国际管理教程和案例Chapter3 The World of International Trade

Chapter3TheWorldofInternationalTradeKeyPointsAFrameworkforTradeAnalysisAbsoluteandComparativeAdvantageNewTheoriesofInternationalTradeOtherFactorsaffectingInternationalTradeMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigAFrameworkofTradeAnalysisMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-2INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigTheSocial,Technological,EconomicandPolitical(STEP)system,anditseffectsoncomparativeandcompetitiveadvantageCountriesabroadasmarketsforexportsandsourcesofimports.Tradeandnontarriffbarrierstotradeandgovernmentincentivestopromotetrade.Linkingproducersandbuyersthroughtradeintermediaries.TheSTEPsystemMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-3INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigEachfirmoperateswithinthesocial,technological,economic,andpolitical(STEP)environmentofthecountryinwhichitproduces.TheSTEPenvironmenthasastronginfluenceonthefirm.STEPenvironmentinfluencesthecomparativeadvantageoftheproductsitproducesrelativetoproductsproducedbyotherfirmsabroad.Thefirm'sSTEPenvironmentmayalsoinfluenceitscompetitiveadvantageinthenationalmarketandabroad.TrendsinaSTEPenvironmentrelativetothetrendsintheSTEPenvironmentofothercountrieshaveastronginfluenceonafirm'sabilitytoenterortocontinueinternationaltradingoperations.MarketIdentificationMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-4INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigEntailsanalysisoftrendsindemandarisingfromchangesinpopulation,incomelevels,andconsumerpreferencesinpotentialexportmarkets.Ifthereisademandforthefirm'sproductsinamarket,thesupplycapabilitiesofdomesticfirmsandotherexportersworldwidetomeetthisdemandatlowerpricesorhigherqualitymustbeassessed.ImpedimentstoTradeMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-5INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigGovernmentpoliciestorestrictandtopromotetradecanhaveadecisiveinfluenceonTradeflowsThecompetitivepositionoffirmsinexportmarketsTheavailabilityandpriceofimportsTheabilityoffirmstocompetewithimports

Governmentscanalsofacilitateexportsdirectlybysuchmeasuresas:ConcessionalexportfinancingExportsubsidiesDifferentialtaxationofexportearningsFinancingforexportmarketdevelopmentTradeIntermediariesMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-6INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigAcompetitiveproductandareceptivemarketarenotenough;theproductmustbe:Transportedfromthefactorytothepointofshipment(portorairport)TransportedtoexportmarketBereceivedintheexportmarketClearcustomsMovethroughdistributionchannelstothepointofsaleSoldtothecustomerBeservicedaftersaleInternationalchannelsofdistributionareoftenlong,multilayered,complex,difficulttoanalyzeandunderstand,andexpensivetoaccessortodevelop.Channelcostsmayrepresentthreetimestheproductioncostofaproduct.AbsoluteAdvantageMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-7INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigOutputOutput/HourXYXYLabourHoursCountryA1642112CountryB44126TotalOutput(notrade)208TotalOutput(trade)2412ComparativeAdvantageMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-8INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigOutputOutput/HourXYXYLabourHoursPy/PxCountryA1244252CountryB7711141TotalOutput(notrade)1911TotalOutput(trade)2014AspectsofTheoriesofInternationalTradeMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-9INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigThetheoriesalsoshowthat:Tradeimprovestherelativewelfareofthefactorsofproductionthatareusedintensivelyintheexportedproduct.Iflaborandcapitalareimmobileamongsectors,thenthereturnstothefactorsofproduction(laborandcapital)intheexportingindustrywillimproverelativetothoseintheimportingsector.Thewelfareofconsumersoftheexportproductswilldeclinerelativetoconsumersofimportedproducts.Countrieswilltendtoexportproductsthatusetheirrelativelyinexpensiveandabundantfactorsofproductionintensively.Tradebringsaboutanequalizationofthereturnstofactorsofproduction;thatis,tradetendstoequalizecapitalcostsandwageratesamongcountriesovertime.NewTheoriesofInternationalTradeMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-10INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigIntraindustryTradeClustersofInterconnectedCompaniesExchangeofideasamongpersonnel.Buildingofsupportinfrastructure.BenefitsofTradeTradeflowsalsoinfluencedby:RealExchangeRates.Demandconditionsoverthebusinesscycle.RealExchangeRateMcGraw-Hill©2003TheMcGraw-HillCompanies,Inc.Allrightsreserved.Slide3-11INTERNATIONALMANAGEMENT5/eBeamish,Morrison,InkpenandRosenzweigAnincreaseinacountry'srealexchangeratehasmanyofthesameeffectsasareductioninitstariffrate.Afallintherealexchangeratehastheoppositeeffect.Realexchangerateisimportanttolargeandsmallcountriesandforhigh-incomeanddevelopingcountriesalike.Realexchangesratesmaychangedueto:Agapbetweeninvestmentdemandanddomesticsavings.Short-termgove