OECD
What is the OECD (Organization for Economic Cooperation and Development)? The OECD, or Organization for Economic Cooperation and Development, is an international organization that promotes policy coordination and economic freedom among developed nations. The OECD was derived from the Organization for European Economic Cooperation (OEEC) that was established in 1948 to monitor American and Canadian...
Customs Union
What is a Customs Union? A customs union is an agreement between two or more neighboring countries to remove trade barriers, reduce or abolish customs duty, and eliminate quotas. Such unions were defined by the General Agreement on Tariffs and Trade (GATT) and are the third stage of economic integration. Unlike in free trade agreements,...
Variable Rate Loans
What are Variable Rate Loans? A variable rate loan is a type of loan where the interest changes according to changes in market interest rates. Unlike a fixed-rate loan, where borrowers pay a constant interest rate, a variable rate loan comprises varying monthly or quarterly payments that change according to market interest rate changes. Lenders...
Secured vs Unsecured Loans
What are Secured vs Unsecured Loans? When planning to take out a personal loan, a borrower can choose between secured vs unsecured loans. When borrowing money from a bank, credit union, or other financial institution, an individual is essentially taking a loan. The bank has the discretion to decide whether to require the borrower to...
Regional Trading Agreements
What are Regional Trading Agreements? Regional trading agreements refer to a treaty that is signed by two or more countries to encourage the free movement of goods and services across the borders of its members. The agreement comes with internal rules that member countries follow among themselves. When dealing with non-member countries, there are external...
