Copy of `Oesterreichische Nationalbank - Dictionary`

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

real macroeconomic convergence
Real macroeconomic convergence means more than a catching-up of income levels. It also includes adjusting the structure of the accession countries` economies to bring them more in line with those in the euro area as well as setting up the appropriate institutions and adopting international best practices in a number of areas (competition policies, ...

real money balances
the real value of money balances, their purchasing power in terms of goods...

real money gap
The concept of the money gap can also be defined in real terms. The real money gap reflects the deviation of the actual real money stock from an equilibrium real money stock. Hence, the real money gap corresponds to the nominal money gap, except that it does not include past deviations of prices from the definition of price stability....

real money gap
The real money gap equals the nominal money gap less the deviation of consumer prices from the definition of price stability....

real right
A right in rem, sometimes called a real right, corresponds to duty imposed upon persons in general; a right in personam, sometimes called a personal right, corresponds to a duty imposed upon determinate individuals. A right in rem is available against the world at large; a right in personam is available only against particular persons.... Almost al...

realized gain
Realized Gains/Losses: the difference between the proceeds received from the sale of the security and the original cost of the security....

Really Simply Syndication
RSS or Really Simple Syndication An XML-based Web syndication tool for Web sites and blogs. RSS repackages new content with information such as a date, a title, a link and a brief description. An RSS Reader then interprets this feed so that the user need only read the description and link to the news story or blog post. Originally developed in the ...

Realschule
The Realschule is ranked between Hauptschule (lowest) and Gymnasium (highest) in the secondary school system....

realtime
the processing of instructions on an individual basis at the time they are received rather than at some later time....

rebate
A sum repaid to some option buyers if an in option is not activated or an out option is terminated because the underlying hits the outstrike. Rebates provide a payoff pattern intermediate between a traditional option structure where the position has a minimum value of zero and a debt-based structure where the minimum value at expiration might be th...

recall
Declaration of a coin´s invalidity. In the past, often used as an excuse to issue new coins of lower value (debased coinage) - to the advantage of the Master of the Mint....

recapture of depreciation
In some tax situations, you must add back to your income an amount you deducted in prior years. This is called recapture, and it may occur when you sell an asset or no longer use it primarily for business. A common example is recapture of depreciation....

receiver
A person appointed to take possession of assets either with a power of sale or in a protective capacity....

receiver
An insolvency practitioner appointed when a company goes into receivership. If a company is unsalvageable, it may go straight to administrative receivership, presided over by an administrative receiver, usually known simply as the receiver....

receiver`s swaption
A swaption giving the holder the right to receive a fixed rate and pay a floating rate. Broadly analogous to a call on a fixed rate instrument in terms of its value under different interest rate scenarios. Also called call swaption....

receiver`s swaption
Swaption typically used by an investor. It is an option to enter into an interest rate swap where the holder receives the fixed rate....

receivership
The term applied when a person is appointed as an administrative receiver (=A licensed insolvency practitioner appointed by the holder of a floating charge covering the whole, or substantially the whole, of a company`s property. He can carry on the company`s business and sell the business and other assets comprised in the charge to repay the secure...

receiving NCB
`Receiving NCB` shall mean an NCB receiving euro banknotes from a supplying NCB. ECB/2002/NP8...

recession
commonly defined as two consecutive quarters of economic contraction...

reckoning counter
Jettons: More correctly called, in English, Reckoning Counter. Also Jeton (French) & Rechen-pfenning (German). A coin-like object used in the calculation of accounts. Most commonly made of copper or brass; but also silver (especially 17th century and after: very rarely gold. Lead jettons are also known but their purpose is obscure as they would wea...

reconventioning
a change in the terms of a security issue to reflect the different conventions (eg frequency of interest payment) prevailing in the market for securities in the new denomination....

recourse
The right to claim back a payment(s) made....

Recruitment and Compensation
ECB division...

redemption
Redemptions comprise all repayments by the issuer for cash, whether at maturity or earlier....

redemption
Repossession via repayment of a debt or preferred stock security by the issuer at or before maturity....

redemption charge
The commission charged by a mutual fund when redeeming shares. For example, a 2% redemption charge (also called a `back end load`) on the sale of shares valued at $1000 will result in payment of $980 (or 98% of the value) to the investor. This charge may decrease or be eliminated as shares are held for longer time periods....

redenomination
(simple) redenomination: a change in the currency unit in which the nominal value of a security is expressed (at the conversion rate rounded to the nearest euro cent)...

redenomination
option in restructuring agreement which allows banks to redenominate existing loans in their domestic currencies or the ECU...

