Copy of `Oesterreichische Nationalbank - Dictionary`

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

operating income
Income from normal operations of a company. Operating Income does not include capital gains....

operating revenues
operating revenues - operating expenses = operating income...

operational audit
Die Zuordnung zu einer Organisationsrevision entspricht annähernd dem in der Fachliteratur verwendeten Begriff des `Operational Auditing`....

operational reliability
Operational reliability refers to the dependability of a CHP system and is quantified using measures like availability factor, forced outage rate, scheduled outage factor, service factor, and mean down time etc. The reliability/availability profiles for DG/CHP systems can affect electric standby charges and back-up rates, the value of ancillary ser...

operational reliability
The reliability of a system or equipment after it is put in operation....

optically variable ink
Optically variable ink (OVI) is an anti-counterfeiting measure used in modern currency, used on many major banknotes. The ink displays two distinct colors depending on the angle the bill is viewed at. The United States fifty-dollar bill, for example, uses color shifting ink for the numeral 50 so that it displays copper at one angle, and bright gre...

optimal currency area
Mundell (1961, p. 657) spoke of `...defining a currency area as a domain within which exchange rates are fixed...`. Perhaps because the exchange rates among separate national currencies are seldom if ever truly fixed, the term has come to mean a group of countries that share a common currency. Mundell also coined the term `optimum currency area` wh...

optimal currency area
The optimal grouping of regions or countries within which exchange rates should be held fixed. First defined (as `optimum currency areas`) by Mundell (1961)....

option
A contract that conveys the right, but not the obligation, to buy or sell a particular item at a certain price for a limited time. Only the seller of the option is obligated to perform....

option
The right to buy or sell a given commodity, stock, bond or currency in the future at a mutually agreed price, known as the strike price. The right is given in exchange for a premium....

option buyer
The purchaser of either a call option or put option. Option buyers receive the right, but not the obligation, to assume a futures position....

option contract
a contract that gives the buyer the right, but not the obligation, to buy or sell an underlying asset by (or on) a specific date for a specific price. For this right the purchaser pays a premium....

option expiry
The option expiry is the end of the option. This is the date when the holder has the right but not the obligation to exercise the contract....

option on an interest rate future
Options on interest rate futures entitle the holder to enter a futures contract at a previously fixed strike price during a specified period or at a specific point in time....

option premium
The price of an option - the sum of money that the option buyer pays and the option sellerreceives for the rights granted by the option....

option seller
The person who sells an option in return for a premium and is obligated to perform when the holder exercises his right under the option contract....

option series
All option contracts on the same instrument with the same delivery date, the same exercise price and the same expiry date....

option writer
The person who originates an option contract by promising to perform a certain obligation in return for the price or premium of the option. Also known as option grantor....

option-adjusted duration
A modified duration calculation which incorporates the expected duration- shortening effect of an issuer`s embedded call provision. Also called Adjusted Duration. See also Effective Duration, Modified Duration, Macaulay Duration, Partial Duration....

organic growth
Organic growth is the rate of business expansion through increasing output and sales as opposed to mergers, acquisitions and take-overs. Typically, the organic growth rate also excludes the impact of foreign exchange. Growth including foreign exchange, but excluding divestitures and acquisitions is often referred to as, core growth....

organizational change management
Almost all people are nervous about change. Many will resist it - consciously or subconsciously. Sometimes those fears are well founded - the change really will have a negative impact for them. In many cases, however, the target population for the change will come to realise that the change was for the better. The pace of change is ever increasing ...

original gravity
Original Gravity (OG) The measure of malt sugars in a brew taken before fermentation. This measure is called the Specific Gravity (see below). The primary contribution to Specific Gravity is sugar, some of which is fermented into alcohol, and some of which remains in the finished beer to give sweetness and body....

original gravity
The specific gravity of beer measured before fermentation is called its Original Gravity or OG and sometimes its Starting Gravity (SG). This gives an idea of how much sugar is dissolved in the wort (unfermented beer) on which the yeast can work. The range of values goes from approximately 1.020 to 1.160 meaning the wort can be from 1.02 to 1.16 tim...

origination
all the processes involved in the reproduction (Repro) of all copy/material up to platemaking....

originator
Originator means the issuer of the first payment order in a credit transfer....

