Related Entries of the International Encyclopedia:

1. Familiar Drawing Techniques process within the international monetary FUND (read this and related legal terms for further details) whereby a member nation suffering balance of payments problems may obtain foreign currencies from the IMF in exchange......
2. Par Value The nominal value assigned to a currency by its issuing authority. Normally, this value is expressed as a quantity of gold, or another currency convertible into gold. When the market value of a currency, expressed in terms of other convertible currencies, deviates significantly from its par [...]...
3. Guest Currency The currency in which a Eurobond (read this and related legal terms for further details) or other financial obligation is issued. The currency is selected to be acceptable to both the foreign borrower and the lender, and......
4. Credit Tranche A lending facility at the International Monetary Fund for nations suffering balance of payments difficulties. Before borrowing in the credit tranche, a nation must have exhausted its gold tranche facility. The gold tranche is equivalent to the amount of gold that a nation has deposited with the IMF,......
5. Collective Reserve Unit An artificial currency unit proposed in 1965 by Valéry Giscard d'Estaing of France. The cru, as it was known, was to have been linked to gold to create international reserves. The GROUP OF ten (read this and relat......
6. Key Currency The currency of a major trading nation widely accepted in settlement of international accounts. At present, eight currencies are regarded as key currencies and are known as the Big Eight ("https://lawin.org/list-of-international-trade-law-terms/">read this and related legal [...]...
7. International Reserves Gold, hard currencies, and special drawing rights (read this and related legal terms for further details) issued by the international monetary fund (...
8. General Agreements To Borrow An arrangement among the GROUP OF TEN (read this and related legal terms for further details) nations to provide supplemental financing to the International Monetary Fund (...
9. Export Unemployment A conscious program to relieve domestic unemployment or economic stagnation through the stimulation of export sales. The term is used generally in relation to improper export promotion vehicles such as dumping (read this and......
10. Transaction Value Of Similar Goods Sold An alternative method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
11. Credit Currency Synonymous with Fiduciary Currency (read this and related legal terms for further details).......
12. Tariff (Customs) A document issued by a nation's customs authority principally for the purpose of specifying rates of duty to be applied on various imported products. A tariff customarily also includes quantitative restrictions (quotas) upon certain imports, preferential duties on products imported from specifie......
13. Liquidity Summary of Liquidity The quality of being convertible into monetary wealth; as relates to a given nation's economic condition, liquidity consists of that country's supply of gold, foreign exchange holdings, and Special drawing Rights (read this and related legal terms for further [...]...
14. Zone Restricted Status A condition accorded to goods entered into a Foreign Trade Zone (read this and related legal terms for further details) solely for destruction or exportation to another country. These goods may not be manipulated or proc......
15. Differential Exchange Rates A scheme in which a government prescribes different rates of exchange for the local currency, depending upon the transaction involved. The government may assign its currency a given value in terms of gold for capital transfers, for example, but provide for a less favorable rate of exchange for impor......
16. Foreign Trade Antitrust Improvements Act A 1982 act of Congress, constituting Title IV of the export trading company act (read this and related legal terms for further details), which amends the Sherman Act and Federal Trade Commission Act to clarify their inap......
17. Freely Offered Goods offered in the normal course of trade to all buying on essentially the same basis, e.g., with like prices, terms, discounts, et cetera. Under prior valuation schemes, the value at which the goods were "freely offered" served as the basis for the assessment of customs duties; this con......
18. Column 1 Rate The rate of duty applied by U.S. Customs to imports from nations enjoying Most Favored Nation (read this and related legal terms for further details) status. See TARIFF (CUSTOMS); Tariff Schedules of the United States.......
19. Constructed Price A value for customs purposes that ignores the invoice price of the merchandise but is derived by computing the cost inputs of the product (materials plus reasonable manufacturing expenses in the country of origin plus a profit factor), to which are added the normal costs associated with preparing th......
