Copy of `Oesterreichische Nationalbank - Dictionary`
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Oesterreichische Nationalbank - Dictionary
Category: Economy and Finance
Date & country: 04/10/2008, AU
Words: 3913
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authenticationthe methods used to verify the origin of a message or to verify the identity of a participant connected to a system and to confirm that a message has not been modified or replaced in transit....
authenticationThe verification of a claimed identity....
authorizationThe process of granting a person, computer process, or device access to certain information, services, or functionality. Authorization is derived from the identity of the person, computer process, or device requesting access, which is verified through authentication....
authorized sharesShares issued in accordance with the number of shares that the articles of incorporation permit the corporation to issue....
automated clearing housean electronic clearing system in which payment orders are exchanged among financial institutions, primarily via magnetic media or telecommunication networks, and handled by a data-processing centre....
Automated ClearinghouseA computer-based clearing and settlement operation, often operated by a Federal Reserve Bank, established for the exchange of electronic transactions among participating depository institutions. Such electronic transactions can be substituted for paper checks used to make recurring payments such as payroll or preauthorized insurance premiums. The U...
automatic progressionPolicy by which workers` pay rates are automatically increased at fixed time intervals. Also refers to automatic movement from trainee rate to job classification rate or to the minimum of a rate range....
automatic reinvestmentAn option permitting mutual fund shareholders to purchase additional shares by using fund dividend and/or capital gains distributions....
automatic stabilizerIt is something that diminishes automatically the volatility of the economy. It diminishes the multiplier so that shocks do not deviate the economy very far from normal growth levels and hence from the natural level of unemployment. This is the case of progressive tax schemes or unemployment benefit systems....
automatic stabilizerThose properties of a government taxation and spending system which respond to the level of GNP or national income, counteracting shocks to the economy. These stabilizers take effect automatically (i.e., without the need for discretionary fiscal or monetary action). For example, if GNP falls, income-tax collections immediately fall, and unemploymen...
automatic transfer serviceAutomatic Transfer Service (ATS) Account - A depositor`s savings account from which funds may be transferred automatically to the same depositor`s checking account to cover a check written or to maintain a minimum balance....
autoregressive moving averageAutoregressive-moving-average (ARMA) models are mathematical models of the persistence, or autocorrelation, in a time series. ARMA models are widely used in hydrology, dendrochronology, and many other fields....
availabilityCriterion on which a system is evaluated taking into account back-up facilities and the possibility of switching over to them....
availabilitythe ability of services and information to be accessed by users when requested....
available labor marketThe composition of the labor force that has the requisite skills for a specific position, a class of positions or an EEO job category as determined by each agency....
averageA statistical measure of central tendency. Sum of observation values divided by the number of observations. It is the first moment of a distribution. There are two types of means. A mean calculated across a sample from a population is referred to a X, while means calculated across the entire population - or means given exogenously- are referred to ...
average collection periodThe average time period for which receivables are outstanding. Equal to accounts receivable divided by average daily sales. also called collection ratio....
average daily reserve holdingsreserve holdings= counterparties` holdings on their reserve accounts which serve to fulfil reserve requirements....
average propensity to consumeThe average propensity to consume is the proportion of income that is spent. If a person spends 4,000 pounds of a 10,000 pounds income, then the APC is 0.4....
average weekly earningsAverage total money earnings in nonfarm employment, during the survey week, of production workers, plus nonsupervisory workers not in production, including overtime, paid vacation, and sick leave....
average weekly wagesTotal wages paid by employers divided by average employment and further divided by the number of weeks in the reference period....
averages of price relatives methodUnder the averages of price relatives method, every price recorded in the survey is related to the basis price of 1996 by expressing it in the form of an index number. These index numbers are then used to calculate an unweighted average index number for each product. The average index numbers are then aggregated using the product weight, resulting ...
averaging provisionA provision allowing counterparties to fulfil their reserve requirements on the basis of their average reserve holdings over the maintenance period. The averaging provision contributes to the stabilisation of money market interest rates by giving institutions an incentive to smooth the effects of temporary liquidity fluctuations. The ESCB`s minimun...
baby boom generationAmericans born between the end of World War II and the 1960`s when the veterans of World War II were in the family formation stage of their lives. A tremendous surge or `boom†in the birth rate occurred. This generation was responsible for significant consumer demand in the economy, starting with housing....
baby boomerAnyone born in the period from the end of World War II to 1961 or 1964 - experts differ on the end date - is considered a member of the Baby Boom generation....
