Instability of Exchange Rates (Series of Translations on International Economics)

Author: Paul Krugman (USA)
Publisher:
Publish Date: 2005-03-01
Features: As a branch of economic science, international economics primarily studies various economic behaviors and conditions under different distribution conditions. It examines not only micro-level behaviors such as factor mobility but also macro-level issues like exchange rates, balance of payments, price stability, and economic growth. For most open economies, international economics is a more realistic and significant field of study. Given the differences in specific research subjects, international economics is divided into two main parts: international trade and international finance. In recent decades, with the continuous development of the global economy, new phenomena and issues have emerged, driving rapid advancements in research within these two fields.
In the field of international trade, the growth of intra-industry trade and trade between developed countries has significantly altered traditional perceptions of international trade. The emergence of the "New Trade Theory," which incorporates concepts like imperfect competition and economies of scale, has been a response to these changes. The constant emergence of new trade patterns has prompted further research into the technological, geographical, and historical factors that determine the basis of trade. In terms of policy, this has led to the development of "strategic trade policies" and the study of income distribution among interest groups through "political economy." Additionally, research on multinational corporations and regional economic integration has gradually become an important theoretical component.
In the field of international finance, the integration of international capital markets, the establishment of the European Monetary System, the opening of developing countries, and the transition from planned economies have all triggered a series of financial crises. How to prevent financial risks in an open economy, mitigate external shocks, and maintain macroeconomic stability have become key topics in policy-making and international financial research.
To better understand the theory and application of international economics, we have compiled this series of translated works on international economics. Unlike standard textbooks, this series focuses on the cutting edge of international economics, the analysis of real-world issues, and empirical research in international economic relations. For theorists, this series will help clarify the application of fundamental principles in international economics. For practitioners, the series will provide accessible language and concrete analysis to aid in mastering the theories of international economics.
At the dawn of the 21st century, as China prepares to join the World Trade Organization, we dedicate this series to the Chinese economic professionals who are preparing to meet the challenges of the global economy.