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public spending ratio (H5)<br />Total governmental expenditure as a proportion of the GROSS DOMESTIC PRODUCf.<br /><em>See also:</em> public sector

lag (E6)<br />The period of time elapsing between the change in value of an economic variable and the appearances of the effects of that change, e.g. the time lag between an income tax cut and an increase in consumer spending. These lags can be technological, psychological or institutional. They are a common feature of most economic relationships, especially relating to FISCAL POLICY, because a lapse of time is necessary before legislation and institutional behaviour can be adjusted: it takes time to change tax law, to pay out incomes and to spend money.<br /><em>See also:</em> administration lag; implementation lag; inside lag; Lundberg lag; outside lag; Robertsonian lag

<strong>FANG</strong> – Financial Aid Noon Group, the mid-Missouri group of financial aid officers. FANG normally meets several times a year in Columbia.

invisible trade (F1)<br />International trade in services, particularly banking, insurance, shipping, tourism and professional advice. This is the principal economic activity of the City of London and other leading financial centres.<br /><em>See also:</em> balance of payments

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