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1. A debt that is not backed by collateral, but only by the credit and good faith of the borrower. 2. A certificate issued by customs authorities entitling an exporter of imported goods to be paid back duties that have been paid when they were imported. Such a refund is called a drawback.
Industry:Economy
1. Any situation in which a country, usually a developing country, finds itself unable to service its debts. 2. The Latin American Debt Crisis.
Industry:Economy
A situation in which the external debt of a country is larger than it will be able to repay. Often due to having borrowed in foreign currency and then had its own currency depreciate.
Industry:Economy
A country whose assets owned abroad are worth less than the assets within the country that are owned by foreigners. Contrasts with creditor nation.
Industry:Economy
A property of a production function such that changing all inputs by the same proportion changes output less than in proportion. Example: a function homogeneous of degree less than one. Also called simply decreasing returns. Not to be confused with diminishing returns, which refers to increasing some inputs while holding other inputs fixed. Contrasts with increasing returns and constant returns.
Industry:Economy
1. In the balance of payments, or in any category of international transactions within it, the deficit is the sum of debits minus the sum of credits, or the negative of the surplus. 2. In the government budget, the deficit is the excess of government expenditures over receipts from taxes.
Industry:Economy
1. The method used by a government to finance its budget deficit, that is, to cover the difference between its tax receipts and its expenditures. The main choices are to issue bonds or to print money. 2. The assumption that a change in government spending or taxes will be financed by a change in the government budget deficit, rather than by an accommodating additional change in spending or taxes to keep the budget balanced. Example: a "deficit-financed increase in government purchases. "
Industry:Economy
A fall in the general level of prices. Unlikely unless the rate of inflation is already low, it may then be due either to a surge in productivity or, less favorably, to a recession.
Industry:Economy
A decline over time in the share of manufacturing in an economy, usually accompanied by growth in the share of services. Typically accompanied by an increase in manufactured imports, it may raise concern that the country is losing valuable economic activity to others.
Industry:Economy
1. The movement of firms and their resulting employment from one country to another as a result of a change in trade policy. 2. More specifically, the effect of an import tariff or export subsidy in causing firm entry at home and exit abroad, so that domestic consumers gain from increased competition and/or reduced transport costs, while foreign consumers similarly lose. Effect identified by Venables (1985,1987).
Industry:Economy
