Copy of `Oesterreichische Nationalbank - Dictionary`

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

Economic and Financial Committee
a consultative Community body set up at the start of Stage Three, when the Monetary Committee was dissolved. The Member States, the European Commission and the European Central Bank (ECB) each appoint no more than two members of the Committee. The two members appointed by the Member States are selected respectively from among senior officials from ...

Economic and Financial Committee
The Economic and Financial Committee took over the duties of the Monetary Committee as from 1 January 1999. The task of the Committee is to report to Finance ministers and to the European Commission on the economic and financial situation of all EU member states as well as the EU itself, and on financial relations with third countries and internati...

economic cycle
Microeconomics: The interval in time which relates to the periods of a business`s prosperity and depression. Example: All businesses have good times and bad or they have high and low periods, depending on the seasonability of the business in general. The ski business is a prime example; low in the summer, high in the winter....

economic cycle
Predictable long-term pattern changes in national income. Traditional business cycles undergo four stages: expansion, prosperity, contraction, and recession. After a recessionary phase, the expansionary phase can start again. The phases of the business cycle are characterized by changing employment, industrial productivity, and interest rates. Some...

economic dependency ratio
The economic dependency ratio is defined as the total of the dependent age group as a proportion of the overall working population; it reflects the state of our labor market as much as the age structure of our populations. The former actually dominates the latter. While the demographic dependency ratios are, at present, broadly similar across the t...

economic evaluation
1) The comparative analysis of alternative courses of action in terms of both their costs and their consequences. 2) A set of formal quantitative methods used to compare alternative strategies with respect to their resource use and their expected outcomes....

economic good times
Economic `good times` should be identified as periods where output exceeds its potential level, taking into account tax elasticities....

economic goods
An economic good is a physical object or service that has value to people and can be sold for a non-negative price in the marketplace....

economic indicator
A statistical series that has been found to fairly accurately represent changes in business conditions. There are three major groups of economic indicators that demonstrate a consistent relationship to the timing of general business fluctuations: 1. Leading indicators signal in advance a change in the basic pattern of economic performance. Examples...

economic life
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Economic Policy Committee
The Economic Policy Committee (EPC) has been set up to contribute to the preparation of the work of the Council (Ecofin) in co-ordinating the economic policies of the Member States and the Community, and to provide advice to the Commission and the Council. According to its statutes, the Committee is asked to focus on structural policies for improvi...

economic time series
A set of data collected over regular time intervals (e.g., weekly, monthly, quarterly, annually) which measures some aspect of economic activity. The data may measure a large grouping such as Gross Domestic Product, or a narrow segment such as auto sales or the price of a commodity....

economical performance
Economical performance accomplishes objectives and goals at a cost commensurate with the risk....

economically active person
meaning those who either have a job or seek one...

economically active population
The definition of the economically active population corresponds, in principle, to that adopted by the Thirteenth International Conference on Labor Statisticians (ICLS, 1982). Data on economically active population include persons in `paid employment` and those in `self employment` (such as employers, own-account workers, members of producers` coop...

economies of scope
Economies of scope occur when firms achieve cost savings by increasing the variety of goods and services that they produce (joint production). Such effects arise when it is possible to share components and to use the same facilities and personnel to produce several products. For example, a bank may sell retail insurance products in its local branch...

ECSC
The Treaty establishing the European Coal and Steel Community (ECSC) expires 23 July 2002, and the ownership of the ECSC funds will revert to the Member States. The Member States will transfer the ECSC funds to the European Community to create a common fund dedicated for research in the coal and steel area....

ECU
The European currency unit (ECU) comprises a basket of currencies of the countries participating in the Exchange Rate Mechanism (ERM). The basket represents ERM membership in 1989 and includes currencies that will not be part of the euro. Conversely, there are currencies in the euro that are not in the ECU basket. When the euro is launched, the ECU...

