This website uses cookies to ensure you have the best experience. Learn more

International Economics Essay

1251 words - 6 pages

International Economics 3307AFE Group Assignment |
Extend the table 1.3, examine the openness for various countries and analyse the relationship between the openness and the faster long-term growth in standard of living |
(Makin, A.J., 2002, p.10) |
|
|
|

Sanjeev Henny s2760582
Yu-Ting, Lin s2672341
Yen-Ting, Lee s2768300

World count: 985
|

With the increasing globalization of most economies, there is consequently more focus on understanding how international integrations influence macroeconomic performance. Economists use numerous indicators to measure the degree of an economy’s openness. One of the common indicators is the percentage of ...view middle of the document...

(Refer to Appendix A and D). Although the average of trade in Hong Kong, 232, is lower than Singapore, Hong Kong has overtaken Singapore in 2009. Moreover, Hong Kong is the country or area that increased their openness the most. It has dramatically increased about 146% over fifty years. (Refer to Appendix A and D). On the other hand, the average of Brazil, 18, is the least open-market in 34 countries. The trends of Brazil fluctuated between 10 and 30 in these fifty years. (Refer to Appendix A and E). In summary, Singapore is the most openness country, Brazil is the least openness country and Hong Kong has increased their openness the most.

As we have discussed above, Hong Kong has increased its openness the most and Brazil was found to be the least open country. We will now draw upon these two vastly different nations in order to compare and analyse their standards of living, and whether or not the level of openness has influenced this. For the purpose of simplicity we will be using Real GDP/Capita as the means of measuring the standard of living within a population. This measurement is used because overall it can be used as an indicator of all citizens benefitting from increased production within an economy. (Federal Reserve Bank of Boston, 2000). In analysis of the two graphs (refer to Appendix B and C), some common trends can be seen. Firstly, the overall trends of the plots in relation to one another are virtually identical. Over the past 20 years Hong Kong experienced an increase of 143% in openness, which is positively correlated with Real GDP/Capita increasing by 217%. In comparison, Brazil experienced vastly smaller amounts of growth in openness and Real GDP/Capita at 64% and 15% respectively. From these results we can gather two main points. Firstly, in the case of Hong Kong, it can be said that their level of openness is positively associated with faster long-term growth in living standards. Real GDP/Capita increased by 74% more than the nation’s openness did, so it is safe to assume that this factor was instrumental in raising living standards within Hong Kong. The second point to denote regards the results of Brazil. The change in openness is incredibly meagre, having fluctuating, yet overall increasing. On the other hand, Real GDP/Capita continued to rise very steadily. What can be taken from this is that a nation’s openness is not the sole determinant of living standards, yet the measure of openness does greatly contribute to overall Real GDP, and hence affects the results of Real GDP/Capita.
As a general rule, Trade (Net Exports and Net Imports) is a part of GDP, and hence the results between countries openness and the Real GDP/Capita should by definition be correlated. So, as trade...

Other Papers Like International Economics

International Economics & Public Policy Essay

2872 words - 12 pages outlines the limitations to the idea that countries should be allowed to protect infant industries, like limiting it to a domestic market. Report also looks at Comparative Advantage theories explanation to countries varied fortunes, including the International trade theory and underlining the economic growth, because of the foreign trade. The last question that the report outlines is the economists believes on capitalism in regards to maximising

International Political Economics Essay

1937 words - 8 pages INTO THE PRESIDENTIAL CAMPAIGN. TODAY, THE REPUBLICAN PARTY IS USING SOLYNDRA AS A KEY TOOL IN ITS CAMPAIGN AGAINST OBAMA — SMEARING THE ENTIRE CLEAN ENERGY INDUSTRY IN THE PROCESS.” (Lacey, 2012) Campaigns of this magnitude have a significant impact on the international political scene, and economic decisions. Considering that currently China has a very large and inexpensive manufacturing capabilities, as comparing to those in the U.S.; it

International Trade Simulation For Economics 360

1146 words - 5 pages . Comparative advantage can change over time which is why the composition of a countries trade could change over time. Bilateral or multilateral trade agreements that reduce trade barriers among countries generally lead to increase benefits for all countries concerned.ReferencesColander , D. (2004). Economics. 5th ed. Burr Ridge, IL: Irwin/McGraw-Hill.Applying International Trade Concepts Assessment Simulation, Retrieved April 27, 2006 from University of Phoenix website https://ecampus.phoenix.edu/secure/resource/resource.asp.

