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

MFP
Multi-factor productivity (MFP) relates a change in output to several types of inputs. MFP is often measured residually, as that change in output that cannot be accounted for by the change in combined inputs....

microdata
Microdata: Low-level raw data, as provided by survey respondents (individuals or establishments). These data are only accessible by Statistics Canada employees. These files are also called `master files.`...

microdata
Statistical microdata: An observation data collected on an individual object - statistical unit....

micron
micrometer...

micropayment
Micropayment is payment of which the value exchanged is very small. There is no precise definition of the amount, but it is typically below 10 ECU, often 0.01-1 ECU or even smaller. In the current paper environment there is simply no ability -- or more precisely, no economic viability or physical ability -- to make extremely small payments (< 0.01 ...

micropayment
on-line transaction of sub-dollar amounts (U.S. context)...

middle market price
(1) The mean between the best bid and the best offer quoted by market makers. (2) The mean of two or more recent prices....

mid-market price
(1) The mean between the best bid and the best offer quoted by market makers. (2) The mean of two or more recent prices....

migrant
A migrant worker is a person who moves from one region or locality to another to work or seek work in agriculture or a related seasonal industry....

migrant
Individuals who make relatively permanent changes of residence from one country, or region within a country, to another....

MinFin bond
MinFins are dollar-denominated domestic debt that was issued in 1993 to compensate Russian entities whose hard-currency accounts in the state-owned Vnesheconombank were frozen when Moscow defaulted on Soviet debt in 1991. Analysts have long identified the paper as the most vulnerable of Russia`s many debt instruments....

minimum purchase
For mutual funds, the amount required to open a new account (Minimum Initial Purchase) or to deposit into an existing account (Minimum Additional Purchase). These minimums may be lowered for buyers participating in an automatic purchase plan....

mining and quarrying
Division 2 of the United Nations International Standard Industrial Classification of All Economic Activity...

mining and quarrying
Man has been mining since the early development of society e.g. Stone, Bronze and Iron ages. Virtually every manufactured item contains mineral products which have been mined or quarried. Quarrying is normally associated with the extraction of rock using opencast techniques and leaving large holes in the ground. 1km of motorway requires 125,000 t...

Ministerial Conference
The Ministerial Conference is the topmost body of the WTO under the governance structure set up by the `Agreement establishing the WTO”....

mint state
The term corresponding to the numerical grades MS-60 through MS-70, used to denote a business strike coin that never has been in circulation. A Mint State coin can range from one that is covered with marks (MS-60) to a flawless example (MS-70)....

mirror account
A contra-account which reflects a nostro account with another bank....

mission statement
A company`s mission statement is a general statement which describes its area of expertise and its goals in meeting all of its customers` requirements....

mis-strike
Mint errors: three types are distinguished: 1.The coin was not properly placed over the lower die and, thus, struck off-centre, so that part of the die did not strike the coin. This was quite a common error in hammer striking. 2.Brockage: for some reason or other, a coin that has already been struck gets stuck in the die, so that a negative, incus...

Mittelstand
the host of mainly small and owner-run companies that accounts for the bulk of (Germany`s) GDP...

mixed activity group
Mixed activity groups: those groups whose activities are mainly non-financial but which include at least one credit institution or investment firm....

mixed income of the self-employed
Mixed income of the self-employed includes the total income of own account workers + profits of unincorporated enterprises (wherever it is possible to separate the income into rent, compensation of employees and interest)....

mixed-activity holding company
Mixed-activity holding company shall mean a parent undertaking, other than a financial holding company or an investment firm, the subsidiaries of which include at least one investment firm....

MMF
MMFs are defined as those CIUs of which the units are, in terms of liquidity, close substitutes for deposits and which primarily invest in money market instruments and/or in other transferable debt instruments with a residual maturity up to and including one year, and/or in bank deposits, and/or which pursue a rate of return that approaches the int...

MMF shares-units
Shares or units issued by MMFs. MMFs are collective investments the shares/units of which are, in terms of liquidity, close substitutes for deposits, and which primarily invest in money market instruments and/or in other tradable debt securities with a residual maturity of up to 1 year, and/or in bank deposits, and/or which pursue a rate of return ...

mobbing
Mobbing is EMOTIONAL ABUSE in the workplace; `ganging up` by co-workers, subordinates or superiors to force someone out of the workplace through rumor, innuendo, intimidation, humiliation, discrediting, and isolation; malicious, nonsexual, nonracial, general harassment....

mode
For lists, the mode is a most common (frequent) value. A list can have more than one mode. For histograms, a mode is a relative maximum (`bump`)....

modern portfolio theory
The theory that a portfolio has its own risk-reward characteristics, not necessarily equal to those of the sum of its parts, and that the reward an investment offers is in direct proportion to the risks associated with it....

modified duration
A measure of the price sensitivity of a bond to interest rate movements. Equal to the Macaulay Duration divided by (1+ (bond yield/k)) where k is the number of compounding periods per year. It is therefore inversely proportional to the approximate percentage change in price for a given change in yield. This is one of two ways to calculate duration,...

modified duration
Modified duration is measured in years, but unfornately, a single payment occurring at time t does not have modified duration t. Macaulay-duration has that property. It is defined by multiplying modified duration by : 1 + ri .....Macaulay-duration is a more intuitive concept than modified duration, but for our purposes any of the three measures are...