ECU
The European unit of account (EUA) was phased in from 1975 to replace the old unit of account (u.a.) and was itself replaced by the ecu in 1979.The ecu was replaced by the euro on 1 January 1999....

edge
Edge - the third side of a coin, it can be plain, reeded, lettered or starred....

edge inscription
Lettering on the edge of a coin or medal to prevent clipping. Alluding to this, the Latin motto Decus et Tutamen (`an ornament and a safeguard`) was applied to the edge of English milled coins in the reign of Charles II....

edge lettering
In use since 1577 for applying an inscription around a coin`s edge. For this purpose, collars consisting of two or three segments were used. The material upset by striking was pressed against the inscription or ribbing. Since the nineteenth century, it has been customary to use a closed collar. The collar maintains the shape of the planchet during ...

EDP notification
excessive deficit procedure notification: Adjustments should normally appear in the Excessive Deficit Procedure (EDP) notification of August 2002....

EDP report
As from the beginning of 1994, Member States shall report to the Commission their planned and actual government deficits and levels of government debt twice a year, the first time before 1 March of the current year (year n) and the second time before 1 September of year n. (Council Regulation (EC) No 3605/93 of 22 November 1993 on the application o...

education
the quantity and quality of schooling...

educational attainment
Percentage of population having attained at least upper secondary level by sex and age groups; LFS...

educational attainment
The highest diploma or degree, or level of work towards a diploma or degree, an individual has completed....

educational attainment
The US Census Bureau Glossary defines educational attainment as `the highest level of education completed in terms of the highest degree or the highest level of schooling completed.`...

EEA
`EEA` shall mean the European Economic Area as defined in the Agreement on the European Economic Area concluded on 2 May 1992 between the European Community and its Member States and the Member States of the European Free Trade Association, as amended by the Protocol adjusting the Agreement on the European Economic Area of 17 March 1993 ECB/2001/3...

effective control
Effective control is present when management directs systems in such a manner as to provide reasonable assurance that the organization`s objectives and goals will be achieved....

effective retirement age
when people on average stop working...

efficient market
A market in which the actual price embodies all currently available relevant information....

efficient market hypothesis
Efficient market hypothesis (EMH) is an idea partly developed in the 1960s by Eugene Fama. It states that it is impossible to beat the market because prices already incorporate and reflect all relevant information. This is also a highly controversial and often disputed theory. Supporters of this model believe it is pointless to search for undervalu...

efficient performance
Efficient performance accomplishes objectives and goals in an accurate and timely fashion with minimal use of resources....

eigenvalue
Eigenvalues, also called the characteristic roots: There is one eigenvalue for each discriminant function. The ratio of the eigenvalues indicates the relative discriminating power of the discriminant functions....

elder care
Elder Care describes the issues and care concerns for the frail elderly who make up 5% of the over 65 population. This means that of the approximate 45 million seniors currently in the U.S. 16% of the 2003 general population), 2.25 million are frail. Frailty is defined as chronic functional impairment in one or more of 6 activities of daily living ...

electricity, gas and water
Division 4 of the United Nations International Standard Industrial Classification of All Economic Activity...

electricity, gas and water supply
MAJOR DIVISION 4: ELECTRICITY, GAS AND WATER SUPPLY (Division 41) Electricity, gas, steam and hot water supply (Major group 411) Production, collection and distribution of electricity; (Major group 412) Manufacture of gas; distribution of gaseous fuels through mains; (Major group 413) Steam and hot water supply (Division 42 Major group 420) Coll...

electronic banking
Electronic banking refers to the provision of retail and small value banking products and services through electronic channels. Such products and services can include deposit-taking, lending, account management, the provision of financial advice, electronic bill payment, and the provision of other electronic payment products and services such as el...

electronic communications network
ECNs are e-brokers, relying on web-based platforms that collect limit and market orders, and match them or display them on Internet-based order books. OeNBVOWI-Tagungsband 2001, Bisière...

