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An agreement reached in 1985 among the central banks of France, Germany, Japan, US, and UK to bring down the value of the U. S. Dollar, which had appreciated substantially since 1980. By the time of the Louvre Accord, two years later, the dollar had fallen 30%.
Industry:Economy
Among several countries -- more than two, which would be bilateral, but not a great many or all, which would be multilateral.
Industry:Economy
A deliberate act of government that in some way alters or influences the society or economy outside the government. Includes, but is not limited to, taxation, regulation, expenditures, and legal requirements and prohibitions, including in each case those which affect international transactions.
Industry:Economy
A particular type of policy that can be used in varying degrees or intensities. The context is usually one of trying to achieve several objectives with two or more policy instruments.
Industry:Economy
1. Early name for the discipline of economics. 2. A field within economics encompassing several alternatives to neoclassical economics, including Marxist economics. Also called radical political economy. 3. A field within economics that concerns the interactions between political processes and economic variables, especially economic policies.
Industry:Economy
A country that, because of its weak or poorly enforced environmental regulations, attracts industries that pollute the environment.
Industry:Economy
An approach to explaining exchange rates that stresses their role in changing the proportions of different currency-denominated assets in portfolios. The exchange rate adjusts to equate these proportions to desired levels.
Industry:Economy
A beneficial externality; that is, a beneficial effect of one economic agent's actions on another. Considered a distortion because the first agent has inadequate incentive to act. Examples are the attractiveness of well-kept farms for the tourism industry (a production externality) and reduced contagion of disease due to vaccines (a consumption externality).
Industry:Economy
A game in which the payoffs to the players may add up to more than zero, so that it may be possible for all players to gain. Contrasts with zero sum game. Due to the gains from trade, trade and trade policy may be thought of as positive sum games.
Industry:Economy
A change that could become Pareto-improving if it were accompanied by suitable redistribution. A move to free trade, although it is likely to hurt some people if done alone, is beneficial under the Kaldor-Hicks criterion because it is a potential Pareto improvement. Also called a Kaldor improvement, a Kaldor-Hicks improvement, or a Hicks-Kaldor improvement.
Industry:Economy
