International finance theory and policy 11th Edition by Paul R Krugman, Maurice Obstfeld, Marc Melitz ISBN 9780134519548 by Paul R. Krugman, Marc J. Melitz, Maurice Obstfeld 9780134519548, 9781292238739, 013451954X, 1292238739 instant download after payment.

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ISBN 13: 9780134519548
Author: Paul R Krugman, Maurice Obstfeld, Marc Melitz

For courses in International Finance.   A balanced approach to theory and policy applications International Finance: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the discipline. An intuitive introduction to international finance theory is followed by detailed coverage of policy applications. With this new 11th Edition, the author team of Nobel Prize-winning economist Paul Krugman, renowned researcher Maurice Obstfeld, and Marc Melitz of Harvard University continues to set the standard for International Finance texts.   Also available with MyLab Economics MyLab™ Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts. Note: You are purchasing a standalone product; MyLab Economics does not come packaged with this content. Students, if interested in purchasing this title with MyLab Economics, ask your instructor for the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information. If you would like to purchase both the physical text and MyLab Economics, search for:   0134641760 / 9780134641768 International Finance: Theory and Policy Plus MyLab Economics with Pearson eText -- Access Card Package, 11/e   Package consists of: 013451954X / 9780134519548 International Finance: Theory and Policy 0134542525 / 9780134542522 MyLab Economics with Pearson eText -- Access Card -- for International Finance: Theory and Policy  

International finance theory and policy 11th Table of contents:

CHAPTER 1 Introduction
LEARNING GOALS
What Is International Economics About?
The Gains from Trade
The Pattern of Trade
How Much Trade?
Balance of Payments
Exchange Rate Determination
International Policy Coordination
The International Capital Market
International Economics: Trade and Money
PART ONE Exchange Rates and Open-Economy Macroeconomics
CHAPTER 2 National Income Accounting and the Balance of Payments
LEARNING GOALS
The National Income Accounts
National Product and National Income
Capital Depreciation and International Transfers
Gross Domestic Product
National Income Accounting for an Open Economy
Consumption
Investment
Government Purchases
The National Income Identity for an Open Economy
An Imaginary Open Economy
The Current Account and Foreign Indebtedness
Saving and the Current Account
Private and Government Saving
The Balance of Payments Accounts
Examples of Paired Transactions
The Fundamental Balance of Payments Identity
The Current Account, Once Again
The Capital Account
The Financial Account
Statistical Discrepancy
Official Reserve Transactions
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
CHAPTER 3 Exchange Rates and the Foreign Exchange Market: An Asset Approach
LEARNING GOALS
Exchange Rates and International Transactions
Domestic and Foreign Prices
Exchange Rates and Relative Prices
The Foreign Exchange Market
The Actors
Characteristics of the Market
Spot Rates and Forward Rates
Foreign Exchange Swaps
Futures and Options
The Demand for Foreign Currency Assets
Assets and Asset Returns
Defining Asset Returns 
The Real Rate of Return 
Risk and Liquidity
Interest Rates
Exchange Rates and Asset Returns
A Simple Rule
Return, Risk, and Liquidity in the Foreign Exchange Market
Equilibrium in the Foreign Exchange Market
Interest Parity: The Basic Equilibrium Condition
How Changes in the Current Exchange Rate Affect Expected Returns
The Equilibrium Exchange Rate
Interest Rates, Expectations, and Equilibrium
The Effect of Changing Interest Rates on the Current Exchange Rate
The Effect of Changing Expectations on the Current Exchange Rate
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
APPENDIX TO CHAPTER 3
Forward Exchange Rates and Covered Interest Parity
CHAPTER 4 Money, Interest Rates, and Exchange Rates
LEARNING GOALS
Money Defined: A Brief Review
Money as a Medium of Exchange
Money as a Unit of Account
Money as a Store of Value
What Is Money?
