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

human capital
The quality of labor resources which can be improved through investments in education, training, and health; skills and knowledge (labor resources)....

HV Hotelverwaltung GmbH
HV is a hotel management company RECHT...

hypothecation agreement
A written agreement between a customer opening a margin account and a brokerage firm that pledges stock in the account as collateral for margin loans. The brokerage firm is permitted to sell the stock in the event that equity in the account falls below a stipulated level....

hysteresis
Hysteresis is a hypothesized property of unemployment rates: that there is a ratcheting effect, so a short-term rise in unemployment rates tends to persist....

hysteresis
Webster`s Seventh New Collegiate Dictionary tells us ... a retardation of the effect when the forces acting upon a body are changed (as if from viscosity or internal friction); esp: a lagging in the values of resulting magnetization in a magnetic material (as iron) due to a changing magnetizing force. ...Hysteresis represent the history dependence ...

IASC
An organization headquartered in London that has been charged with developing international accounting standards. The charge is given by 140 public accounting bodies (such as the AICPA in the United States) in 101 countries seeking harmonization of accounting standards. In recent years, IASC standards have had more clout due to widespread requiring...

ICANN
The Internet Corporation for Assigned Names and Numbers (ICANN) is the non-profit corporation that was formed to assume responsibility for the IP address space allocation, protocol parameter assignment, domain name system management, and root server system management functions previously performed under U.S. Government contract by IANA and other en...

IDB
The Inter-American Development Bank (IDB) is the principal source of multilateral financing for economic, social and institutional development projects in Latin America and the Caribbean....

ideal type
An abstract model that describes the recurring characteristics of some phenomenon....

ideal type
Simple generalization that accepts complexity and its own imperfection....

idle labor capacity
the number of additional hours people would work if the jobs were there, the pay were high enough and there was adequate child care....

Ifo
Welcome to the web site of the Ifo Institute, one of the largest economic research institutes in Germany....

IG Immobilien Gesellschaft m.b.H.
IG is a real estate investment company. RECHT...

IGC
Changes to the Treaties on which the European Union (EU) is founded require the agreement of the governments of all the Member States. The process of discussing and reaching agreement on Treaty change is known as an InterGovernmental Conference (or IGC). An IGC is convened by the President of the Council of the EU (Council), on the recommendation o...

illiquid assets
Illiquid assets include: - tangible fixed assets (except to the extent that land and buildings may be allowed to count against the loans which they are securing), - holdings in, including subordinated claims on, credit or financial institutions which may be included in the own funds of such institutions, unless they have been deducted under items 1...

IM
..they actually send an IM (refers to AOL`s Instant Messager service)...

IM
IM is the act of instantly communicating between two or more people connected over a network like the Internet. Some of the more common IM programmes are Yahoo Messenger and Microsoft MSN Messenger. IM is like texting, but it is done on a computer not a phone....

image resolution
Image resolution describes the detail an image holds. The term is most often used in relation to digital images, but is also used to describe how grainy a `film-based` image is. Higher resolution means more image detail....

IMF conditionality
The concept of conditionality must be placed in proper perspective before the IMF guidelines are analysed. When the IMF provides financial support to member countries, it must be sure that the members are pursuing policies that will improve or eliminate their external payment problems, so that IMF resources are safeguarded and finally repaid. The e...

IMFC
As described on the IMF website, the International Monetary and Financial Committee (IMFC) `was established on September 30, 1999, by a resolution of the IMF Board of Governors, to replace the Interim Committee of the Board of Governors on the International Monetary System (usually known simply as the Interim Committee), which had been established ...

imitation money
Also known as play money or toy money, it consists of coins and notes produced for games of chance (like Monopoly), children`s toy shops and post offices, as tourist souvenirs, or for political satire (e.g. the shrinking pound or dollar). See also funeral money, hell notes, model coins and skit notes....

immobilization of securities
A procedure to eliminate actual physical movement of securities. Delivery of securities is affected by changes in the record of ownership rather than by delivery of engraved certificates. See: BOOK-ENTRY CLEARANCE....