redenomination
the change of the unit in which the amount of outstanding debt or equity is stated from a national currency unit to the euro unit, with no alteration of any other term....

redenomination
The narrowest definition of redenomination is a simple conversion of a value expressed in one currency unit to another using a conversion factor....

redistribution clause
To give firms some discretion for differentiated wage increases that deviate from such collective agreements, optional `redistribution clauses` were introduced from 1997 on into several collective contracts (Verteiloption, VO). Typically, VOs allow some wage differentiation within the firm`s workforce, provided there is an agreement between the fir...

reeding
Security edging on coins, consisting of close vertical ridges. As a rule, this appears all round the edge, but some coins, for example New Zealand`s 50c (1967) and the Isle of Man`s £1 (1978), have segments of reeding alternating with a plain edge, to help blind and partially sighted persons to identify these coins....

reemployment scheme
Name given to an instrument for promotion of the labour market introduced in Austria under the 1988 Unemployment Insurance Act (Arbeitslosenversicherungsgesetz) to assist company restructuring (originally in the steel and paper industries). Funded by a combination of resources from unemployment insurance, the employers concerned and contributions f...

reentrant into the labor force
Unemployed persons who previously worked but were out of the labor force prior to beginning their job search....

reference index rate
The interest rate serving as the reference index for a contingent instrument. Frequently, a floating rate such as LIBOR....

referral physician
A physician who has a patient referred to him by another physician for examination, surgery, or to have specific procedures performed on the patient, usually because the primary physician is not qualified to provide the needed service....

refinance
(1) The renewing of an existing loan with the same borrower and lender. (2) A loan on the same property by either the same lender or borrower. (3) The selling of loans by the original lender....

refinance
The process of the same mortgagor paying off one loan with the proceeds from another loan....

regatta approach
`a common starting line` for all EU aspirants...

register of title
in engeren Sinne das eigentliche Grundbuch (Hauptbuch)...

registered bond
Bond that is recorded in the name of the holder on the books of the issuer or the issuer`s registrar and can be transferred to another owner only when endorsed by the registered owner....

registered cooperative society
Another legal form which appears in Germany`s Top 500 is the registered cooperative society (eingetragene Genossenschaft, or eG). These cooperatives can assume one of three liability structures. First, members can be held liable for all cooperative debts with their personal assets (unlimited liability). It is also possible to limit liability in the...

registered share
Bearer shares are shares payable to whoever holds them, while registered shares require the owner`s name to be recorded on the books of the issuer or the issuer`s agent. That makes ownership of a company more clear....

registered unemployment
Unemployed population registered at Employment or Labour Offices. This administrative approach to unemployment reflects national rules and conditions and usually yields different results from those of surveys using the ILO concept of unemployment which includes persons often not covered in registered unemployment statistics, such as persons seeking...

registration fee
Registered items of mail are letters which have their details recorded in a register to enable their location to be tracked. The item is pre-paid with the normal postage rate and an additional charge known as a registration fee. Upon payment of this fee the sender is given a receipt, and (usually) a registration label with a unique number is affixe...

regression analysis
Analysis which examines the correlation between two or more variables in a mathematical model and attempts to prove whether or not the past relationships will be the same in the future. Regression analysis is used in the Black-Scholes option pricing model, portfolio theory and the capital asset pricing model....

regular contract for a position
A continuing contract, whether written or implied, is created when an employee successfully completes a provisional period and becomes entitled to employment in succeeding years, or has a reasonable expectation of continued employment in successive years. Such right to continued employment is also referred to as `working under contract` or holding ...

Regulated Market (RM)
Regulated Market - is a market place, trading system or exchange which meets the minimum EU standards set out in title III of MiFID. MiFID provides that entities offering multilateral trading for financial instruments (such as an order book), must be organised as either an RM or an MTF, with slightly different standards applying to each....

regulation
The establishment of a framework of rules that a corporation must follow in order to do business in a country. Most countries establish a regulatory framework to govern the operations of financial institutions in order to foster the stability of the financial sector and to protect consumers of financial services. [Supervision is part of regulation]...

regulatory capture
The situation that occurs when regulators advocate the interests of the producers they are intended to regulate....

reinforced qualified majority
The idea of a reinforced qualified majority stems from the conviction shared by several Member States and the European Commission that if the unanimity requirement is maintained in an enlarged Union it will all too often result in stalemate. Unanimity might therefore be replaced in certain cases by a reinforced qualified majority, larger than the 7...

reinvestment
Using the dividends, interest, or profits from an investment to buy more of that investment....

relational capital
Relational capital is defined as all resources linked to the external relationships of the firm, with customers, suppliers or R&D partners. It comprises that part of Human and Structural Capital involved with the company`s relations with stakeholders (investors, creditors, customers, suppliers, etc.), plus the perceptions that they hold about the c...

