Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.

Theoretical models of growth and trade suggest that patterns of international specialization are dynamic and evolve endogenously over time. Initial comparative advantages are either reinforced or gradually unwound with the passage of time. This paper puts forward an empirical framework for modeling international trade dynamics that uses techniques widely employed in the cross-country literature on income convergence. On applying this framework to industry-level data, evidence is found for significant differences in international trade dynamics among the G-5 economies.

In Evolving Patterns in Global Trade and Finance, Professor Sven W Arndt offers succinct and rigorous explanations of important developments in trade, finance and international monetary relations. Topics include economic and monetary integration, cross-border production networks, and stabilization policy in orthodox and mixed exchange-rate regimes. The theoretical framework developed in this volume provides critical assessments of existing policies and practices, develops theoretical foundations for new and emerging patterns in trade and finance, and evaluates how well economists and policy makers are dealing (or have dealt) with the challenges they face. Readers will find the most in-depth and comprehensive discussion of international production networks (“off-shoring”), a detailed analysis of the implications for US economic stability and policy autonomy of its unorthodox exchange rate regime of fixed and floating rates, and insights into the causes of recent economic and financial turmoil in the global economy.

Quantitative Analysis of Newly Evolving Patterns of International Trade offers a variety of perspectives on new forms and developments of international trade and related activities for Japan, the United States, China, and some other important trading countries, to develop new methods and data for measuring the factor contents of emerging new modes of international trade. Such methods and data are crucially important for evaluating impacts of the new modes on factor markets in the United States, Japan, and other major trading countries, and also for forecasting the future development of world trade and foreign direct investment (FDI), evaluating welfare gains from trade, estimating impacts of free trade agreements, and designing effective trade and FDI policies.

International Trade Theories and the Evolving International Economy provides a much-needed from which to approach this topic, offering a self-contained introduction to the subject of international trade theory. Drawing on a broad range of material this book provides the students with a well-rounded and more broadly informed view of the subject.

Changing Patterns of Global Trade outlines the factors underlying important shifts in global trade that have occurred in recent decades. The emergence of global supply chains and their increasing role in trade patterns allowed emerging market economies to boost their inputs in high-technology exports and is associated with increased trade interconnectedness.The analysis points to one important trend taking place over the last decade: the emergence of China as a major systemically important trading hub, reflecting not only the size of trade but also the increase in number of its significant trading partners.