Copy of `Oesterreichische Nationalbank - Dictionary`

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

Maestro card
payment card. Part of MasterCard`s brand. Retrieve your cash in the local currency or use your card to pay. PIN-based, global, direct cash access. Purchasing power at more than 5 million terminals worldwide....

magic square
A term relating to economic policy which has its origin in the [German] Stability Act of 1967. It signifies the four main aims towards which the economic policy of the Federal Government and the Länder should be directed: price stability, a high level of employment, balance of payments equilibrium, and steady and adequate economic growth. The equal...

magnitude
The magnitude of a real number is usually called the absolute value or modulus. It is written

main diagonal
A square matrix which has zeros everywhere other than the main diagonal. Entries on the main diagonal may be any number, including 0. Main Diagonal of a Matrix: The elements of a matrix starting in the upper left corner and proceeding down and to the right....

main refinancing operation
Main refinancing operation: a regular open market operation executed by the Eurosystem in the form of reverse transactions. Such operations are carried out through a weekly otandard tender and normally have a maturity of one week....

main refinancing operations rate
`main refinancing operations rate` shall mean the marginal interest rate applicable from time to time for the Eurosystem`s most recent main refinancing operation, whereby marginal interest rate shall mean the interest rate at which the total tender allotment is exhausted ECB/2001/3...

Maintenance Obligation
In addition to the statutory Guarantee Obligation, there is a general principle of German administrative law referred to as Anstaltslast (the `Maintenance Obligation`). This principle is not specifically mentioned in the statutory laws of Bavaria, although it is specifically mentioned in certain laws of several other states of Germany. However, it ...

maintenance period
The period over which compliance with reserve requirements is calculated. The maintenance period for ESCB minimum reserves would be one month, starting on a fixed day of each month (e.g. the maintenance period may start on the 24th calendar day of each month and end on the 23rd calendar day of the following month)....

malfunctioning
`malfunctioning of a national RTGS system` or `malfunctioning of Target` or `malfunctioning` shall mean technical difficulties, defects or failures in the technical infrastructure and/or the computer systems of any national RTGS system or the ECB payment mechanism or the computerised network connections for interlinking, or any other event related ...

managed float
The most prevalent exchange-rate system today. In this regime, a country through its central bank intervenes to stabilize its currency, or sometimes attempts to keep the rate at a given level....

management and employee buy-out
An MBO where a substantial number of employees as well as managers hold shares in the company....

management by objectives
The process by which performance objectives are agreed between managers and their employees, which are regularly reviewed and against which performance is rewarded....

managing diversity
This is a comprehensive managerial process for developing an environment that works for all employees. This process takes into account the need to change organization systems to sustain the organization`s ability to get from all employees everything they have to offer. It means approaching diversity at all three levels: Individual, team or departme...

mandatory spending
The BEA divides spending into two types--discretionary spendingand direct spending. Direct spending is more commonly called mandatory spending. Discretionary spending is controlled through annual appropriations acts. Funding for salaries and other operating expenses of Government agencies, for example, is usually discretionary because it is usually...

MANOVA
Multiple analysis of variance (MANOVA) is used to see the main and interaction effects of categorical variables on multiple dependent interval variables. MANOVA uses one or more categorical independents as predictors, like ANOVA, but unlike ANOVA, there is more than one dependent variable....

manufacturing
Includes establishments engaged in the mechanical or chemical transformation of materials or substances into new products. These establishments are usually described as plants, factories or mills and characteristically use power driven machines and material handling equipment. The new product of a manufacturing establishment may be finished` in the...

manufacturing sector
Division 3 of the United Nations International Standard Industrial Classification of All Economic Activity...

margin
generally, the term for collateral used to secure an obligation, either realised or potential. In securities markets, the collateral deposited by a customer to secure a loan from a broker to purchase shares. In organisations with a central counterparty, the deposit of collateral to guarantee performance on an obligation or cover potential market mo...

margin
margin has at least two meanings. In the futures/commodity markets, margin is a good faith deposit (of money, securities or other financial instruments) required by the futures clearing system to assure performance. In the equities markets, margin is a sum of money deposited by a customer when borrowing money from a broker to purchase shares. The m...

margin
The required equity or other performance bond that an investor must deposit to collateralize an investment position....

margin account
A leverageable account in which stocks can be purchased for a combination of cash and a loan. The loan in the margin account is collateralized by the stock and, if the value of the stock drops sufficiently, the owner will be asked to either put in more cash, or sell a portion of the stock. Margin rules are federally regulated, but margin requiremen...