relative strength index
RSI. A technical analysis indicator which measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. The value can range from 1 to 100. Some technical analysts believe that a val...

relativize
consider or treat as relative...

relief embossing
Relief embossing, also called dry embossing, is done by tracing a stencil with a special tool, called a stylus. The result is a stunning, raised pattern on the object you are embossing....

remote access payment instrument
`Remote access payment instrument` means an instrument enabling a holder to access funds held on his/her account at an institution, whereby payment may be made to a payee and normally requires a personal identification code and/or any other similar proof of identity. The remote access payment instrument includes in particular payment cards (whether...

remote payment
payment carried out through the sending of payment orders or payment instruments (eg by mail). Contrast with face-to-face payment....

renominalization
following simple redenomination, a change in the minimum nominal amount in which the security issue is held and traded; this may be either a reduction in the minimum nominal amount to one euro cent, or by repackaging an odd amount to a round amount in euro....

rent seeking
Phänomen, dass Vertretervon Sonderinteressen Anstrengungen unternehmen, um ihr Einkommen auf Kosten anderer zu erhöhen. Im Kontext der internationalen Wirtschaftsbeziehungen bezieht sich dieser Begriff auf den Veruch eines Staates, die eigenen Erträge durch die Einführung von Zöllen oder anderen protektionistischen Maßnahmen zu steigern....

rent seeking
Rent seeking bezeichnet ein Verhalten ökonomischer Akteure, das darauf zielt, staatliche Eingriffe in die marktvermittelte Ressourcenallokation herbeizuführen, um sich hierdurch künstlich geschaffene `Renten`-einkommen aneigenen zu können....

rentier
A person whose income comes mainly from rent on land or, more broadly, from assets rather than labor....

rentier
Individual living off of income from fixed investments....

reorganization bankruptcy
(Kontext USA) A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to re...

replacement capital
Purchase of company holdings from stockholders who wish to leave the company....

replacement rate
replacement rates, i.e. average pensions in relation to average incomes....

replacement rate
The designated percentage of a retiree` s final income to be replaced by retirement plan benefits....

replicating portfolio
A portfolio constructed to match an index or benchmark....

replicating portfolio
Given a payoff function or payoff line, a portfolio containing the underlying asset, cash and derivatives which replicates the payoff is termed the replicating portfolio. If the replicating portfolio strategy only requires buy-and-hold positions in its constituent securities, the strategy is referred to as static replication. On the other hand, if ...

repo rate
the return earned on a repo transaction expressed as an interest rate on the cash side of the transaction....

report on netting-disposal
Contents of reporting form: transactions between a resident and a non-resident, in which the settlement is carried out by means of a netting of mutual claims and liabilities or by means of direct disposal of funds this non-resident owes to the resident. Frequency of reporting: monthly. Timeliness: 10 calendar days....

reporting agent
Reporting agents: shall mean the legal and natural persons and the entities referred to in Article 3 of this Regulation which are subject to the ECB`s statistical reporting requirements....

reprogramming
A change in the allocation of resources in a budget. Resources are programmed with the budget, and a change is another programming, or a reprogramming. In practice, a change is called a reprogramming if it exceeds certain thresholds. An approved budget usually consists of specific amounts of money appropriated for specific accounts. Within each acc...

Republika Srpska
The Republika Srpska (RS) is one of the two political entities that compose the state of Bosnia and Herzegovina (the other entity is the Federation of Bosnia and Herzegovina). Name: Republika Srpska is primarily inhabited by Serbs. In English it is sometimes called the Serb Republic or Republic of Srpska, although the latter is an incorrect transla...

repudiation
the denial by one of the parties to a transaction of participation in all or part of that transaction or of the content of the communication....

repurchase agreement
a contract to sell and subsequently repurchase securities at a specified date and price. Also known as an RP or buyback agreement....

repurchase agreement
A financial transaction in which a dealer in effect borrows money by selling securities and simultaneously agreeing to buy them back at a higher price at a later time. The dealer invests the money paid for the securities, hoping to get a higher return than he owes on his obligation to repurchase the securities. Repurchase agreements are commonly ca...

repurchase agreement
An arrangement whereby an asset is sold while the seller simultaneously obtains the right and obligation to repurchase it at a specific price on a future date or on demand. Such an agreement is similar to collateralised borrowing, with the exception that ownership of the securities is not retained by the seller. The ESCB will use repurchase agreeme...

repurchase date
The date on which the buyer is obliged to sell back assets to the seller in relation to a transaction under a repurchase agreement....

reputational risk
Reputational risk is the risk of significant negative public opinion that results in a critical loss of funding or customers. Reputational risk may involve actions that create a lasting negative public image of overall bank operations, such that the bank`s ability to establish and maintain customer relationships is significantly impaired. Reputatio...

res judicata
rule of civil law that once a matter has been litigated and final judgment has been rendered by the trial court, the matter cannot be relitigated by the parties in the same court, or any other trial court. A court will use res judicata to deny reconsideration of a matter....

