Part 1 : International Trade Theory - Introduction -- World trade : an overview -- Labor productivity and comparative advantage : the Ricardian model -- Specific factors and income distribution -- Resources and trade: the Heckscher-Ohlin model -- The standard trade model -- External economies of scale and the international location of production -- Firms in the global economy: export decisions, outsourcing, and multinational enterprises - Part 2: International Trade Policy -- The instruments of trade policy -- The political economy of trade policy -- Trade policy in developing countries -- Controversies in trade policy - Part 3 : Exchange rates and open-economy macroeconomics -- National income accounting and the balance of payments -- Exchange rates and the foreign exchange market : an asset approach -- Money, interest rates, and exchange rates -- Price levels and the exchange rate in the long run -- Output and the exchange rate in the short run -- Fixed exchange rates and foreign exchange intervention - Part 4 : International Macroeconomic Policy -- International monetary systems: an historical overview -- Financial globalization : opportunity and crisis -- Optimum currency areas and the euro -- Developing countries: growth, crisis, and reform -- Mathematical postscripts.