immunity from attachment
Immunity from seizure/immunity from attachment: Special protection of certain of a person`s assets, making them unavailable to creditors ( i.e. not subject to `execution`). Their seizure is thus prohibited. Such immunity may be only partial. This is so in the case of pay (where seizure is referred to specifically in English as `attachment of earnin...

immunization
A bond portfolio strategy in which the return is protected against changes in interest rates. Typically the duration of the portfolio is used to determine the sensitivity of the bonds to changes in interest rates....

immunization
Matching assets with liabilities of an equal return. Frequently involves duration hedging....

impact assessment
Impact Assessment (IA) in the European Commission refers to the integrated analysis of the potential economic, social and environmental impacts that could result from a decision to take or not take action to tackle an identified policy problem. All major legislative and policy-defining proposals in the Commission`s annual legislative and work progr...

impaired assets
For banks, used as a measure for credit risk. Impaired assets incorporates non-accrual loans less provisions, restructured loans and assets acquired through security enforcement....

implementing regulation
Legislative act by the Commission, based on an enabling regulation by the Council, which specifies Community law provisions. Examples of such secondary legislation adopted by the Commission in the area of competition law are Commission Regulation No 2842/98 on the hearing of parties in antitrust proceedings (OJ L 354, 30.12.1998), Commission Regula...

implied volatility
a measure of expected volatility of future short-term and long-term interest rates, which can be extracted from options prices. Given the observed market price of an option, the implied volatility can be extracted using a standard options pricing formula which explicitly depends on, inter alia, the expected volatility of the underlying asset price ...

import documentary credit
Import Documentary Credits are an undertaking by the Bank to pay an overseas seller of goods on your behalf, provided the stipulated documents are presented in conformity with the terms and conditions specified in the Documentary Credit. Exports from some overseas suppliers, and some countries are permitted by Documentary Credit only. Features: Im...

import penetration
A measure of the importance of imports in the domestic economy, either by sector or overall, usually defined as the value of imports divided by the value of apparent consumption....

import penetration
Import penetration is the relative share of imports in the supply of goods available for domestic consumption. Import penetration expresses imports as a percentage of domestic supply, which is shipments minus exports plus imports....

import penetration
This indicator shows imports as a percentage of total domestic demand (this latter is estimated as production plus imports less exports)....

impulse response function
In simple terms, the impulse response of a system is its output when presented with a very brief signal, an impulse. While an impulse is a difficult concept to imagine, and an impossible thing in reality, it represents the limit case of a pulse made infinitely short in time while maintaining its area or integral (thus giving an infinitely high peak...

imputed costs
Costs that are not actually incurred, but would have been incurred in the absence of self-owned factors....

in option
An option that begins to exist as a conventional option only if a particular barrier price is reached prior to the expiration date of the option. Examples would include a down-and-in call, a down-and-in put, or up-and-in puts and calls. See Touch Option, Path-Dependent Option, Kick-In Option, Knock-In Option. See also Barrier Option, Deferred Start...

in personam right
In personam Latin: All legal rights are either in personam or in rem. An in personam right is a personal right attached to a specific person. In rem rights are property rights and enforceable against the entire world....

in rem right
Latin: All legal rights are either in personam or in rem. In rem rights are proprietary in nature; related to the ownership of property and not based on any personal relationship, as is the case with in personam rights....

incidental employee
Call-in, Substitute, or Incidental: Employees are called in periodically as needed or work 20 or fewer hours per week in positions which supplement the full-time work force (e.g.,weekend help) or support special programs (e.g., tutors). Employees are generally ineligible for benefits except those required by law, and time worked is not counted in d...

income
income comprises revenue (revenue from sales, dividends, interest, rental income, licence income, fee income) and gains (from the sale of assets, currency conversion, revaluation of marketable assets and contingent gains)...