Research Fund for Coal and Steel
The Treaty establishing the European Coal and Steel Community (ECSC) expires 23 July 2002, and the ownership of the ECSC funds will revert to the Member States. The Member States will transfer the ECSC funds to the European Community to create a common fund dedicated for research in the coal and steel area. The reserves will be used for a new resea...

Research Papers in Economics
RePEc (Research Papers in Economics) is a collaborative effort of hundreds of volunteers in 57 countries and 34 US states to enhance the dissemination of research in economics. The heart of the project is a decentralized database of working papers, journal articles and software components. All RePEc material is freely available....

Research Visitor Programme
The ECB invites via its Research Visitor Programme leading economists in academia, central banks and top research institutions to conduct research in the Directorate General Research (DG-R) on issues of relevance to the ECB. The scope of the programme: to give prominent scholars the opportunity to gain an insight into the policy-making environmen...

reservation wage
the wage below which an individual chooses not to participate in the labor market...

reserve assets
In accordance with the BPM5, reserve assets consist of those external assets issued by non-residents that are readily available to and controlled by monetary authorities for direct financing of payments imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rat...

reserve currency
A currency that is used as international reserves, often because it is an intervention currency. See also seigniorage. http://www-personal.umich.edu/~alandear/glossary/r.html...

reserve requirement
the obligation for `banks` to maintain balances (bank reserves) at the central bank in respect of certain types of liabilities (in some cases vault cash can be counted towards this)....

reserve requirement
The requirement for institutions to hold minimum reserves with the central bank. In the ESCB`s minimum reserve system, the reserve requirement of an institution is calculated by multiplying the reserve ratio for each category of items in the reserve base with the amount of those items in the institution`s balance sheet. In addition, institutions ar...

reset date
(1) The date a swap`s periodic payment terms are established. Usually the date is the same as the payment date or two days earlier, depending on local conventions or the agreement of the counterparties. Also called Roll Date, Rate Fixing Date. (2) The date on which the strike of a reset or similar option or warrant is determined or modified....

resident
`resident` and `residing` shall mean having a centre of economic interest in the economic territory of a country, as described in Annex A of the Council Regulation (EC) No. 2533/1998;...

residential building
By a relevant residential building we mean a building in which some of the facilities are shared by the residents, for example, cooking and dining facilities and not one made up of a number of individual dwellings, such as a block of flats. Sheltered housing developments made up of individual flats with their own facilities are zero-rated as dwelli...

residential construction investment
Note: Residential construction investment is divided into three main components. The first is new housing construction, which includes single dwellings, semi-detached dwellings, row housing and apartments, cottages, mobile homes and additional housing units created from non-residential buildings or other types of residential structures (conversions...

residential development
Phase I of an up-scale, restricted residential development has just been opened. One-half to one acre lots arranged in a cul-de-sac design are still available for sale....

residual
A residual is the difference between the observed value of a response measurement and the value that is fitted under the hypothesized model. For example, in a two-sample unpaired t test, the fitted value for a measurement is the mean of the sample from which it came, so the residual would be the observed value minus the sample mean....

residual
The difference between a datum and the value predicted for it by a model. In linear regression of a variable plotted on the vertical axis onto a variable plotted on the horizontal axis, a residual is the `vertical` distance from a datum to the line. Residuals can be positive (if the datum is above the line) or negative (if the datum is below the li...

residual control right
i. Ownership is the rights to residual control (rights that have not been contracted away). Rights to residual control include: (1). The right to receive residual income from the asset (i.e., the income remaining after the payment of all other claims) and the benefit of changes in income and costs. (2). The right to withhold the services of the ass...

residual loss
makes up part of agency costs...

resource allocation
Resource allocation is the process of distributing an organization`s tangible assets -- money, people, equipment and facilities -- to effectively achieve company goals. Resource allocation decisions are at the heart of management decision-making. Resource allocation requires important and often difficult management decisions involving the interplay...

restrike
Coin restrikes are coins struck in later times using the original die of coins that are no longer in circulation. The Austrian Mint restrikes originals of guilders, ducats and crowns, Maria Theresa thalers, and historic medals. All coin restrikes must be regulated by law....