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International Clearing Union (F3)<br />A set of international institutions proposed by KEYNES at BRETTON WOODS. The ICU was to be the world's banker by setting up a World Bank which would be able to make adjustments of exchange rates, as well as providing a Board for International Investment, a scheme of commodity controls and an International Economic Board. Keynes hoped that this new set of institutions would combat the evils of the TRADE CYCLE. Exchange rate stabilization was to be achieved by fixing each exchange rate in terms of a new international bank money, BANCOR, which would itself be fixed in terms of gold. CENTRAL BANKS WOuld keep their accounts with the ICU to settle outstanding balances at the par value of their currencies expressed in bancor. Ban- cor credit balances, with the approval of central banks in credit, would be used to finance debtor countries. Overdraft facilities would give countries time for adjustment Each country would have a 'quota', i.e. a maximum debit balance, equal to the sum of the country's exports and imports on the average of the three pre-war years. If the quota was exceeded by more than one-quarter, then the country would be entitled to devalue up to 5 per cent without the consent of the ICU If the quota was exceeded by more than one-half, then the ICU would require a stated devaluation, control of outward capital transactions and the surrender of a suitable percentage of gold or other liquid reserve assets. If the quota was exceeded by more than three-quarters, then a country could be declared in default and no longer entitled to draw on its account without the approval of the governing body of the ICU Thus, this proposal was a step towards a world central bank operating in an international currency.<br /><em>See also:</em> International Monetary Fund; World Bank
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<strong>Institutional aid</strong> – Financial aid programs created, funded, and administered by any given postsecondary institution.
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adverse selection (DO, G2)<br />A problem of insurance arising when the insurer does not know whether or not an insured person is at risk, with the consequence that the same premium is charged, irrespective of whether that individual is likely to claim. This can occur, for example, if applicants for life insurance do not disclose all their health details.<br /><em>See also:</em> asymmetric information
<strong>State aid</strong> – Financial aid programs funded by the state of Missouri. The MDHE administers several state aid programs.
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