Copy of `Oesterreichische Nationalbank - Dictionary`
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Oesterreichische Nationalbank - Dictionary
Category: Economy and Finance
Date & country: 04/10/2008, AU
Words: 3913
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startup capitalSeed money = Comparatively small amount of capital contributed in the very beginning by a firm`s founder(s). It is rarely provided by lenders or institutional investors because startup is the riskiest stage in a firm`s life cycle with the highest chance of failure. Also called front end money, front money, or startup capital....
stashA store or cache of money or valuables. 2. Something hidden away....
state capture`state capture,†that is, the efforts of firms to shape and influence the underlying rules of the game (i.e. legislation, laws, rules and decrees) through private payments to public officials....
state governmentSeparate institutional units exercising some of the functions of government at a level below that of central government and above that of local government, except for the administration of social security funds....
state guaranteeThe « Ausfallshaftung » is a form of State guarantee in favour of Austrian public banks. It entails the obligation for the State (at the regional or local level) to step in should the bank become insolvent. The bank`s creditors have a direct claim against the State. The State can, however, only be called upon should the assets of the bank prove i...
State MintIn 1989 the State Mint of the Republic of Austria became the AUSTRIAN MINT AG, a subsidiary of the Austrian National Bank....
statement of financial positionA financial statement that reports a company`s assets and the claims against them - liabilities and the stockholders` equity - at a set date noted on the statement. Also called the balance sheet....
statistical arbitrageAn attempt to profit from pricing inefficiencies that are identified through the use of mathematical models. Statistical arbitrage attempts to profit from the likelihood that prices will trend toward a historical norm. Unlike pure arbitrage, statistical arbitrage is not riskless....
Statistical Data WarehouseThe Statistical Data Warehouse is the ECB`s new online data delivery service for statistics. It is intended for a wide range of users of euro area statistics, ranging from one-time visitors searching for a specific most recent statistic or a single data series to more frequent users such as market participants, journalists, analysts and researcher...
Statistical Data WarehouseWithin the context of a statistical office, in general, a statistical data warehouse can be defined as a single, complete and corporate repository of data and metadata which have been acquired from different sources, assembled, combined to form one structure, documented in a standard format, and stored in a structure that allows users to view, que...
Statistics in FocusThis collection is published regularly by Eurostat and provides up-to-date summaries of the main results of statistical surveys, studies and analyses. It covers all themes and consists of about four to eight pages per issue. Eurostat issues around 150 Statistics in Focus per year....
Statistiken -- Daten & AnalysenThis publication contains reports and analyses about Austrian financial institutions as well as about macroeconomic indicators related to financial flows and stocks based primarily on OeNB statistics. The contributions are in German, with English-language executive summaries of the reports. The analyses are also summarized in English. Tables are av...
stayA stay is sometimes referred to as a `debt standstill.†It prevents creditors from suing in court to seize the assets of the debtor during the restructuring process....
stayerworker who does not change employers...
steady stateA situation in which the relevant variables are constant over time....
steady stateWhen the properties of a system does not change with time or when the rate of change is constant....
STEP2STEP2 provides a pan-European ACH solution for processing bulk payments. The system offers direct access to a wide banking community, whose payment instructions, routed through to STEP2, are distributed to any bank operating in the EU. Routing files through to a central infrastructure enables banks to reduce costs related to processing customer pay...
step-up bondA bond that pays a lower coupon rate for an initial period which then increases to a higher coupon rate. Related: Deferred-interest bond, Payment-in-kind bond....
step-up bondA step-up bond is a medium- or long-term bond with fixed but distinct coupons which increase over time. Therefore, an initial annual return is offered over a time period throughout which the issuer can amortise, or easily continue, until the `original maturity date` of the structure, and pay a coupon higher than previously. By definition, there wil...
step-up bondStep-Up Notes: These are variations of standard fixed-rate callable debt securities. The interest rate increases `steps-up` to a specified rate on one or more predetermined dates. Fannie Mae step-ups generally become eligible for redemption by Fannie Mae at the time of the first step-up. Notes that have more than one increase are called `multi-step...
sterilizationthe use by a central bank of operations (such as open market sales) to reduce bank reserves (liquidity) which it has created through some other financial transactions such as the purchase of foreign currency....
sterilizationwithdrawal of liquidity (e.g. by sales of securities, for instance by way of open market operations)...
sterilized interventionthe standard practice of offsetting foreign exchange interventions to leave domestic liquidity or money supply unchanged....
