International Economics

1992 Programme
The European Community plan to complete a single internal market by removing barriers to trade, capital, services, and labor mobility.
A-Share
Usually a mainland Chinese share listed in renminbi, though some firms also use Class A share labels for voting-rights structures.
Absolute Advantage
The ability to produce a good or service using fewer inputs than another producer.
Absorption
Domestic spending on consumption, investment, and government purchases, often used to analyze trade and current-account balances.
Acceptance
In trade finance, the act of signing a bill of exchange and becoming legally obligated to pay it at maturity.
Accepting House
A financial intermediary that accepts bills of exchange and guarantees payment at maturity, improving liquidity in trade finance.
Accession Criteria
The political, economic, and institutional conditions a country must satisfy to join the European Union.
Adjustable Peg
An exchange-rate regime that keeps a currency near a fixed parity most of the time but allows occasional realignment.
Adjustment Programme
A package of policies used to correct a balance-of-payments crisis, restore external financing, and stabilize the economy.
Advantage
In economics, advantage usually refers to absolute advantage or comparative advantage in production, trade, or specialization.
Agricultural Protection
Policies such as tariffs, quotas, and subsidies that raise domestic farm prices or incomes relative to world-market outcomes.
Anti-dumping Action
A trade-remedy investigation into whether imports are dumped and whether they injure a domestic industry.
Anti-Dumping Duty
An extra import tariff imposed after an anti-dumping investigation finds dumping and injury.
Arm's-Length Price
The price unrelated parties would agree to under comparable market conditions.
Asia-Pacific Economic Cooperation (APEC)
A regional forum that promotes trade, investment, and economic cooperation across the Asia-Pacific.
Asian Financial Crisis (1997–1998)
A regional crisis of capital-flow reversals, currency collapses, and banking distress across several Asian economies.
Asian Infrastructure Investment Bank (AIIB)
A multilateral development bank that finances infrastructure and related development projects, especially in Asia.
Asymmetric Shocks
Economic shocks that affect regions, sectors, or countries differently rather than uniformly.
Autarchy
A condition of economic self-sufficiency in which a country relies little or not at all on international trade.
Balance of Payments
The record of a country's transactions with the rest of the world over a period.
Balance of Trade
The difference between a country’s exports and imports of goods; a core part of the current account.
Balance-of-Payments Crisis
A situation where a country cannot finance external payments sustainably, triggering reserve losses, currency pressure, or default risk.
Baltic Free Trade Agreement
Baltic Free Trade Agreement - A free trade agreement between Estonia, Latvia, and Lithuania established in 1993 and remaining in place until the three countries joined the European Union in 2004.
Banco del Sur
A South American regional development bank initiative intended to fund projects and reduce reliance on traditional multilateral lenders.
Bank for International Settlements
An international institution that supports central bank cooperation, monetary stability, and prudential standards.
Base Erosion and Profit Shifting (BEPS)
Tax-planning strategies that reduce taxable profit in higher-tax countries and shift it elsewhere.
Beggar-My-Neighbour Policy
A beggar-my-neighbour policy tries to improve one country's economy by shifting demand, unemployment, or adjustment costs onto other countries.
Benelux
Benelux is the economic union of Belgium, the Netherlands, and Luxembourg, often treated as an early example of regional economic integration.
Big Mac Index
The Big Mac Index is an informal purchasing-power-parity comparison that uses the price of a Big Mac across countries to illustrate currency misalignment.
Bilateral Trade
Bilateral trade is trade conducted directly between two countries, often under a specific agreement or balancing arrangement.
Bill of Exchange
A bill of exchange is a written order requiring payment of a specified sum at a specified time, commonly used in trade finance.
Blair House Agreement
The Blair House Agreement was a 1992 U.S.-EC deal that helped break the agricultural deadlock in the Uruguay Round trade talks.
European Bank for Reconstruction and Development (EBRD)
An international bank established to aid the transition of Central and Eastern Europe and former Soviet states to market economies.
Maastricht Treaty
The 1992 Treaty on European Union that created the EU and set the roadmap for Economic and Monetary Union and the euro.
Multilateralism
An approach to international economic cooperation based on common rules across many countries.
Quota (IMF)
Understanding the fundamental role of quotas within the International Monetary Fund (IMF).
Retaliation
A policy response meant to punish or deter another country or firm, often seen in trade disputes and trade wars.
Sovereign Debt
Debt issued by a national government, with risks tied to default, inflation, and macroeconomic sustainability.
Unfair Competition
Practices that distort competition through deception or exclusionary tactics rather than efficiency.
Washington Consensus
A label for a policy agenda emphasizing stabilization, liberalization, and privatization in developing-country reform programs.