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

grading
Besides the age and rarity of coins and the production method, the condition of a coin is also of prime importance for its value. Occasional deep scratches, for instance, diminish a coin´s value more than many superficial ones....

Graduate Programme (ECB)
In the autumn of 2006, the European Central Bank will launch for the first time a two-year Graduate Programme for highly talented recent graduates holding a postgraduate degree, preferably a PhD, in a broad range of disciplines. Applicants must have an outstanding academic record and have an interest in a broad range of topics relating to their edu...

Graduate Research Programme
The ECB invites advanced graduate students to participate in its Graduate Research Programme (GRP). The GRP is designed for young, highly promising economists enrolled in advanced graduate courses at leading universities worldwide. Successful candidates are offered a temporary internship to conduct research in Directorate General Research on issues...

graduated rate coupon bond
(Graduated Rate Coupon Bond); Anleihe, bei der sich der Zinsfuß im Zeitverlauf zu fest vorgegebenen Terminen verändert (steigt oder fällt). Die Konditionen sind in den Emissionsbedingungen fixiert. Typische Erscheinungsformen dieses Anleihetyps sind die Bundesschatzbriefe Typ A und Typ B....

graining
Term sometimes used as a synonym for the reeding on the edge of milled coins....

Gramm-Leach-Bliley Act
Repeals the restrictions on banks affiliating with securities firms contained in sections 20 and 32 of the Glass-Steagall Act....

grand finale
last part of a piece of music or a drama (`the grand finale of a pantomime`)...

grandfather clause
The clause in a law permitting the continuation of a use, business, etc., which, when established, was permissible but, because of a change in the law, is now not permissible....

grandfathered activities
Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the `grandfather` clauses of the Bank Holding Company Act and the International Banking Act....

grandfathering
Grandfathering: The concept of linking an investment to the tax law under which it was purchased. For example, if municipal bonds were tax free one year and then become taxable the next, a grandfathering clause in the tax law would allow those people who purchased municipal bonds when they were tax free to continue to treat them that way as long as...

gravity model
A model of the flows of bilateral trade based on analogy with the law of gravity in physics: Tij = AYiYj /Dij , where Tij is exports from country i to country j, Yi,Yj are their national incomes, Dij is the distance between them, and A is a constant. Other constants as exponents and other variables are often included....

gravity model
For decades, social scientists have been using a modified version of Isaac Newton`s Law of Gravitation to predict movement of people, information, and commodities between cities and even continents. The gravity model, as social scientists refer to the modified law of gravitation, takes into account the population size of two places and their distan...

Great Depression
Worldwide economic collapse following the stock market crash in 1929, in which unemployment remained high for an extended period and many businesses failed....

greenfield project
An investment project in a new location....

greenshoe
A typical underwriting agreement allows the underwriters to buy up to an additional 15% of shares at the offering price for a period of several weeks after the offering. This option is also called the overallotment and is exercised when the IPO is oversubscribed and trading above its offer price. The ability to buy additional shares also allows the...

greenshoe
Mehrzuteilungsoption der Konsortialbank bei einer Aktien-Neuemission...

grid line
In tables, a horizontal or vertical line separating rows or cells....

gridlock
a situation that can arise in a funds or securities transfer system in which the failure of some transfer instructions to be executed (because the necessary funds or securities balances are unavailable) prevents a substantial number of other instructions from other participants from being executed....

gross capital stock
Gross capital stock is the value of all fixed assets still in use at the actual or estimated current purchasers` prices for new assets of the same type, irrespective of the age of the assets....

gross domestic product
Gross domestic product at market prices is the final result of the production activity of resident producer units. It can be defined in three ways: a) GDP is the sum of gross value added of the various institutional sectors or the various industries plus taxes and less subsidies on products (which are not allocated to sectors and industries). It is...

gross domestic product
The total market value of all final goods and services produced within a country in one year. Nominal or current dollar GDP allows the summing of apples and oranges; money acts as the common denominator. GDP includes only final products and services; it avoids double or multiple counting, by eliminating any intermediate goods. GDP sums the dolla...

gross domestic purchases
Gross domestic purchases is the market value of goods and services purchased by U.S. residents, regardless of where those goods and services were produced. It is GDP minus net exports of goods and services; equivalently, it is the sum of personal consumption expenditures, gross private domestic investment, and government consumption expenditures an...

gross external debt
Gross external debt ist the amount, at any given time, of disbursed and outstanding contractual liabilities of residents of a coutnry to non-residents to repay principal, with or without interest, or to pay interest, with or without principal....

