Copy of `Oesterreichische Nationalbank - Dictionary`

The wordlist doesn't exist anymore, or, the website doesn't exist anymore. On this page you can find a copy of the original information. The information may have been taken offline because it is outdated.

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

ITSEC
Information Technology Evaluation Standards Criteria (ITSEC). A European criteria similar to the U.S. TCSEC, but which emphasizes the integrity and availability of products and systems, and introduces the distinctions of effectiveness and correctness....

jacket custody
Refers to individual safe custody of securities. Safe custody of securities that the client entrusts to his bank for safe custody separate from the securities of other investors. The bank keeps the securities separate by placing a jacket (Streifband) around the certificates which bears the investor`s name. The opposite of Streifbandverwahrung is Gi...

JEL classification system
The Journal of Economic Literature (JEL) began publication in 1969 under the auspices of the American Economic Association ... Responsibility for producing JEL is shared by two offices, one in Pittsburgh and one in Stanford. The Stanford office manages the Articles, Communications, and Book Review Departments of JEL, and the Pittsburgh office produ...

JEL code
tag derived from the JEL classification system, a system combining letters of the alphabet for categories and single- and double-digit numbers for subcategories. e.g.: A: General Economics and Teaching; A1: General Economics; A11: Role of Economics; Role of Economists....

jeton
Alternative term for counter, and used originally on the chequer board employed by medieval accountants. Nuremberg was the most important centre for the production of medieval jetons, often issued in lengthy portrait series. In modern parlance the term is often synonymous with token, though more specifically confined to pieces used in vending equip...

job class
Job Class - A four digit code corresponding to the job title for the employee on that particular appointment....

job flows
[gross job flows] The (gross) job flows [In this article, job flow and gross job flow are used interchangeably.] represent the extent of the job reallocation process. This measure captures the gains or losses in jobs at a particular firm. Formally, the (gross) job flow is defined as the absolute value of the net job flow. Because an absolute value ...

job flows
[net job flows] The difference between new hires and worker exits determines the net job flow. A firm where new hires are greater than worker exits, that is, net job flow is positive, is a firm creating jobs per unit of time. A firm destroying jobs is a firm where worker exits are greater than new hires, so net job flow is negative....

job flows
creation of new jobs and destruction of old ones...

job leaver
Unemployed persons who quit or otherwise terminated their employment voluntarily and immediately began looking for work....

job loser
Unemployed persons who lost their last job or who had completed a temporary job. This includes persons who were on temporary layoff and counted as unemployed as well as persons not on temporary layoff. (See definition of Unemployed below.) Among those not on temporary lay were Permanent job losers (see definition below) and those whose temporary jo...

job openings
A specific position of employment at an establishment; conditions include that there is work available for that position, the job could start within 30 days, and the employer is actively recruiting for the position....

job rotation
A form of changed work structuring representing a response to calls for the humanization of work . No change is made to the content of the work, but a number of employees alternate with each other in performing different jobs...

job sharing
Job sharing lets two people split the hours and responsibilities of one job between them. Each receives the same pro rata salary. But if you opt for this arrangement, be aware that both your state entitlement and any private pension provision will be affected....

job tenure
The length of time an employee has worked for his or her current employer....

joint and several liability
An obligation for which multiple individuals are liable for payment....

joint and several liability
Where a person is liable with someone else it is often a joint and several liability eg: if two people owe a debt, the creditor can recover the whole of the debt from one of the debtors and does not have to get half from each debtor....

joint stock company
(U.S. source) A form of business organization that falls between a corporation and a partnership. The company sells stock, and its shareholders are free to sell their stock, but shareholders are liable for all debts of the company....

joint venture
An entity formed for a specific purpose and duration between two or more parties. A joint venture may take a variety of legal forms including partnership, tenancy in common or corporation. The term originally applied to real estate development, but now applies to any such entity....

Joint Vienna Institute
Was launched in 1992 to provide a forum for the training of officials from former centrally-planned economies in transition to market-based systems, and offers a variety of courses in economics, finance, and public administration for officials from Central and Eastern Europe, the Baltic States, Russia, and other Republics of the former Soviet Union...

jointly and severally
A type of agreement that establishes the responsibility for selling the securities in an underwriting. Members of an underwriting group agree to buy a certain amount of the new issue and to share liability for the obligations of the other members of the group....

journal
A book of accounts, in which is entered a condensed and grouped statement of the daily transactions....

journal
a ledger in which transactions have been recorded as they occurred [syn: {daybook}]...

judgment lien
A lien on the property of a debtor resulting from a court`s judgment....