electronic data interchange
Electronic Data Interchange; the computer-to-computer communication of business documents using standard data formats. Standard formats ensure that different companies can exchange business data without modifying their computer systems. EFT is the financial equivalent of EDI....

electronic money
Electronic money is a payment instrument whereby monetary value is electronically stored on a technical device in the possession of the customer....

electronic money
Electronic money is broadly defined as an electronic store of monetary value on a technical device that may be widely used for making payments to undertakings other than the issuer without necessarily involving bank accounts in the transaction, but acting as a prepaid bearer instrument....

electronic money
Electronic money: shall mean an electronic store of monetary value on a technical device, including prepaid cards, that may be widely used for making payments to entities other than the issuer without necessarily involving bank accounts in the transaction, but acting as a prepaid bearer instrument....

electronic money
For the purposes of this Directive (...) `electronic money` shall mean monetary value as represented by a claim on the issuer which is: (i) stored an electronic device; (ii) issued on receipt of funds of an amount not less in value than the monetary value issued; (iii) accepted as means of payment by undertakings other than the issuer. 2000/46/EC...

electronic money
value stored electronically in a device such as a chip card or a hard drive in a personal computer....

electronic money institution
For the purpose of this Directive `electronic money institution` shall mean an undertaking or any other legal person, other than a credit institution as defined in Article 1, point 1, first subparagraph (a) of Directive 2000/12/EC which issues means of payment in the form of electronic money. 2000/46/EC...

embedded derivative
A feature or contractual provision that is an integral part of a security`s structure, e.g., a 10-year bond that is callable in seven years has an embedded call option....

embedded derivative
portions of contracts that meet the definition of a derivative when the entire nonderivative contract cannot be considered a financial instruments derivative. Types of embedded derivative instruments are often indexed debt and investment contracts such as commodity indexed interest or principal payments, convertible debt, credit indexed contracts, ...

embedded option
An option that is part of the structure of a bond that provides either the bondholder or issuer the right to take some action against the other party, as opposed to a bare option, which trades separately from any underlying security. [Harvey] Securities, which contain call or put features. For example, a `callable bond` contains provisions that all...

embedded option
Interest-rate-sensitive option in debt instrument which affects its redemption. Such instruments include mortgage backed securities and callable bonds....

emergency money
Any form of money used in times of economic and political upheaval, when traditional kinds of currency are not available. Examples include the comparatively crude silver coins issued by the Royalists during the Civil War (1642-49), obsidional money, issued in time of siege, from Tyre (1122) to Mafeking (1900), the Notgeld issued by many German town...

emerging markets
An emerging market has a very high growth rate, which yields enormous market potential. It is distinguishedby the recent progress it has made in economic liberalization....

emerging markets
Emerging Market is a term used to describe the economy of an emerging or underdeveloped country....

empirical
Based on actual data. You might believe that 50% of the population is male and 50% female, but empirical data for nearly all countries shows that the balance is closed to 49% men and 51% women. The opposite of empirical is theoretical....

employed persons
Employed persons include all persons who performed any work at all during the reference period, whether for pay or for profits, or were temporarily absent from a job, for such reasons as illness, holidays or industrial dispute....

employed persons
Those individuals who are 16 years of age and over who worked for pay any time during the week which includes the twelfth day of the month, or who worked unpaid for fifteen hours or more in a family-owned business, and individuals who were temporarily absent from their jobs due to illness, bad weather, vacation, labor dispute or personal reasons. E...

employee leasing company
A contractual relationship under which (1) the leasing company assigns workers to client locations and thereby assumes responsibility as an employer of the leased workers assigned to the client location; (2) direction and control of the leased employee are the right and responsibility of the leasing company and may be shared with the client consist...

employee welfare fund
Section 31-53 defines employee welfare funds to include trust funds that provide benefits under an employee welfare plan, such as medical care benefits, sickness, death and disability benefits, retirement benefits, and unemployment benefits. In 1991, the reference to § 31-53 was deleted from the statute, and an explanation was added defining `empl...