International Economics

340 words - 2 pages 1. Develop an arithmetic example that illustrates how a nation could have an absolute disadvantage in the production of two goods and could still have a comparative advantage in the production of one of them. 2. The maximum amount of steel or aluminum that Canada and France can produce if they fully use all the factors of production at their disposal with the best technology available to them is shown (hypothetically) in Table 2.9. Assume

International Economics

1005 words - 5 pages Økonomisk notat om Spanien Spanien er et land i det sydvestlige Europa. Der lever ca. 48 millioner mennesker der . Hovedstaden i Spanien er Madrid. Madrid er meget kendt for sin fodbold, og det er en stor turistattraktion. Spanien er delt op i forskellige regioner, hvori alle er spanske statsborgere, men befolkningen er forskellig. Der bor cataloniere, galicere, baskere og nogle steder marokkanere og briter. Der bliver betalt med euro

Introduction To Economics

1670 words - 7 pages Introduction to Economics Economics has become quite a popular course at school in recent years. In fact, economics plays an important role in various fields of our life. Most of us may feel that we are familiar with economics, but we seldom think about what economics is and how we can apply it into our future life. These two questions are going to be covered in this essay. 1. What is economics? The definition of economicsWhy should your

Field Study

899 words - 4 pages the means of satisfying those needs. (Colliers Encyclopedia, V.12). In the 1800s, home economics classes were intended to ready young women for their duties in the home. Classes were first in the United States, Canada and Great Britain, followed by Latin America, Asia and Africa. International organizations such as those associated with the United Nations have been involved in starting home economics programs around the world. (Wikipedia.org

Paer

3320 words - 14 pages India, Concept & Measurement 23 Product Method • This method is popular in U.S.A. and is called as Total Product method or Goods Flow Method. In India, It is known as inventory or Product method. In this method, the economy is classified in to three transaction sector like industrial, services and foreign transaction sector where international payments are considered. General Economics: National Income in India, Concept

Managerial Economics

3751 words - 16 pages managerial economics into the business environment. Managerial economics has given rise to the emergence of a new approach in decision-making known as corporate strategy. Business Corporation’s work with a given set of corporate goals and objectives against the background of a set of assumptions about the company’s economic, competitive, regulatory, factor-supply, technological and international environment. Strategic planning is a three-fold

Dhsgfkjsd

5707 words - 23 pages profitable growth of the firm through his realistic attitude. Conclusion From the above discussion, it is apparent that managerial economics helps translate economic theory into practical applications for businesses so that business goals and objectives such as profit maximization and growth can be attained. Gadgets International (Gadgets International) A Case Study Nature of the Case Study This case study aims to explain how managerial

International Trade Debate Part I

520 words - 3 pages Objective: Write a 200- to 300-word essay in APA format arguing for or against unrestricted international trade. Some possible platforms on which to write are comparative advantage, gains from trade, World Trade Organization, and trade restrictions. Support your position with three specific reasons.International Trade Debate Part IThe debate over unrestricted international trade is likely to keep economists on their toes. Though there are

Related Essays

International Economics Essay

1580 words - 7 pages military power of the United States makes it less dependent on anything. D. the United States invests in many other countries E. many countries invest in the United States. Answer: A 4. Ancient theories of international economics from the 18 th and 19 th Centuries are: A. not relevant to current policy analysis. B. are only of moderate relevance in today's modern international economy. C. are highly relevant in today's modern

International Economics Essay 1548 Words

1548 words - 7 pages International Economics Paper Gabriela University of Phoenix Author's Note This paper prepared for ECO/372 facilitated by Introduction The Federal Reserve system is the main banking system within the United States. Established by Congress, its primary objectives are to seek full employment for US citizens, ensure price stability, supervise banks via regulation, provide financial services to banks, the US

International Economics Essay 3920 Words

3920 words - 16 pages Contents 1.0 1 INTRODUCTION 1 1.1 BACKGROUND OF GERMANY 1 1.1.0 PEOPLE AND SOCIETY OF GERMANY 1 1.2 INTERNATIONAL TRADE STATUS OF GERMANY 2 2.0 INTERNTIONAL TRADING WITH OTHER COUNTRIES 3 2.1.0 GERMANY’S INTERNATIONAL RELATIONSHIP WITH FRANCE 5 3.0 Data collection and Analysis 6 3.1 Data collection 6 3.2 Analysis 7 3.2.1 IMPORT 7 3.2.2 EXPORT 8 3.2.3 REAL GDP 8 3.2.4 INFLATION 9 3.2.5 UNEMPLOYMENT 10 3.2.6 INTEREST RATE 10 3.2.7

International Economics U.K Essay

1511 words - 7 pages Edition. Oxford University Press Trebilcock, M. & Howse, R.ed.,1995. The Regulation of International Trade. Routledge Booth, A.ed.,2001. The British Economy in the Twentieth Century. Palgrave Crown, 2010. UK trade performance: Patterns in UK and global trade growth [Online] November 2010. Available at: http://www.bis.gov.uk/assets/biscore/economics-and-statistics/docs/u/10-803-uk-trade-performance-growth-patterns. [Accessed: 30th November 2010]