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1. A balance of trade equal to zero. 2. The assumption that the balance of trade must be zero in equilibrium, as would be the case with a floating exchange rate and no capital flows. This is a standard assumption in real models of international trade, which exclude financial assets.
Industry:Economy
1. Any impediment to the international movement of goods, services, capital, or other factors of production. Most commonly a trade barrier. 2. An entry barrier.
Industry:Economy
A substantially revised set of standards for capital adequacy of banks, with an agreed text first issued in June 2004.
Industry:Economy
A town in New Hampshire at which a 1944 conference launched the IMF and the World Bank. These, along with the GATT/WTO became known as the Bretton Woods Institutions, and together they comprise the Bretton Woods System.
Industry:Economy
A payment made to person, often a government official such as a customs officer, to induce favorable treatment.
Industry:Economy
1. For an individual or household, the condition that income equals expenditure (in a static model), or that income minus expenditure equals the value of increased asset holdings (in a dynamic model). 2. For a country, the condition that the value of exports equals the value of imports or, if capital flows are permitted, that exports minus imports equals the net capital outflow. It is equivalent to income from production equaling expenditure on goods plus net acquisition of foreign assets. 3. The curve, usually a straight line, representing either of these conditions.
Industry:Economy
A debt instrument, issued by a borrower and promising a specified stream of payments to the purchaser, usually regular interest payments plus a final repayment of principal. Bonds are exchanged on open markets including, in the absence of capital controls, internationally, providing a mechanism for international capital mobility.
Industry:Economy
An agreement between two countries, as opposed to a multilateral agreement.
Industry:Economy
Acronym for four large low-income countries, Brazil, Russia, India, and China, that were growing rapidly in the early years of the 21st century. Term was coined by researchers at Goldman Sachs in 2003, reflecting their expectation that the BRICs would eventually dominate the world economy.
Industry:Economy
