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A theory of the determinants of international trade, due to Kravis (1956), that says that countries import what they do not have available domestically and export what they do. The theory can be said to encompass explanations of trade that stress factor endowments, technological differences, and product differentiation.
Industry:Economy
A changing pattern of comparative advantage over time due to changes in factor endowments or technology.
Industry:Economy
A form of increasing returns to scale in which average cost declines over time as producers accumulate experience, so that average product rises with total output of the firm or industry accumulated over time. See learning by doing, infant industry protection.
Industry:Economy
A term, in trade negotiations, for agreeing to accept the results of a portion of the negotiations before the rest of the negotiations are completed.
Industry:Economy
A leading Development finance institution with an overriding objective of promoting development in East Africa, EADB is a development bank for its five member countries: Burundi, Kenya, Rwanda, Tanzania, and Uganda.
Industry:Economy
1. A list, or accounting, of all of a country's international transactions for a given time period, usually one year. Payments into the country (receipts) are entered as positive numbers, called credits; payments out of the country (payments) are entered as negative numbers called debits. 2. A single number summarizing all of a country's international transactions: the balance of payments surplus.
Industry:Economy
A monetary policy that is expansionary, thus with low interest rates for borrowing. Contrasts with tight money.
Industry:Economy
A useful variant of the Ricardian Trade Model in which a continuum of producers or industries have randomly chosen differences in productivities. Due to Eaton and Kortum (2002).
Industry:Economy
A common reason for restricting imports, especially under fixed exchange rates, when a country is losing international reserves due to a trade deficit. It can be said that this is a second best argument, since a devaluation could solve the problem without distorting the economy and therefore at smaller economic cost.
Industry:Economy
A set of equations that have been estimated by econometric methods and that are then used, together, to forecast the economy or to calculate effects of changes in the economy. Thus, an economic model whose equations are econometrically estimated.
Industry:Economy
