国际经济学选择,英文

International commodity agreements（大宗商品协议）①Production and export controls②Buffer stocks③Multilateral contracts

Import substitution: advantages①Risk of establishing home import-replacing industry is low because home market already exists②Easier for developing nations to protect their own markets than to force industrial nations to open theirs③Gives foreign firms an incentive to locate production in developing country, providing jobs

Import substitution: disadvantages Trade restrictions shelter home industry from competition, giving no incentive for efficiency Small size of most developing country markets makes it difficult to benefit from economies of scale. Protection of import-competing industries draws resources away from all other sectors, including potential exporters

Export-led growth: advantages Encourages industries in which developing countries are likely to have a comparative advantage - such as labor-intensive manufactures .Export markets allow domestic producers to utilize economies of scale .Low level of trade restrictions forces domestic firms to remain competitive

Export-led growth: disadvantages Main disadvantage to export-led growth is that it depends on the ability and willingness of industrial nations to absorb large quantities of manufactures from developing countries .In other words, it is sensitive to economic cycles and protectionist pressures in the export markets.

The major factors that influence foreign direct investment:a) market demand, b) trade restrictions, c) investment regulations, d) labor productivity and costs.

Controversial issues involving MNEs

1.Employment: Host country may not gain many jobs, foreign managers often brought in; source country worries about losing jobs

2.Technology transfer: MNEs are reluctant to share technology with host nations; source country worries about giving away advantage

3.National sovereignty: Host country worries about power of MNE to influence affairs; source country worries about ability to regulate MNE activities elsewhere

4.Balance of payments: MNE investments and profits (internal transfers) have impacts on the payments status of both source and host nations

5.Taxation: Source countries may have difficulty taxing MNE income stemming from foreign operations. Tax rate differences may discourage investment at home

6.Transfer pricing: Both host and source governments worry that MNEs may illegally manipulate prices paid between subsidiaries to avoid taxes

Developing nations’trade1.Very dependent on the developed industrial countries as export markets and source of imports2.Exports are heavily weighted toward primary products (agricultural goods, raw materials, fuels) and labor-intensive manufactures3.Share of manufactured exports is increasing, but mainly in a small number of newly industrialized nations (such as South Korea, Hong Kong)

Developing nations’concerns1.Question whether gains from trade with industrial countries have been fairly distributed2.Face problems of unstable export markets Concentration on one or a few primary-product exports combined with inelastic supply and demand conditions3.Argue that they face worsening terms of trade as relative value of primary products has fallen compared to manufactured goods they import4.Face limited market access for exports because of protectionism Especially for agricultural and labor-intensive goods

Types of regional trade arrangements Free trade areas (NAFTA, for example)

Customs unions (Benelux) Common markets (EU) Economic/monetary union