Modigliani-Miller theorem
A financial theory that the market value of a firm is independent of the way it chooses to finance its investment or distribute dividends. To expand, a firm can choose between three methods of financing: issuing shares, borrowing, and spending profits (as opposed to dispersing them to shareholders in dividends)....

modulus
A real, positive quantity that measures the magnitude of some number. For instance, the modulus of a complex number is the square root of the sum of the squares of its components. Often it means, simply, the numerical (`absolute”) value of an algebraic quantity x....

moiré effect
Moiré effect is a visual perception that occurs when viewing a set of lines or dots that is superimposed on another set of lines or dots, where the sets differ in relative size, angle, or spacing. The moiré effect can be seen when looking through ordinary window screens at another screen or background. It can also be generated by a photographic or ...

moiré effect
The effect of superimposing a repetitive design, such as a grid, on the same or a different design in order to produce a pattern distinct from its components. AHDict...

monetary aggregate
a composite monetary variable used as a measure of the money supply (and as such sometimes adopted as an intermediate monetary policy objective or as an indicator of monetary conditions) comprising a varying range of liquid assets depending on its definition. Monetary aggregates range from narrow to broad. The narrowly defined aggregate M1 typicall...

monetary aggregate
Measures of the stock of money in circulation outside the banking system. Because of the lack of clarity concerning the concept of money there are various statistical definitions of the money stock. As a general rule, narrow definitions include only the currency in circulation plus sight deposits held by domestic non-banks, while broad definitions ...

monetary analysis
The monetary analysis focuses on a longer-term horizon than the economic analysis. It exploits the long-run link between money and prices. The monetary analysis mainly serves as a means of cross-checking, from a medium to long-term perspective, the short to medium-term indications for monetary policy coming from the economic analysis....

monetary assets
monetary assets: cash and near-cash items that can be readily converted into cash...

monetary financial institution
A credit institution or other financial institution, the business of which is to receive deposits and/or close substitutes for deposits from the public and which, for its own account (at least in economic terms), grants credit and/or makes investments in securities....

monetary financial institution
Whereas the said common definition for statistical purposes specifies that monetary financial institutions comprise credit institutions as defined in Community law, and all other resident financial institutions whose business is to receive deposits and/or close substitutes for deposits from entities other than monetary financial institutions and, f...

monetary gold
Monetary gold is gold owned by the authorities (or by others who are subject to the effective control of the authorities) and held as a reserve asset....

monetary income
defined in...

Monetary Policy Committee
an ESCB committee...

Monetary Policy Stance
0,21129...

Monetary Policy Strategy
0,21129...

monetary policy strategy
the monetary policy strategy of the European Central Bank (ECB) rests on the quantitative definition of price stability and two analytical frameworks (`pillars`) which contribute to assessing the risks to future price stability. The first pillar assigns a prominent role to money - monetary and credit developments are thoroughly analysed for their i...

money and banking statistics
It can be broadly described as the record of an economy `s financial system`s accounts, which are the reflection of financial transactions between the financial system and the nonfinancial sector (resident and nonresident), and intrasystem transfers. More specifically, Money and Banking Statistics is a statement for a given point of time (end of pe...

Money Center
Like several times before in its history, the Oesterreichische Nationalbank faced problems of space again in the 1980s. Following the decision to erect a new additional building in the close vicinity of the main building, architects and team of architects were invited to participate in an international design competition, and in October 1991, an ex...

money center bank
A large bank in a major financial center which borrows from and lends to governments, corporations, and other banks, rather than consumers....

money creation
The increase in money supply by the central or commercial banks...

money illusion
In simple terms, the `money illusion` is the phenomenon in which a person who receives a 10 percent raise amidst 10 percent annual inflation is pleased while a person who gets no raise amidst zero inflation protests his terrible mistreatment, even though neither employee`s wage has changed in real terms. It`s a matter of simple psychology. Another ...

money laundering
the attempt to conceal or disguise the ownership or source of the proceeds of criminal activity and to integrate them into the legitimate financial systems, in such a way that they cannot be distinguished from assets acquired by legitimate means. Typically this involves the conversion of cash-based proceeds into account-based forms of money....

