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A country's receipts minus payments for current account transactions. Equals the balance of trade plus net inflows of transfer payments.
Industry:Economy
A geometric device showing allocations of 2 goods to 2 consumers in a rectangle with dimensions equal to the quantities of the goods. Preferences enter as indifference curves relative to opposite corners of the box, tangencies defining efficient allocations and the contract curve. First drawn by Pareto (1906), based originally, though only partially, on a diagram of Edgeworth (1881). This and the Edgeworth production box are often called just the Edgeworth Box, even though Edgeworth never drew either.
Industry:Economy
A measure of the protection provided to an industry by the entire structure of tariffs, taking into account the effects of tariffs on inputs as well as on outputs. Letting ''b<sub>ij</sub>'' be the share of input ''i'' in the value of output ''j'', and ''t<sub>i</sub>'' be the tariff on good ''i'', the ERP of industry ''j'' is ''ERP<sub>j</sub>'' = (''t<sub>j</sub>''-''<sub>i</sub>b<sub>ij</sub>t<sub>i</sub>'')/(1-''<sub>i</sub>b<sub>ij</sub>''). Due to Corden (1966).
Industry:Economy
1. A government budget surplus that is zero, thus with net tax revenue equaling expenditure. 2. A balanced budget change in policy or behavior is one in which a component of the government budget, usually taxes, is adjusted as necessary to maintain a balanced budget.
Industry:Economy
An allocation that it is impossible unambiguously to improve upon, in the sense of producing more of one good without producing less of another.
Industry:Economy
An asset market in which, at a minimum, current price changes are independent of past price changes, or, more strongly, price reflects all (publicly) available information. Some believe foreign exchange markets to be efficient, which in turn implies that future exchange rates cannot profitably be predicted.
Industry:Economy
1. The method of analyzing the determination of the balance of trade, especially due to a devaluation, that focuses on the price elasticities of exports and imports. According to this approach, the effect depends critically on the Marshall-Lerner Condition. 2. The explanation of exchange rates using supply and demand curves.
Industry:Economy
A measure of responsiveness of one economic variable to another -- usually the responsiveness of quantity to price along a supply or demand curve -- comparing percentage changes (%) or changes in logarithms (d ln). The arc elasticity of ''x'' with respect to ''y'' is = %''x''/%''y''. The point elasticity is = d ln''x''/d ln''y'' = (''y/x'')(d''x''/d''y'').
Industry:Economy
1. Originally this term was applied to countries that had recently ceased to be part of the Soviet Union and its satellites, and thus emerging from centrally planned communist economies. The term drew attention to their transition to becoming market economies. 2. Rather quickly, perhaps acknowledging the importance of central planning and the failure of markets in many other countries, the term has expanded to encompass also developing countries, not necessarily ever communist, as they expanded the role of markets.
Industry:Economy
1. Term coined in the early 1980s by World Bank economist Antoine van Agtmael to describe "economies with low-to-middle per capita income" (according to ''Financial Times'' Oct 20, 2006). 2. Same as emerging economy. 3. The securities market of an emerging economy.
Industry:Economy
