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International Economics: Trade and Finance by Dominick Salvatore

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International Economics by Dominick Salvatore, presents a comprehensive, up-to-date, and clear exposition of the theory and principles of International Economics.  Salvatore presents concepts that are essential for understanding, evaluating, and suggesting solutions to the important international economic problems and issues facing the United States and the world in this age of globalization.

Neither overly complex nor too simplistic, International Economics helps students see the immediate relevance and importance of the material and contains an unparalleled number of real-world applications and examples.

1: Introduction.

PART ONE: INTERNATIONAL TRADE THEORY.

2: The Law of Comparative Advantage.

3: The Standard Theory of International Trade.

4: Demand and Supply, Offer Curves, and the Terms of Trade.

5: Factor Endowments and the Heckscher-Ohlin  Theory.

6: Economies of Scale, Imperfect Competition, and International Trade.

7: Economic Growth and International Trade.

PART TWO: INTERNATIONAL TRADE POLICY.

8: Trade Restrictions: Tariffs.

9: Nontariff Trade Barriers and the New Protectionism.

10: Economic Integration: Customs Unions and Free Trade Areas.

11: International Trade and Economic Development.

12: International Resource Movements and Multinational Corporations.

PART THREE: BALANCE OF PAYMENTS AND EXCHANGE RATES.  

13: Balance of Payments.

14: Foreign Exchange Markets and Exchange Rates.

15: Exchange Rate Determination.

PART FOUR: OPEN-ECONOMY MACROECONOMICS AND THE INTERNATIONAL MONETARY SYSTEM.

16: The Price Adjustment Mechanism with Flexible and Fixed Exchange Rates.

17: The Income Adjustment Mechanism and Synthesis of Automatic Adjustments.

18: Open-Economy Macroeconomics: Adjustment Policies.

19: Prices and Output in an Open Economy: Aggregate Demand & Aggregate Supply.

20: Flexible versus Fixed Exchange Rates, the European Monetary System, and Macroeconomic Policy Coordination.

 21: The International Monetary System: Past, Present, and Future.

  • Principles and theories are presented at an intuitive level in the text and then more rigorously in the optional-use appendices.
  • Same basic graphical and numerical model is utilized in all the trade chapters and another one in all the finance chapters. This makes learning easier and increases students’ understanding.
  • Real-world case studies (four to ten in each chapter) deepen understanding and show the relevance of principles and theories.

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