income approach
There are three ways of calculating GDP - all of which should sum to the same amount since by identity: National Output = National Expenditure (Aggregate Demand) = National Income (…) The Income Method (Sum of Factor Incomes) Here GDP is the sum of the final incomes earned through the production of goods and services....

income effect
The income effect - a decline in the price increases the purchasing power of a buyer`s money, enabling him or her to buy more of the product than before....

income from ordinary activities
Income from ordinary activities is the sum of income resulting from ordinary operating and financial activities. It is the sum of income from the sales of goods and services (turnover), operating subsidies, investment income, interests and similar financial income. Sales of fixed assets are excluded. It can be calculated directly from the following...

income replacement ratio
The percentage of preretirement income that a retiree would need to receive after retirement in order to have a postretirement standard of living equivalent to his or her preretirement standard of living. This ratio is generally less than 100 percent, because some of an individual`s expenses (i.e., taxes, commuting costs, clothing expenditures, sav...

income replacement ratio
The percentage of working income that an individual needs to maintain the same standard of living in retirement; usually 60-90%....

income statement
An annual summary of income and expenses of a given business in order to determine the net income of the business....

income tax
income tax, assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of taxation. ... The adoption of the Sixteenth Amendment (1913) permitted both the corporate and individual income tax to become a lawful element in the federal...

increase in real output
An increase in real output means that expenditure on goods and services has risen faster than the rate of inflation....

indenture
An indenture is a contract stating the terms under which debt securities are issued. For secured bonds, the indenture may describe, along with other contract provisions, the collateral and conditions of default. For debentures, the indenture may restrict other corporate borrowing or declaration of dividends, and place various other limitations on m...

indenture
INDENTURE: The legal document that defines the rights and the obligations of the issuer and the bondholder with respect to a specific Bond issue. Indenture provisions include put and call features, sinking funds and various limitations-such as a limitation on the sale of additional debt- on the activities of the issuer....

independent accountant
Wirtschaftstreuhänder- Independent Accountants There are three levels of accountancy. At the bottom is a Steuerberater, the mid-range one is called a public accountant (Buchprüfer) and tax counsel (Steuerberater as below), at the top level are the qualified certified public accountants called Wirtschaftsprüfer (and Steuerberater). The Wirtschaftspr...

independent variable
A variable considered to cause variation in a second variable....

independent variable
One of a set of measures which is used to predict a dependent variable....

index
A composite of stocks, bonds or other securities selected to represent a specific market, industry or asset class. Examples include: the S&P 500, which represents large U.S. stocks; the Russell 2000, which represents smaller U.S. stocks; the Morgan Stanley EAFE Index, a foreign stock index that represents Europe, Australia and the Far East; and the...

index
A statistical measure of the changes in a portfolio of stocks representing a portion of the overall market. The Standard & Poor`s 500 is one of the most well-known indices, which measures the overall change in the value of the 500 stocks of the largest firms in the U.S....

index arbitrage
Trading to take advantage of discrepancies in pricing between a stock index and the future on that stock index. The main form of programme trading....

index fund
Index funds are portfolios that seek to mirror key market benchmarks, such as the Financial Times-Stock Exchange 100 Share Index. They have lower fees than actively managed funds, where fund managers try to beat the market indexes by hand-picking securities....

index linked interest
Index Linked: Interest and redemption proceeds assumed to increase at the rate of 5% per annum and then discounted at the valuation rate...

index of agreed minimum wages
Austria. Labor market: wages/earnings (Tariflohnindex). Data are disseminated on the general index of agreed-minimum wages which covers all employed persons within the Austrian economy, and on specific indices for wage earners, salaried employees, and civil servants (government and federal railways employees) and for workers in different economic b...

index option
An option on a stock index, usually the Standard & Poor`s 500. Basically, these are a way to bet on the direction of the market. They can also be used to hedge against risk. Options on market-sector indexes are also available....

index range note
A note with a coupon determined largely or entirely by an embedded range accumulation option. Equity indexes, currency exchange rates and interest rates are among the underlying indexes, prices or rates that can determine the payoff. Index range notes are used primarily to enhance interest rate yields when an investor has confidence in a forecast. ...

