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FLOATING EXCHANGE RATE: An exchange rate determined through the unrestricted interaction of supply and demand in the foreign exchange market. A floating exchange rate means that a nation's government is NOT trying to manipulate currency prices to achieve some change in the exports or imports.
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REQUIRED RESERVES The reserves (vault cash and Federal Reserve deposits) that banks are required by government to keep to back up deposits. The primary use of required reserves is to process daily checkable deposit transactions. The government regulator in charge of setting reserve requires is the Federal Reserve System. Required reserves are usually in the range of 3 to 10 percent for checkable deposits and substantially less (0 percent) for savings deposits. Any legal reserves held by banks over those required to back deposits, termed excess reserves or free reserves, are available for interest-generating loans.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"A ship ought not to be held by one anchor, nor life by a single hope. " -- Epictetus, philosopher
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CRRA Constant Relative Risk Aversion
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