How the Money Supply Is Determined
The Demand for Money by Individuals
Expected Return
Risk
Liquidity
Aggregate Money Demand
The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
Equilibrium in the Money Market
Interest Rates and the Money Supply
Output and the Interest Rate
The Money Supply and the Exchange Rate in the Short Run
Linking Money, the Interest Rate, and the Exchange Rate
U.S. Money Supply and the Dollar/Euro Exchange Rate
Europe’s Money Supply and the Dollar/Euro Exchange Rate
Money, the Price Level, and the Exchange Rate in the Long Run
Money and Money Prices
The Long-Run Effects of Money Supply Changes
Empirical Evidence on Money Supplies and Price Levels
Money and the Exchange Rate in the Long Run
Inflation and Exchange Rate Dynamics
Short-Run Price Rigidity versus Long-Run Price Flexibility
Permanent Money Supply Changes and the Exchange Rate
Exchange Rate Overshooting
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
CHAPTER 5 Price Levels and the Exchange Rate in the Long Run
LEARNING GOALS
The Law of One Price
Purchasing Power Parity
The Relationship between PPP and the Law of One Price
Absolute PPP and Relative PPP
A Long-Run Exchange Rate Model Based on PPP
The Fundamental Equation of the Monetary Approach
Ongoing Inflation, Interest Parity, and PPP
The Fisher Effect
Empirical Evidence on PPP and the Law of One Price
Explaining the Problems with PPP
Trade Barriers and Nontradables
Departures from Free Competition
Differences in Consumption Patterns and Price Level Measurement
PPP in the Short Run and in the Long Run
Beyond Purchasing Power Parity: A General Model of Long-Run Exchange Rates
The Real Exchange Rate
Demand, Supply, and the Long-Run Real Exchange Rate
Nominal and Real Exchange Rates in Long-Run Equilibrium
International Interest Rate Differences and the Real Exchange Rate
Real Interest Parity
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
APPENDIX TO CHAPTER 5
The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-Price Monetary Approach
CHAPTER 6 Output and the Exchange Rate in the Short Run
LEARNING GOALS
Determinants of Aggregate Demand in an Open Economy
Determinants of Consumption Demand
Determinants of the Current Account
How Real Exchange Rate Changes Affect the Current Account
How Disposable Income Changes Affect the Current Account
The Equation of Aggregate Demand
The Real Exchange Rate and Aggregate Demand
Real Income and Aggregate Demand
How Output Is Determined in the Short Run
Output Market Equilibrium in the Short Run: The DD Schedule
Output, the Exchange Rate, and Output Market Equilibrium
Deriving the DD Schedule
Factors That Shift the DD Schedule
Asset Market Equilibrium in the Short Run: The AA Schedule
Output, the Exchange Rate, and Asset Market Equilibrium
Deriving the AA Schedule
Factors That Shift the AA Schedule
Short-Run Equilibrium for an Open Economy: Putting the DD and AA Schedules Together
Temporary Changes in Monetary and Fiscal Policy
Monetary Policy
Fiscal Policy
Policies to Maintain Full Employment
Inflation Bias and Other Problems of Policy Formulation
Permanent Shifts in Monetary and Fiscal Policy
A Permanent Increase in the Money Supply
Adjustment to a Permanent Increase in the Money Supply
A Permanent Fiscal Expansion
Macroeconomic Policies and the Current Account
Gradual Trade Flow Adjustment and Current Account Dynamics
The J-Curve
Exchange Rate Pass-Through and Inflation
The Current Account, Wealth, and Exchange Rate Dynamics
The Liquidity Trap
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
APPENDIX 1 TO CHAPTER 6 Intertemporal Trade and Consumption Demand
APPENDIX 2 TO CHAPTER 6 The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities
CHAPTER 7 Fixed Exchange Rates and Foreign Exchange Intervention
LEARNING GOALS
Why Study Fixed Exchange Rates?