money market fund
An open-end mutual fund which invests only in money markets. Only those administered by banks are FDIC-insured, but some others are privately insured. The fund`s net asset value remains a constant $1 per share to simplify accounting, but the interest rate does fluctuate. also called money fund....

money market fund
Money market fund: fund that gains its value by finding the best rate of interest in the money markets. These funds should have low charges. They should be compared with the interest rate obtainable in a deposit account rather than with other mutual fund categories....

money market fund
money market fund: open-ended mutual fund that invests in commercial paper, banker`s acceptances, repurchase agreements, government securities, certificates of deposit, and other highly liquid and safe securities, and pays money market rates of interest. Launched in the middle 1970s, these funds were especially popular in the early 1980s when inter...

money market instruments
Fixed income securities that mature in less than one year. Also known as cash equivalents since their marketability and characteristics provide easy liquidity. Included are U.S. government securities, negotiable certificates of deposit, commercial paper, STIF accounts, bankers acceptances and mutual funds....

money market instruments
Money market instruments shall mean those classes of transferable debt instruments which are normally dealt in on the money market (for example, certificates of deposit, commercial paper and banker`s acceptances, treasury and local authority bills)....

money market instruments
Short-term debt (of less than one year to maturity) usually issued at a discount and not bearing interest. For example, Treasury bills, commercial paper or banker`s acceptances....

money multiplier
A country`s total money supply consists of the money stock, (all reserves held by banks and all currency in circulation), multiplied by the so-called `money multiplier.` The multiplier is the result of fractional reserve banking. When a deposit is made to a bank, the bank is required to keep only a part of that money within its coffers, and can len...

money multiplier
the amount by which a new deposit into the banking system (from the outside)is multiplied as it is loaned out, redeposited, reloaned, etc., by banks...

money multiplier
The increase in the money supply resulting from a one-dollar increase in central bank money. This proportion is equal to (c+θ(1-c))-1 where c is the proportion of money held in currency by individuals and θ is the ratio of reserves to deposits held by banks....

money substitute
Claims to money convertible at face value on demand. Anything generally known to be freely and readily exchangeable into money proper, i.e., money in the narrower sense, whether or not a legal requirement to do so exists. Money-substitutes include token money (minor coins), money-certificates (issuer maintains 100% reserves in money proper) and fid...

money supply
The monetary aggregates are alternative measures of the money supply by degree of liquidity. Changes in the monetary aggregates indicate the thrust of monetary policy as well as the outlook for economic activity and inflationary pressures. To be honest, the various money supply measures don`t matter to most investors these days. The monetary aggreg...

monitoring
Monitoring encompasses supervising, observing, and testing activities and appropriately reporting to responsible individuals. Monitoring provides an ongoing verification of progress toward achievement of objectives and goals....

Monitoring Working Group
A working group of the Market Operations Committee (an ESCB committee)...

monopsony
A market characterized by a single buyer of a product. Monopsony is the buying-side equivalent of a selling-side monopoly. Much as a monopoly is the only seller in a market, monopsony is the only buyer. While monopsony could be analyzed for any type of market it tends to be most relevant for factor markets in which a single firm is the only buyer o...

monopsony
A monopsony in economics is when there is only one buyer in a market. This can be compared to a monopoly in which there is only one seller. An example of a market with a monopsony is the market for road construction, in which there are many suppliers but only one significant buyer (the government). The arms industry is another example when the onl...

monotone function
A function f is monotone increasing on (a, b) if f(x) f(y) whenever x < y. A function f is monotone decreasing on (a, b) if f(x) f(y) whenever x < y. A function f is called monotone on (a, b) if it is either always monotone increasing or monotone decreasing....

monotonically increasing function
A function whose value increases when that of the variable increases, and decreases when the latter is diminished....

monotonically increasing function
Within a given input range, an increase to the input of a function causes either no change or an increase to the output of the function....

Montenegro
On June 3, 2006, the Parliament of Montenegro declared the independence of Montenegro, formally confirming the result of the referendum on independence. Serbia did not obstruct the ruling, confirming its own independence and declaring the Union of Serbia and Montenegro dead shortly thereafter....

Moore`s Law
The observation that the logic density of silicon integrated circuits has closely followed the curve (bits per square inch) = 2*(t - 1962) where t is time in years; that is, the amount of information storable on a given amount of silicon has roughly doubled every year since the technology was invented. This relation, first uttered in 1964 by semico...

moral hazard
Describes behaviour when agents do not bear the full cost of their actions and are thus more likely to take such actions....

moral hazard
Moral hazard is the risk that a contract will change the behavior of one or both parties....

moral hazard
The risk that a party to a transaction has not entered into a contract in good faith, has provided misleading information about its assets, liabilities, or credit capacity, or has an incentive to take unusual risks in a desperate attempt to earn a profit before the contract settles. See also Integrity Risk (2), agency costs, Moral Risk, Counterpart...