back testingThe analysis of how an investment strategy would have performed if an investor had used it over a specific past period of time. ECB...
back-of-the-envelope calculationBack of the envelope` (order of magnitude) estimates Many problems in Environmental Sciences can be assessed in an approximate way by using common sense and some basic ideas about areas, volumes, density, etc. Examples include: how many dentists are there in NYC? what is the NYC water consumption The method is called `back-of-the-envelope-calculat...
badgeAdhesive, pin or clip-on tag with identifying information that is given to each registrant....
balance of paymentsBalance of payments shall mean the statistical statement that reports with the appropriate breakdown cross-border transactions during the monthly, quarterly or annual calendar period under review....
balance of paymentsSystematic record of all economic transactions during a given period between residents (including the government) of one country and residents (including the governments) of other countries....
balance of paymentsThe balance of payments is a statistical statement that systematically summarizes, for a specific time period, the economic transactions of an economy with the rest of the world....
balance of paymentstrade balance minus net financial flows,...
balance of portfolio investmentThe balance of portfolio investment covers both the purchase/sale of foreign securities by residents (assets side) and the purchase/sale of domestic securities by nonresidents (liabilities side) for purposes of portfolio investment. The statistic does not encompass securities-based swaps, repos, securities lending transactions, financial derivative...
balance of primary incomethe sector equivalent of national income...
balance of tradeExports minus Imports...
balance of tradeThat part of a nation`s balance of payments dealing with imports and exports, that is trade in goods and services, over a given period. If exports of goods exceed imports, the trade balance is said to be favorable; if imports exeed exports, the trade balance is said to be unfavorable....
balance on goods and servicesRecord of the difference between exports of goods and services and imports of goods and services. In the broad sense, this balance is conceptually equal to net exports of goods and services, which is a component of gross domestic product (GDP)....
balance sheetA balance sheet is a statement, drawn up at a particular point in time, of the values of assets owned and of liabilities outstanding. The balancing item is called net worth. In national accounts a balance sheet is drawn up for sectors, the total economy and the rest of the world. For a sector the balance sheet shows the value of all assets - produc...
balance sheetA quantitative summary of a company`s financial condition at a specific point in time, including assets, liabilities and net worth. also called statement of condition....
balance sheet channelone channel (mocroeconomic) by which monetary policy impulses may be transmitted; ultimately affects output (Y)....
balance sheet identityThe balance sheet identity is at the heart of the balance sheet. It says that Total Assets = Total Liabilities + Total Equity....
balance sheet identityThe basic balance sheet identity is total assets equals liabilities plus stockholders` equity....
balanced budgetA balanced budget occurs when the total sum of money a government collects in a year is equal to the amount it spends on goods, services, and debt interest....
balanced budgetA budget in which receipts equal outlays...
balanced fundA mutual fund that buys a combination of common stocks, preferred stocks, bonds, and short-term bonds, to provide both income and capital appreciation while avoiding excessive risk....
balanced fundA mutual fund that invests in some mix of stocks and bonds. A good balanced fund offers the advantage of one-stop shopping; it handles asset allocation and mixes equities with fixed income securities. The knock on these is that you don`t get to determine your own asset allocation, and there is considerable evidence that asset allocation is the most...
balanced fundBalanced mutual fund: fund investing in both fixed interest and equities. Balanced funds are lower risk than equity-only funds but will not perform as well as equity-only funds in a bull market....
balancing accountan account set up to allow periodic balancing of financial transactions that, under normal course of business, do not result in a zero balance of cash inflows and outflows within a specified accounting period...
Balassa-Samuelson effectThe Balassa-Samuelson effect (named after the economists Bela Balassa and Paul Samuelson) arises because the growth of productivity differs among sectors, while wages tend to be less differentiated. Typically, productivity growth is faster in the traded goods sector than in the nontraded goods sector, such as services. To the extent that the faster...
Balassa-Samuelson effectThe Balassa-Samuleson effect occurs if productivity growth is faster in the tradable than in the non-tradable sector, as is usually the case, resulting in a rise in the relative price of non-tradables. A rise in productivity in the tradable goods sector will tend to drive up wages in this sector and, as labour is assumed to be mobile across sectors...
