Copy of `Oesterreichische Nationalbank - Dictionary`

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Oesterreichische Nationalbank - Dictionary Category: Economy and Finance Date & country: 04/10/2008, AU Words: 3913

disability benefit
Disability Benefit is a payment made to insured people who are unable to work due to illness....

discharge
A separation of an employee from an establishment that is initiated by the employer; an involuntary separation....

discount loan
A loan on which the interest and/or charges are deducted from the face amount of the loan at the time it is made. The borrower receives an amount of principal reduced by the amount of interest, but must repay the full face amount of the loan. Used only for short-term loans....

discount rate
the assumed level of future return on pension fund assets...

discount rate
The interest rate at which eligible depository institutions may borrow funds, usually for short periods, directly from the Federal Reserve Banks. The law requires the board of directors of each Reserve Bank to establish the discount rate every 14 days subject to the approval of the Board of Governors....

discount security
an asset which does not pay coupon interest, and the return on which is achieved by capital appreciation because the asset is issued or bought at a discount....

discount window
Another method by which the Fed can inject funds into the banking system is by lending funds to financial institutions through the discount window. The interest rate on these loans is called the discount rate. Twice a month the Minneapolis Fed`s directors establish the Ninth District`s discount rate, subject to the review and determination by the B...

discount window
Much broader collateral requirements apply to the discount window, operated by the 12 regional Federal Reserve Banks. Under this facility, funding is provided at below market rates to meet temporary liquidity shortages at the discretion of the respective Federal Reserve Bank....

discounted cash-flow
In finance, a discounted cash flow or DCF is the value of a cash flow adjusted for the time value of money. The nominal values of two cash flows in different time periods cannot be directly compared because the preference of most people for consumption sooner rather than later, and because of the opportunity cost of forgoing an interest earning inv...

discounting
Calculating the present value of a future amount. Discounting is opposite to compounding....

discouraged worker
persons without jobs who are not currently looking for work (and, therefore, are not counted among the unemployed) but who, nevertheless, have demonstrated some degree of labor force attachment. Specifically, to be classified as discouraged workers, individuals must indicate that they currently want a job, have looked for work in the last 12 months...

discretionary spending
DISCRETIONARY SPENDING refers to spending set by annual appropriation levels made by decision of Congress. This spending is optional, and in contrast to entitlement programs for which funding is mandatory...

discriminant analysis
Looks for the best linear discriminant function(s) of a set of variables which reproduces, as far as possible, an a priori grouping of the cases. It uses a stepwise procedure, i.e. in each step the most powerful variable is entered. Three sample of cases can be distinguished: basic sample on which the main discriminant analysis steps are performed,...

discriminant function analysis
Discriminant function analysis is used to determine which variables discriminate between two or more naturally occurring groups....

disguised unemployment
A term, often used with reference to less developed nations, describing `underemployment` that is hidden by social practices. While workers have jobs, they are in fact doing very little, because there is excess labor relative to the available land and capital. In technical terms, the marginal productivity of labor is extremely low or even zero....

disinflation
A term signifying the process of reducing a high rate of inflation. Thus, the deep recession of 1980-1983 led to a sharp disinflation over that period....

disintermediation
optimizing the supply chain by bringing buyers and sellers together directly...

disintermediation
The concept of traditional intermediaries being replaced through direct buyer and seller exchanges....

disinvestment
`Running down` the stock of real capital. This arises when gross investment is insufficient to cover depreciation, so that net investment is negative....

disinvestment
Disinvestment is formally defined as withdrawal of direct investment capital. The most frequent cases are that the direct investor sells pariticpation (e.g. shares) it had invested in the direct investment enterprise of theat inter-company debt (e.g. loans) is paid back....

dispersion
A variable`s dispersion is the degree to which scores on the variable differ from each other. If every score on the variable were about equal, the variable would have very little dispersion. There are many measures of dispersion. `Variability` and `spread` are synonyms for dispersion. See spread for a graph of two distributions differing in disper...

disposable income
Roughly, take-home pay, or that part of the total national income that is available for consumption or saving. More precisely, it is equal to GNP; less all taxes, business saving, and depreciation; plus government and other transfer payments, and government interest payments....

disposable income
The income of the nation, institutional units e.g. households, etc., from all sources after deduction of all current transfers paid. It is equivalent to the national income at market prices plus net current transfers other than property and entrepreneurial income received....

disposition of coins
The action required when the records complete the retention cycle. This could include destruction or transfer to archives subject to conditional requirements....

dissaving
Negative saving; spending more on consumption goods during a period than disposable income for that period (the difference being financed by borrowing or drawing on past savings)....

