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09/08/2014, 19:22
... PanamaandLiechtenstein–donothave
theirowncurrencies.
Seealso:coinage
currencyappreciation(F3)
Ariseintheinternationalvalueofa
currency.If,forexample,moreFrench
francsareexchangedthanpreviouslyfor
thesameamountofUSdollars,thedollar
hasappreciated.
currencybasket(F3)
Acombinationofcurrenciestoproducea
commonunit,e.g.the
ECU.Thevaluesof
thesecurrenciesareweighted,e.g.by
sharesinworldtradeorthegrossnational
productsofthecountriesparticipating.
currencycocktail(F3)
Amixtureofcontributingcurrencies,e.g.
the
ECUorSDR.
currencydepreciation(F3)
Afallintheinternationalvalueofa
currencyaslessofanothercurrencyis
exchangedforoneunitofone’sown.
Residentsofonecountryusingthecur-
rencyinothercountrieswillhavetheir
purchasingpowerperunitofthecurrency
reduced.Depreciationcanoccurveryra-
pidlyinforeignexchangemarketsinreac-
tiontobadnewsaboutthestateofthe
economyissuingthecurrency.
currencydevaluation(F3)
Afallina
FIXEDEXCHANGERATEwhich
reducesthevalueofacurrencyinterms
ofothercurrencies.Thepound,forexam-
ple,wasdevaluedin1949fromUS$4.03to
US$2.80andin1967fromUS$2.80to
US$2.40.Theaimofdevaluationisto
improvethebalanceofpayments
CURRENT
ACCOUNT
.Thechangeintheexchangerate
byraisingimportpricesandlowering
exportpriceswillreduceimportsand
increaseexports,ifthereisaprice-elastic
demandforbothandthepossibilityof
divertingproductiontoexportsandsub-
stitutesforimportsbyreducingdomestic
expenditure.
Seealso:J-curve;Marshall–Lernercondi-
tion
currencymarket(F3)seeforeign
exchangemarket
currency reform (F3)
Replacing an existing currency which has
lost its value with a new currency. Ger-
many after the First and Second World
Wars ... Korea,Malaysia,thePhilippinesand
Thailand.In1996therewasacapital
inflowintothesecountriesof$73billion
butin1997anoutflowof $30 billion.
Withfinancialderegulationcamecareless
lendingbyinternationalbankstothese
Asiancountries.Whentheextentofin-
debtednesswasknown,thecreditorspa-
nicked.Therewasafallinexchangerates,
anineffectiverescueeffortbytheIMFand
subsequentlyabankingcrisisandasevere
fallineffectivedemand.
easymoneypolicy(E5)
Arelaxedmonetarypolicypermittinghigh
ratesofgrowthofthemoneysupplyto
keepinterestrateslow.Thishasbeen
advocatedasameansofkeepingaggregate
demandhighandunemploymentlow.The
UKandtheUSAusedthepolicyinthe
yearsimmediatelyfollowingtheSecond
WorldWar.
Seealso:cheapmoney
easyrider(H3,J5)seefreerider
ecfare(D6)
ROBERTSON’sabbreviatedexpressionforECO-
NOMICWELFARE
.
eclecticKeynesians(B2)seenew
Keynesian
eclectictheory(F2)
Atheorydrawnfromvarioussourcesto
explain
FOREIGNDIRECTINVESTMENT.Loca-
tiontheoryisemployedtoexplainwhy
productionoccursatseverallocations;
IN-
TERNALIZATIONTHEORY
explainswhythe
internalmarketispreferredtotheexter-
nal;ownershipadvantages,especiallyof
productbrandsand
PATENTSexplainwhya
firmproducesoverseasratherthanlicense
itstechnology.Thistheoryhasbeenused
toexplaintheexpansionofmultinational
bankingandofhotelchains.
ecodevelopmentvaluation(D4,Q0)
Valuationofanenvironmentaccordingto
relativescarcityandminimaldislocation.
ecologicalcapital(Q0)
Thechangingstockofplant,animalspe-
cies,thephysicalenvironmentandthe
weather.
ecologicalfootprint(Q0)
Theamountoflandanindividualneedsto
supporthisorherpresentconsumption.
ThisconceptwasanticipatedbyRichard
CANTILLON’slandandlabourtheoryof
value.
e-commerce(L8)
Tradeingoodsandserviceseffectedbye-
mail(electronicmail).
econometrics(C1,C2,C3)
Themeasurementofeconomicrelation-
shipsusingstatisticaltechniques,andthe
testingofeconomictheories.Econometrics
hasbecomethebasisforeconomicfore-
casting.
Itwasinseparablefrommathematics
andstatisticsasanacademicdiscipline
untilthefoundationoftheEconometrics
Societyin1 931 .Althoughaquantitative
approachtoeconomicsgoesbackto
PETTY,
inthetwentiethcenturyitowesitsorigins
toHenryMoore’sattemptin1911to
providestatisticalevidencefor
MARGINAL
PRODUCTIVITY
theory.Graduallyitchanged
itsemphasisfromsearchingforconstant
economiclawstoprobabilisticmodels.
Themajortechniquesmostfrequently
usedare
MULTIPLEREGRESSION,TWO-STAGE
LEASTSQUARES
andamultitudeofteststo
preventproblemssuchas
AUTOCORRELA-
TION
.After1945,thegrowthofmacroeco-
nomicsandthemoresophisticatedstudy
ofconsumerbehaviourinspiredagreat
volumeofeconometricwork.Thedata
usedareeither
TIMESERIESprovidedby
officialgovernmentalstatisticalorganiza-
tionsor
CROSS-SECTIONDATAcollated
throughsurveys.
Seealso:CowlesCommission
References
Griliches, ... in
banksandotherfinancialinstitutions. In
theUSA,themajorschemehasbeenthe
FEDERALDEPOSITINSURANCECORPORATION
whichfrom 1 933 insuredthedepositsof
thememberbanksofthe
FEDERALRESERVE
SYSTEM
and ofnon-memberbankschoos-
ingtojoin.Instabilityinthebanking
systemof...