20. Depreciation (Monetary) A fall in the value of money. This fall may be reflected as (1) internal depreciation, a decline in the domestic buying power of money, as measured by standard indices— if it now costs $110 to buy what $100 would have bought a year ago, the dollar has depreciated by 9 percent (100 divided by 110) ......
21. Gold Bullion Standard A monetary policy that permits redemption of currencies into gold, but only for significant amounts. Under a true gold standard, all currency is redeemable into gold on demand; under a gold bullion standard, gold might be redeemable only in minimum lots of one ingot.......
22. Cooley Loans Foreign-currency-denominated loans by the U.S. government to foreign nations to permit the purchase of American agricultural commodities. The loans are authorized by an amendment to the Agricultural Trade Development and Assistance Act (...
23. Fiat Money Currency that has value only because the state that issues it declares it to be legal tender; money that has no intrinsic value beyond the faith of the government that issues it. Paper money not freely exchangeable for gold or silver is fiat money. The term is often associated with regimes which ha......
24. Balance of Trade Balance Of Trade Summary of Balance Of Trade The sum total, in monetary terms, of a nation's merchandise (i.e., "visible") exports less the value of merchandise imports during a given time period, usually one year. Merchandise imports and exports are contrasted with trade in [...]...
25. Mint Par Of Exchange The relationship, in terms of precious metal value, of two nations' currencies, derived by dividing the gold or silver content, by weight, of one nation's currency unit by the comparable metal content of another nation's currency unit.......
26. Nonprivileged Foreign Status The condition of imported merchandise entered into a Foreign Trade Zone (read this and related legal terms for further details), other than goods that have been granted privileged foreign status (...
27. Public Stores Generally, a warehouse or other facility operated by the Federal government for the storage of contraband, seized merchandise, or goods not released from Federal custody. Under the customs regulations, these storage facilities are operated by government personnel for merchandise not released from cu......
28. Par Of Exchange The value, in gold, of a unit of a nation's currency in relation to the gold value of a unit of another nation's currency.......
29. Deductive Value Method An alternative method of valuing goods for customs purposes under the Customs Valuation code (read this and related legal terms for further details).......
30. Transaction Value The primary method of valuing goods for customs purposes under the Customs Valuation Agreement (read this and related legal terms for further details).......
31. Artificial Currency Unit An international standard of value created by a multilateral agreement. An artificial currency unit (ACU) is not a currency in the conventional sense in that it cannot be used to settle private transactions. An ACU is given a value in terms of a basket of various national currencies in fixed or vari......
32. Column 2 Rate The rate of duty applied by U.S. Customs to imports from nations not enjoying Most Favored Nation (read this and related legal terms for further details) status. The Column 2 rate is the statutory rate of duty provided i......
33. Fiduciary Currency A currency backed solely by the faith of the government that issues it. The term does not carry the negative import often associated with fiat money (read this and related legal terms for further details). See also Money......
34. Customs Enforcement Area An area not to extend more than fifty miles seaward, beyond the CUSTOMS WATERS (read this and related legal terms for further details). Within this zone customs officers are authorized to enforce U.S. laws if the preside......
35. Divergence Threshold Within the euro Pean Monetary System (read this and related legal terms for further details), each participating currency is assigned a value in terms of the European currency unit (ECU). The participating currency is pe......
36. Transaction Value Of Identical Merchandise An alternative method of valuing goods for customs purposes under the CustomsValuation Agreement (read this and related legal terms for further details).......
37. Central Rate Each currency affiliated with the EUROPEAN monetary system (read this and related legal terms for further details) is assigned a value in terms of the European currency unit (ECU). The central rate is the range within wh......
38. Customs Territory The geographical area of a country, its possessions, and surrounding waters within which the customs authority is empowered to impose duties and controls upon foreign merchandise entering therein. The customs territory need not necessarily incorporate all the territory over which a nation [...]...
39. Gold Exchange Standard A condition in which a nation maintains its reserves in a currency convertible into gold rather than in the metal itself. Since August 15, 1971, the U.S. dollar has not been freely convertible into gold by foreign central banks; it therefore does not qualify as a reserve currency for a nation on a g......