Balassa-sequencingBela Balassa (1962) set out a logical roadmap. First countries decide to create a free trade area. This could then lead to a common external tariff, thereby producing a de facto customs union. Efficiencies would be further generated by the formation of a genuine internal market amongst member countries. The gains of the internal market could be bes...
balloon loanA long-term loan, often a mortgage, that has one large payment (the balloon payment) due upon maturity. Often done when refinancing or a major cash flow event is anticipated. also called balloon note. investorwordsGLl...
balloon loanBalloon loans, also called bullet loans, are a special category of loans with a term of between three and seven years, but the payments are calculated on a term of fifteen years with the balance being due in one large payment at the end of the loan term...
balloon mortgageBehaves like a fixed-rate mortgage for a set number of years (usually five or seven) and then must be paid off in full in a single balloon payment. Balloon loans are popular with those expecting to sell or refinance their property within a definite period of time....
bancassuranceBancassurance can mean banks and insurance companies being owned within the same group. Or it can imply a distribution agreement, tying one bank to selling the products of a particular insurance company. Although now an internationally used term, there is still no unequivocal dictionary definition. Bancassurance means the former in some countries o...
bandPaper strip that holds a banknote package together. The band can be printed with the origin and processing data so that the depositor can be traced if there are any discrepancies....
bank draftIn Europe, the term generally refers to a draft drawn by a bank on itself. The draft is purchased by the payer and sent to the payee, who presents it to his bank for payment. That bank presents it to the payer`s bank for reimbursement. In the United States, the term generally refers to a draft or cheque drawn by a bank on itself or on funds deposit...
Bank Identifier CodeA universal method of identifying financial institutions in order to facilitate the automated processing of telecommunication messages in financial environments....
bank lending channelone channel (microeconomic) by which monetary policy impulses may be transmitted, ultimately affects output (Y)....
bank liability curveThe bank liability curve is a yield curve derived from interbank money market interest rates and interest rate swaps....
Banking Advisory CommitteeThe Banking Advisory Committee (BAC) is comprised of finance ministry officials, banking supervisors and central bank representatives. Its job is to advise the European Commission in its attempts to formulate directives for European banking law and to ensure that directives which have already been approved are implemented and enforced in the member...
banking groupBanking groups are groups that engage predominantly in banking activities and, in some countries, a banking group may be registered as a bank....
banking officebanking offices = head offices, branch offices and bureaux de change...
Banking Supervision CommitteeToday, the Banking Supervision Committee is the key forum for multilateral co-operation. It is composed of representatives of the banking supervisory authorities of the EU countries, either forming part of the respective NCB or separate bodies. The Banking Supervision Committee`s main functions are the promotion of a smooth exchange of information ...
banknote allocation key`banknote allocation key` shall mean the percentages that result from taking into account the ECB`s share in the total euro banknote issue and applying the subscribed capital key (rounded to the neareast multiple of 0.00005 percentage point) to the NCBs` share in such total....
Banknote CommitteeAn ESCB committee; also Working Group on Eurosystem Banknote Communication and Task Force on future information campaigns in countries introducing the euro, under ECCO...
Banknote Printing0,21129...
banknote recyclingThe ECB framework for the detection of counterfeits and the sorting of banknotes for fitness by credit institutions and other professional cash handlers, which was adopted by the Governing Council in December 2004, represents the Eurosystem`s new, common policy for the recirculation of euro banknotes within the cash cycle. This framework - which is...
banknotesA term used synonymously with paper money or currency issued by a bank. Notes are, in effect, a promise to pay the bearer on demand the amount stated on the face of the note....
bankruptcy trusteeBankruptcy trustee: The court appointed official who administers the debtor`s bankruptcy estate. A Chapter 7 trustee liquidates non exempt property and distributes it according to the scheme of priorities in the Code; the trustee also considers whether there are preferences or fraudulent transfers that can be recovered from which creditors can be...
Barre planA 1970 French proposal outlining a strategy for Economic and Monetary Union (EMU). It advocated a monetarist approach which it believed would lead to a harmonization of economic policies by the Member States....
barrier optionBarrier options are similar to standard options except that they are extinguished or activated when the underlying asset price reaches a predetermined barrier or boundary price. The payoff of a standard European style option is based on the price of the underlying asset on the expiration date. A standard option is path-independent since it does not...
barrier optionMost barrier options (or knock-out options) begin their life looking like a standard option, but if the underlying asset price ever hits or pierces some predefined barrier price, the option disappears and pays off nothing regardless of what happens next. On the other hand, if this `knock-out†price is never reached, the barrier option then has th...