Distinguished Name
A Certificate Signing Request (CSR) contains 6 Fields: Common name (CN), Organisation Name (O), Organisational Unit (OU), Locality (L), State (S), Country (C). Collectively this is referred to as the Distinguished Name....

district commission
Bezirkshauptmannschaft (District commission), lowest administrative authority of the general public administration. First instance in matters regarding the federal and provincial administration in the political districts outside the competence of chartered towns. Employs civil servants with different professional qualifications (law experts, physic...

district heating
The supply of heat, either in the form of steam or hot water, from a central source to a group of buildings....

divided highway
any highway with a physical barrier (such as jersey barrier or landscaped median) that separates the two directions of traffic is known as a divided highway. Divided highways may have four or more lanes. Divided Highways is also the name of a book and PBS series from 1996 that provided a glimpse of the politics and history behind the development of...

dividend
A distribution of cash or stock is usually referred to as a dividend; distribution of corporate assets, while also a dividend, is generally referred to as a distribution. (Stock or shares of stock are not corporate assets.) The decision to declare a dividend or distribution is within the business judgment of the board of directors. The dividend may...

Division Juristes-Linguistes
comprises legal experts with translation training; principal: Peter Rennpferdt...

Division Translation
comprises the translation staff (2 native speakers per official language); principal: Rossana Villani...

divisional coin
that which is equivalent to an exact fraction of the legal monetary unit....

dollarization
Adoption of the US dollar as the main currency across large parts of the economy. It can occur informally and without official approval, when citizens vote with their pockets, or formally when a country stops issuing its own currency and uses only foreign currency....

dollarization
Official or full dollarisation is a complete monetary union with a foreign country from which a country `imports` a currency, by making the foreign currency full legal tender and reducing its own currency, if any, to a subsidiary role. In officially dollarised countries, there is no domestic currency, no currency risk and, therefore, no risk of cur...

domain name
DOMAIN NAME, DOMAIN NAME SERVER (DNS)ENTRY Any of these terms refers to the initial part of a URL, down to the first /, where the domain and name of the host or SERVER computer are listed (most often in reversed order, name first, then domain). The domain name gives you who `published` a page, made it public by putting it on the Web. A domain nam...

domestic absorption
Domestic absorption is the sum of private consumption, general government consumption and gross domestic investment. Data are at current prices in local currency....

domestic absorption
The standard classification of the major components of aggregate demand is as follows: consumption + investment + government expenditure + exports - imports. From the above, if we wanted to know what is the total demand for domestic and imported goods and services, we have to add up consumption + investment + government expenditure. This new aggreg...

domestic demand of a country
U.S. domestic demand is defined as total U.S. GDP minus exports (demand from outside the United States) plus imports (U.S. demand not satisfied bydomestic output)....

domestic output price index
The domestic output price index (or producer price index) is a business cycle indicator showing the monthly development of transaction prices of economic activities. It can be an early indicator of inflationary pressures in the economy, but it also records the evolution of prices over longer periods of time. The domestic output price index for an e...

domestic payments
`domestic payments` shall mean payments effected or to be effected within one national RTGS system or within the ECB payment mechanism...

domicile
The deemed place where an individual has his permanent home and the means by which that person is connected to a specific legal system encompassing marriage, divorce, succession of estate, and taxation. Or the place to which that individual intends to return, or in some cases the country of origin. In other jurisdictions the place where an individu...

dot-bomb
facetious term for a Web site that crashes...

double burden
A term used to describe the situation of women who perform paid work outside the domestic sphere as well as homemaking and child-care work inside the home. Since domestic work is private and outside the cash economy, it is not remunerated and this causes it to appear as something less than real work and as part of the natural gender role of women....

double entry bookkeeping
Double entry book keeping is a method of recording transactions, which allows a check on accuracy of the recording. Bookkeeping entries are divided into DEBITS and CREDITS. The DEBIT side is at the left of the ledger page, the CREDITS on the right. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the compa...

doubtful loans
A loan classified doubtful has all the weaknesses inherent in a loan classified substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain ...

Dow Jones Euro STOXX 50 index
tracks the biggest 50 companies within the 11 countries participating in the euro common currency;...

Dow Jones EURO STOXX index
STOXX Limited (http://www.stoxx.com) publishes the Dow Jones STOXX indices which measure stock price developments in Europe as a whole. The Dow Jones EURO STOXX index is one member of this index family. This index aggregates the prices of a broad range of stocks only from those countries belonging to the euro area. Furthermore, three types of secto...

downside risk
An assessment as to the extent that a security could decline in value--considering all possible factors that could affect the security`s market price....

downsize
A reduction in workforce by a substantial percentage while attempting to maintain or increase output and productivity....

downsize
Downsizing is different from the layoffs of the past. Layoffs came in response to shortfalls in product demand... In contrast, downsizing involves job reductions driven by a desire to operate more efficiently even when demand is strong....

downstream merger
The merger of a parent corporation into one of its subsidiaries, with the subsidiary being the surviving business entity....

downstream merger
Under current law, downstream mergers qualify for tax-free treatment. In a downstream merger, the parent corporation transfers its assets, including the stock of its subsidiary that it holds, to its subsidiary and the parent`s shareholders receive stock of the subsidiary in exchange for their stock in the parent. In substance, such transactions res...

draft
A written order directing the payment of money from an account or fund....

