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1. As an adjective, this refers to a restriction that is met exactly, and is therefore having an effect on behavior, in contrast to nonbinding. 2. As a noun, see tariff binding.
Industry:Economy
A special category of subsidies permitted under the WTO Agriculture Agreement, it includes payments that are linked to production but with provisions to limit production through production quotas or requirements to set aside land from production. See box.
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
A pattern of performance over time in an economy or an industry that alternates between extremes of rapid growth (booms) and extremes of slow growth or decline (busts), as opposed to sustained steady growth. For an economy, this indicates an extreme form of the business cycle.
Industry:Economy
A discontinuity that exists in prices or in quantities of trade at the border between countries. If the price of a good is higher on one side of a border than the other, this is a border effect. If a gravity equation includes a dummy for trade across a border and that dummy is significant, that also indicates a border effect.
Industry:Economy
1. In the context of trade policy, this refers to policies such as tariffs and quotas that enhance profits and employment in a domestic industry, as opposed to other policies such as production subsidies that might have similar effects without restricting trade. 2. Measures to prevent unwanted entry across a nation's border of illegal or harmful goods or people.
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
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
A rise in the price of an asset based not on the current or prospective income that it provides but solely on expectations by market participants that the price will rise in the future. When those expectations cease, the bubble bursts and the price falls rapidly.
Industry:Economy