OSCE
Organisation for Security and Cooperation in Europe. Formerly known as the Conference on Security and Cooperation in Europe (CSCE), the OSCE was initially a political process setting out fundamental principles governing the conduct of international affairs to ease tension and build confidence among states. It is now an organisation with 55 members ...

other buildings and structures
Nonresidential buildings and other structures, as defined below. Uncompleted buildings and structures are included to the extent that the ultimate user is deemed to have taken ownership, either because the construction is for own use or as evidenced by the existence of a contract of sale/purchase. Buildings and structures acquired for military purp...

other business activities
section K74 of the Austrian Statistical Classification of Economic Activities...

other investment
Other investment is defined as a residual category that includes all financial transactions not covered in direct investment, portfolio investment, or reserve assets accounts. Other investment covers trade credits, loans/currency and deposits and other assets/other liabilities. ECB/1998/17 Annex 3...

other risks
Consequently, the other risks will be defined as all risks that are neither credit risk, market risks nor interest rate risk (arising from the banking book). This broad definition of `other risks” will encompass (but will not be confined to) operational risk, legal risk and reputational risk....

out option
An option with an expiration price as well as an expiration date. The option contract expires or pays off (depending on specific contract terms) if the underlying trades at or through the outstrike price. In the case of a down-and- out call, for example, the option expires immediately if the underlying touches the outstrike before the stated expira...

outcomes assessment
Outcomes Assessment: The Determination of a value based on an intended outcome, or result, of an activity. Information, or data, that is used to determine how to adjust what it is that we do in order to achieve the intended results. Outcomes assessment is often described as the tool faculty and staff use to fine tune their craft of teaching, servi...

out-currencies
Currencies other than EMU currencies (other EMU currencies, USD, JPY, CHF, remaining)....

outlier
Outliers are anomalous values in the data. They may be due to recording errors, which may be correctable, or they may be due to the sample not being entirely from the same population. Apparent outliers may also be due to the values being from the same, but nonnormal (in particular, heavy-tailed), population distribution....

out-of-pocket maximum
The total amount paid each year by the member for the deductible and coinsurance. After reaching the out-of-pocket maximum, the plan pays 100% of the allowable charges for covered services for the rest of that calendar year....

out-of-pocket payment
Fee paid by by the consumer of health services directly to the provider at the time of delivery. WHO glossary (...

out-of-the-money option
An option with no intrinsic value, i.e. a call whose strike price is above the current futures price or a put whose strike price is below the current futures price....

output
The result of an economic process, available for sale or use elsewhere. Where a process produces goods, measurement of output is straightforward. Where a process produces services, measurement of output raises problems: an airport fire crew, for example, produces safety even in a year with no fires for them to put out. In the output approach to nat...

output approach
Add up the final value of all the goods and services produced this year by firms. The money spent on making the goods (inputs) is taken away from the money` received from the sale of the goods (outputs) to give each sector`s value added. Taking final output or adding up each sector`s value added gives national income....

output gap
The degree to which economic activity exceeds (or falls short of) the level consistent with stable inflation....

output gap
The difference between actual and potential output....

output gap
THE OUTPUT GAP is the difference between the economy`s actual output and the level of production it can achieve with existing labour, capital, and technology without putting sustained upward pressure on inflation. The output gap is also referred to as spare capacity or excess capacity. The gap is positive when actual output exceeds the economy`s p...

output index
The index comprises the output of ÖNACE categories C through F (mining and quarrying; manufacturing; electricity, gas and water supply; construction). info provided by Karin Wagner, VOWA....