Central Bank Intervention and the Money Supply
The Central Bank Balance Sheet and the Money Supply
Foreign Exchange Intervention and the Money Supply
Sterilization
The Balance of Payments and the Money Supply
How the Central Bank Fixes the Exchange Rate
Foreign Exchange Market Equilibrium under a Fixed Exchange Rate
Money Market Equilibrium under a Fixed Exchange Rate
A Diagrammatic Analysis
Stabilization Policies with a Fixed Exchange Rate
Monetary Policy
Fiscal Policy
Changes in the Exchange Rate
Adjustment to Fiscal Policy and Exchange Rate Changes
Balance of Payments Crises and Capital Flight
Managed Floating and Sterilized Intervention
Perfect Asset Substitutability and the Ineffectiveness of Sterilized Intervention
Foreign Exchange Market Equilibrium under Imperfect Asset Substitutability
The Effects of Sterilized Intervention with Imperfect Asset Substitutability
Evidence on the Effects of Sterilized Intervention
Reserve Currencies in the World Monetary System
The Mechanics of a Reserve Currency Standard
The Asymmetric Position of the Reserve Center
The Gold Standard
The Mechanics of a Gold Standard
Symmetric Monetary Adjustment under a Gold Standard
Benefits and Drawbacks of the Gold Standard
The Bimetallic Standard
The Gold Exchange Standard
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
APPENDIX 1 TO CHAPTER 7 Equilibrium in the Foreign Exchange Market with Imperfect Asset Substitutability
Demand
Supply
Equilibrium
APPENDIX 2 TO CHAPTER 7 The Timing of Balance of Payments Crises
PART TWO International Macroeconomic Policy
CHAPTER 8 International Monetary Systems: An Historical Overview
LEARNING GOALS
Macroeconomic Policy Goals in an Open Economy
Internal Balance: Full Employment and Price Level Stability
External Balance: The Optimal Level of the Current Account
Problems with Excessive Current Account Deficits 
Problems with Excessive Current Account Surpluses 
Summary 
Classifying Monetary Systems: The Open-Economy Monetary Trilemma
International Macroeconomic Policy under the Gold Standard, 1870–1914
Origins of the Gold Standard
External Balance under the Gold Standard
The Price-Specie-Flow Mechanism
The Gold Standard “Rules of the Game”: Myth and Reality
Internal Balance under the Gold Standard
The Interwar Years, 1918–1939
The Fleeting Return to Gold
International Economic Disintegration
The Bretton Woods System and the International Monetary Fund
Goals and Structure of the IMF
Convertibility and the Expansion of Private Financial Flows
Speculative Capital Flows and Crises
Analyzing Policy Options for Reaching Internal and External Balance
Maintaining Internal Balance
Maintaining External Balance
Expenditure-Changing and Expenditure-Switching Policies
The External Balance Problem of the United States under Bretton Woods
The Mechanics of Imported Inflation
Assessment
The Case for Floating Exchange Rates
Monetary Policy Autonomy
Symmetry
Exchange Rates as Automatic Stabilizers
Exchange Rates and External Balance
INFLATION AND DISINFLATION, 1973–1982
THE STRONG DOLLAR AND THE PLAZA ACCORD
Macroeconomic Interdependence under a Floating Rate
CRISES IN EUROPE AND ASIA, 1990–1999
THE DOT-COM CRASH AND THE EMERGENCE OF GLOBAL IMBALANCES
THE GLOBAL FINANCIAL CRISIS
What Has Been Learned Since 1973?
Monetary Policy Autonomy
Symmetry
The Exchange Rate as an Automatic Stabilizer
External Balance
The Problem of Policy Coordination
Are Fixed Exchange Rates Even an Option for Most Countries?
