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CHAP1 全球化Globalization refers to the shift toward a more integrated and interdependent world economy.(全球化是指转向一个更为一体化与相互依存的世界经济）Globalization has two facets: 1) the globalization of markets 2) the globalization of production（市场的全球化和生产的全球化）EFFECT（影响）v Critics worry that globalization will cause job losses, environmental degradation, and the cultural imperialism of global media and MNEs.(反对者认为全球化会导致失业，环境恶化，由于全球媒体和跨国公司导致的文化侵蚀）v Supporters believe that increased trade and cross-border investment mean lower prices for goods and services, greater economic growth, higher consumer income, and more jobs（支持者相信会增加贸易，跨国投资意味着商品和服务更低价，更大的经济增长，更高的消费收入，更多就业）v 名词v Globalization 全球化 globalization of markets市场全球化 globalization of production生产全球化 factors of production 生产要素 world trade organization 世界贸易组织 world bank 世界银行 international monetary fund 国际货币基金组织 international trade 国际贸易 foreign direct investment FDI 对外直接投资 multinational enterprise MNE 跨国公司 CHAP6 国际贸易理论v Mercantilism suggests that it is in a countrys best interest to maintain a trade surplus - to export more than it imports（重商主义就是保持贸易顺差以实现一国的最大利益-出口超过进口）v Mercantilism advocates government intervention(介入) to achieve a surplus in the balance of trade （重商主义主张政府介入以便实现对外贸易顺差） v It views trade as a zero-sum game - one in which a gain by one country results in a loss by another （将贸易看成零和博弈，一个国家收益一个国家受损）Absolute Advantage 绝对优势v Adam Smith argued that a country has an absolute advantage in the production of a product when it is more efficient than any other country in producing itv 亚当斯密认为一个国家生产一种商品比其他任何国家效率都高时存在绝对优势v According to Smith, countries should specialize in the production of goods for which they have an absolute advantage and then trade these goods for the goods produced by other countries 按照亚当斯密的说法，各国应该专门生产具有绝对优势的商品，然后用他们交换其他国家生产的商品The Benefit of Absolute Advantage and Free Tradev The Principle for International Division of LaborAbsolute Advantage v 国际分工的原则-绝对优势v The Consequence（结果） of Division of Labor and Free Trade 分工的结果和自由贸易v 1. To Production:v the Flow of the Factor of Production 生产要素的流动v the Efficiency of Factor Distribution 要素分配效率v the Quantity of Production 产品质量v 2. To Consumer: v Welfare from Free Trade自由贸易福利v : low price of imports and more consumption 低价格的进口更多的消费Comparative Advantage比较优势Ricardos theory of comparative advantage suggests that countries should specialize in the production of those goods they produce most efficiently and buy goods that they produce less efficiently from other countries, even if this means buying goods from other countries that they could produce more efficiently at home李嘉图的比较优势理论认为一个国家分工生产最有效率的产品，而从别国购买自己生产效率相对较低的产品，甚至从别国购买自己更能有效生产的产品是有意义choose bigger one in two advantages and smaller one in two disadvantages 两利取重两害取轻Heckscher-Ohlin Theory 俄林理论v Eli Heckscher and Bertil Ohlin argued that comparative advantage arises from differences in national factor endowments（天赋） the extent to which a country is endowed with resources like land, labor, and capital赫克歇尔和俄林认为比较优势是由各国生产要素禀赋的差异引起的，指一国的一些资源比如土地，劳动力还有资本v The Heckscher-Ohlin theory predicts that countries will export goods that make intensive use of those factors that are locally abundant, while importing goods that make intensive use of factors that are locally scarce 赫克歇尔俄琳理论预测一国将出口密集型使用本国充足要素的产品，进口密集使用本国稀缺要素的产品v To take advantage of factor of endowmentsNew Trade Theory 新贸易理论 New trade theory suggests that the ability of firms to gain economies of scale (unit cost reductions associated with a large scale of output) can have important implications for international tradeNew trade theory suggests that:v through its impact on economies of scale, trade can increase the variety of goods available to consumers and decrease the average cost of those goodsv 贸易可以通过对规模经济的影响增加消费品的种类，降低这些商品的平均成本v in those industries when output required to attain economies of scale represents a significant proportion of total world demand, the global market may only be able to support a small number of enterprisesv 一些应该达到规模经济的产业，所生产的产品占世界总需求的比重较大，这样全球市场就只能容纳数量很少的企业Factor Endowments 要素禀赋v Factor endowments refer to a nations position in factors of production necessary to compete in a given industry 要素禀赋理论意味着国家态度对一个特定行业生产要素的竞争是很必要的v A nations position in factors of production can lead to competitive advantage国家对生产要素的使用态度可以导致比较优势v These factors can be either basic (natural resources, climate, location) or advanced (skilled labor, infrastructure, technological know-how) 