In <i>Evolving Patterns in Global Trade and Finance</i>, 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.<b>Contents:</b> <ul> <li><b><i>Part I: Beyond the Standard Trade Model:</i></b> <ul> <li>Free Trade and Its Alternatives</li> <li>On Discriminatory vs. Non-Preferential Tariff Policies</li> <li>Customs Union and the Theory of Tariffs</li> <li>Domestic Distortions and Trade Policy</li> </ul> </li> <li><b><i>Part II: Fragmentation and Cross-Border Production Networks:</i></b> <ul> <li>Fragmentation</li> <li>Super-Specialization and the Gains from Trade</li> <li>Global Production Networks and Regional Integration</li> <li>Production Networks in an Economically Integrated Region</li> <li>Trade Diversion and Production Sharing</li> <li>Production Networks, Exchange Rates and Macroeconomic Stability</li> <li>Trade, Production Networks and the Exchange Rate</li> <li>Intra-Industry Trade and the Open Economy</li> <li>Fragmentation, Imperfect Competition and Heterogeneous Firms</li> </ul> </li> <li><b><i>Part III: Macro Policy Challenges in Open Economies:</i></b> <ul> <li>Policy Choices in an Open Economy: Some Dynamic Considerations</li> <li>Joint Balance: Capital Mobility and the Monetary System of a Currency Area</li> <li>International Short-Term Capital Movements: A Distributed Lag Model of Speculation in Foreign Exchange</li> <li>Regional Currency Arrangements in North America</li> <li>Adjustment in an Open Economy with Two Exchange-Rate Regimes</li> <li>Stabilization Policy in an Economy with Two Exchange Rate Regimes</li> <li>Policy Challenges in a Dual Exchange Rate Regime</li> <li>The "Great Moderation" in a Dual Exchange Rate Regime</li> </ul> </li> </ul> <br> <b>Readership:</b> Advanced economics undergraduates and graduate students; academic researchers in both trade and open economy macroeconomics and international finance.