barterBarter is a simple form of trade where goods are exchanged for a certain amount of other goods, i.e. there is no money involved in the transaction. Barter trade was common in societies where no monetary system existed or in economies with a very unstable currency or a lack of funds....
base currencyThe currency in which an investor or issuer maintains its books of account....
base metalbase metal: Base Metal: The collective term for any and all non-precious metals....
base yearThe year used as a reference point for comparison with some later or earlier year - e.g., to compare real GNP or the price level in the 2 years....
basic balancebalance on current account and long-term capital...
basic balancebestehend aus der Handelsbilanz, Dienstleistungsbilanz, Bilanz der Transferleistungen sowie Bilanz des langfristigen Kapitalverkehrs...
basic payThe guaranteed component of weekly or monthly pay, independent of overtime and forms of bonus pay or allowances....
basic payYour basic pay is the basic salary for which retirement deductions are withheld, such as for shift rates, night shift differential, etc. It does not include payments for overtime, bonuses, etc....
basic votesThe quota largely determines a member`s voting power in IMF decisions. Each IMF member has 250 basic votes plus one additional vote for each SDR 100,000 of quota. Accordingly, the United States has 371,743 votes (17.08 percent of the total), and Palau has 281 votes (0.01 percent of the total)....
basket optionAn option on the S&P 500 Index, for example, can be interpreted as an option with 500 underlying assets. More generally, options with portfolios rather than single assets as their underlying variable are called basket options....
basket optionThis type of option allows the buyer to combine two or more currencies and to assign a weight to each currency. The payoff is determined by the difference between a predetermined strike price and the combined weighted level of the basket of currencies chosen at the outset. The USDX futures contract can be considered as a basket of currencies, with ...
batchthe transmission or processing of a group of payment orders and/or securities transfer instructions as a set at discrete intervals of time....
Bayes` theoremBayes` Theorem is a result that allows new information to be used to update the conditional probability of an event....
Bayesian Information CriterionIn statistics, the Schwarz criterion (also Schwarz information criterion (SIC) or Bayesian information criterion (BIC) or Schwarz-Bayesian information criterion) is an information criterion. It imposes a penalty for including too many terms in a regression model....
be legal tenderMoney that by law must be accepted as payment for debts. All U.S. coins and currency are legal tender, but checks are not....
beamerA video projector that can be connected to a computer instead of, or as well as, a {monitor}, and used for making presentations....
bear marketA period of declining market prices....
bearer shareBearer shares are shares payable to whoever holds them, while registered shares require the owner`s name to be recorded on the books of the issuer or the issuer`s agent. That makes ownership of a company more clear....
beef brothBroth is a liquid in which bones, meat, fish, cereal grains, or vegetables have been simmered and strained out. Broth is used as a basis for other edible liquids such as soup, gravy, or sauce. It can be eaten alone or with garnish (food). Broth has been made for many years using the bones of animals. Traditionally bones are boiled in a cooking pot...
beef loinThe primal cut of an animal that contains the most tender and the leanest sub-primal and market ready cuts. The beef loin, which includes the short loin and the sirloin, is located between the rib and round, providing cuts such as the tenderloin, steaks, and roasts. The pork loin, which does not include the spareribs/belly, is located between the s...
beef stockThe broth in which meat, fish, bones, or vegetables are simmered for a relatively long period, used as a base in preparing soup, gravy, or sauces....
beggar-thy-neighbor policyA policy that attempts to export a country`s unemployment by imposing tariffs or quotas to increase the demand for domestic goods at the expense of imports....
behavioral equationAn equation that describes how a variable behaves....
beige bookDistrict banks have been printing summaries of the economic conditions in their districts since 1970. Initially this `Red Book` was prepared for policymakers only and was not intended for public consumption. It was made public in 1983. To mark this change, the color of the cover was changed and the publication became known as the Beige Book. The Be...
beige bookReport on current economic conditions, published by the Federal Reserve Board eight times each year. The Beige Book is part of the Federal Open Market Committee`s preparations for its meetings. The report is released two Wednesdays before each FOMC meeting at 2:15 pm EST. The book is a summary of economic conditions in each of the Fed`s regions. Th...
belief shockBelief shock is what occurs when an important but previously unquestioned belief is found to be false....
below-the-line activitiesTraditionally, the term `above-the-line` is used for classical forms of broadcast/print/outdoor advertising. The `line` referred to is an accounting term. Initially `above the line` referred to investments (since advertising may eventually lead to a sale) whereas below the line referred to expenditures such as an on-pack promotion. `Below-the-line`...
