International economic relations 2104-L-Z4MSGO

The concept, the actors and the main issues. Theories of foreign trade: theories of absolute and relative costs, theories of abundance of resources, neo-technological theories. Foreign trade versus domestic economy: effect on the creation and the distribution of national income, the correlation between foreign trade and economic growth: the multiplier of the foreign trade. Terms of trade. State trade policy: theoretical justification for free trade and protectionism. Instruments of trade policy: customs tariffs, exports subsidies, exports quotas, voluntary exports. Exchange rate and forms of payments in foreign trade. The international transfers of production factors: international flows of labour and technology, international flows of loan capital and production capital. Foreign direct investments and portfolio investments. Balance of payments and its structure. The role and significance of international economic organizations. The International Monetary Fund, the World Bank Group, the World Trade Organization.