DTCC
The thing that makes trading in the United States cheap isn`t the existence of a centralized exchange, but the existence of a centralized clearer for all exchanges, the $23 trillion Depository Trust Clearing Corporation....

dual capital trust
Another term for a split-capital trust. Also can be referred to as a Dual Purpose Trust....

dual control
A control procedure whereby the active involvement of two people is required to complete a specified process. Such control may be physical; e.g. two persons required to unlock the Data Safe, or logical; as in the case of a higher level authorisation password required to permit the entry of data created or amended by another person....

dual display of prices
The display of prices in both euros and in the national currency. The European Commission has chosen not to enact binding legislation on dual price display for the changeover to the euro, although certain national governments may still choose to do so. AMUE...

dual exchange rate
A system where there is a fixed official exchange rate and an illegal market determined parallel exchange rate....

dual listing
The listing of a security on more than one exchange. Many stocks are traded on the New York or the American stock exchanges and on one or more of the regional exchanges. For example, the common stock of Occidental Petroleum is listed on the New York Stock Exchange, but it also enjoys a large amount of activity on the Pacific Stock Exchange. Althoug...

due diligence
Making a reasonable effort to provide accurate, complete information. A study that often precedes the purchase of property or the underwriting of a loan or investment; considers the physical, financial, legal, and social characteristics of the property and expected investment performance....

due diligence
The investigation and evaluation of a management team`s characteristics, investment philosophy, and terms and conditions prior to committing capital to the fund....

dummy variable
A dummy variable is a variable that takes on the values 1 and 0; 1 means something is true (such as age < 25, sex is male, or in the category `very much`). Dummy variables are also called indicator variables by some people. There are three ways to create dummy variables: one is to use generate, which creates one dummy variable at a time, another is...

Dunning`s `Eclectic Theory of FDI`
`Eclectic` theory of FDI (Dunning) Choice between: (1) FDI (set up a local plant); (2) exports from home country; (3) licensing of technology to local firm. FDI arises where: (1) A particular firm has ownership advantages which give it an edge over other firms; (2) There are locational advantages favouring production in the foreign country, rather...

durable goods
Consumer goods that have what is known as a `long shelf life`, i.e., tools, furniture, automotive parts, etc....

durable goods
Items with a normal life expectancy of three years or more. Automobiles, furniture, household appliances and mobile homes are examples. Because of their nature, expenditures for durable goods are generally postponable. Consequently, durable goods sales are the most volatile component of consumer expenditures....

duration
A measure of the relative volatility of a bond; i.e. the price change of a bond for a given change in the interest rate. Duration is measured in units of time. It includes the effects of time until maturity, cash flows and the yield to maturity....

duration
Average life span of a bond portfolio in years. Enables one to measure of interest-rate risk....

duration
Calculated using Macaulay`s formula, a measure of the sensitivity of an interest bearing instrument to changes in interest rates, being the maturity for which a change in rates has most effect on the value of the instrument. This maturity is not necessarily the same as the instrument`s stated maturity, since duration is the weighted average maturit...

Dutch auction
Auction method used in which the security`s price is gradually lowered until it meets an acceptable bid and is sold. The Treasury uses this auction system when selling new notes or bonds to determine the lowest bid price (stop-out price). The opposite is the `auction market` system used by major stock exchanges....

Dutch auction
Dutch Auction - The auctioneer announces a high price and then announces successively lower bids. This continues until a prospective buyer calls a halt by offering to buy at the current price. This is equivalent to an `outlet` store successively lowering the marked prices on the clothes on the rack....

duty of professional secrecy
References in statutory enactments to `the duty of professional secrecy` or similar expressions shall henceforth be interpreted, unless the context otherwise requires, as references to the duty imposed by section 257 of the Criminal Code not to disclose a secret covered by that section....

DVP
delivery against payment...