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
APPENDIX TO CHAPTER 8 International Policy Coordination Failures
CHAPTER 9 Financial Globalization: Opportunity and Crisis
LEARNING GOALS
The International Capital Market and the Gains from Trade
Three Types of Gain from Trade
Risk Aversion
Portfolio Diversification as a Motive for International Asset Trade
The Menu of International Assets: Debt versus Equity
International Banking and the International Capital Market
The Structure of the International Capital Market
Offshore Banking and Offshore Currency Trading
The Shadow Banking System
Banking and Financial Fragility
The Problem of Bank Failure
Government Safeguards against Financial Instability
Moral Hazard and the Problem of “Too Big to Fail”
The Challenge of Regulating International Banking
The Financial Trilemma
International Regulatory Cooperation through 2007
International Regulatory Initiatives after the Global Financial Crisis
Basel III 
The Financial Stability Board 
National Reforms 
The Macroprudential Perspective 
National Sovereignty and the Limits of Globalization 
How Well Have International Financial Markets Allocated Capital and Risk?
The Extent of International Portfolio Diversification
The Extent of Intertemporal Trade
Onshore-Offshore Interest Differentials
The Efficiency of the Foreign Exchange Market
Studies Based on Interest Parity 
The Role of Risk Premiums 
Tests for Excessive Volatility 
The Bottom Line 
SUMMARY
Key Terms
PROBLEMS
FURTHER READINGS
CHAPTER 10 Optimum Currency Areas and the Euro
LEARNING GOALS
How the European Single Currency Evolved
What Has Driven European Monetary Cooperation?
The European Monetary System, 1979–1998
German Monetary Dominance and the Credibility Theory of the EMS
Market Integration Initiatives
European Economic and Monetary Union
The Euro and Economic Policy in the Euro Zone
The Maastricht Convergence Criteria and the Stability and Growth Pact
The European Central Bank and the Eurosystem
The Revised Exchange Rate Mechanism
The Theory of Optimum Currency Areas
Economic Integration and the Benefits of a Fixed Exchange Rate Area: The GG Schedule
Economic Integration and the Costs of a Fixed Exchange Rate Area: The LL Schedule
The Decision to Join a Currency Area: Putting the GG and LL Schedules Together
What Is an Optimum Currency Area?
Other Important Considerations
Similarity of Economic Structure 
Fiscal Federalism 
Banking Union 
THE EXTENT OF INTRA-EUROPEAN TRADE
HOW MOBILE IS EUROPE’S LABOR FORCE?
OTHER CONSIDERATIONS
The Euro Crisis and the Future of EMU
Origins of the Crisis
The Tinder 
The Spark 
Self-Fulfilling Government Default and the “Doom Loop”
A Broader Crisis and Policy Responses
ECB Outright Monetary Transactions
The Future of EMU
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
CHAPTER 11 Developing Countries: Growth, Crisis, and Reform
LEARNING GOALS
Income, Wealth, and Growth in the World Economy
The Gap between Rich and Poor
Has the World Income Gap Narrowed Over Time?
The Importance of Developing Countries for Global Growth
Structural Features of Developing Countries
Developing-Country Borrowing and Debt
The Economics of Financial Inflows to Developing Countries
The Problem of Default
Alternative Forms of Financial Inflow
The Problem of “Original Sin”
The Debt Crisis of the 1980s
Reforms, Capital Inflows, and the Return of Crisis
Argentina 
Brazil 
Chile 
Mexico 
East Asia: Success and Crisis
The East Asian Economic Miracle
Asian Weaknesses
The Asian Financial Crisis
Lessons of Developing-Country Crises
Reforming the World’s Financial “Architecture”
Capital Mobility and the Trilemma of the Exchange Rate Regime
“Prophylactic” Measures
Coping with Crisis
Understanding Global Capital Flows and the Global Distribution of Income: Is Geography Destiny?
SUMMARY
KEY TERMS
PROBLEMS
FURTHER READINGS
Mathematical Postscript
POSTSCRIPT TO CHAPTER 9 Risk Aversion and International Portfolio Diversification
An Analytical Derivation of the Optimal Portfolio
A Diagrammatic Derivation of the Optimal Portfolio

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