gross external debt
The gross amount owed to parties external to the agency, including that amount repayable to the NSW Government. Trends in external debt are an indicator of longer term enterprise performance and future financial viability. A priority of the present NSW Government is the reduction of external debt....

gross fixed capital formation
The value of a nation`s investment before allowing for depreciation over a given period, excluding investment in stocks and working capital....

gross issuance
Gross issues cover all new issues for cash....

gross national product
Gross national product (GNP) is the market value of the goods and services produced by labor and property supplied by U.S. residents. Because the labor and property are supplied by U.S. residents (see page M-10), they may be located either in the United States or abroad. The difference between GDP and GNP is net receipts of factor income from the r...

gross profit
Gross Profit is calculated as `sales less all costs directly attributable to those sales`. These costs might include, for example, raw materials and manufacturing labour....

gross settlement system
a transfer system in which the settlement of funds or securities transfer instructions occurs individually (on an instruction-by-instruction basis)....

gross settlement system
Interbank funds transfer systems can be classified in several ways. Among other things, differences in the way settlement takes place provide a useful framework for the discussions in the later sections of this report. A common distinction in this respect is to divide systems into net settlement systems and gross settlement systems. In a net settle...

gross-up clause
Gross-up clauses force the borrower to increase the value of coupon-interest payments so that the amount received by the investor remains the same (For the 20% withholding tax proposed by the European Commission, this would mean a 25% increase in payments)....

gross-up clause
Gross-up clauses in bond documents require a bond issuer to pay the bond holder additional money to make up for any withholding taxes....

Group of 20
Argentina, Australia, Brazil Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, th eUnited Kingdom, the United States....

Group of Ten
Association of finance ministers and top treasury officils from the ten richest non-communist countries who meet as the need arises....

Group of Ten
Australia, Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, the United States. Group of Ten Report on Consolidation in the Financial Sector....

growth accounting
Growth accounting breaks down economic growth into components associated with changes in factor inputs and the Solow residual, which reflects technological progress and other elements. This exercise is generally viewed as a preliminary step for the analysis of fundamental determinants of growth and is especially useful if the determinants of factor...

growth dividend
Any additional government revenues resulting from higher than expected growth....

growth recession
when the rate of growth falls below the long-run trend;...

Guarantee Obligation
Guarantee Obligation. Article 3 of the Landesbank Act provides that Bavaria together with the Bavarian savings Bank and Clearing Association shall be guarantors (Gewährträger), jointly liable for the obligations of the Bank (the `Guarantee Obligation`). The Guarantee Obligation extends to all liabilities of the Bank, including those arising from th...

guilloche
French term signifying the intricate pattern of curved lines produced by the rose engine and used as a security feature in the production of banknotes, cheques, stocks and share certificates....

haircut
the difference between the market value of a security and its collateral value. Haircuts are taken by a lender of funds in order to protect the lender, should the need arise to liquidate the collateral, from losses owing to declines in the market value of the security....

haircut
used in the securities industry to calculate the value of a security as collateral. The haircut varies according to the type of security, the market risk attached to it and the amount of time to maturity....

Hang Seng Index
A market-value weighted index of the stock prices of the 33 largest companies on the Hong Kong market....

hardware
The physical, touchable, material parts of a computer or other system. The term is used to distinguish these fixed parts of a system from the more changable software or data components which it executes, stores, or carries. Computer hardware typically consists chiefly of electronic devices (CPU, memory, display) with some electromechanical parts (...

Harrod-Balassa-Samuelson effect
Sometimes, this effect is also called Harrod-Balassa-Samuelson effect. Price Dynamics in Central and Eastern European EU Accession Countries (AUSA paper)...

Hartz concept
The Hartz concept is the name given to the recommendations resulting from a commission on reforms to the German labour market in 2002. Named after the head of the commission, Peter Hartz, it went on to become part of the German government`s Agenda 2010 series of reforms, known as Hartz I - Hartz IV. The reforms of Hartz I - III took place between J...

hash value
Part of the process of creating a digital signature is to turn the message to be signed into a number known as the hash value which is then encrypted to form the digital signature....

headline inflation
the `all items` index (...

health plan
A generic term to refer to a specific benefit package offered by an insurer. Also used to pertain to the insurer; e.g., `I signed up for the Blue Cross health plan.`...

hearing
The lowest level of involvement requires that the Bundesbank be heard; it provides the Bundesbank with the opportunity, as enshrined in law, to express its opinion with regard to a particular issue. Examples: The Bundesbank is heard by the Federal Ministry of Finance prior to the issuance of regulations which - designate enterprises other than thos...