margin call
A demand for additional funds because of adverse price movement. Maintenance margin requirement, security deposit maintenance....

margin call
a demand for additional funds or collateral, following the marking to market of a securities lending transaction, if the market value of underlying collateral falls below a certain level relative to the loaned asset. Similarly, if the value of the underlying collateral assets, following their revaluation, were to exceed the agreed margin, the retur...

margin requirement
All clearing houses require their members to pay `margins`. These are designed to ensure that members are able to fulfil their obligations to the clearing house and it will, therefore, be able to fulfil its obligations to them. There are two main types: `Initial` margins are relatively small amounts - in comparison to the nominal value of the cont...

margin requirement
The amount of cash an uncovered (naked) option writer is required to deposit and maintain to cover his daily position valuation and reasonably foreseeable intra-day price changes....

marginal interest rate
the lowest interest rate level accepted...

marginal lending facility
A standing facility of the ESCB which counterparties may use to receive overnight credit against a pre-specified interest rate....

marginal lending rate
`marginal lending rate` shall mean the interest rate applicable from time to time for the Eurosystem marginal lending facility ECB/2001/3...

marginal propensity to consume
The proportion of each additional dollar of household income that is used for consumption expenditures. Or alternatively, this is the change in consumption expenditures due to a change in disposable income. Abbreviated MPC, the marginal propensity to consume is the slope of the consumption or propensity-to-consume line that forms the foundation for...

marginal rate
the interest rate at which the total tender allotment is exhausted...

marginal tax rate
The marginal rate of tax is the rate of tax paid on the next pound earned. In the case of income tax this will increase as a person moves from one band to the next....

marginal utility
The marginal utility is the additional satisfaction gained by the consumption of one more unit of something. Thus, the marginal utility only comes from the last unit consumed....

marginal worker
A main worker is defined as a person who has worked for a major part of the year preceding the date of enumeration, i.e., more than 183 days or six months. A marginal worker is someone who has done some work for a period less than 183 days or 6 months in a year....

mark to market
Revalue a security or market position to reflect its current replacement value in the light of market changes since the last revaluation....

market breadth
The fraction of the overall market that is participating in the market`s up or down move. Looking at this parameter allows investors to reduce the impact of the large cap stocks which influence market indices the most, and instead examine price trends of a diverse range of stocks. This parameter is important in the context of technical analysis, as...

market clearing
Equality of supply and demand. A market-clearing condition is an equation (or other representation) stating that supply equals demand....

market maker
Market participant who is committed, explicitly or otherwise, to quoting bid and offer prices in that particular market....

Market Operations Committee
An ESCB committee...

market order
In contrast, a market order is an order to buy or sell a stock at the best price available at the time the order is executed in the market place....

market order
This is an order to immediately buy or sell a security at the current trading price....

market portfolio
A portfolio consisting of all assets available to investors, with each asset held in proportion to its market value relative to the total market value of all assets....

market portfolio
The theoretically available portfolio consisting of all assets which an investor might purchase and hold in an investment portfolio. A cornerstone of the Capital Asset Pricing Model (CAPM)....

market price
the price that is quoted for a gold, foreign exchange or securities instrument (usually) excluding accrued or rebate interest either on an organised market (e.g. stock exchange) or a non-organised market (e.g. over-the-counter market)....

market sentiment
The feeling or tone of a market which is shown by the activity and price movement of the securities. For example, a bullish market sentiment would be indicated by rising prices. A bearish market sentiment would be indicated by falling prices....

market value
Market value ist ein Angelsächsicher Wertbegriff. Der Market value ist der wahrscheinlichste zu erzielende Verkaufspreis, wenn dem Verkäufer zuvor eine hinreichende Zeitspanne zur Vermarktung zur Verfügung steht. Sinngemäß ist er identisch mit dem Verkehrswert....

market value
the cost that would be incurred or the gain that would be realised if an outstanding contract were replaced at current market prices. Also called replacement value....

market value
The market value of a security is the last-sale price multiplied by total shares outstanding. It is calculated throughout the trading day, and is related to the total value of the index....

market work
All household activities can be split into two mutually exclusive categories, productive and non-productive activities, based on the `third party criterion`. This criterion states that an activity is productive if you can delegate it to a third party (and you can still derive benefit). Hence, preparing a meal is productive, while eating it is not. ...

marketability criterion
A measure of the ease with which a security can be sold in the secondary market....

marketable
Securities quoted and traded regularly on an organised market are considered to be marketable. For shares in open-end collective investment undertakings, there is no market in the usual sense. Nevertheless, investors know daily the quotation of the shares and can withdraw funds at this price....