要素可以是基础的也可以是高等的First-Mover Advantages 第一进入者优势v Being a first mover can have important competitive implications, especially if there are economies of scale and the global industry will only support a few competitorsv 第一进入者有重要的竞争影响，特别是规模经济或者全球行业只有少量竞争者时v Firms that establish a first-mover advantage may dominate global trade in that productv 公司建立了第一个优势可能会在全球贸易中占主导地位Porters Diamond 波特的钻石理论vv v Michael Porter tried to explain:(1) why a nation achieves international success in a particular industry, while some nations fail 为什么一个国家在特定行业取得国际成功(2 )how to get successful in a particular industry: identified four attributes that promote or impede the creation of competitive advantage:如何在特定行业取得成功，确定了4大特性促进或阻碍竞争优势的建立v Factor endowments 要素禀赋v Demand conditions需求情况v Relating and supporting industries相关与支持产业v Firm strategy, structure, and rivalry 企业组织，战略与竞争 v 名词v Free trade 自由贸易 new trade theory 新贸易理论 mercantilism 重商主义 zero-sum game 零和博弈 absolute advantage绝对优势 Comparative Advantage比较优势 factor endowments 要素禀赋 economies of scale 规模经济 capital account 资本账户 financial account 金融账户first-mover advantages 第一进入者优势 tariff 关税 import quota 进口配额 quota rent 配额租金 voluntary export restraint VER自愿出口限制 subsidy 补贴 dumping 倾销 antidumping policies 反倾销政策vCHAP8 国际直接投资FDI 国际直接投资v Foreign direct investment (FDI) occurs when a firm invests directly in new facilities to produce and/or market in a foreign country国际直接投资发生在一家企业在国外直接投资用于生产或者销售时v FDI can be:v 1)greenfield investments - the establishment of a wholly new operation in a foreign country.新设投资，在国外开设新的企业v 2)acquisitions or mergers with existing firms in the foreign country在国外收购或合并一家现成的企业v Stock of FDI 国际直接投资的存量v Outflows of FDI are the flows of FDI out of a countryv 对外直接投资是一国国际直接投资的流出v Inflows of FDI are the flows of FDI into a countryv 外来直接投资是一国国际直接投资的流入Why do firms choose FDI instead of:v (1)exporting - producing goods at home and then shipping them to the receiving country for sale 出口涉及在国内生产货物然后将其运到购买这些货物的国家v (2)licensing - granting a foreign entity the right to produce and sell the firms product in return for a royalty fee on the license granting.技术授权是赋予外国公司生产和销售其产品的权利，并对其销售的每一个产品收取转让费v An export strategy can be constrained by:v (1) transportation costs 运费v (2) trade barriers 贸易壁垒v (3) can not take the advantage of factors endowment 不能发挥要素禀赋的优势v Foreign direct investment may be undertaken as a response to actual or threatened trade barriers such as import tariffs or quotasv 国际直接投资的增长速度超过世界贸易和产出的原因v 回避未来的贸易壁垒；民主政治制度和自由市场经济转变的总体趋势；世界经济的全球化Benefits And Costs Of FDIHost-Country Benefits 东道国的收益1. resource transfer effects - FDI can make a positive contribution to a host economy by supplying capital, technology, and management resources that would otherwise not be available资源转移效应 国际直接投资对东道国的经济有积极的贡献，他可以提供东道国所缺乏的资本，技术和管理经验2. employment effects - FDI can bring jobs to a host country that would otherwise not be created there就业效应是指能为东道国带来原先没有的就业机会3. balance of payments effects - a countrys balance-of-payments account is a record of a countrys payments to and receipts from other countries国际收支效应。一国的国际收支账户记录了该国与其他国家之间的支付与收入4. effects on competition and economic growth - FDI in the form of greenfield investment increases the level of competition in a market, driving down prices and improving the welfare of consumers对竞争和经济增长的影响，当国际直接投资采取新设投资的方式时，市场参与者的数量增加了，降低商品价格，提高了消费者的经济福利Host-Country Costs 东道国的成本1. the possible adverse effects of FDI on competition within the host nation对竞争的负面效应subsidiaries of foreign MNEs may have greater economic power than indigenous competitors because they may be part of a larger international organization外国跨国公司的子公司的经济实力要强于国内竞争者以为该子公司是一个巨大的国际机构的一部分2. adverse effects on the balance of payments对国际收支的负面效应v with the initial capital inflows that come with FDI must be the subsequent outflow of capital as the foreign subsidiary repatriates earnings to its parent country国际直接投资带来的最初的资本流入会导致随后的国外子公司向母公司的利润流出v when a foreign subsidiary imports a substantial number of its inputs from abroad, there is a debit on the current account of the host countrys balance of payments若国外子公司从国外进口大量用于投入的产品，结果就必须记东道国国际收支经常项目的借方3. the perceived loss of national sovereignty and autonomy接收方失去国家主权与独立v key decisions that can affect the host countrys economy will be made by a foreign parent that has no real commitment to the host country, and over which the host countrys government has no real control对东道国并没有做出实际承诺的外国母公司做出的重大决策会影响东道国的经济，而东道国政府对此却没有实际的控制能力4. environmental degradation in developing host countries. If the host countries have no or lower environmental regulations or no enforcement of the regulation.