hedge fund
A pooled investment vehicle that is privately organised and is administered by professional investment managers. It is different from another pooled investment fund, the mutual fund, in that access is available only to wealthy individuals and institutional managers. Moreover, hedge funds are able to sell securities short and buy securities on lever...

hedge fund
Investment vehicles that invest in derivatives (options or futures) or utilize various forms of leverage to magnify gains (or losses) from the changing prices of primary financial instruments (such as equities or bonds or commodities). In the United States these funds are typically open only to high net worth individuals because they are exceptiona...

hedge fund
The term hedge fund is misleading, for such funds are not literally hedged. While there are many different kinds of hedge funds, operating in different capital markets, the general techniques they use are similar. Basically, they try to exploit temporary valuation differences between similar types of securities. They buy a security that appears `ch...

hedonic method
The essential approach of the hedonic method is to find two market goods (often real estate or employment opportunities) that are exactly the same in all observable characteristics except one, in which case we can attribute the price difference to that one characteristic. home.earthlink.net/~kbaerenklau686/Lecture13v2.pdf -...

hedonic method
The hedonic method is a regression technique used to estimate the prices of qualities or models that are not available on the market in particular periods, but whose prices in those periods are needed in order to be able to construct price relatives....

hedonic price techniques
Techniques to infer valuations by using market prices which reflect a range of different criteria. Hedonic house price indices are used to assess valuations of environmental effects by a statistical analysis of all the different factors influencing property prices, so as to identify the impact of specific environmental effects, such as aircraft noi...

HEL
Home equity loan (HEL) is a 60-month fixed rate, fixed term secured loan based on a $10,000 loan or on the minimum to borrow if it is above $10,000. The LTV is 80%. A lien must be placed on the property....

Helsinki Group
Bulgaria, Latvia, Lithuania, Malta, Romania, Slovak Republic; accession negotiations opened in keeping with the December 1999 European Council in Helsinki....

Herfindahl index
A measure of industry concentration....

Herstatt risk
Risk that when dealing with an overseas client or counterparty, the principal may not be recoverable if the counterparty defaults on its payment obligation. Also called cross-currency settlement risk, but often called the Herstatt risk after the failure of the German bank Bankhaus Herstatt in 1974....

Herstatt risk
The Risk of Loss in foreign Exchange trading that one party will deliver Foreign exchange but the Counterparty financial institution will Fail to Complete its end of the contract. This is also referred to as Settlement risk....

heteroscedasticity
heteroscedastic: A set of statistical distributions having different variances....

heteroscedasticity
Heteroscedasticity is caused by nonnormality of one of the variables, an indirect relationship between variables, or to the effect of a data transformation. Heteroscedasticity is not fatal to an analysis, the analysis is weakened, not invalidated. Homoscedasticity is detected with scatterplots and is rectified through transformation....

HIC
High Income Countries with an annual per capita income of more than US $ 9385 in 1995....

high income country
s.o. HIC...

High Representative
The Office of the High Representative (OHR) is the chief civilian peace implementation agency in Bosnia and Herzegovina. The 1995 Dayton Peace Agreement designated the High Representative to oversee the implementation of the civilian aspects of the Peace Agreement in Bosnia and Herzegovina on behalf of the International Community. He is also tasked...

high yield bond
High-yield bonds are issued by organizations that do not qualify for `investment-grade` ratings by one of the leading credit rating agencies -- Moody`s Investors Service, Standard & Poor`s Ratings Services, Fitch IBCA and Duff & Phelps Credit Rating Company. Credit rating agencies evaluate issuers and assign ratings based on their opinions of the i...

High-Speed Downlink Packet Access
High-Speed Downlink Packet Access (HSDPA) is a new mobile telephony protocol and is sometimes referred to as a 3.5G (or `3½G`) technology...

high-yield bond
Bonds issued by lower-rated corporations, sovereign countries and other entities rated Ba or BB or below and offering a higher yield than more creditworthy securities, sometimes known as junk bonds....

historical volatility
The variance or standard deviation of the change in the underlying stock price for a designated period of time....

hit
Total Hits is the total number of files that are requested from the server. This includes all graphics, audio/video files, and other supporting files, as well as the actual html page itself. Total Hits includes all requests in the count whether or not the files were successfully retrieved. Total Successful Hits, on the other hand, are only those fi...

hoam.at
Home Accounting Module Austria...

hoarded cash
Accumulation of coins concealed in times of economic or political upheaval and discovered, often centuries later. Under English common law, such hoards are subject to the law of treasure trove if they contain precious metal....

holding company
A holding company has control over one or more firms through ownership of the latter`s stocks. It may or may not produce marketable goods and services, but is concerned with control over the managerial, financial, marketing, and other functions of the enterprises in which it has an ownership stake....