outright forward
An outright forward is a forward contract that has a specific finish date. (A forward exchange contract (or forward contract) is a binding obligation to buy or sell a certain amount of foreign currency at a pre-agreed rate of exchange, on or before a certain date.)...

outright transaction
A transaction where the central bank buys or sells assets outright in the market (spot or forward)....

outsourcing
Outsourcing (or contracting out) is often defined as the delegation of non-core operations or jobs from internal production within a business to an external entity (such as a subcontractor) that specializes in that operation. Outsourcing is a business decision that is often made to lower costs or focus on core competences. A related term, offshorin...

outstanding amount
Outstanding amounts are defined as the stock of all deposits placed by customers, i.e. households and non-financial corporations, with credit institutions and the stock of all loans granted by credit institutions to their customers....

outstrike
The price at which a down-and-out or up-and-out call or down-and-out or up- and-out put expires or pays off if the price of the underlying touches or trades through it under circumstances meeting the requirements of the contract. Generically, outstrike is used to refer to any price at which the terms of a nonstandard option change. Also called Drop...

outward investment
investment assets of domestic residents, i.e. securities issued by nonresidents and owned by domestic residents...

OVDP
Tresury bills (Ukraine); Oblihatsii vnytrishnoi derzhavnoi pozyky...

overall balance
This term corresponds to the GFS terminology of `Overall Deficit/Surplus,” which is defined as revenue plus grants received less expenditure less `lending minus repayments.” The balance so defined is equal (with an opposite sign) to the sum of net borrowing by the government, plus the net decrease in government cash, deposits, and securities he...

overall weight
Overall weights are a weighted average of simple import shares and double export weights, i.e. taking into account `third market` effects....

overallotment
This is the fancy name for the green shoe, the underwriting agreement which allows the underwriters to buy up to an additional 15% of shares at the offering prices for a period of several weeks after the offering....

overdraft facility
Overdrafts are facilites which may be accessed anytime and up to a specified amount for the duration of an agreement. OeNBfoa 3-4/2001...

overdraft limit
an agreed amount that you`re allowed to draw on when your account balance goes below zero. Overdrafts are usually subject to interest costs and a monthly Overdraft Facility Fee....

overlapping-generations model
The overlapping generations (OLG) model, also known as the Diamond model, is the second basic model used in macroeconomics. The essential feature of the model is that at every point in time, finitely-lived individuals of different generations are alive and trade in markets. This is in contrast with the infinitely-lived representative-consumer hypot...

overnight deposits
Deposits with next-day maturity. This instrument category comprises mainly those sight/demand deposits which are fully transferable on demand (by cheque or similar instrument) without significant delay, restriction or penalty. It also includes non-transferable deposits that are convertible on demand or by close of business on the following day....

oversight of payment systems
a central bank task, principally intended to promote the smooth functioning of payment systems and to protect the financial system from possible `domino effects` which may occur when one or more participants in the payment system incur credit or liquidity problems. Payment systems oversight aims at a given system (eg a funds transfer system) rather...

overstrike
An overstrike means using an older coin to serve as a blank for a new coin. The new image is struck over the old, which then disappears. After the war, the then Austrian Main Mint overstruck German (Reich) ten pfennig pieces to make ten groschen coins....

over-the-counter
A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase `over-the-counter` can be used to refer to stocks that trade via a dealer network as opposed to on a centralized exchange. It also refers to debt securities and other financial instruments such as derivatives, which are traded through a de...

over-the-counter
A security which is not traded on an exchange, usually due to an inability to meet listing requirements. For such securities, broker/dealers negotiate directly with one another over computer networks and by phone, and their activities are monitored by the NASD. also called unlisted....

own account trading
Dealing on own account: trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments....

own funds at book value
`own funds at book value` ... ergibt sich grundsätzlich aus der Passivseite der Bilanz der Tochtergesellschaft durch die Addition von Grundkapital, Rücklagen, Gewinn- und Verlustvorträgen, Jahresertrag und konzerninternen Verbindlichkeiten....

own-account worker
Own-account workers are those workers who, working on their own account or with one or more partners, hold the type of job defined as a `self-employment job` (cf. paragraph 7), and have not engaged on a continuous basis any `employees` (cf. paragraph 8) to work for them during the reference period. It should be noted that, during the reference peri...

