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Communaute Financiere Africaine Communaute Financiere Africaine African Financial Community: a group of Central and West African countries, formerly ruled by France, who share two versions. Conditional cash transfer A program in a developing country to encourage pro-growth and poverty-reducing activities by households by paying them cash conditional on behavior. Applied to nations, the word has a mercantilist connotation. Use of this term, with its connotation of loss for what economic theory suggests is often a source of gain, is part of what has been called gatt-Speak. Continuous time The use of a continuous variable to represent time, as in an economic model. Conservative Social Welfare Function A social welfare function that takes special account of the costs to individuals of losing relative to the status quo, and that therefore seeks to avoid large losses to significant groups within the population. Conditional MFN The levying of most favored nation tariffs on exports of a country only if it has satisfied certain conditions.

Counterpurchase contract A form of countertrade in which the foreign seller is required to purchase something from the buyer, usually unrelated goods or services. Counterfeit goods Products that appear to duplicate branded goods without the permission of the brand owner. If they are in fact duplicates, then buyers benefit from a low price, while brand owners may lose.

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Capital market A broad term, encompassing all the many mechanisms by which saving can be conveyed to those who wish to use it for investment. Concertina tariff reduction The reduction of a country's highest tariff to the level of the next highest, followed by the reduction of both to the level of the next highest after that, and so forth. Covered interest parity Equality of returns on otherwise comparable financial assets denominated in two currencies, with the forward market used to cover against exchange risk. Term used in September 2010 by Guido Mantega, Brazil's finance minister, referring to actions by China, and then by other countries in response, to prevent their currencies from appreciating. Copenhagen criteria The conditions that must be met for a country to gain entry to the European Union, as established by the Copenhagen European Council in 1993 and strengthened in Madrid in 1995. Credit crunch A shortage of available loans. Most recently (November 2015 only Cuba and North Korea are subject to Column 2 tariffs.

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