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International Economics  
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ISBN: 9789393665423

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Table of contents

Biographical note

This textbook on International Economics is designed to address the syllabi requirements of all major universities. The text combines clarity with ease of understanding and present the concepts in a simplified fashion.

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Description

This textbook on International Economics is designed to address the syllabi requirements of all major universities. The text combines clarity with ease of understanding and present the concepts in a simplified fashion.

Table of contents
  • Cover
  • Title Page
  • Copyright Page
  • Dedication
  • Contents
  • Preface
  • Abbreviations
  • Chapter 1 Introduction to Foreign Trade
    • 1.1 Introduction
    • 1.2 Features of International Trade
    • 1.3 Advantages of International Trade
    • 1.4 Disadvantages of International Trade
    • 1.5 Inter-Regional Trade and International Trade
      • 1.5.1 Similarities
      • 1.5.2 Differences
      • 1.5.3 Interdependence of International and Internal Trade
    • 1.6 Theories of International Trade
      • 1.6.1 Absolute Cost Advantage Theory of Adam Smith
      • 1.6.2 Comparative Cost Theory of Ricardo
      • 1.6.3 Opportunity Cost or Neo Classical Theory of Haberler
      • 1.6.4 Factor Endowments or Modern Theory of Heckscher - Ohlin
    • 1.7 Components of Foreign Trade
    • 1.8 Composition of Foreign Trade
      • 1.8.1 Pattern of Imports
      • 1.8.2 Imports of Capital Goods
      • 1.8.3 Imports of Consumer Goods
      • 1.8.4 Pattern of Exports
    • 1.9 Direction of Trade
      • 1.9.1 Direction of Imports
      • 1.9.2 Direction of Exports
    • Review Questions
  • Chapter 2 International Trade – An Evaluation
    • 2.1 Introduction
    • 2.2 History/ Evolution of India’s Foreign Trade
      • 2.2.1 India’s Foreign Trade during Pre and Post-Independence Period
    • 2.3 Foreign Trade during the Plan Period
      • 2.3.1 On the Eve of Planning – [1948-49 to 1950-51]
      • 2.3.2 The First Plan – [1951-52 to 1955-56]
      • 2.3.3 The Second Plan – [1956-57 to 1960-61]
      • 2.3.4 The Third Plan [1961-62 to 1965-66]
      • 2.3.5 Annual Plans [1966-67 to 1968-69]
      • 2.3.6 The Fourth Plan – [1969-70 to 1973-74]
      • 2.3.7 The Fifth Plan – [1974-75 to 1978-79]
      • 2.3.8 The Sixth Plan [1980-81 to 1984-85]
      • 2.3.9 The Seventh Plan [1985-86 to 1989-90]
      • 2.3.10 Annual Plan [1990-91 to 1991-92]
      • 2.3.11 The Eighth Plan [1992-93 to 1996-97]
      • 2.3.12 The Ninth Plan [1997-98 to 2001-2002]
      • 2.3.13 The Tenth Plan [2002-2003 to 2006-2007]
      • 2.3.14 The Eleventh Plan [2007-2008 to 2011-2012]
    • 2.4 Role of Foreign Trade in Economic Development
    • 2.5 Trends in India’s Foreign Trade
    • Review Questions
  • Chapter 3 Foreign Capital, Foreign Aid and Economic Development
    • 3.1 Introduction
    • 3.2 Foreign Capital
      • 3.2.1 Need for Foreign Capital
      • 3.2.2 Forms of Foreign Capital
      • 3.2.3 Government Policy towards Foreign Capital
    • 3.3 Foreign Aid
      • 3.3.1 Impact of Foreign Aid on India’s Economic Development
      • 3.3.2 Suggestions for the Use of Foreign Aid
    • 3.4 Multinational Corporations [MNC]
      • 3.4.1 Features/ Characteristics of MNCs
      • 3.4.2 Challenges Faced by MNCs
      • 3.4.3 Advantages of MNCs
      • 3.4.4 Criticisms Against MNCs
    • 3.5 Recent Trends in Foreign Trade
    • Review Questions
  • Chapter 4 Balance of Trade and Balance of Payments
    • 4.1 Introduction
    • 4.2 Definitions
    • 4.3 Meaning
      • 4.3.1 Balance of Trade
      • 4.3.2 Balance of Payment
      • 4.3.3 Difference between Balance of Trade & Balance of Payments
      • 4.3.4 Importance of Balance of Payments
      • 4.3.5 Limitations of Balance of Payments