marketable securities
Securities that can be easily converted into cash. Such securities will generally have highly liquid markets allowing the security to be sold at a reasonable price very quickly...

mark-up pricing
Developed by Polish economist Michal Kalecki (1899-1970), mark-up pricing is an aspect of average cost pricing in which firms calculate the average cost of a product and add on a mark-up, or profit. Research conducted in 1939 showed that the mark-up often remains constant irrespective of supply and demand conditions. Mark-up pricing is considered a...

married put
One method of reducing risk with options is to buy a married put. This means buying a stock and a put (sell) option on the same stock at the same time. If the price of the stock falters or goes down, the put option goes up in value, and part of the loss on the stock can be offset by selling the put....

martingale
(probability theory) a stochastic process in which the conditional expectation of the next value, given the current and preceding values, is the current value....

martini banking
access any time, any place, anywhere - via any access device...

master netting agreement
The use of a master netting agreement allows a firm to manage variation margin payments due from a counterparty across the range of repo-style transactions covered by the agreement, and to deliver netting of exposures in the event of the failure of the counterparty....

matching principle
The matching principle in accoutning demands that all expenses related to sales revenue should be recorded in teh same period....

materiality principle
Materiality principle simply reflects the view that items which are not significant in reflecting on financial performance or position need not be disclosed separately in financial reports....

materiality principle
Materiality principle states that an amount may be ignored if its effect on the financial statements is unimportant to their users....

materials management
The planning, organisation and control of all aspects of inventory embracing procurement, warehousing, work-in-progress, shipping, and distribution of finished goods....

mathematical constant e
The base of natural logarithms. The value e is equal to 2.71828. e is also equal to the limit of the function [1 + (1/n)]n as n approaches infinity. e is used to convert continuous returns into periodic returns. For example, if e is raised to the power, 0.0953, it equals 1.10 which is the terminal value of 1 compounded continuously at this rate. if...

Matriosca
MAnagement ** Tools, effective ** Relations for new ** Interregional ** Organisation aimed at **Strengthening the ** Cooperation ** Among regions in the ** Adria-Alpe-Pannonia space....

Matriosca
MATRIOSCA-AAP is aimed at promoting integrated and co-ordinated development in the territory of the co-operation area `Adria-Alpe-Pannonia”. The project will provide a unique forum for the co-operation of adequate members (in terms of responsibility, function and level) from all 14 partner regions. The backbone of the project is constituted by Wo...

matt(e)
Finely granulated surface or overall satin finish to proof coins, a style which was briefly fashionable at the turn of the century....

maturity at issue
Maturity at issue (original maturity) refers to the fixed period of life of financial instruments before which it cannot be redeemed (e.g. debt securities) or before which it can be redeemed only with some kind of penalty (e.g. some types of deposits). ECB/1998/16...

maturity ladder
All `eligible` positions (including forward positions) with a counterparty are slotted into a maturity ladder based on their residual maturity. For each maturity band, the net position (sum of the long and short positions) is calculated and converted (by applying a weighting factor) into a risk position on which the capital charge is calculated....

maturity matching approach
An approach to working capital management where the firm hedges its risk by matching the maturities of its assets and liabilities....

maturity method
In the maturity method, long or short positions in debt securities and other sources of interest rate exposures including derivative instruments are slotted into a maturity ladder comprising thirteen time-bands (or fifteen time-bands in case of low coupon instruments). Fixed rate instruments should be allocated according to the residual term to mat...

maturity transformation
short-term deposits are used to make long-term loans accommodating lenders and borrowers with different maturity preferences...

maturity-repricing schedule
The simplest techniques for measuring a bank`s interest rate risk exposure begin with a maturity/repricing schedule that distributes interest-sensitive assets, liabilities and off-balance-sheet positions into a certain number of predefined time-bands according to their maturity (if fixed rate) or time remaining to their next repricing (if floating ...

maximum bid limit
The limit on the largest acceptable bid from an individual counterparty in a tender operation. The ESCB may impose maximum bid limits in order to avoid disproportionately large bids from individual counterparties....

mean difference
The mean difference is a measure of statistical dispersion equal to the average absolute difference of two independent values drawn from a probability distribution. A related statistic is the relative mean difference, which is the mean difference divided by the arithmetic mean. An important relationship is that the relative mean difference is equal...

mean-adjusted
(Chart: Confidence Indicators) Data shown are calculated as deviations from the average over the respective period....