indexation of pensions
Indexation is also called inflation protection. It is an annual process in which your pension may increase in accordance with some part of the previous year`s increase in the Consumer Price Index (CPI). The CPI is considered a reliable measure of inflation, and indexation is designed to protect the value of your pension from eroding due to inflatio...

indicator
An indicator is a summary measure related to a key issue or phenomenon that can be used to show positive or negative change. The evaluative nature of an indicator distinguishes it from the descriptive nature of statistics. Indicators are measurable aspects of a project/environment/society that can be used to monitor its progress and direction. A ke...

indirect investment
The direct investor has an indirect investment in, or indirectly owns, an enterprise in which his direct investment enterprise has, in turn, made a direct investment. Unless otherwise stated, nominal capital and employment in indirect direct investment enterprises are weighted twice, once by the nominal capital share held by the parent company in i...

indirect participant
`indirect participant` shall mean an institution without its own RTGS account which is nevertheless recognised by a national RTGS system and subject to its RTGS rules and which can be directly addressed in Target; all transactions of an indirect participant are settled on the account of a participant which has accepted to represent the indirect par...

indirect tax
Direct taxes are geared to the individual`s income, profit or wealth and are to some extent based on ability to pay. Indirect taxes are levied on particular goods (as with taxes like the VAT or GST), imports or exports (a favourite Third World form of taxation) or sin taxes on alcohol, gasoline and tobacco — regardless of the individual`s ability...

individual consumption
Goods and services for individual consumption (`individual goods and services`) are acquired by a household and used to satisfy the needs and wants of members of that household. Individual goods and services have the following characteristics: (a) It must be possible to observe and record the acquisition of the good or services by an individual hou...

individual income tax
income tax levied on individuals and partnerships as opposed to on corporations...

individual retirement arrangement
Also known as Individual Retirement Account. A type of savings account for retirement. 1. Deductible Traditional IRAs: Special tax rules allow you to reduce your taxable income by your qualified contributions to your IRA. You pay tax when you make withdrawals from your IRA. 2. Nondeductible Traditional IRAs: Although you cannot reduce your income b...

industrial location factor
Industrial location factors are those considerations which are made by industrial managers when deciding on the ideal location for their industry or business. The diagram below shows that these are divided into two main categories - human / economic and physical factors. The factors outlined below are not exhaustive, there are many more and the loc...

industrial production
output from factories, mines and utilties...

industrial production index
Index of production in mining, manufacturing and public utilities (electricity, gas and water), but excludes construction. The exact coverage, the weighting system and the methods of calculation vary from country to country but the divergences are less important than e.g. in the case of the price and the wage indices....

industrialized country
Industrialized countries are then those that have achieved higher productivity and higher living standards....

industry
A generic term for a distinct group of economic activities. Industries are described and classified by their primary activity or product in the Standard Industrial Classification (SIC) Manual. The manual is revised periodically, especially as new industries emerge. The entire body of industries is divided into two sectors: service-producing and goo...

inflation
Inflation refers to the continual increase in prices. The value or purchasing power of money refers to the amount of goods or services one pound can buy. Inflation means the value of money is falling because prices keep rising....

inflation
sustained rise in the general price level...

inflationary expectations
The rate of increase in the general price level anticipated by the public in the period ahead....

inflationary gap
The condition where the Real GDP the economy is producing is greater than the Natural Real GDP and the unemployment rate is less than the natural unemployment rate....

inflation-indexed bond
Inflation-indexed bonds (also known as linkers) are bonds whose principal are indexed to inflation, cutting out inflation risk....

inflation-indexed bond
Underlying mechanism: A common misconception about these bonds is that the interest rate changes with inflation. What actually happens is that the underlying principal of the bond changes, which results in a higher interest payment when multiplied by the same rate. For example, if the coupon of a bond was 5%, and the underlying principal of the bon...

informal sector
The informal sector is broadly characterised as comprising production units that operate on a small scale and at a low level of organisation, with little or no division between labour and capital as factors of production, and with the primary objective of generating income and employment for the persons concerned; operationally, the sector is defin...

information economy
The Economics of the Internet, Information Goods, Intellectual Property and Related Issues....

