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credit crunch (E5)<br />A shortage of bank loans and other forms of credit which brings about the curtailment of a business's activities or even its collapse. Credit can be limited by its price, by the type of borrower or by the state of the lender's balance sheet relative to the criteria used by a regulatory body (this often happened in the USA under REGULATION Q). The crunch comes under regulation because the lenders cannot use their own funds.<br /><em>Reference</em><br />Wojnilower, A.M. (1980) 'The central role of credit crunches as recent financial history', Brookings Papers on Economic Activity 2: 277-326.
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muni (H7)<br />US municipal bond.
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New Economic Policy (P2)<br />The second phase of LENIN's economic policy for the USSR in the 1920s which, in an attempt to increase production, replaced war communism with decentralization of industry and a measure of privately owned small-scale trade.<br /><em>Reference</em><br />Krugman, P. (1991) Geography and Trade, Cambridge, MA: MIT Press.
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