Antisdill

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common market (FO)<br />A CUSTOMS UNION within which there is free movement of labour and capital, no tariffs between its member countries and a coM. MON EXTERNAL TARIFF to exclude other countries' produce. A common market in many respects behaves like a national ECONOMY as all firms of the same industry are in competition across national boundaries and can draw upon the same pool of labour and financial capital. The absence of tariffs within this market enables production to be allocated according to the principle of COMPARATfVE ADVANTAGE. The EUROPEAN UNION is a major modern example.<br /><em>See also:</em> single market

implementation lag (E6)<br />The time it takes to institute a discretionary change in policy. These lags are usually shorter for MONETARY POLICY than for FISCAL POLICY as in the former case a sudden announcement of a change in interest rates can be made, whereas fiscal changes often need legislation.<br /><em>See also:</em> recognition lag

<strong>Repayment period</strong> – The period during which payments of principal and interest are required. The repayment period follows any applicable in-school or grace period (for Stafford Loans) and excludes any period of authorized deferment or forbearance.

stress test (G2)<br />A test of CAPITAL ADEQUACY related to an optimal debt-equity funding mix. For a bank this shows the capacity of the bank's capital to absorb potentially large losses. As a result of the test, there is an estimate of the amount of risk-free collateral required.

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