DVP
delivery versus payment...

early redemption bond
An embedded feature of some bonds with both fixed and floating rates that permits the holder to sell the bonds back to the issuer or to a third party at par or close to par in the event interest rates rise and/or the quality of the issuer`s credit declines. Bonds with these options are usually called Put Bonds, Puttable Notes, or Puttable Bonds....

early stage
A fund investment strategy involving investment in companies for product development and initial marketing, manufacturing and sales activities....

earmarking system
Under the earmarking system, each and every asset put forward (including predeposited assets) by a counterparty to the relevant central bank is specifically associated with a certain amount of credit obtained from the Eurosystem....

earned income tax credit
The Earned Income Tax Credit (EITC) sometimes called the Earned Income Credit (EIC), is a refundable federal income tax credit for low-income working individuals and families. Congress originally approved the tax credit legislation in 1975 in part to offset the burden of social security taxes and to provide an incentive to work. When the EITC excee...

earned service
Paid employment as a public school teacher or as an employee of an SCRS-covered employer during which the teacher or employee makes regular retirement contributions to the SCRS....

earned surplus
In a public limited company, for instance, the shareholders` equity comprises the company`s paid-up capital, represented by ordinary shares (or by ordinary shares and preference shares), and both capital and revenue reserves. In an American corporation, the corresponding items would be paid-up capital stock (common stock, and preferred stock if any...

earnings cap (on social security)
This is a limit on how much of a member`s earnings may be used to work out the limits on contributions and benefits in an approved scheme. This limits the amount that a high earner can put into a pension scheme and still get tax relief. The earnings cap affects Class A members only. It is similar to final remuneration, which can affect all members....

earnings report
A financial statement that reports the results of a company`s business operations (revenue and expenses) for a set period, usually one year. Also called an income statement, statement of earnings, statement of operations, and statement of profit and loss....

earn-out provision
A contractual provision enabling an owner to earn additional money after the sale of a business if certain conditions, generally relating to the operations of the business, are met....

EASDAQ
EASDAQ is a screen-based, quote-driven market which uses a multiple market maker system similar to that used by NASDAQ in the United States. EASDAQ has its own dedicated trading platform which allows seamless trading and settlement across the European Union....

East Jour Fixe
The East Jour Fixe of the Oesterreichische Nationalbank, a series of meetings initiated in 1991 as a forum in which economists, members of academia, government officials and other experts on Eastern Europe meet to discuss specific transition issues, looks back on a long tradition....

easy money
obtainable at low interest and without difficulty...

EBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortization (...) An indicator of a company`s financial performance which is calculated as follows: Revenue - Expenses (excluding tax, interest, depreciation and amortization). EBITDA can be used to analyze and compare profitability between companies and industries because it eliminates the effect...

EBK
Electronic Banking Communication...

EBRD
European Bank for Reconstruction and Development...

ECAF Implementation Task Force
A task force that reports to the joint Market Operations Committee and Payment and Settlement Systems Committee(ESCB committees)...

ECB payment mechanism
`ECB payment mechanism` shall mean the payment arrangements organised within the ECB and connected to Target for the purpose of effecting (i) payments between accounts held at the ECB; and (ii) payments through Target between accounts held at the ECB and at the NCBs...

ECB`s income on euro banknotes
`ECB`s income on euro banknotes` in circulation shall meantheincomeaccruing to theECB on theremuneration of itsintra-Eurosystem claims on NCBs related to its share ofeuro banknotes in circulation as a result of the applicationof Article2 of Decision ECB/2001/16. ECBECB/2002/09...

ECBS
The European Committee for Banking Standards was established by its founder members (the three European Credit Sector Associations) in 1993. Its task is to develop technical solutions to the issues common to all the ECSA members, - arising from the need for a Europe-wide approach to the technical banking infrastructure, in specific payment systems,...

ECI
The ECI program serves as a means to facilitate the international distribution of U.S. banknotes, permit the repatriation of old design banknotes, promote the recirculation of fit new-design currency, and strengthen U.S. information gathering capabilities on the international use of U.S. currency and sources of U.S. banknote counterfeiting abroad. ...

eco-driving
It`s really just an up-market term for fuel economy - learning to drive your vehicle in a way that minimises your fuel consumption. Among the tips are: don`t carry unnecessary loads, speed up and brake smoothly, engage the appropriate gear for your road speed, don`t leave the engine idling unnecessarily, use the engine to brake when you can, and dr...

econometrics
Econometrics is the field of economics that is concerned with the application of mathematical statistics and the tools of statistical inference to the empirical measurement of relationships postulated by economic theory. That is, econometrics (hopefully) uses some clever combination of economic theory and mathematical statistics....

econometrics
the application of statistical theory to economic investigation...

economic analysis
Economic analysis is a type of economic appraisal showing whether and to which degree, a certain investment or activity is advantageous compared to zero investment or compared to other fields of investment. The relevant terms of analysis are: benefits and costs....

economic analysis
Economic analysis or economic appraisal An umbrella term covering both economic evaluation and financial analysis....

economic analysis
The economic analysis assesses the short to medium-term determinants of price developments. The focus is on real activity and financial conditions in the economy. The economic analysis takes account of the fact that price developments over those horizons are influenced largely by the interplay of supply and demand in the goods, services and factor ...