PAC
pre-authorized chequing...

page hit
Hit 1) Also called a page hit. The retrieval of any item, like a page or a graphic, from a Web server. For example, when a visitor calls up a Web page with four graphics, that`s five hits, one for the page and four for the graphics. For this reason, hits often aren`t a good indication of Web traffic. Compare with page view. (22) Any time a piece of...

page impression
Der statische Werbemittelkontakt, der stattfindet, wenn der Nutzer eine bestimmte Seite mit Werbung anwählt....

page impression
The exact number of times a specific Web site has been accessed or viewed by a user. A page impression acts as a counter for Web pages, informing site owners how many times their sites were visited. Page impressions are also referred to as hits. webopedia (13.09.05)...

page view
A Web page that has been viewed by one visitor. Page views are often used in online advertising, where advertisers use the number of page views a site receives to determine where and how to advertise. Compare with `page hit`. webopedia...

page view
Page Views, or Page Impressions is the number of pages viewed. Pages are files with extensions such as .htm, .html, .asp (and a few others). Impressions, therefore, are a count of the number of pages viewed and do not include the supporting graphic files. Thus, by definition, you should have more total hits than page views. For instance, if a site ...

paid employment
Paid employment jobs are those jobs where the incumbents hold explicit (written or oral) or implicit employment contracts which give them a basic remuneration which is not directly dependent upon the revenue of the unit for which they work (this unit can be a corporation, a non-profit institution, a government unit or a household). Some or all of t...

palladium
Atomic Number: 46 Atomic Symbol: Pd Atomic Weight: 106.4 Electron Configuration: -18-18-0 History Palladium was named after the asteroid Pallas, which was discovered at about the same time. Pallas was the Greek goddess of wisdom. Sources Discovered in 1803 by Wollaston, Palladium is found with platinum and other metals of the platinum group in pla...

panel
A group of respondents who agree to be surveyed a number of times - for exmple, each month, for a year - in order to detect trends in their behaviour or opinions. For regular surveys, this is also cheaper than finding new respondents each time. However there`s a risk of panel conditioning - when members` behaviour is affected by their being on the ...

panel data
A special form of longitudinal data in which observations are collected on the same sample of respondents over a period of time....

panel sample
sample of retail establishments or consumers specially recruited to provide information on buying, media, and consumption habits...

par share
A par share has a specific dollar amount indicated on the share certificate. The par value can be any amount chosen by the board (or by the incorporators), and may or may not reflect the actual value, but the par value must be set out in the articles of incorporation. The corporation must receive, as a minimum, the par-value price for each share it...

par value
Other terms for face value include par value, nominal value and principal amount....

parametric reform
Parametric reforms affect the financial viability of pay-as-you-go systems through changes in the regulatory parameters determining contributions and benefits....

parent credit institution
parent credit institution in a Member State` means a credit institution which has a credit institution or a financial institution as a subsidiary or which holds a participation in such an institution, and which is not itself a subsidiary of another credit institution authorised in the same Member State, or of a financial holding company set up in t...

Pareto optimum
In welfare economics, a concept that sets a condition necessary to maximize the economic wealth of a given society. The pareto optimum is achieved when it is impossible to make one person better off without making another (or others) worse off....

Pareto optimum
Multiple objectives. The problem has more than one objective function. Since these do not lie in a totally ordered set, a solution is often defined as an efficient point (sometimes called a Pareto optimum): x* is feasible, and there does not exist another feasible point, x, such that f(x) >= f(x*) and f_i(x) > f_i(x*) for some i, where i indexes th...