如果东道国环境标准无或者很低或者缺少监管，发展中国家环境恶化Home-Country Benefits 投资国（母国）的收益The benefits of FDI for the home country include:v the effect on the capital account of the home countrys balance of payments from the inward flow of foreign earnings母国的国际收支因国外收益的回流得到改善v the employment effects that arise from outward FDI 国际直接投资带来就业效应v the gains from learning valuable skills from foreign markets that can subsequently be transferred back to the home country母国的跨国公司在国外市场获得有价值的技能可以转移会母公司v the market expansion: some FDI is for market orientation市场延伸 有些国际直接投资是有市场方向的Home-Country Costs投资国（母国）的成本The home countrys balance of payments can suffer:v from the initial capital outflow required to finance the FDI最初为国际直接投资提供资金导致资本流出v if the purpose of the FDI is to serve the home market from a low cost labor location对外直接投资的目的是为母国市场寻求一个低成本的生产地点v if the FDI is a substitute for direct exports对外直接投资代替直接出口v Employment may also be negatively affected if the FDI is a substitute for domestic production对外直接投资成为国内生产的替代品时就业会有消极影响v 名词v greenfield investments 新设投资 flow of FDI 国际直接投资的流量 stock of FDI 国际直接投资的存量 outflows of FDI 对外直接投资 inflows of FDI 外来直接投资 CHAP9v Regional economic integration refers to agreements between countries in a geographic region to reduce tariff and non-tariff barriers to the free flow of goods, services, and factors of production between each other区域经济一体化是指一个地理区域内各国一致同意减少并最终消除关税和非关税壁垒，以便商品、服务和生产要素在区域内自由流动Levels Of Economic Integrationfree trade area 自由贸易区customs union 关税同盟common market 共同市场economic union 经济联盟political union 政治联盟经济一体化的影响积极（1）促进了成员国内经济贸易的增长（2）促进了集团内部国际分工和技术合作，加快了产业结构优化组合，有利于成员国之间科技的协调合作（3）给企业提供了重新组合和提高竞争能力的机会和客观条件（4）促进了经济贸易集团内部贸易自由化（5加强了经济集团内部资本的集中。）消极（1）主权丧失（2）经济危机连带（3）对非同盟国家的排挤（4同盟内国家间关系恶化（弱势企业受到排挤）CHAP10外汇市场v The foreign exchange market is a market for converting the currency of one country into that of another country外汇市场是将一个国家的货币转换成另一个国家货币的市场v The exchange rate is the rate at which one currency is converted into another汇率是一种货币转换成另一种货币的比率v The law of one price states that in competitive markets free of transportation costs and barriers to trade, identical products sold in different countries must sell for the same price when their price is expressed in terms of the same currency 一价定律是指在没有运输费用和贸易壁垒的竞争性市场中，同样的商品当其价格以同样的价格表示时，在不同的国家必须以同样的价格出售v Purchasing power parity (PPP) theory argues that given relatively efficient markets (markets in which few impediments to international trade and investment exist) 购买力平价看法是在相对的效率市场（存在很少的国际贸易壁垒的市场）价格基本相同v PPP theory predicts that changes in relative prices will result in a change in exchange rates购买力平价理论预测相对价格变动，汇率也将变动v The International Fisher Effect （IFE）states that for any two countries the spot exchange rate should change in an equal amount but in the opposite direction to the difference in nominal interest rates between two countries国际费雪效应表明任何两国的即期汇率应随两国间名义利率的不同，按相反的方向作等量的变化The Eurocurrency Market欧洲货币市场v A eurocurrency is any currency banked outside of its country of originv About two-thirds of all eurocurrencies are Eurodollars (dollars banked outside the United States)v Other important eurocurrencies are the euro-yen, the euro-pound, and the euro-euroAttractions Of The Eurocurrency Market欧洲货币市场的吸引力v The eurocurrency market is attractive to depositors and borrowers because it is not regulated by the government欧洲货币市场吸引存款人和借款人是因为缺乏政府管制v This means that banks can offer higher interest rates on eurocurrency deposits than on deposits made in the home currency这意味着银行可以为欧洲货币存款比国内存款提供更高的利率v Similarly, banks can also charge lower interest rates to eurocurrency borrowers than to those who borrow the home currency银行也可以向欧洲货币借款的人收取比本币借款更低的利息v The spread between the eurocurrency deposit and lending rates is less than the spread between the domestic deposit and lending rates giving eurocurrency banks a competitive edge over domestic banks Drawbacks Of The Eurocurrency Market欧洲货币市场的缺陷1. because the eurocurrency market is unregulated, there is a higher risk of bank failure因为欧洲货币市场不受管制，银行倒闭有很高的风险2. companies borrowing eurocurrencies can be exposed to foreign exchange risk 国际贷款会使一家公司暴露在外汇风险之下名词Currency speculation 外汇投机 carry trade 套息交易 spot exchange rate 即期汇率 forward exchange rate 远期汇率 foreign exchange risk 外汇风险 forward exchange 远期外汇 currency swap 掉期（货币互换) law of one price 一价定律 efficient market 效率市场 Fisher effect 费雪效应 bandwagon effect 跟风效应 inefficient market 无效市场 capital flight 资本外逃
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