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A measurable economic variable that varies over the business cycle, reaching peaks and troughs somewhat earlier than other macroeconomic variables such as GDP and unemployment, and therefore useful for forecasting them. Contrasts with lagging indicator.
Industry:Economy
A common means of payment in international trade, this is a written commitment by a bank to make payment to an exporter on behalf of an importer, under specified conditions.
Industry:Economy
An amount that is owed, in contrast to an asset. A liability may result from borrowing, from obligation to pay for a product or service received, etc.
Industry:Economy
1. The process of making policies less constraining of economic activity. 2. Reduction of tariffs and/or removal of nontariff barriers.
Industry:Economy
1. The requirement that importers and/or exporters get government approval prior to importing or exporting. Licensing may be automatic, or it may be discretionary, based on a quota, a performance requirement, or some other criterion. 2. Granting of permission, in return for a licensing fee, to use a technology. When done by firms in one country to firms in another, it is a form of technology transfer. See compulsory licensing.
Industry:Economy
A linear relationship between a dependent variable and one or more independent variables plus a stochastic disturbance: ''Y<sub>i</sub>=b''<sub>0</sub>+''b''<sub>1</sub>''X''<sub>1''i</sub>+. . . +b<sub>n</sub>X<sub>ni</sub>+u<sub>i</sub>. ''
Industry:Economy
A financial crisis that occurs due to lack of liquidity. In international finance, it usually means that a government or central bank runs short of international reserves needed to peg its exchange rate and/or to service its foreign loans.
Industry:Economy
An amount, usually of money, conveyed by one to another in the expectation that it will be returned, perhaps with specified interest, at a later date. When the lender and borrower are in different countries with separate monetary and legal systems, loans bear extra risk.
Industry:Economy
A particular mathematical transformation often used to express economic variables. Advantages: 1) If a variable grows at a constant percentage rate over time, the graph of its logarithm is a straight line. 2) A small change in the logarithm of a variable is approximately its percentage change.
Industry:Economy