judiciary
The judiciary, also referred to as the judicature, consists of justices, judges and magistrates among other types of adjudicators. Under the doctrine of the separation of powers, it is one of the three branches of government. The primary function of the judiciary is to adjudicate legal disputes. The judiciary is also responsible for interpreting th...

junk bond
A bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. Junk bonds became a common means for raising business capital in the 1980s, when they were used to help finance the purchase of comp...

junk bond
Bonds which are below investment grade and which therefore offer a high yield. They are either issued by newly formed or highly leveraged companies (such as those involved in leveraged buy-outs); or they relate to older companies (falllen angels) whose financial condition has deteriorated to below investment grade level. Also applied to bonds denom...

jusen
Jusen were established originally as the special institution for housing loans. They are financial institutions but not banks, so they did not accept any type of deposit, but gave loans to individuals at first, then to corporations....

Kendall`s tau
tau coefficient of correlation, Kendall`s tau, Kendall rank correlation - a nonparametric measure of the agreement between two rankings...

key interest rate
Key ECB interest rates: the ECB interest rates which determine the stance of the monetary policy of the ECB. At present, the key ECB interest rates are the minimum bid rate on the main refinancing operations, the interest rate on the marginal lending facility and the interest rate on the deposit facility. Prior to the decision to conduct the main r...

Keynes` interest-rate effect
Keynes` Interest-Rate Effect: `The lower the price level, the less money households need to hold to buy the goods and services they want.` A lower price level reduces the interest rate, encourages greater spending on investment goods, and thereby increases the quantity of goods and services demanded....

kinship care
grandfamilies: Families in which grandparents or other relatives are primarily responsible for caring for (a) related child(ren) who lives with them, often referred to as kinship care....

kiosk
The kiosk is a self-service terminal, packaged in a touch-screen environment, with no keyboard or mouse. Customers can literally walk up to the kiosk and, by touching the screen, have all their banking information available both onscreen and printed....

knock-in option
Down-and-in or up-and-in barrier options activated at specific price or rate levels. See In Option....

knock-out option
A term descriptive of down-and-out or up-and-out puts and calls embedded in a structured risk management instrument or traded separately. See Out Option....

koruna
currency of the Czech Republic...

Kreditanstalt für Wiederaufbau
KfW is Germany`s promotional bank for the domestic economy and the official development bank for countries in transition and developing countries. The bank is owned by the German federation and the federal states (Länder). KfW...

Kreditschutzverband von 1870
information services, debt-collection services and bankruptcy representative for the Austrian economy...

labor force
labor force: ... the total number of workers in an area plus the total number of people looking for work; the number of people believed to be available to work. It includes an estimate or count of all potential applicants for jobs available; therefore, it is the total number employed, assumed to be underemployed, plus the unemployed . A labor force...

labor force
The labour force consists of the portion of the working age population who were either employed or seeking work during the reference week. However, retired people, students, people not actively seeking work, and people not available for work for other reasons are not considered part of the labour force. Although, they may be part of the working age...

labor force participation rate
The labor force participation rate is the percentage of working-age persons in an economy who: * Are employed or * Are unemployed but looking for a job. Typically `working-age persons` is defined as people between the ages of 16-64. People in those age groups who are not counted as participating in the labor force are typically students, homemakers...

labor force participation rate
The portion of the total civilian non-institutional population classified as in the labor force, that is employed or unemployed and actively seeking employment....

labor force participation rate
This ratio indicates the proportion of the available `working age` population that is willing and able to work and is either employed or actively seeking employment....

labor hoarding
situation where (in an economic downturn) firms keep workers on the job, though they do not fully utilize them...

labor market pooling
Availability of skilled workers http://www.sussex.ac.uk (09.10.03)...

labor migration
Migration, both internal and international, for purposes of employment....

labor pool
labor pool: ... a reservoir of potential workers for employers within a labor force; the number of people counted and defined by their job skills in a labor market or location....

labor productivity
labor efficiency; i.e. ratio of output to labor input...

labor productivity
The ratio of real output per unit of labor input; growth is measured by a higher ratio of outputs to inputs....

labor share of total income
Labour share is equal to the labour compensation divided by current dollar output....

labor supply
Labor Supply - The number of persons employed and unemployed plus those that would seek employment if they believed jobs were available. Generally, this term has been applied to those who are unemployed....

labor utilization
Labour utilisation, a measure of the total amount of paid work done in the economy, is a component of material living standards and has a direct influence on growth. What Are the Indicators? Labour utilisation is usually measured in hours worked per head of population per year. Components of labour utilisation include the participation rate, the pr...

labor`s share of national income
the total of the wages, benefits, profits, rents and interest generated by the economy...

labor-augmenting technical change
Technical change that increases output by raising the productivity of labor. For example, information technologies that permit better managerial decisions could be interpreted in part as labor-augmenting technical change....

laesio enormis
This provision is a lineal descendant of the Roman laesio enormis, which permitted a contract to be avoided when the discrepancy between the values exchanged was two to one or more.[14] The French concept of lésion applies a similar mathematical approach, but only to sales of real property.[15] The new Civil Code of Quebec, however, makes lésion ap...

lagging indicator
Market indicators showing the general direction of the economy and confirming or denying the trend implied by the leading indicators....