    • 4.4 Components of Balance of Payments
      • 4.4.1 The Current Account
      • 4.4.2 The Capital Account
      • 4.4.3 Unilateral Transfer Account
      • 4.4.4 Officials Adjustment Account
    • 4.5 Structure of Balance of Payment
      • 4.5.1 The Structure of Balance of Payments Accounts in India
    • 4.6 BOP - Disequilibrium
      • 4.6.1 Types of Disequilibrium
      • 4.6.2 Methods of Correcting an Unfavourable Balance of Payment
    • 4.7 EXIM – Bank
    • 4.8 EXIM Policy
      • 4.8.1 India’s Trade Policy
      • 4.8.2 Export – Import Policy [EXIM]
      • 4.8.3 EXIM Policy 1992 – 97
      • 4.8.4 EXIM Policy 1997–2002 - A Modified Version
      • 4.8.5 The New EXIM Policy (2002-07)
      • 4.8.6 Mini EXIM Policy (2004–05)
    • 4.9 Devaluation
    • 4.10 Foreign Direct Investment
      • 4.10.1 Forms of Foreign Capital
      • 4.10.2 Categories of FDI
      • 4.10.3 Types of FDI
      • 4.10.4 Merits of FDI
      • 4.10.5 Shortcomings of FDI
    • Review Questions
  • Chapter 5 Foreign Exchange and Exchange Rate
    • 5.1 Introduction
    • 5.2 Foreign Exchange
      • 5.2.1 Meaning and Definition of Foreign Exchange
      • 5.2.2 Scope of Foreign Exchange
      • 5.2.3 Foreign Exchange – Problems, Sources of Demand and Supply
      • 5.2.4 Major Foreign Exchange Investments
      • 5.2.5 Transactions of Foreign Exchange
      • 5.2.6 Methods of Foreign Payments
    • 5.3 Foreign Exchange Market
      • 5.3.1 Features of Foreign Exchange Market
      • 5.3.2 Functions of Foreign Exchange Market
      • 5.3.3 Transactions in the Foreign Exchange Market
    • 5.4 Exchange Rate
      • 5.4.1 Different Concepts of Foreign Exchange Rate
      • 5.4.2 Determination of Exchange Rate
      • 5.4.3 Terms related to the Foreign Exchange Rate
      • 5.4.4 Factors Influencing Exchange Rate
      • 5.4.5 Types of Exchange Rates
      • 5.4.6 Fixed Exchange Rate: In Detail
      • 5.4.7 Flexible or Floating Exchange Rate: In Detail
      • 5.4.8 Fixed Rate vs Flexible Exchange Rate
    • Review Questions
  • Chapter 6 Exchange Control
    • 6.1 Introduction
    • 6.2 Definitions
    • 6.3 Evolution of Exchange Control in India
    • 6.4 Features/ Characteristics of Exchange Control
    • 6.5 Objectives of Exchange Control
    • 6.6 Merits of Exchange Control
    • 6.7 Demerits of Exchange Control
    • 6.8 Methods of Exchange Control
    • 6.9 Theories of Exchange Rates
      • 6.9.1 Mint Parity Theory
      • 6.9.2 Purchasing Power Parity Theory [PPPT]
      • 6.9.3 Modern Theory / BOP Theory
    • Review Questions
  • Chapter 7 Trade Policy
    • 7.1 Introduction
    • 7.2 Terms of Trade
      • 7.2.1 Meaning & Definition
      • 7.2.2 Concepts / Types of Terms of Trade
      • 7.2.3 Factors Affecting Terms of Trade
    • 7.3 Free Trade
      • 7.3.1 Advantages of / Arguments in Favour of Free Trade
      • 7.3.2 Disadvantages of / Arguments Against Free Trade
    • 7.4 Free Trade vs Protection Trade
      • 7.4.1 Argument for Protection Trade
      • 7.4.2 Arguments Against Protection Trade
    • Review Questions
  • Chapter 8 International / Regional Economic Integration
    • 8.1 Introduction
    • 8.2 Levels of Economic Integration
    • 8.3 European Union / European Economic Community [EEC]
    • 8.4 Launching of Euro
    • 8.5 EEC — Organisational Structure
    • Review Questions
  • Chapter 9 Tariffs
    • 9.1 Introduction
    • 9.2 Tariff – Meaning
    • 9.3 Tariff – Barriers
    • 9.4 Classification / Types of Tariffs
      • 9.4.1 Based on Purpose
      • 9.4.2 Based on Origin & Destination
      • 9.4.3 Based on Discrimination [Country-wise]
      • 9.4.4 Based on Retaliation
    • 9.5 Effects of Tariffs
      • 9.5.1 Partial Equilibrium Approach
      • 9.5.2 General Equilibrium Approach
    • Review Questions
  • Chapter 10 Quota
    • 10.1 Introduction
    • 10.2 Meaning
    • 10.3 Objectives / Purposes of Quota
    • 10.4 Types of Quota
    • 10.5 Reasons for Imposing Import Quota
