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A major mechanism of the Dutch disease, whereby the increased income from a surge in exports is spent in part on nontradables, causing nontradable industry to expand at the expense of tradables, especially manufacturing.
Industry:Economy
A positive externality. The term is often used to refer to the transmission of an advanced technology from a foreign-owned firm (thus FDI) to domestic firms.
Industry:Economy
A market for exchange (of currencies, in the case of the exchange market) in the present (as opposed to a forward or futures market in which the exchange takes place in the future).
Industry:Economy
1. The difference between the price one must pay to buy something, such as a currency, and the price one receives for selling it. 2. The difference between the interest rate on a bond and the risk free rate; thus the risk premium on the bond. 3. The interest rate spread, i.e., the difference between the interest rate on a bond issued by one borrower and that on a bond issued by another, safer, borrower. Spreads between Greek bonds, for example, and those of Germany have been seen as an indicator to the likelihood of Greek default.
Industry:Economy
1. Of an equilibrium, that the dynamic adjustment away from equilibrium converges to the equilibrium. 2. Of an economic variable, not subject to large or erratic fluctuations.
Industry:Economy
A game theoretic equilibrium in which one player acts as a leader and another as a follower, the leader setting strategy taking account of the follower's optimal response. Contrasts with Nash equilibrium in which both players take the other's strategy as given.
Industry:Economy
A common measure of the dispersion of a random variable or of a sample of data. Defined as the square root of the variance.
Industry:Economy
A common measure of the uncertainty associated with a numerical estimate, equal to the standard deviation of the associated error. In a regression analysis, standard errors are often reported with (or below) the coefficient estimates. As a rough rule of thumb, one can be 95% confident that the true coefficient is within 2 standard errors of the estimate.
Industry:Economy
A classification system for traded goods that is used as the basis for recording and reporting data on exports and imports, and that is maintained by the United Nations Statistics Division.
Industry:Economy