Lagrange multiplier test
The single equation Lagrange multiplier (LM) test for autocorrelation developed by Breusch (1978) and Godfrey (1978) reviewed in Godfrey, 1988) has become a standard tool in applied econometrics....

lamb`s lettuce
Corn salad, mache, lamb`s lettuce, field salad, field lettuce (Valerianella locusta) are all names for a salad green of the valerian family. The plant grows in a rosette of long spoon shaped leaves which may also be clusterd in loose heads. Lamb`s lettuce is used in salad mixes together with other greens such as mustard leaves, rocket, dandelion, f...

land transfer tax
Land transfer tax is imposed on the acquisition of an interest in land by registered conveyance or unregistered disposition. Every person obtaining an interest in land is liable to land transfer tax. The tax is calculated on the value of the consideration for the transfer. In certain circumstances the Land Transfer Tax Act (Act) deems the value of ...

large-value payment system
A wholesale payment system used primarily by financial institutions in which large values of funds are transferred between parties. Fedwire and CHIPS are the two large-value payment systems in the United States....

Laspeyres index
Sum(p2q1)/Sum(p1q1)--A weighted aggregative index showing the ratio of expenditures in the current period (p2q1: where p2 is the current period price and q1 is the base period quantity) to the expenditure in the base period (p1q1: where p1 is the current period price and q1 is the base period quantity) to purchase the identical market basket of ite...

late retirement
This is when a member retires and takes their pension after the normal retirement date....

later stage
A fund investment strategy involving financing for the expansion of a company which is producing, shipping and increasing its sales volume....

lats
Latvian currency...

law of obligations
The Law of Obligations is one of the component private law elements of the civil law system of law (as well as of mixed legal systems, such as Scotland, South Africa, and Louisiana) and encompasses contractual obligations, quasi-contractual obligations such as enrichment without cause and extra-contractual obligations. The Law of Obligations is one...

law of one price
An economic rule stating that a given security must have the same price no matter how the security is created. If the payoff of a security can be synthetically created by a package of other securities, the implication is that the price of the package and the price of the security whose payoff it replicates must be equal. If it is unequal, an Arbitr...

law of property
Law of property is the part of the law which determines the nature and extent of the rights which people may enjoy over land and other property - for example rights of ownership of land or rights under a lease....

layoff
A separation of an employee from an establishment that is initiated by the employer; an involuntary separation; a period of forced unemployment....

lead manager
The commercial or investment bank with the primary responsibility for organizing syndicated bank credit or bond issued. The lead manager recruits additional lending or underwriting banks, negotiates terms of the issue with the issuer, and assesses market conditions....

leading indicator
A leading economic indicator is an economic indicator which tends to change before and in the same direction as the general economic activity, whereas a lagging economic indicator tails behind....

leading indicator
Market indicators that signal the state of the economy for the coming months. Some of the leading indicators include average manufacturing workweek, initial claims for unemployment insurance, orders for consumer goods and material, percentage of companies reporting slower deliveries, change in manufacturers` unfilled orders for durable goods, plant...

lease
A Lease is a legal contract. By its terms, one party (the `lessor`) gives another party (the `lessee`) the exclusive right to use and possess its property or equipment for a specified period. The contract requires the lessee to make periodic payments (`rentals`) to the lessor for the use of the leased equipment...

leased employee
A leased employee is an employee of another organization who is `on loan` to your organization to provide services which ordinarily would be performed by one of your own employees. Most often these services are provided through an employee`s leasing firm, but they can be a relationship between any two organizations. The term leased implies that the...

leased employee
Definition: Workers who are officially employed by a professional employer organization, which is responsible for overseeing all HR-related functions, but who actually perform all work for your company...

leased line
A leased line is a telephone line that has been leased for private use. In some contexts, it`s called a dedicated line. A leased line is usually contrasted with a switched line or dial-up line. Typically, large companies rent leased lines from the telephone message carriers (such as...