MORPHEUS
management of operational risk: processes, human and external factors, systems. subproject of TOPAS -TOPIT...

mortgage
Mortgage: A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan....

mortgage backed security
Security backed by pool of mortgages. MBS markets include Denmark, US, UK and Japan. US MBSs are primarily of two types, pass-throughs and collateralised mortgage obligations....

mortgage bond
A bond secured by a mortgage on a property. Mortgage bonds are backed by real estate or physical equipment that can be liquidated. These are usually considered high-grade, safe investments. If an issuer in default has both secured and unsecured bonds outstanding, secured bondholders are paid off first, then unsecured ondholders. Naturally, because ...

mortgage bond
A bond secured by a mortgage on a property....

mortgage bond
A mortgage bond (Pfandbrief) is a certificate of debt issued by a mortgage bank. The debt is secured by a mortgage on - i.e. a legal claim to - the issuer`s property, subject to the relevant terms. is187/2000...

mortgage bond
A mortgage is a legal claim to real property that serves as security for a loan. Should the borrower not repay the loan, the property can be claimed by the lender. A mortgage bond is a certificate of debt that is backed up by a lien or mortgage on a certain piece of property. The issuer of the bond commits the use of one or more mortgages he holds ...

mortgage refinancing
WHAT IS MORTGAGE REFINANCING? Home Mortgage Refinancing is taking out a mortgage loan to pay off the existing mortgage(s). Future payments are made to the bank providing the refinance loan. . Typically, the choice to refinance is made when interest rates are lower than the original loan....

most favored nation
MFN—the non-discrimination principle—means treating one`s trading partners equally. It guarantees equal opportunities for suppliers from all WTO Members. However, it does not require any degree of market openness. The MFN principle applies to non-scheduled as well as to scheduled services. At the entry into force of the GATS Members were able t...

motor fuel
All fuels used for the generation of power for propulsion of qualified motor vehicles....

mover
worker who changes employers...

moving average
A technical analysis term meaning the average price of a security over a specified time period (the most common being 20, 30, 50, 100 and 200 days), used in order to spot pricing trends by flattening out large fluctuations. This is perhaps the most commonly used variable in technical analysis. Moving average data is used to create charts that show ...

MRO
MROs are weekly liquidity-providing operations with a maturity of one week, conducted as variable rate tenders with a minimum bid rate following the multiple rate auction procedure....

MSCI World Index
The MSCI World Index is a widely recognized unmanaged market capitalization weighted index comprised of a representative sampling of stocks of large-, medium- and small-capitalization companies in 23 countries, including the United States. The MSCI World Financial Index is a sub set of the MSCI World Index and includes companies that are involved i...

MSCI World Index
The MSCI World IndexSM is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. As of April 2002 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, ...

multicollinearity
Multi-collinearity is a statistical term for the lack of independence between variances. In other words, whether Variance A occurs depends somewhat on whether Variance B occurs, and vice versa....

multifactor productivity
In multifactor productivity measures, output is related to combined inputs of labor, capital and intermediate purchases. Labor is measured by the number of hours of labor expended in the production of output. Capital includes equipment, structures, land and inventories. Intermediate purchases are composed of materials, fuels, electricity, and purch...

multifactor productivity
the increase in the efficiency with which firms use both capital and labour...

multilateral netting
an arrangement among three or more parties to net their obligations. The obligations covered by the arrangement may arise from financial contracts, transfers or both. The multilateral netting of payment obligations normally takes place in the context of a multilateral net settlement system....

multilateral netting
netting on a multilateral basis is arithmetically achieved by summing each participant`s bilateral net positions with the other participants to arrive at a multilateral net position. Such netting is conducted through a central counterparty (such as a clearing house) that is legally substituted as the buyer to every seller and the seller to every bu...

multinational corporation
multinational corporation, business enterprise with manufacturing, sales, or service subsidiaries in one or more foreign countries, also known as a transnational or international corporation. (...

multiple
Another term for `price/earnings ratio`. Calculated by dividing the stock`s current price by the company`s current annual earnings per share, usually from the last four quarters (the trailing P/E ratio)....

multiple analysis of covariance
Multiple analysis of covariance (MANCOVA) is similar to MANOVA, but interval independents may be added as `covariates.` These covariates serve as control variables for the independent factors....

multiple discriminant analysis
Multiple discriminant analysis (MDA) is an extension of discriminant analysis and a cousin of multiple analysis of variance (MANOVA), sharing many of the same assumptions and tests. MDA is used to classify a categorical dependent which has more than two categories, using as predictors a number of interval or dummy independent variables. MDA is some...

multiple rate auction
Multiple rate auction (American auction): an auction at which the allotment interest rate (or price/swap point) equals the interest rate offered in each individual bid....