mean-adjusted
The actual return for a period less the average (mean) return calculated for a time segment before, after, or both in relation to the event. (...

means of financing
Means by which a budget deficit is financed or a surplus is disposed of. Means of financing are not included in the budget totals. The primary means of financing is borrowing from the public. In general, the cumulative amount borrowed from the public (debt held by the public) will increase if there is a deficit and decrease if there is a surplus, a...

medallion
a circular portion of food, especially a boneless cut of meat: medallions of veal....

median
The median is the middle of a distribution: half the scores are above the median and half are below the median. The median is less sensitive to extreme scores than the mean and this makes it a better measure than the mean for highly skewed distributions. The median income is usually more informative than the mean income, for example. The mean, medi...

median
The middle value or midpoint between two middle values in a set of data arranged in order of increasing or decreasing magnitude. As such, one-half of the items in the set are less than the median and one-half are greater....

median
There is more than one way to calculate an average. Most times, you add up all the observations, divide by the number of observations and get the `mean`.` But occasionally it makes more sense to use the `median,` which you get by arraying the observations from highest to lowest and then picking the one in the middle. That way, you get an average th...

medley of beef innards
various cuts of beef (skirt steak, heart, spleen, sweetbreads, liver, weasand)...

Meet OeNB
Titel des OeNB-Beitrags zum ESZB-weiten EWE-Programm (external working experience)...

Melange
half espresso, half steamed milk...

member
`members` means the persons entitled, or who will be entitled, to receive retirement benefits;...

memorandum of understanding
A memorandum of understanding (MOU) is a legal document describing an agreement between parties. It is a more formal alternative to a gentlemen`s agreement, but generally lacks the binding power of a contract. ... In international relations, one of the advantages of MOUs over treaties is that the text of the MOU can be kept confidential. In additio...

menu bar
A toolbar that contains word commands instead of buttons, the menu bar generally has a drop-down menu for each item....

menu costs
the costs to firms of changing their prices...

merchandise trade
Goods which add or subtract from the stock of material resources of a country by entering (imports) or leaving (exports) its economic territory. Goods simply being transported through a country (goods in transit) or temporarily admitted or withdrawn (except for goods for inward or outward processing) do not add to or subtract from the stock of mate...

merchandise trade balance
The merchandise trade balance represents the difference between U.S. exports based on f.a.s values and U.S. general imports based on Customs values. (See discussion of Valuation below.) This balance corresponds to a measurement of the international payments or credit flows resulting from the physical movement of goods between the U.S. and foreign c...

Mercosur
Mercado Común del Sur. A free trade agreement between Argentina, Brazil, Paraguay and Uruguay....

message
A collection of data in a specific format....

message text standard
The rules laid down for the format and content of a particular message....

message type
A three-digit number showing the major area (category) of a message....

metadata
The Explanation page contains information grouped according to two levels of detail: dataset and series levels. This type of information is often referred to as metadata. The most common definition of `metadata` is `data about data`. In statistical terms, it provides information about statistical data and about processes of producing and using the...

metallist
Metallists believe money developed spontaneously as a medium of exchange in order to eliminate the obvious limitations of barter. Society is thought to have settled on precious metal as currency so that money would have intrinsic value. Money`s value then is explained in terms of its precious metal content or backing....

Metcalfe`s Law
Metcalfe`s Law is expressed in two general ways: 1) The number of possible cross-connections in a network grow as the square of the number of computers in the network increases. 2) The community value of a network grows as the square of the number of its users increase. The original statement from Robert M. Metcalfe, inventor of Ethernet, was app...

Metcalfe`s Law
Robert Metcalfe founded 3Com Corporation and designed the Ethernet protocol for computer networks. Metcalfe`s Law states that the usefulness, or utility, of a network equals the square of the number of users....

method of accounting
Simply put, a method of accounting is the timing in which a company recognizes revenue and claims deductions. If the IRS successfully challenges a method of accounting used by a company, the results can be devastating....

mezzanine financing
In a leveraged acquisition, this refers to either debt or equity participation which makes up the difference between the financing available for the project and the actual purchase price; this can also refer to preferred equity or subordinated debt....

mezzanine financing
The FGG-secured loan is used to finance investments or research. In special cases the guaranteed loan can be subordinated to other liabilities of the company (`mezzanine financing`) and will thus also improve the company`s equity capital base....

MFI interest rate statistics
MFI interest rate statistics shall mean statistics relating to those interest rates that are applied by resident credit institutions and other institutions to euro-denominated deposits and loans vis-à-vis households and non-financial corporations resident in the participating Member States....