40. Monetary Unit The unit of account established by law in terms of which transactions are expressed. In the United States the monetary unit is the dollar, which, although no longer officially converted into gold, is tied to gold at the rate of $42.22 per fine ounce.......
41. Ordinary Course Of Trade A concept routinely applied in customs valuation that holds that the dutiable value of goods is the price at which they would normally sell if customary channels of distribution were observed. For example, where it was industry practice for a product to be sold directly by a manufacturer to an end u......
42. Soft Currency A national currency that, because of exchange controls, is not freely convertible into gold or other currencies. Such controls are usually manifest in officially set rates of exchange that do not reflect the price of the soft currency, were it permitted to trade freely.......
43. Bretton Woods Agreement The product of an international conference on monetary and economic affairs held at the end of World War II, from which resulted the International Monetary Fund and the World Bank; the term is used most commonly in reference to a program for world monetary affairs that emerged from the conference an......
44. Multiple Currency System Synonymous with Differential Exchange Rates (read this and related legal terms for further details).......
45. Nonprivileged Domestic Status The condition of merchandise of U.S. origin entered into a foreign trade zone (read this and related legal terms for further details), other than goods that have been granted privileged domestic STATUS (...
46. Normal Price Within the scope of the Brussels Definition Of Value (read this and related legal terms for further details), the value basis upon which ad valorem duties will be assessed on imports. The normal price is the price the go......
47. Reconstitution A regulation of the International Monetary Fund (read this and related legal terms for further details) relating to the use of Special Drawing Rights (...
48. European Monetary Cooperation Fund The successor to the European payments Union (read this and related legal terms for further details), the EMCF was established by the European Monetary Agreement of 1958 as a vehicle to enhance monetary cooperation among......
49. Notional Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the price the goods "ought to fetch" under specified conditions; this view was widely held for many years and was embraced in the Brussels Definition Of Value (...
50. Foreign Entity Within the meaning of financial Accounting Standards Board Statement No. 8 (read this and related legal terms for further details) relative to accounting for foreign currency transactions, aforeign entity is an affiliate......
51. Green Clause A provision in a letter OF CREDIT (read this and related legal terms for further details) similar to a RED CLAUSE (read this and related legal t......
52. Central Bank The principal monetary authority of a nation. In most commercially developed nations the central bank issues the currency and acts as banker for the government and the nation's commercial banks. By setting the rate at which it will lend money to commercial banks, the central bank [...]...
53. General Asset Currency Bank notes secured not by specific assets, e.g., gold or foreign currency on deposit, but by the overall assets of the issuer.......
54. Mint Ratio The ration of the amount of gold in a nation's monetary unit to the amount of silver in the same unit, when the nation is on a bimetallic standard. See bimetallism.......
55. International Gold Bullion Standard A Gold Bullion standard (read this and related legal terms for further details) that permits redemption of currency into gold only for purposes of export.......
56. Final List A listing of products upon which a unique standard of valuation was applied for duty purposes. Prior to 1958 duties were applicable on virtually all imports on the basis of foreign value or export value, whichever was higher. The foreign value was the price at which goods were freely offered for con......
57. Hard Currency A national currency freely exchangeable into gold or the currencies of other nations.......
58. Minimum List A statistical classification system for foreign trade advanced by the League of Nations. The report entitled Minimum List of Commodities for International Trade Statistics was published in 1938. Following World War II, it was superseded by the United Nations standard international Trade Classificati......
59. European Currency Unit (ECU) European Currency Unit (ECU) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of European Currency Unit (ECU): A unit of value based on a "currency basket" comprising specific amounts of the [...]...
60. Privileged Foreign Status A condition that may be accorded to foreign merchandise entering a foreign trade ZONE (read this and related legal terms for further details). Foreign merchandise entering a zone remains exempt from duty until withdrawn,......