Employment in Europe
Employment in Europe is the main tool of the Employment and Social Affairs DG for the analysis of employment performance and labour market developments in the European Union and the Candidate Countries. It provides the basic analytical and statistical background to underpin the Joint Employment Report as well as other instruments key to the Europea...

employment level
The estimate of the number of members of the labor force who worked for pay or profit; or had a job from which they were temporarily absent because of illness, vacation, labor dispute, or other reasons not reflecting a shortage of work; or who worked fifteen hours or more as unpaid workers in an enterprise operated by a member of the family....

employment protection
Employment protection refers both to regulations concerning hiring (e.g. rules favouring disadvantaged groups, conditions for using temporary or fixed-term contracts, training requirements) and firing (e.g. redundancy procedures, mandated prenotification periods and severance payments, special requirements for collective dismissals and short-time w...

employment rate
The employment rate is the percentage of all persons who have a job: Employment Rate = (Number of persons who have a job) divided by (Number of persons), × 100...

employment rate
the employment rate is the percentage of the population that is employed. Persons who are employed are persons 16 years and over in the civilian non-institutional population who, during the full week prior to their survey, (a) did any work at all (at least 1 hour) as paid employees, worked in their own business, profession, or on their own farm, or...

employment rate
The percentage of a body of persons available for employment at any time actually in employment at that time....

employment security
Employment security refers to the implementation of human resource management policies and practices that: a) maximise permanent employment where possible;b) utilise casual or temporary forms of employment only where tenured employment is not viable or appropriate;c) limit the use of contracting out of services in accordance with government policy;...

EMV standard
EMV is a standard for interoperation of IC cards (`Chip cards`) and IC capable POS terminals, for authenticating credit and debit card payments. The name EMV comes from the initial letters of Europay, MasterCard and VISA, the three companies which originally cooperated to develop the standard. Europay International SA was absorbed into Mastercard i...

encryption
A process of transforming clear text into ciphertext for security or privacy reasons....

encryption
A process whereby the characters which constitute a readable message are encoded using a cipher so as to render that message unintelligible to other parties....

endogenous growth theory
Endogenous growth theory simply means economic growth from within a system, usually a nation-state....

endogenous variable
Endogenous variables are the object of analysis in an economic model....

endowment insurance
A type of life insurance that is payable to the insured if he/she is still living on the policy`s maturity date, or to a beneficiary otherwise....

endpoint bias
However, investors should also examine whether the period includes a variety of market and economic environments and should test multiple sub-periods to mitigate the bias that may result from arbitrary starting and ending points (known as endpoint bias)....

energy intensity
energy used to produce one unit of GDP...

energy intensity
the energy-GDP ratio...

enforcement of (money) judgments
What is enforcement of judgments? A judgment is the official decision of a court of law in a lawsuit. A final judgment resolves the issues involved in the lawsuit, and determines the rights and obligations that each party in the lawsuit has. In criminal law, a judgment is enforced by the government. The judgment in a criminal matter often results...

engineering construction
Construction of highways, roads and bridges, railways, electric power, gas and oil facilities, waterworks and sewage systems, etc....

English auction
English Auction - The auctioneer announces a low price and invites ascending bids until no one is willing to go above the last bid made. Whoever made the last bid gets the good at the price that was bid....

English auction
English auction A format for auctioning a single item. Bidders submit successively higher bids for the item, until no bidder is willing to bid higher. The final bidder wins the item, and pays the amount of his final bid....