home account
`Home Account` means an account opened outside the PM by a participating NCB for an entity that is eligible to become an indirect participant;...

home banking
banking services which a retail customer of a financial institution can access using a telephone, television set, terminal or personal computer as a telecommunication link to the institution`s computer centre....

home equity loan
There are two types of home equity loans. One is a revolving loan account and the other is a single, closed end loan transaction. With a revolving loan account a maximum line of credit is established, then it is drawn on as often (or as infrequently) as the consumer wants, so long as the limit spelled out in your agreement is not exceeded. EXAMPLE:...

home health care
Home health care is recognized as an increasingly important alternative to hospitalization or care in a nursing home for patients who do not need 24?hour day professional supervision. Many people find it possible to remain at home for the entire duration of their illness or at least to shorten their hospital stay. In many cases readmission to the h...

home improvement loan
Our Home Improvement Loan is a closed-end, simple interest loan of a fixed amount and interest rate with a term of five years or less. Proceeds of this loan may be used for major maintenance or repair expenses (such as roof, siding, windows, carpeting, or a new furnace) or for improvements (such as a room addition, room modernization, new garage, o...

home Member State
`home Member State` means the Member State in which the institution is located;...

homoscedasticity
Homoscedasticity is the assumption that the variability in scores for one variable is roughly the same at all values of the other variable, which is related to normality, as when normality is not met, variables are not homoscedastic....

homothetic
Definition of Homothetic Functions h(x)is homothetic in xiff h(tx1) = h(tx2) for all t>0given that h(x1) = h(x2)....

homothetic
Definition: Homotheticity - Any function that can be expressed as a monotonic transformation of a homogeneous function is homothetic. This means that all homogeneous functions are also homothetic (but not the other way around). A homothetic function of two variables has the property that its level curves have the same slope where they intersect a r...

honorarium
A `token` payment given to a professional person for services which are not normally paid or are paid at a much higher cost such as a guest lecturer or speaker at a collegium or symposium. Payment is processed using a UW invoice voucher/receiving report....

honorarium
A gratuity paid for lecturing or similar service, usually not directly related to the value of service performed....

horizontal merger
Merger of two or more companies with similar product lines....

hortal
Horizontal Portal - Horizontal portals are interest group or community specific providing a business-to-consumer e-commerce web site which allows large numbers of community based consumers to transact electronically with a limited number of suppliers. These suppliers generally supply goods specific to the interest or community group. The buyers may...

host country
The immediate host country system (outward FDI) looks to the country of the directly owned subsidiaries, associates and branches, for inward FDI to the country directly owning the domestic enterprises....

host Member State
`host Member State` means the Member State where the sponsoring undertaking or the individual member(s) are located; http://europa.eu.int/eur-lex/pri/en/oj/dat/2001/ce096/ce09620010327en01360144.pdf (6.8.2003)...

hotdesking
20,000 IBM workers, and others in the business of sales and service, are using what is called hotdesking. This is an arrangement where multiple workers share desks and office space depending on where they are stationed at the time....

hoteling
the practice of shuffling permanent employees around a network of temporary offices...

household activities
Household activities are those done by respondents to maintain their households. These include housework; cooking; yard care; pet care; vehicle maintenance and repair; and home maintenance, repair, decoration, and renovation. Food preparation, whether or not reported as done specifically for another household member, is always classified as a hous...

household income
Household income covers the income received by households and non-profit institutions serving households....

household work
Unpaid work is broadly categorised into `unpaid household work` and `volunteer and community work`. Unpaid household work includes the following household activities: food preparation and clean up; cleaning and tidying; laundry, ironing and clothes care; purchasing of goods and services; physical care of own and other children; playing with, teachi...

households
Individuals or groups of individuals as consumers, and producers of goods and non-financial services exclusively for their own final consumption, and as producers of market goods and non-financial and financial services provided that their activities are not those of quasi-corporations. Included are non-profit institutions which serve households an...

housing bond
A bond that is issued to finance a municipal construction project such as housing development. Such bonds are generally free from federal income taxes and often from state and local taxes as well....

housing starts
an indicator: The number of residential building construction projects begun during a specific period of time, usually a month; a key economic indicator....

human capital
1. The stock of knowledge and skill, embodied in an individual as a result of education, training, and experience, that makes them more productive. 2. The stock of knowledge and skill embodied in the population of an economy....

human capital
People and their ability to be economically productive. Education, training, and health care can help increase human capital....

human capital
The knowledge, skills, and competencies of people in an organization. Unlike structural capital, human capital is owned by the individuals that have it rather than the organization. Human capital is the renewable part of intellectual capital....