Expert answer:ECO715 Westcliff University Spot Foreign Currency


Solved by verified expert:Clearly state what the article is about and its purposeHow the article and/or author(s) support your argument(s)Most important aspects of the articleAny findings and conclusionsApproximately 250 to 350 words in lengthInclude the article “Abstract” in your posting (your summary should be original)Include the industry example demonstrating the application of your researched article”IMPORTANT” – Include the citation for the article


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Prior to reading this DQ, please read the PA2 assignment and understand
what the assignment is asking you to complete. Once you have an
understanding of the PA2 assignment, please continue to the paragraph below to
complete DQ1.
Using the Library Information Resource Network (LIRN), JSTOR, or any other
electronic journal database, research one (1) peer-reviewed article that can be
used to answer your upcoming PA2 assignment. Your discussion should
summarize the article in such a way that it can justify any arguments you may
present in your PA1 assignment and should be different than the abstract. In
addition to your researched peer-reviewed article, you must include an example
of the article researched as it is applied by industry (company, business entity,
Please note: This article summary should not be the only article researched for
your PA2 assignment. You may (and should) have several other articles
researched in order to fully answer your PA2 assignment. The concept of this DQ
is to allow students to be proactive in the research necessary to complete this
assignment. You may use your article summary, partially or its entirety in your PA2

Clearly state what the article is about and its purpose
How the article and/or author(s) support your argument(s)
Most important aspects of the article
Any findings and conclusions
Approximately 250 to 350 words in length
Include the article “Abstract” in your posting (your summary should be
Include the industry example demonstrating the application of your
researched article
“IMPORTANT” – Include the citation for the article
Provide with detail explanations of the links between the current spot rate and contracts
to buy or sell foreign exchange in the future. Use real-life examples to support your
statements/arguments and tell how about the effectiveness of these transactions to the
financial situation of the company?
Use your textbook (chapter 20 on pg. 484-514), LIRN-based research, a general
reference list in international Economics, such as:
Specialized Journals (p.12);
General Journals (p.13);
Sources of International Data (p.13);
General Current information p.14) and
the Internet Sources (p. 14)
Document your citations throughout the text of your paper; APA is the accepted format
for all Westcliff University classes. Your papers must include:
– an introduction and a clear thesis,
– several body paragraphs, and
– a conclusion.
dEnnIs R. ApplEyARd
AlfREd J. fIEld, JR.
Comprehensive International Analysis
Updated discussion and data on wide-ranging issues such as growth in income inequality,
multiproduct exporting firms, foreign direct investment in China, free-trade agreements
around the world, foreign exchange restrictions, and current euro zone difficulties.
Many new and updated pedagogical boxes on trade and monetary issues worldwide.
Discussion of latest research results and updated literature review.
To learn more about this book and the resources available to you, please visit
E I g h t h E dI t I o n
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International Economics
International Economics, eighth edition, offers extensive, up-to-date discussion of international
trade and monetary issues. This coverage is vital to students searching for tools to understand
an increasingly interrelated world. Appleyard and Field provide those tools through rigorous
analysis and real-world applications. By studying theories, solving problems, and examining
current international topics, students will be well equipped to recognize and interpret the
economic issues linking countries around the world. The eighth edition includes:
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Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the
Americas, New York, NY, 10020. Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.
Printed in the United States of America. Previous editions © 2010, 2008, and 2006. No part of this publication
may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system,
without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any
network or other electronic storage or transmission, or broadcast for distance learning.
Some ancillaries, including electronic and print components, may not be available to customers outside the
United States.
This book is printed on acid-free paper.
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ISBN 978-0-07-802167-1
MHID 0-07-802167-7
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All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.
The authors dedicate this book to parents, family, and friends whose love and support have sustained us in the
writing process over the past 25 years.
Library of Congress Cataloging-in-Publication Data
Appleyard, Dennis R.
International economics / Dennis R. Appleyard, Alfred J. Field, Jr. — 8th ed.
p. cm. — (The McGraw-Hill series economics)
ISBN 978-0-07-802167-1 (alk. paper)
ISBN 0-07-802167-7
1. International economic relations. 2. International trade. 3. International finance.
I. Field, Alfred J. II. Title.
HF1359.A77 2014
The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website
does not indicate an endorsement by the authors or McGraw-Hill, and McGraw-Hill does not guarantee the
accuracy of the information presented at these sites.