61. Triffin Plan A proposal advanced by Professor Robert Triffin to establish a system for the settlement of international accounts. Originally articulated in Gold and the Dollar Crisis (1960), the Triffin Plan urged the creation of an international reserve asset to be used only for international account settlement.......
62. Country of Origin For customs tariff purposes, the country in which an imported product was manufactured, grown, or produced. When goods pass through more than one country in the process of manufacture, the country of origin does not change unless the product has been transformed substantially; minor [...]...
63. Intermediate Goods Synonymous with Intermediate Products (read this and related legal terms for further details).......
64. Consignor The person or firm shown as shipper on the BILL OF LADING (read this and related legal terms for further details).......
65. Reciprocal Trade Agreements Program An act of Congress which authorized the president to reduce tariffs in exchange for like concessions by trading partners. The Reciprocal Trade Agreements Act of 1934, enacted as an amendment to the Smoot-Hawley Act (read thi......
66. Foreign Currency Translation The accounting process employed in expressing, in terms of a firm's reporting currency, those transactions that are denominated in a different currency.......
67. Mtn Valuation Code An agreement on valuation for customs purposes, more commonly known as the customs valuation agreement (read this and related legal terms for further details).......
68. Bonded Warehouse Summary of Bonded Warehouse A warehouse storage area, or manufacturing facility in which imported merchandise may be stored or processed without payment of customs duties. Such premises are operated by a warehouse proprietor who holds a license from the U. S. Customs Service. Bonded [...]...
69. Convertibility Summary of Convertibility The ability of a currency to be exchanged for other currencies in settlement of current account transactions. Currencies are convertible in varying degrees, although the ability of nonresidents freely to purchase and sell a given currency, without governmental [...]...
70. Reliquidation An amendment of a customs entry Liquidation (read this and related legal terms for further details)......
71. Covered Transaction A transaction denominated in terms of a foreign currency, payable at a future date, in which protection against loss on exchange has been procured, usually in the form of a Forward Exchange Contract (read this and related le......
72. Customs Transit The condition of merchandise that is transiting the customs territory of a nation without having been released from customs jurisdiction. Goods in customs transit are processed under an in transit entry at the time they enter the United States; the in transit, or I.T., entry is effected by filing wi......
73. Export Subsidy Summary of Export Subsidy A direct payment, tax relief, or other incentive provided by a government to encourage export sales. The use of such devices is apt to be regarded as undesirable by the importing nation and may result in the imposition of Countervailing Duties (read this legal term [...]...
74. Fair Market Value The value an imported product would fetch, under similar circumstances of sale, were the goods sold in the country of origin. Customs authorities are usually interested in the fair market value of imported merchandise inasmuch as sales below such value may serve as the basis of a Dumping (...
75. Positive Concept Of Valuation An approach to the application of ad valorem duties that holds that duties should be applied upon the actual value of the transaction, as defined by buyer and seller. This view has been substantially fulfilled by the recent adoption of the transaction value basis of valuation in the Customs Valuatio......
76. Privileged Domestic Status A condition that may be accorded to merchandise of U.S. origin, or to imported merchandise upon which duties have been paid, that is entered into a foreign Trade Zone (read this and related legal terms for further details...
77. Economic Integration Summary of Economic Integration The process of unifying two or more national economies through conscious coordination of trade, fiscal, and monetary activities. Economic integration is normally preceded by the reduction or abolition of tariffs, quotas, and similar constraints upon trade [...]...
78. Gold Clause A provision in a debt instrument defining the monetary obligation in terms of gold, or a dollar of a prescribed weight and fineness of gold......
79. Gold Crisis A condition that arises when a nation exports so much gold as to draw close to the amount legally required as a reserve for currency outstanding. Often this condition is the product of a severe and protracted deficit in balance of payments.......
80. Gold Franc A unit of exchange employed in certain international financial transactions. The gold franc contains .2903 grams of fine gold; it is identical with the Swiss franc prior to its 1936 devaluation.......
