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International Economics: Theory and Policy, Global Edition

International Economics: Theory and Policy, Global Edition
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For courses in International Economics, International Finance, and International Trade.

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International Economics: Theory and Policy, Global Edition textbook x1


A balanced approach to theory and policy applications

International Economics: Theory and Policy provides engaging, balanced coverage of the key concepts and practical applications of the two main topic areas of the discipline. For both international trade and international finance, an intuitive introduction to theory is followed by detailed coverage of policy applications. With this new Eleventh Edition, Global 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 Economics courses.



This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content, which is especially relevant to students outside the United States.


About the book

Reveal theory and applications of trade and finance via a unified structure

The text’s unified structure presents a balance of theoretical and practical coverage of international finance. Chapters on core theory are followed by a series of application chapters that confront policy questions using the newest empirical work, data, and policy debates. This structure enables students to grasp theoretical concepts and then see those same concepts in action, aiding retention and highlighting the relevance of course material. Highlights include:

A unified model of open-economy macroeconomics that provides students with a cohesive approach to the theory, based on an asset-market approach to exchange rate determination with expectations in a central role.

A discussion of the international monetary experience that stresses the idea that different exchange rate systems lead to different policy coordination problems.

An emphasis on the potential substitutability of international trade and international movements of factors of production, featuring an analysis of international borrowing and lending as intertemporal trade--the exchange of present consumption for future consumption.


Give students learning tools to master course material

Learning Goals list essential concepts so students understand what they need to take away from each chapter.

Case Studies illustrate theory using real-world applications and provide important historical context.

Special Boxes offer vivid illustrations of points made in the text, including the role of currency swap lines among central banks, and the rapid accumulation of foreign exchange reserves by developing countries.

200+ Captioned diagrams reinforce discussions in the text and help students in reviewing the material.

Summary and Key Terms. Each chapter closes with a summary recapping the major points to aid student review of the material.

· Problems, many of which cite real data or policies, allow students to practice what they’re learning. They range from routine computational drills to more analytical questions and problems.

· Further Reading sections at the end of each chapter provide annotated bibliographies of both seminal works and recent articles, encouraging students to explore the material further.


Relay recent developments in the theoretical and practical sides of international finance

 UPDATED! Additional coverage of relevant topics and events including the impact of the Automobile Intra-Industry Trade within the Association of Southeast Asian Nations-4 (ASEAN-4), namely Indonesia, Malaysia, the Philippines, and Thailand between 1998–2002; the origin of tariff-rate quotas and its practical application with oilseeds, noting that tariff quotas for these goods are more often applied than those for the traditionally protected products, like dairy or sugar; the role of negative interest rates in unconventional monetary policy; and the increasingly important role of emerging market economies in driving global growth.

NEW! Box describes China’s offshore market and the relationship between its onshore and offshore exchange rates (Chapter 3).

NEW! Box on the role of invoice currencies in exchange-rate pass-through and discussion of the role of negative interest rates in unconventional monetary policy (Chapter 6).

NEW! Box describes the dangers of deflation (Chapter 8).

NEW! Box on Brexit, specifically the process through which Britain is likely to leave the EU (Chapter 10).

NEW! Coverage of the key role of commodities in developing-country growth, and the commodity “super cycle” (Chapter 11).


Table of Contents

1. Introduction


2. National Income Accounting and the Balance of Payments

3. Exchange Rates and the Foreign Exchange Market: An Asset Approach  

4. Money, Interest Rates, and Exchange Rates

5. Price Levels and the Exchange Rate in the Long Run

6. Output and the Exchange Rate in the Short Run

7. Fixed Exchange Rates and Foreign Exchange Intervention



8. International Monetary Systems: An Historical Overview

9. Financial Globalization: Opportunity and Crisis

10. Optimum Currency Areas and the Euro

11. Developing Countries: Growth, Crisis, and Reform



Postscript to Chapter 9: Risk Aversion and International Portfolio Diversification


International Economics: Theory and Policy, Global Edition
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