app21677_fm_i-xxiv.indd ii
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The McGraw-Hill Series Economics
Essentials of Economics
Economics of Social Issues
Urban Economics
Brue, McConnell, and Flynn
Essentials of Economics
Second Edition
Issues in Economics Today
Fifth Edition
Urban Economics
Seventh Edition
Economics: The Basics
First Edition
Sharp, Register, and Grimes
Economics of Social Issues
Nineteenth Edition
Labor Economics
Essentials of Economics
Seventh Edition
Labor Economics
Fifth Edition
Gujarati and Porter
Basic Econometrics
Fifth Edition
McConnell, Brue, and Macpherson
Contemporary Labor Economics
Ninth Edition
Gujarati and Porter
Essentials of Econometrics
Fourth Edition
Public Finance
Principles of Economics
Economics, Microeconomics, and
Eighth Edition
Frank and Bernanke
Principles of Economics, Principles of
Microeconomics, Principles of
Fourth Edition
Frank and Bernanke
Brief Editions: Principles of Economics,
Principles of Microeconomics,
Principles of Macroeconomics
First Edition
McConnell, Brue, and Flynn
Economics, Microeconomics, and
Eighteenth Edition
McConnell, Brue, and Flynn
Brief Editions: Microeconomics and
First Edition
Principles of Microeconomics
First Edition
Samuelson and Nordhaus
Economics, Microeconomics, and
Nineteenth Edition
The Economy Today, The Micro Economy
Today, and The Macro Economy Today
Twelfth Edition
Economics, Microeconomics, and
Ninth Edition
app21677_fm_i-xxiv.indd iii
Managerial Economics
Managerial Economics and Business
Seventh Edition
Brickley, Smith, and Zimmerman
Managerial Economics and
Organizational Architecture
Fifth Edition
Thomas and Maurice
Managerial Economics
Tenth Edition
Intermediate Economics
Bernheim and Whinston
First Edition
Dornbusch, Fischer, and Startz
Tenth Edition
Microeconomics and Behavior
Eighth Edition
Rosen and Gayer
Public Finance
Ninth Edition
Public Finance
First Edition
Environmental Economics
Field and Field
Environmental Economics:
An Introduction
Fifth Edition
International Economics
Appleyard and Field
International Economics
Eighth Edition
King and King
International Economics,
Globalization, and Policy: A Reader
Fifth Edition
International Economics
Fourteenth Edition
Advanced Economics
Advanced Macroeconomics
Third Edition
Money and Banking
Money, Banking, and Financial Markets
Second Edition
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Dennis R. Appleyard
Dennis R. Appleyard is James B. Duke Professor of International Studies and Professor of Economics,
Emeritus, Davidson College, Davidson, North Carolina, and Professor of Economics, Emeritus, University of North Carolina at Chapel Hill. He attended Ohio Wesleyan University for his undergraduate work
and the University of Michigan for his Master’s and Ph.D. work. He joined the economics faculty at the
University of North Carolina at Chapel Hill in 1966 and received the universitywide Tanner Award for
“Excellence in Inspirational Teaching of Undergraduate Students” in 1983. He moved to his position at
Davidson College in 1990 and retired in 2010. At Davidson, he was Chair of the Department of Economics
for seven years and was Director of the college’s Semester-in-India Program in fall 1996 and fall 2008, and
the Semester-in-India and Nepal Program in fall 2000. In 2004 he received Davidson’s Thomas Jefferson
Award for teaching and service.
Professor Appleyard has taught economic principles, intermediate microeconomics, intermediate
macroeconomics, money and banking, international economics, and economic development. His research
interests lie in international trade theory and policy and in the Indian economy. Published work, much of
it done in conjunction with Professor Field, has appeared in the American Economic Review, Economic
Development and Cultural Change, History of Political Economy, Indian Economic Journal, International
Economic Review, Journal of Economic Education, and Journal of International Economics, among others.
He has also done consulting work for the World Bank, the U.S. Department of the Treasury, and the Food
and Agriculture Organization of the United Nations (in Islamabad, Pakistan). Professor Appleyard always
derived genuine pleasure from working with students, and he thinks that teaching kept him young in spirit,
since his students were always the same age! He is also firmly convinced that having the opportunity to
teach others about international economics in this age of growing globalization is a rare privilege and an
enviable challenge.
Alfred J. Field, Jr.
Alfred J. Field is a Professor of Economics, Emeritus, at the University of North Carolina at Chapel Hill.
He received his undergraduate and graduate training at Iowa State University and joined the faculty at
Carolina in 1967. Field taught courses in international economics and economic development at both the
graduate and undergraduate level and directed numerous Senior Honors theses and Master’s theses. He
served as principal member or director of more than 100 Ph.D. dissertations, duties that he continued to
perform after retirement in 2010. In addition, he has served as Director of Graduate Studies, Associate
Chair/Director of the Undergraduate Program in Economics, and Acting Department Chair. In 1966, he
received the Department’s Jae Yeong Song and Chunuk Park Award for Excellence in Graduate Teaching,
and in 2006 he received the University of North Carolina at Chapel Hill John L. Sanders Award for Excellence in Undergraduate Teaching and Service. He also served on the Advisory Boards of several university
organizations, including the Institute for Latin American Studies.
Professor Field’s research encompassed the areas of international trade and economic development.
