework developed in this volume provides critical assessments of existing policies and practices, develops theoretical foundations for new and emerging patterns in trade and finance, and evaluates how well economists and policy makers are dealing (or have dealt) with the challenges they face. Readers will find the most in-depth and comprehensive discussion of international production networks ('off-shoring'), a detailed analysis of the implications for US economic stability and policy autonomy of its unorthodox exchange rate regime of fixed and floating rates, and insights into the causes of recent economic and financial turmoil in the global economy.
Part I: Beyond the Standard Trade Model: ?Free Trade and Its Alternatives
On Discriminatory vs. Non-Preferential Tariff Policies
Customs Union and the Theory of Tariffs
Domestic Distortions and Trade Policy
Part II: Fragmentation and Cross-Border Production Networks: ?Fragmentation
Super-Specialization and the Gains from Trade
Global Production Networks and Regional Integration
Production Networks in an Economically Integrated Region
Trade Diversion and Production Sharing
Production Networks, Exchange Rates and Macroeconomic Stability
Trade, Production Networks and the Exchange Rate
Intra-Industry Trade and the Open Economy
Fragmentation, Imperfect Competition and Heterogeneous Firms
Part III: Macro Policy Challenges in Open Economies: ?Policy Choices in an Open Economy: Some Dynamic Considerations
Joint Balance: Capital Mobility and the Monetary System of a Currency Area
International Short-Term Capital Movements: A Distributed Lag Model of Speculation in Foreign Exchange
Regional Currency Arrangements in North America
Adjustment in an Open Economy with Two Exchange-Rate Regimes
Stabilization Policy in an Economy with Two Exchange Rate Regimes
Policy Challenges in a Dual Exchange Rate Regime
The "Great Moderation" in a Dual Exchange Rate Regime
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