81. Gold Inflation A condition that arises in a nation where holdings of gold are tied to money supply, and excessive stocks of monetary gold increase the creation of money, resulting in inflation. The remedy for this condition is to remove gold from the treasury, thereby reducing the quantity of money available.......
82. Gold Points A variation in the value of two gold standard currencies against the value of physical gold so as to warrant the export of gold. For example, if the exchange rate for French francs rose above a certain point, it would be more profitable to export gold to France and sell it for francs than to exchang......
83. Gold Reserves The gold held by a nation as reserves for currency issued. After U.S. abandonment of the gold standard in 1933, Congress mandated that the Federal Reserve banks would have to hold gold certificates, reflecting gold on deposit with the U.S. Treasury equivalent to at least 25 percent of currency [...]...
84. Gold Sterilization A governmental policy to prevent the expansion of a nation's money supply by preventing the accumulation of gold. In the case of a nation on the Gold Standard (read this and related legal terms for further details), ......
85. Gold Stock A nation's supply of monetary gold.......
86. Gold Tranche Position A drawing of foreign exchange from the international monetary FUND (read this and related legal terms for further details), by a member nation up to or equal with that country's gold on deposit with the IMF. In effec......
87. Gold Certificates Paper currency issued by the U.S. Treasury denominated in dollars and freely convertible by the bearer into gold at the fixed rate. When the United States went off the gold standard in 1933, gold certificates were removed from circulation, except for use by Federal Reserve banks.......
88. Gold Flow Also known as gold movements, the pattern by which monetary gold enters and leaves a country. Theoretically, an inflow of gold should expand the national monetary supply; conversely, an export of gold should contract the money supply, thus eliminating imbalances in international payments over time. ......
89. Gold Wire The telegraphic transfer of gold among Federal Reserve banks to clear interbank balances. The gold is physically on deposit with the treasurer of the United States.......
90. Gma Standard Pallet A widely used variety of wooden pallet adopted in the 1960s by the Grocery Manufacturers of America to overcome logistical problems associated with a lack of uniformity of pallet sizes. The GMA pallet measures forty-eight by forty inches and permits four-way entry.......
91. Earmarked Gold Bullion or coin gold held by a nation, within its monetary reserves, in trust for another government.......
92. Paper Gold A common reference to Special Drawing Rights (read this and related legal terms for further details) issued by the International Monetary Fund.......
93. Super Gold Tranche A condition in which drawings by a member of the international Monetary Fund (read this and related legal terms for further details) cause fund holdings of the member's currency to fall below 75 percent of the member......
94. Two-Tier Gold Mart A system under which gold is traded at two distinct prices. A fixed price is set for transactions among governments, while a market price (subject to the supply and demand mechanism) is established for public-sector transactions. This system was reestablished in the United States in 1968. In those c......
95. Double Standard A program of precious metal coinage in which the nation employs two standards of value, usually gold and silver, each having a fixed ratio of value (the mint ratio). Under this system, either metal, in coined form, stands as legal tender. The double standard differs from bimetallism, with which it i......
96. Fiat Standard A monetary system in which the money in circulation is not redeemable in any other form of money (e.g., gold) but has value simply by virtue of its issuance by governmental authority.......
97. Qparallel Standard A system under which a nation coins at least two metals, usually gold and silver, without establishing an exchange ratio between the metals. See bimetallism, mint par of Exchange.......
98. Single Standard A condition in which a nation endows a single metal as the basis of the monetary stock. This system is also known as monometallism. As a practical matter, virtually all commercial nations use gold as the standard.......
99. Standard Bullion Gold or silver in bars of the same composition as gold or silver coins. Since gold and silver coins consist of 90 precent precious metal and 10 percent base metal (usually copper), standard bullion would consist of a like mixture of precious and base metals. In effect, the bullion is suitable for im......
100. Standard Money Units of exchange created by lawful authority, i.e., legal tender.......
101. London Gold Pool An arrangement among certain European central banks and the Federal Reserve Bank of New York designed to maintain stability in the market price of gold in private transactions. The United States had been committed to buy and sell gold in official transactions at thirty-five dollars per ounce; a priv......
