ECO 358 International Economics Professor Malamud BEH 502 895 – 3294 Fax: 895 – 1354 Website:

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Presentation transcript:

ECO 358 International Economics Professor Malamud BEH – 3294 Fax: 895 – Website:

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: Is The World Flat ?!?! Protection Rebalancing

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

World In Recession Unemployment Rate Country 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)

Trade in goods and services (percent of gdp) Country % of GDP, 2002 % of GDP, 2006 Exports Imports Exports Imports Netherlands Canada Germany South Korea Norway France United Kingdom United States Japan

Macro Facts: Trade Deficit, Goods & Services

Today’s Report

Macro Facts: Merchandise Trade Deficit

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

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?