He has worked in Latin America and China, as well as with a number of international agencies in the
United States and Europe, primarily on trade and development policy issues. His research interests lie
in the areas of trade policy and adjustment and development policy, particularly as they relate to trade,
agriculture, and household decision making in developing countries. Another of Field’s lines of research
addressed trade and structural adjustment issues in the United States, focusing on the textile and apparel
industries and the experience of unemployed textile and apparel workers in North Carolina during the
1980s and 1990s. He maintains an active interest in theoretical trade and economic integration issues, as
well as the use of econometric and computable general equilibrium models in analyzing the effects of trade
policy, particularly in developing countries.
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It is our view that in a time of dramatic increase in globalization and high interrelatedness among countries, every student should have a conscious awareness of “things international.” Whether one is studying,
for example, political science, sociology, chemistry, art, history, or economics, developments worldwide
impinge upon the subject matter of the chosen discipline. Such developments may take the form of the discovery of a new compound in Germany, an election result in Greece, a new oil find in Mexico, formation
of a new country in Africa, a startling new political/terrorist/military development in Pakistan or Syria, or a
change in consumer tastes in China. And, because information now gets transmitted instantaneously across
continents and oceans, scientists, governments, firms, and households all react quickly to new information
by altering behavior in laboratories, clinics, legislative processes, production and marketing strategies,
consumption and travel decisions, and research projects. Without keeping track of international developments, today’s student will be unable to understand the changing nature of the world and the material that
he or she is studying.
In addition to perceiving the need for international awareness on the part of students in general, we
think it is absolutely mandatory that students with an interest in economics recognize that international
economic events and the international dimensions of the subject surround us every day. As we prepared to
launch this eighth edition of International Economics, we could not help noting how much had changed
since the initial writing for our first edition. The world has economically internationalized even faster than
we anticipated more than 20 years ago, and the awareness of the role of international issues in our lives
has increased substantially. Almost daily, headlines focus on developments such as the increased problems
facing monetary union in Europe and the euro; proposed policies of erecting additional trade barriers as a
protective response to worldwide economic weakness; increased integration efforts such as the emerging
Trans-Pacific Partnership; and growing vocal opposition and hostility in many countries to the presence of
large and increasing numbers of immigrants. Beyond these broad issues, headlines also trumpet news of the
U.S. trade deficit, rising (or falling) gasoline prices, the value of the Chinese renminbi yuan, and outsourcing to call centers in India. In addition, as we write this edition, the world has become painfully aware that
increased globalization links countries together strongly in times both of recession and prosperity.
The growing awareness of the importance of international issues is also in evidence in increased student interest in such issues, particularly those related to employment, international working conditions,
and equity. It is thus increasingly important that individuals have a practical working knowledge of the
economic fundamentals underlying international actions to find their way through the myriad arguments,
emotions, and statistics that bombard them almost daily. Young, budding economists need to be equipped
with the framework, the tools, and the basic institutional knowledge that will permit them to make sense of
the increasingly interdependent economic environment. Further, there will be few jobs that they will later
pursue that will not have an international dimension, whether it be ordering components from a Brazilian
firm, traveling to a trade show in Malaysia, making a loan for the transport of Caspian Sea oil, or working
in an embassy in Quito or in a medical mission in Burundi.
Thus, the motive for writing this edition is much the same as in earlier editions: to provide a clear and
comprehensive text that will help students move beyond simple recognition and interest in international
issues and toward a level of understanding of current and future international developments that will be of
use to them in analyzing the problem at hand and selecting a policy position. In other words, we seek to
help these scholars acquire the necessary human capital for dealing with important questions, for satisfying
their intellectual curiosity, and for providing a foundation for future on-the-job decisions.
We have been very flattered by the favorable response to the previous seven editions of our book. In
this eighth edition, we continue to build upon the well-received features to develop a text that is even more
attuned to our objectives. We have also continued to attempt to clarify our presentation of some of the more
difficult concepts and models in order to be more student-friendly.
In this edition, as usual, we have attempted to provide current and timely information on the wide variety
of international economic phenomena. New boxes have been added and previous ones modified to provide
up-to-date coverage of emerging issues in the global economy. The text includes such matters as recent
developments in U.S. trade policy, major changes in the European Union and implications of the recent
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worldwide financial crisis/recession. We should note that, in the monetary material, we continue to maintain our reliance on the IS/LM/BP framework for analyzing macroeconomic policy because we believe that
the framework is effective in facilitating student understanding and because that material was favorably
received by users of the earlier editions. We also continue to incorporate key aspects of the asset approach
into the IS/LM/BP model.
Particular mention should be made of the fact that, in this edition, we have continued to employ Learning Objectives at the beginning of each chapter to orient the reader to the central issues. This text is comprehensive in its coverage of international concepts, and the Learning Objectives are designed to assist the
instructor with the choice of chapters to cover in designing the course and to assist the students in focusing
on the critical concepts as they begin to read each chapter. Because of the positive response to the opening
vignettes in …
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