least squares method
The Least Squares Method is a technique for fitting a straight line through a set of points in such a way that the sum of the squared vertical distances from the observed points to the fitted line is minimized....

lectern
A stand that serves as a support for the notes or books of a speaker....

ledger
A book in which a summary of accounts is laid up or preserved; the final book of record in business transactions, in which all debits and credits from the journal, etc., are placed under appropriate heads. [Written also {leger}.]...

leg
The principle of dividing the product into two components, namely short and long positions in notional plain vanilla instruments (which is also frequently referred to as the principle of breaking down products into two `legs` with opposite signs), will be applied to all interest rate derivatives....

legal
1. Of, relating to, or concerned with law: legal papers. 2a. Authorized by or based on law: a legal right. b. Established by law; statutory: the legal owner. 3. In conformity with or permitted by law: legal business operations. 4. Recognized or enforced by law rather than by equity. 5. In terms of or created by the law: a legal offense. 6. Applicab...

legal instruments
legislative and statutory provisions, acts of administration, judicial decisions, contracts, unilateral legal acts, payment instruments other than banknotes and coins, and other instruments with legal effect. Sprachendienst der Eur. Kommission,...

legal ownership
recognition in law as the owner of a security or financial instrument. It is usually represented by holding `legal title` and sometimes distinguished from beneficial ownership/interest....

legal risk
Legal risk arises from violations of, or non-conformance with laws, rules, regulations, or prescribed practices, or when the legal rights and obligations of parties to a transaction are not well established....

legal risk
the risk of loss because of the unexpected application of a law or regulation or because a contract cannot be enforced....

legal risk
the risk that a party will suffer a loss because laws or regulations do not support the rules of the securities settlement system, the performance of related settlement arrangements, or the property rights and other interests held through the settlement system. Legal risk also arises if the application of laws and regulations is unclear....

legal tender
Money that by law must be accepted as payment for debts. All U.S. coins and currency are legal tender, but checks are not....

legend
The inscription on a coin or medal....

legend
The legend is the inscription encircling the rim....

lender of last resort
A lender, typically a central bank, which provides financial institutions with funds when they cannot borrow from the market. The availability of such lending is intended to prevent systemic problems due to liquidity shortage in individual institutions....

lender of last resort
As the nation`s central bank, the Federal Reserve, has the authority and financial resources to act as `lender of last resort` by extending credit to depository institutions or to other entities in unusual circumstances involving a national or regional emergency, where failure to obtain credit would have a severe adverse impact on the economy....

letter of comfort
A form of reassurance that a company will be able to meet its liabilities or perform its obligations under a contract. Letters of comfort are often issued by parent companies in relation to their overseas subsidiaries. They do not necessarily amount to a formal guarantee....

letter of intent
A letter of intent is an interim agreement spelling out the understanding of the parties before a formal agreement is signed....

letter of reference
A `letter of reference` is normally more general in nature (than a letter of recomendation and is not normally addressed to a specific requestor. Typically, `letters of reference` are addressed as; `To Whom It May Concern` or `Dear Sir/Madam`. Typical letters of reference are: Character assessment reference letter, College-related general referenc...

leu
the Romanian currency...

level 1
The Committee`s proposal in its initial report centred around a four level approach. Level 1: Framework principles to be decided by normal EU legislative procedures (i.e. proposal by the Commission to the Council of Ministers/European Parliament for co-decision). Level 2: Establishment of two new committees - an EU Securities Committee and an EU S...

level of funding
This is the how much the actuarial valuation says a scheme`s assets are worth compared to its liabilities. It is usually a percentage figure, meaning that a scheme with a 100 per cent level of funding would have assets and liabilities worth the same amount....

level of interest rates
What Determins the Overal Level of Interest Rates -- That is, Why are Rates Highter at Some Times Than at Others? - All other things held constant, an increase in the demand for credit raises the price of credit, or interest rates, and a decrease in the demand for credit lowers interest rates. - All other things held constant, an increase in the su...

leverage
Generally speaking, leverage is the use of debt to increase returns. On the most basic level, people who profit on a home typically have used leverage. If you bought a $100,000 home with $20,000 down and later sold the home for $110,000, you made only 10 percent on the house, but 50 percent on your initial investment. That`s the beauty of leverage....

leverage
Most companies use debt to finance operations. By doing so a company increases its leverage because it can invest in business operations without increasing its equity. For example if a company formed with an investment of $5 million from investors, the equity in the company is $5 million and this is the money it uses to operate. If the company uses...

leveraged buyout
A mechanism under which a company is acquired by a person or entity using the value of the company`s assets to finance its acquisition; this allows for the acquirer to minimize its outlay of cash in making the purchase....