AP (Advanced Placement) Macroeconomics Financial Sector-Banking Terms and Persons (Page 38 of 51)

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Ratchet Effect

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Ratchet effect is a price/age situation where prices or wages goes upwards only and can՚t be reversed or reduced.

Real Time Gross Settlement (RTGS)

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RTGS provides continuous (real-time) settlement of funds transfers individually on an order by order basis (without netting) . Here, ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time. Similarly, ‘Gross Settlement’ means that settlement of funds transfer instructions occurs individually (on an instruction by instruction basis) .

Refinancing

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Refinancing is financing of one loan by another. Or in other words, one loan is replaced by another. Refinancing institutions are important institutions who give loans to other institutions who ultimately gives loans to the end customers. For example, the National Housing Bank is a refinancing institution in the field of housing finance in India. It doesn՚t give any direct loans to the house loan applicants. Rather, it refinances (give loans) to those institutions (eg. Commercial banks) who gives home loans. Similarly, NABARD is another refinancing institution, but in the field of agricultural credit.