    • 10.6 Similarities between Quotas & Duties
    • 10.7 Differences between Quotas and Tariffs
    • Review Questions
  • Chapter 11 Dumping, Anti-Dumping and Cartels
    • 11.1 Introduction
    • 11.2 Dumping - Meaning & Definition
      • 11.2.1 Kinds of Dumping
      • 11.2.2 Essential Conditions for Dumping
    • 11.3 Anti-Dumping – Meaning
      • 11.3.1 Anti-Dumping Measures
    • 11.4 Cartels – Meaning & Definition
      • 11.4.1 Advantages & Disadvantages of Cartels
    • Review Questions
  • Chapter 12 Export Management
    • 12.1 Introduction
    • 12.2 Export Management and Export Marketing
    • 12.3 Meaning & Definition of Export Management
    • 12.4 Features of Export Management
    • 12.5 Scope of Export management
    • 12.6 Need for Exports
    • 12.7 Functions / Process of Export Management
      • 12.7.1 Planning
      • 12.7.2 Organizing
      • 12.7.3 Staffing
      • 12.7.4 Directing
      • 12.7.5 Controlling
    • Review Questions
  • Chapter 13 Export Procedures and Documents
    • 13.1 Introduction
    • 13.2 Incoterms (International Commercial Terms) / Contract Terms
    • 13.3 Export Procedures and Documents – An Overview
    • 13.4 Export Procedures – In Detail
    • 13.5 Export Documents – In Detail
    • 13.6 Types of Bill of Lading
    • Review Questions
  • Chapter 14 Export Promotion
    • 14.1 Introduction
    • 14.2 Need for Export Promotion
    • 14.3 Hindrances Faced in Exports
    • 14.4 Export Promotion Measures
    • 14.5 Incentives and Facilities to Exporters
    • 14.6 Institution for Export Promotion
    • Review Questions
  • Chapter 15 Export Pricing
    • 15.1 Introduction
    • 15.2 Objectives of Export Pricing
    • 15.3 Factors Influencing / Determining Export Price
    • 15.4 Process of Export Pricing
    • 15.5 Techniques of Export Pricing [Methods/Principles/Strategies/Approaches/ Policies]
    • Review Questions
  • Chapter 16 Export Finance
    • 16.1 Introduction
    • 16.2 Importance of Export Finance
    • 16.3 Methods / Sources / Types of Export Finance
    • 16.4 Institutional Support for Export Finance
    • Review Questions
  • Chapter 17 Letter of Credit
    • 17.1 Introduction
    • 17.2 Meaning
    • 17.3 Definition
    • 17.4 Mechanism of Letter of Credit
    • 17.5 Parties to Letter of Credit
    • 17.6 Advantages of Letter of Credit
      • 17.6.1 To the Exporter
      • 17.6.2 To the Importer
    • 17.7 Disadvantages of Letter of Credit
      • 17.7.1 To the Exporter
      • 17.7.2 To the Importer
    • 17.8 Types of Letter of Credit
    • Review Questions
  • Chapter 18 Euro-Dollar Market
    • 18.1 Introduction
    • 18.2 Meaning
      • 18.2.1 Euro-Dollar
      • 18.2.2 Euro-Dollar Market
    • 18.3 Origin of Euro-Dollar Market
    • 18.4 Growth of Euro-Dollar Market
    • 18.5 Features / Characteristics of Euro-Dollar Market
    • 18.6 Functions of Euro-Dollar Market
    • 18.7 Benefits & Shortcomings of the Euro-Dollar Market
    • 18.8 Role of Euro-Dollar Market in International Financial System
    • Review Questions
  • Chapter 19 International Trade and Financial Institution
    • 19.1 Introduction
    • 19.2 International Monetary Fund [IMF]
      • 19.2.1 Objectives
      • 19.2.2 Functions
      • 19.2.3 Organisation and Structure
      • 19.2.4 Quotas and Fixation
      • 19.2.5 Lending Operations of the Fund
      • 19.2.6 IMF and Gold
      • 19.2.7 Criticism of IMF
    • 19.3 International Liquidity
      • 19.3.1 Definition
      • 19.3.2 Components of International Liquidity
      • 19.3.3 Sources of Liquidity
      • 19.3.4 Problems of International Liquidity
      • 19.3.5 Measures to Solve the Problem of International Liquidity
      • 19.3.6 Role of IMF in International Liquidity
    • 19.4 Special Drawing Rights [SDR]
      • 19.4.1 Meaning of SDR
      • 19.4.2 Origin of SDR
      • 19.4.3 Features of SDR
      • 19.4.4 Allocation of SDR
      • 19.4.5 Value of the SDR
      • 19.4.6 Interest Rate of SDR
