International Economics Vocabulary Concepts

Transcription

1 International Economics Vocabulary Concepts Through midterm exam: Price adjustments and Hayek 1945 Rent-seeking and Kreuger 1974 Trade barriers and rent-seeking Producer and consumer surplus and deadweight loss Production Possibility Frontier Comparative advantage and gains through trade Monetary policy Fiscal policy Neo-classical Macroeconomics Neo-classical Microeconomics Heterodox vs. Orthodox economics Fiscal deficit and government debt "Downgrade" of US$ (August 2011) Welfare state Cost of 'creating' and 'saving' jobs and fiscal stimulus Negative and positive rights, and rule of law Keynesian equation (Y = C + I...) G/Y, the burden of government Consumption vs. Investment and economic growth Bailouts, haircuts and transfers Eurozone ( ) convergence criteria Quantitative Easing Regime uncertainty Policy competition Regulatory burden Economic freedom Factor mobility Inter- and intra-industry trade Exchange rate appreciation and depreciation Adam Smith, laissez-faire, and Society of Perfect Liberty Classical gold standard War finance Classical liberal period of history Carbaugh's "agglomeration"

2 2 IMF ECB Federal Reserve US Treasury Tim Geithner Hank Paulson Ben Bernanke "Occupy Wall Street" Creative destruction Bretton Woods Classical theory of the lender of last resort Opportunity cost Natural rate of interest Austrian School explanation of the business cycle Openness ratio, (X+M) / Y Learning curve Outsourcing and globalization Sowell's rule Aggregate Demand (AD) Eurozone core and periphery Hayekian and Keynesian "ideal types" Normal profits and super-profits Overlapping demands theory of trade Product life-cycle theory of trade Optimal currency area "Dollarization" and international reserve currencies Milton Friedman on greed PIIGS BRICs Multinational Enterprise (MNE) Arab Spring and food price spikes Portfolio Investment vs. Foreign Direct Investment (FDI) Additional topics discussed after midterm: Agency capture theory Deadweight loss due to government intervention

3 Time-preference Absentee ownership Financialization World Trade Organization (WTO) WTO, and collapse of Doha Rounds Bilateral free trade agreements WTO and national sovereignty Rich countries, poor countries and sectoral protectionism Time-preference and the natural rate of interest Time-preference and Sowell s Rule Absentee Ownership and financialization Flat tax on income, flat tax on consumption Socialized risk, private profit Contagion Liquidationists EFSF Fiscal consolidation Profligacy Eurobonds The United States of Europe Democratic deficit Moral hazard Austerity Insolvency: bankruptcy versus illiquidity Current account deficit, [(M-X)/Y] Currency convertibility Currency flotation Fixed exchange rates, price signals Official exchange rate, market rate Currency peg Currency inconvertibility Bank holiday Reserve currency Managed-exchange Classical equation of exchange, MV = PQ Inflation Asset bubbles 3

4 Anti-dumping Consumer sovereignty v. experts decide" Gold-Dinar National sovereignty and the WTO Sovereign debt Common market NAFTA ECOWAS Skilled and unskilled labor Labor productivity, Y/N Macroeconomic shocks Current account, financing account Offshore Assembly Provision (OAP) First-mover advantage Balance-of-Payments Foreign Direct Investment (FDI) Portfolio Investment Tobin Tax Political, financial, and economic risk and FDI Infant industry protectionism Trade-weighted value of the dollar Big Mac Index ForEx Current account Twin deficits Corporatism Free Trade Agreements Common Market Exchange rate volatility Political risk Economic risk Informal sector Offshore Assembly Provision (OAP) Free-trade and Protection-biased sectors Rust Belt Tariffs v. Quotas and economic growth Non-tariff barriers to trade 4

5 Factor-price equalization theory home-market effect Industrial Policy Absentee Ownership Haircuts, Transfers, liquidation Moral Hazard Socialized risk and private return Export-lead growth The Drachma Reciprocal Trade Agreement Act of 1934 Factor-price equalization theory Home-market effect theory Exorbitant privilege First-mover advantage Agency capture theory Sovereign wealth fund Resource curse 5