international trade 2

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1、Chapter2WorldTrade:AnOverview1Whywestudyworldtrade:anoverviewfirst?Becauseitcantellus:whotradeswithwhomintoday’sglobaleconomybydescribingthegravitymodel.2ChapterOrganizationWhotradeswithwhom?----Gravitymodel(引力模型)ChangingpatternofworldtradeDooldrulesstillapply?3一、Who

2、tradeswithwhom?The5largesttradingpartnerswiththeUSin2003wereCanada,Mexico,China,JapanandGermany.ThetotalvalueimportsfromandexportstoCanadain2003wasalmost$400billiondollars.Thelargest10tradingpartnerswiththeUSaccountedfor68%ofthevalueofUStradein2003.456WhydidtheUnited

3、Statestradesomuchwiththesecountries?Doyouhavesomeideasdealingwiththemapabove?72010年我国对主要贸易伙伴进出口总值表8CasestudyJapanandChinaclips91、SizeMatters:TheGravityModel3ofthetop10tradingpartnerswiththeUSin2003werealsothe3largestEuropeaneconomies:Germany,UKandFrance.Thesecountrie

4、shavethelargestgrossdomesticproduct(GDP)inEurope.WhydoestheUStrademostwiththeseEuropeancountriesandnototherEuropeancountries?10Infact,thesizeofaneconomyisdirectlyrelatedtothevolumeofimportsandexports.Largereconomiesproducemoregoodsandservices,sotheyhavemoretosellinth

5、eexportmarket.Largereconomiesgeneratemoreincomefromthegoodsandservicessold,sopeopleareabletobuymoreimports.11122、AGravityModelofworldtrade:AnequationThevalueoftradebetweenanytwocountriesisproportional,otherthingsequal,totheproductofthetwocountries’GDPs,anddiminishes

6、withthedistancebetweenthetwocountries:Tij=AxYixYj/Dij(2-1)whereTijisthevalueoftradebetweencountryiandcountryjAisaconstantYitheGDPofcountryiYjistheGDPofcountryjDijisthedistancebetweencountryiandcountryj13Inaslightlymoregeneralform,thegravitymodelthatiscommonlyestimate

7、disTij=AxYiaxYjb/Dijc(2-2)wherea,b,andcareallowedtodifferfrom1.Perhapssurprisingly,thegravitymodelworksfairlywellinpredictingactualtradeflows,asthefigureaboverepresentingUS–EUtradeflowssuggested.14Howtousethegravitymodeltoexplaintheworldtradewithoutconsideringdistanc

8、es?Pleasereadthepage1515Distancebetweenmarketsinfluencestransportationcostsandthereforethecostofimportsandexports.Distancemayalsoin