      • 19.4.7 Uses of SDR
      • 19.4.8 Merits / Advantages / Benefits of SDR
      • 19.4.9 Demerits / Disadvantages / Criticisms of SDR
    • 19.5 International Bank For Reconstruction and Development [IBRD/World Bank]
      • 19.5.1 Objectives and Functions
      • 19.5.2 Organisation and Membership
      • 19.5.3 Capital Resources
      • 19.5.4 Lending Operations
      • 19.5.5 Criticisms
    • 19.6 Industrial Development Association [IDA]
      • 19.6.1 Objectives of IDA
      • 19.6.2 Organisation and Membership of IDA
      • 19.6.3 Capital Structure
      • 19.6.4 Functions of IDA
      • 19.6.5 Features of IDA Loans
    • 19.7 Multilateral Investment Guarantee Agency [MIGA]
    • 19.8 Asian Development Bank (ADB)
      • 19.8.1 Membership
      • 19.8.2 Objectives
      • 19.8.3 Organisation
      • 19.8.4 Capital Resources
      • 19.8.5 Functions
      • 19.8.6 Principles in Lending
      • 19.8.7 Criticism
    • 19.9 United nations industrial development organisation [UNIDO]
      • 19.9.1 Functions of UNIDO
      • 19.9.2 Services/Activities of UNIDO
    • 19.10 International Finance Corporation [IFC]
      • 19.10.1 Objectives
      • 19.10.2 Functions
      • 19.10.3 Capital and Membership
      • 19.10.4 Investment Policy of the IFC
      • 19.10.5 Criticisms
    • 19.11 United Nations Conference on Trade and Development [UNCTAD]
      • 19.11.1 Organisation of UNCTAD
      • 19.11.2 Functions of UNCTAD
      • 19.11.3 UNCTAD – I
      • 19.11.4 UNCTAD – II
      • 19.11.5 UNCTAD – III
      • 19.11.6 UNCTAD – IV
      • 19.11.7 UNCTAD – V
      • 19.11.8 UNCTAD – VI
      • 19.11.9 UNCTAD – VII
      • 19.11.10 UNCTAD–VIII
      • 19.11.11 UNCTAD – IX
      • 19.11.12 UNCTAD – X
    • Review Questions
  • Chapter 20 WTO and Trade Liberalisation
    • 20.1 Introduction
    • 20.2 General Agreement on Trade and Tariffs [GATT]
      • 20.2.1 Objectives
      • 20.2.2 Provisions of GATT
      • 20.2.3 GATT Conferences – Uruguay Rounds
      • 20.2.4 Dunkel Draft
      • 20.2.5 Defects of GATT
    • 20.3 World Trade Organisation [WTO]
      • 20.3.1 Features of the WTO
      • 20.3.2 Objectives of WTO
      • 20.3.3 Functions of WTO
    • 20.4 TRIPs - Trade Related Intellectual Property Rights
    • 20.5 TRIMs - Trade Related Investment Measures
    • 20.6 Patent
    • 20.7 Copyrights, Designs and Trademark
      • 20.7.1 Copyrights
      • 20.7.2 Designs
      • 20.7.3 Trademark
    • 20.8 Liberalisation of Trade in Manufacturing and in Agricultural Trade
    • 20.9 State Trading
      • 20.9.1 Introduction
      • 20.9.2 Purposes of State Trading
      • 20.9.3 Advantages of State Trading
      • 20.9.4 Disadvantages of State Trading
    • Review Questions
  • Chapter 21 New Economic Reforms
    • 21.1 Introduction
    • 21.2 Economic Reforms in India
    • 21.3 Liberalization
    • 21.4 Privatization
      • 21.4.1 Arguments in Favour of Privatization
      • 21.4.2 Arguments Against Privatization
      • 21.4.3 Methods of Privatization
    • 21.5 Disinvestment
      • 21.5.1 Objectives of Disinvestment
      • 21.5.2 Methods of Disinvestment
    • 21.6 Globalization
      • 21.6.1 Globalization is Identified with External Sector Liberalization
      • 21.6.2 Views in Favour of Globalization
      • 21.6.3 Views Against the Globalization
      • 21.6.4 Measures towards Globalization
    • 21.7 New Economic Policy/ Reforms
      • 21.7.1 New Industrial Policy – 1991(NIP)
      • 21.7.2 Arguments in Favour of New Economic Reforms
      • 21.7.3 Arguments Against New Economic Reforms
    • Review Questions
  • Index
Biographical note

T. Arya Mala is Asst. Prof, Department of Commerce, Asan Memorial College of Arts and Science, Chennai. She has over 15 years of teaching experience and is currently pursuing her Ph.D. in Gender Budgeting. Her areas of specialization are Business Economics, Managerial Economics and Indian Economy.

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