May distort trade when tax rates differ or when adjustment does not match the tax paid. Bound rate See tariff binding . In the Mundell-Fleming model , the curve representing balance of payments equilibrium . It is normally upward sloping because an increase in income increases imports while an increase in the interest rate increases capital inflows . The curve is used under pegged exchange rates for effects on the balance of payments and under floating rates for effects on the exchange rate.
Brain drain The migration of skilled workers out of a country.
A town in New Hampshire at which a 1944 conference launched the IMF and the World Bank . The fee for a transaction charged by an intermediary in a market, such as a bank in a foreign-exchange transaction. An international system of classification for goods that was once widely used for specifying tariffs. BTN Brussels Tariff Nomenclature Budget constraint 1. For a country, the condition that the value of exports equals the value of imports or, if capital flows are permitted, that exports minus imports equals the net capital outflow .