Pareto principle
The 80:20 rule originated from Vilfredo Pareto, an Italian economist who studied the distribution of wealth in a variety of countries around 1900. He discovered a common phenomenon: about 80% of the wealth in most countries was controlled by a consistent minority -- about 20% of the people. Pareto called this a `predictable imbalance.` His observat...

partial equilibrium
A partial equilibrium analysis distinguishes between the welfare of consumers who purchase a product and the producers who produce it. Consumer welfare is measured using consumer surplus, while producer welfare is measured using producer surplus. Revenue collected by the government is assumed to be redistributed to others. Government revenue is eit...

partial equilibrium
A partial equilibrium is a special case of the general economic equilibrium, where the clearance on the market of some specific goods is obtained independently from prices and quantities demanded and supplied on other goods` markets....

partial spin-off
Carve-outs (Partial Spin-Off) In this case, the parent corporation sells to the public an interest of less than 20% in the new subsidiary in a SEC registered public offering (IPO) for cash proceeds. Often, an IPO in which the parent company retains a majority interest in the new company, may be a prelude to a spin-off of the remaining interests to ...

participants
`participants` shall mean the entities which have direct access to a national RTGS system and have an RTGS account with the NCB concerned (or, in the case of the ECB payment mechanism, with the ECB) and shall include such NCB or the ECB, whether in its capacity as settlement agent or otherwise...

participating interest
Participating interests: The proportion of ownership in the whole of a project that is held by a project owner....

participating member
Also known as active member....

participation certificate
(1) A security issued by a corporation with a payoff pattern similar to an equity- linked note. (2) A security issued by a corporation to create an additional class of equity shares with a different dividend rate or reduced restrictions on share transfer. Also called Bearer (Participation) Certificate....

participation rate
participation rate (i.e. the sum of employment and unemployment as a proportion of the population of working age),...

parties to a collective agreement
Collective agreements may be concluded on the employees` side by trade unions and on the employers` side either by employers` associations or by individual employers. The central organizations (`Spitzenorganisationen`), i.e. federations of employers` associations and trade unions, are also potential parties to collective agreements, but little or n...

partnership
A partnership is the relationship between two or more persons who join to carry on a trade or business, with each person contributing money, property, labor, or skill and each expecting to share in the profits and losses of the business whether or not a formal partnership agreement is made. The term partnership includes a limited partnership, synd...

partnership
An unincorporated business or investment organization having two or more owners. A partnership is not subject to tax but passes income, losses, and other tax items through to its partners....

part-time employment
As defined by the U.S. Bureau of Labor Statistics, employment in which a worker is regularly scheduled to work less than 30 hours a week....

passbook savings account
a savings account in which deposits and withdrawals are recorded in the depositor`s passbook...

past-due items
PAST DUE ITEMS 37. Items which are 90 or more days in arrears are not classified as impaired assets if they are well-secured (using the concept of `fair value) and no provisions are held against them. However, because they are considered more at risk than items which are being maintained in accordance with their contractually agreed terms, data on ...

pauper labor argument
The view that a country loses by importing from another country that has low wages, presumably by lowering wages at home. This view ignores the fact that low wages are due to low productivity, and that the high-wage home country, with high productivity, will have comparative advantage in some products and will gain from trade....

payday loan
Like a cash advance, this is a loan taken out based on an expected paycheck that will cover the loan amount and the fees acquired with it....

payer`s swaption
A swap option giving the holder the right to pay a fixed rate and receive a floating rate in an interest rate swap. Broadly analogous to a put on a fixed rate instrument. Also called Buyer`s Right to Pay (BRP) Fixed Swaption, Swaption (diagram), put swaption....

payer`s swaption
Swaption normally used by a borrower. It is an option to enter into an interest rate swap where the holder pays the fixed rate....