102. Fiduciary Standard Synonymous with FIDUCIARY CURRENCY (read this and related legal terms for further details).......
103. Standard Price The target price (read this and related legal terms for further details) for tobacco under the Common Agricultural Policy of the European Economic Community.......
104. Standard Shipping Note Standard Shipping Note (SSN) in International Trade Meaning of Standard Shipping Note (SSN), according to the Dictionary of International Trade (Global Negotiator): It is the receiving document for ports and containers bases around the world, and advises of the necessary information to process [...]...
105. Standard International Trade Classification A system for capture of international trade statistics developed under the auspices of the United Nations. The original SITC was adopted by the Economic and Social Council of the United Nations in July 1950. By 1960 many nations were compiling data on a commodity basis; coincidental with the [...]...
106. Standard Doctrine, Standard From the book The Clergyman's Hand-book of Law, about Doctrine, Standard (1): To ascertain the tenets and doctrines of a church, resort must be had to history and to prior and contemporary standard writings of its members on theology.31 Resources Notes and References [...]...
107. ISO Standard Resources See Also International Organization Foreign Relations Intergovernmental Organization Regional Organization Regional Integration...
108. Lloyd's Standard Policy A form of marine policy adopted by Lloyd's in 1779 and recognized in Britain by the Marine Insurance Bill of 1899 and the Marine Insurance Act of 1906 as the standard policy for Britain; policy forms used in the United States vary from the Lloyd's policy, but significant portions are retaine......
109. Standard Industrial Classification SIC (Standard Industrial Classification) and International Trade Economy In relation to international trade economy, Christopher Mark (1993) provided the following definition of SIC (Standard Industrial Classification): The basic system used by the US Commerce Department to categorize similar [...]...
110. Reasonable Person Standard Reasonable Person Standard Explained References See Also Tort (in international or comparative law) Product Liability (in international or comparative law) Duties (in international or comparative law) Resources See Also Tort Product Liability Duties...
111. Standard of Living Standard of Living (in the Human Development Area) In this context, Standard of Living means: integrated index of socio-economic development, measured by aggregate data such as real per capita income, poverty rate, access to health care, the uneven growth of incomes, standards of education, [...]...
112. Common Standard of Civilization Embracing mainstream international law, this section on common standard of civilization explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "common standard of civilization" in the Parry and Grant Encyclopaedic Dictionary [...]...
113. International Minimum Standard Embracing mainstream international law, this section on international minimum standard explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "international minimum standard" in the Parry and Grant Encyclopaedic Dictionary [...]...
114. Minimum Standard Embracing mainstream international law, this section on minimum standard explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "minimum standard" in the Parry and Grant Encyclopaedic Dictionary of International Law [...]...
115. National Treatment Standard National Treatment (standard) Embracing mainstream international law, this section on national treatment (standard) explores the context, history and effect of the area of the law covered here. Resources Further Reading The entry "national treatment (standard)" in the Parry and [...]...
116. Standard of Review This section provides an overview of standard of review within the legal context of National Treatment in international economic law, with coverage of Non-Discrimination in Trade of Goods and Services (Principles). Resources Further Reading Petros C Mavroidis, "Standard of Review," [...]...
117. Standard-Setting Organizations Standard-Setting Organizations in International Economic Law In international economic law, standard-setting organizations includes the following legal areas, with coverage in this world legal encyclopedia: li> International Standards Organization (ISO) International Electrotechnical [...]...
118. Production Standard Resources See Also Contract Contracting Novation Contract Dispute...
119. Standard Performance Resources See Also Contract Contracting Novation Contract Dispute...
120. Standard Metropolitan Statistical Area Introduction to Standard Metropolitan Statistical AreaStandard Metropolitan Statistical Area (SMSA), term previously used in U.S. government statistical compilations. It referred to a county or group of adjoining counties (except in New England) that contained at least one urbanized area of......