English auction
English Auction: This is an open, ascending auction where each winner pays his/her bid. When people speak of auctions, they usually mean this one. Sotheby`s and Christie`s use this method for auctioning fine art. At most Internet auction sites, if there is no indication otherwise, this is the method used. The method works with both Single Unit and ...

engraving
A die-making process in which the design of a three dimensional die is mechanically traced from a pattern and cut into the surface of a die. Engraving can be done automatically, or manually....

enhanced cooperation
The negotiators will also be looking at a fourth issue: `enhanced cooperation,` a system that would allow some countries to move together in areas that are of little interest to other countries....

enlightened self-interest
Enlightened self-interest is a philosophy in ethics which states that persons who act to further the interests of others (or the interests of the group or groups to which they belong), ultimately serve their own self-interest. It has often been simply expressed by the belief that an individual, group, or even a commercial entity will `do well by do...

Enron Corp.
energy trading giant; energy company...

entitlement card
The British Home Office (the government department responsible for the police, judicial system, and related matters) has proposed that all British citizens be issued with identity cards. The aims include reducing the levels of identity fraud (especially using stolen credit cards) and to reassure people who are concerned about illegal mmigrants gain...

entry point
The per country Sender-nominated Receiver intermediary for payment instructions when the beneficiary financial institution is not known to the STEP2 system....

environmental management system
A set of processes and practices that enable an organization to systematically assess and manage its environmental `footprint` ---the environmental impact associated with its activities, products, and services....

EONIA
Eonia is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the contributing panel banks....

EPU
European Payments Union (1950 to 1958) http://www.bis.org/about/index.htm`>http://www.bis.org/about/index.htm`>http://www.bis.org/about/index.htm...

EPU
European Payments Union (1950 to 1958)...

equalization
Equalisation: the process of adjusting revenues (as measured by taxation capacity) to meet expenditure needs; vertical equalisation: between different tiers of government (in other words from central to regional government, or from regional to municipal governments); horizontal equalisation: between units within the same tier of government (in othe...

equilibrium growth path
The equilibrium growth path is characterized by the following conditions: (i) consumers allocate lifetime expenditures optimally accross time and goods, (ii) firms set prices that maximize profits, (iii) research firms leave no profit opportunities unexploited, (iv) the labor force is fully employed and (v) aggregate consumption and investment expe...

equilibrium unemployment
The equilibrium unemployment level is the difference between those who are employed at a given wage rate and those who can work. In other words, there is equilibrium with respect to the demand and supply of labour, however, unemployment still exists because a proportion of the labour force are not willing to work at that time and that wage rate....

equilibrium unemployment rate
The equilibrium unemployment rate or NAIRU (non-accelerating inflation rate of unemployment) can be defined as the rate of unemployment at which inflation is stable and which is not amenable to macroeconomic policy measures....

equities
Equity securities cover all instruments and records acknowledging, after the claims of all creditors have been met, claims to the residual values of enterprises. Include: ordinary shares, stocks, participating preference shares, depositary receipts, shares/units in mutual funds and investment trusts, equity securities that have been sold under repu...

equity
IFRS: Equity is one of the five elements of financial statements [F.65]. It is defined as the residual interest in the entity`s assets after deducting its liabilities [F.49(c)]. Equity is given various descriptions in financial statements. Corporate entities may refer to it as owners` equity, shareholders` equity, capital, shareholders` funds and p...

equity
Ownership interest in a corporation in the form of common stock or preferred stock....

equity
The part of a company`s assets that belongs to the stockholders. In other words, the amount that would remain if a company sold all of its assets and paid off all of its liabilities. Listed as stockholders` equity on the statement of financial position and on the statement of stockholders` equity....

equity
The term `equity capital`, or simply `equity` refers to the owner`s (or owners`) funds in a business organisation, i.e. to the funds provided by the owner(s) as well as to those internally generated. These funds do not, of couse, all exist in liquid form - they may have long been invested in various assets - but simply represent the proprietary int...

equity capital
Equity capital comprises equity in branches, all shares in subsidiaries and associates (except nonparticipating, preferred shares that are treated as debt securities and included under other direct investment capital), and other capital contributions....