Information Technology Committee
An ESCB committee...

ingot
Metal bar, e.g. gold ingot. In the distant past, with the value stamped on it, the first metal money....

inheritance
1) Inheriting (sth from sb) `The title passes by inheritance to the eldest son; the inheritance of good looks from one`s parents; inheritance tax` 2) what is inherited (`When she was 21 she came into her inheritance; a bitter dispute which left an inheritance of ill-feeling....

inheritance tax
Inheritance tax is chargeable on a person`s estate when they die and on certain gifts made during an individual`s lifetime. ... The rate of tax on death is 40% and on lifetime chargeable transfers is 20%. The first £255,000 is not chargeable. ... Inheritance tax on lifetime gifts. There are three types of lifetime transfers. ... Inheritance tax on...

initial claim
A notice filed by a worker, at the beginning of a period of unemployment, requesting a determination of insured status for jobless benefits....

initial margin
cash or collateral that is deposited with the clearing house to ensure performance on obligations to it (also known as performance bond and original margin)....

initial margin
Initial margins: these correspond to a certain percentage of the amount of liquidity provided, i.e. 1% for intraday and overnight transactions and 2% for transactions with a maturity of more than one business day....

initial margin requirement
The minimum portion of a new security purchase that an investor must pay for in cash. For example, with an initial margin requirement of 60%, the most an investor can borrow is $2,000 on a $5,000 purchase. The requirement is determined by the Federal Reserve Bank. Also called margin requirement....

initial margin requirement
When buying securities on margin, the proportion of the total market value of the securities that the investor must pay for in cash. The Security Exchange Act of 1934 gives the board of governors of the Federal Reserve the responsibility to set initial margin requirements, but individual brokerage firms are free to set higher requirements. In futur...

innovation capital
Innovation capital includes intellectual properties and intangible assets. Intellectual properties are protected commercial rights such as copyrights and trademarks. Intangible assets are all of the other talents and theory by which an organization is run....

input-output analysis
20th-century economic analysis developed by the Russian-born U.S. economist Wassily W. Leontief; observes interdependence of an economy`s various productive sectors by viewing the product of each industry both as a commodity demanded for final consumption and as a factor in the production of itself and other goods; useful in planning production lev...

insider dealing
The purchase or sale of securities by someone who possesses `inside` information affecting securities which has not yet been made available to the market and which, if made available, would significantly affect the share price. In the UK such deals are a criminal offence....

insider trading
Buying or selling a security in breach of a relationship of trust and confidence while in possession of material, non-public information about the security...

insolvency proceedings
`insolvency proceedings` shall mean any collective measure provided for in the law of a Member State, or a third country, either to wind up the participant or to reorganise it, where such measure involves the suspending of, or imposing limitations on, transfers or payments. 98/26/EC...

installment
One of a number of successive payments in settlement of a debt....

Institute for Supply Management
The National Association of Purchasing Management has become the Institute for Supply Managementâ„¢. Please be aware that NAPM.org is now ISM.ws. http://www.napm.org/ 23. 09.02; The National Association of Purchasing Management Repositions Itself as The Institute for Supply Managementâ„¢ Effective January 1, 2002....

institute garnishment proceedings
Garnishee: The person upon whom a garnishment is served. (Verb: to institute garnishment proceedings.) Garnishment: A legal remedy whereby a debtor`s property or money in the possession or under the control of a third person (garnishee) is withheld from the debtor and applied to the debt....

Institute of International Finance
The Institute of International Finance, Inc. (IIF), is the world`s only global association of financial institutions. Created in 1983 in response to the international debt crisis by 38 banks of the leading industrialized countries, the IIF has evolved to meet the changing needs of the financial community. Members include most of the world`s largest...