stockA flow variable is one that has a time dimension, or flows over time (like a stream). A stock variable is one that measures a quantity at a point of time (like the water in a lake). Income represents dollars per year and is thus a flow. Wealth as of December 1985 is a stock. Similarly, investment is a flow, and capital is a stock....
stock index optionAn option in which the underlying is a common stock index....
stock optionStock options grant their holders the right to repurchase stock, at such time and price as are specified in the option. Stock options may be granted to employees, directors, and officers as incentive payments, and to purchasers of other classes of securities as an added inducement to buy....
stock splitA stock split is not a stock dividend, but merely an across-the-board aggregation of additional shares for shares already held (e.g., for every two shares one owns, an additional share is issued to that owner - someone owning 5 shares would end up with 7.5 shares). A stock split does not alter the total value of an individual stockholder`s investme...
stock-flow adjustmentResidual variable, resulting, for example, from exchange-rate fluctuations, changes in equity participation, hive-offs from the public sector, tax debts, time adjustments, shares in central bank profits, etc....
stock-flow adjustmentThe difference between the change in the outstanding debt stock and the yearly deficit flow is known as the stock-flow adjustment (SFA), or less frequently as deficit-debt adjustment. A positive (negative) SFA means that factors other than the government deficit increase (reduce) the government debt. In some cases, the nominal debt level can even f...
stockholderStockholder (shareholder): An individual or organization that owns common stock or preferred stock in a corporation. www.`>http://www.`>www....
stockholder rights planantitakeover tool, provisions...
stockholders` equityThe difference between a company`s total assets and total liabilities. Stockholders` equity, sometimes called `net worth,` is stockholders` ownership in a company....
stop payment order on a checkStop Payment Orders: Written or oral stop payment orders may be placed on checks written against an account with check access. Oral orders must be confirmed in writing within fourteen calendar days. We will accept a stop payment order request from any authorized signer on an account. We will charge a fee for each stop payment order. Stop payment or...
stop-loss orderorder to sell once a certain level is breached...
stored value carda prepaid card in which the record of funds can be increased as well as decreased. Also called an electronic purse....
straight bondbullet bond: Also known as a straight or fixed bond because it has no special features. It pays a fixed rate of interest and is redeemed in full on maturity. Interest is usually paid annually....
straight bondstraight bond: Bond which will pay back the principal on its maturity date, will pay a specified amount of interest on specific dates, and does not carry a conversion privilege or other special features. http://www.investorwords.com...
straight-through processingthe capture of trade details directly from front-end trading systems and complete automated processing of confirmations and settlement instructions without the need for rekeying or reformatting data....
straight-through processingthe completion of pre-settlement and settlement processes based on trade data that is manually entered only once into an automated system....
strapA bundle consists of 1,000 notes of the same denomination in ten equal straps. ... Standard Strap (100 notes) ... Each full strap must have only one strap around it....
strapA strap contains 100 notes of the same denomination, bound by a color-coded paper strap or Federal Reserve approved non-paper strap....
stratified sampleA form of probability sample where respondents are chosen from a random sample of homogeneous sub-groups (according to a common characteristic) into which the total population has been divided....
stress testFinancial system stress tests provide information on the behavior of the system under exceptional but plausible shocks, helping policymakers to assess the significance of the system`s vulnerabilities. As noted in IMF and World Bank (2003), the value added from system stress tests derives from a consultative process that integrates a forward-looking...
stress testingthe estimation of credit and liquidity exposures that would result from the realisation of extreme price and implied volatility scenarios....
stripSeparate trading of interest and principal (strip) : a zero coupon bond created in order to trade separately the claims on particular cash flows of a security and the principal of the same instrument....
stripStrips - an acronym for separate trading of registered interest and principal of securities - are the different components of a conventional bond separated and traded as distinct securities....
stripThe preliminary material for coins: the cast metal billet is cut into strips. The strips are rolled to the thickness of a coin, from which the planchets (the blanks to be struck into coins) are punched out....
strippable bondWhat is a stripped security? When a Treasury fixed-principal or inflation-indexed note or bond is stripped, each interest payment and the principal payment becomes a separate zero-coupon security. Each component has its own identifying number and can be held or traded separately. For example, a Treasury note with 10 years remaining to maturity cons...
structural capitalStructural capital is defined as the knowledge that stays within the firm at the end of the working day. It comprises the organizational routines, procedures, systems, cultures, databases, etc. Examples are organizational flexibility, a documentation service, the existence of a knowledge centre, the general use of Information Technologies, organiza...
Structural FundsThe Structural Funds are large transfers to the disadvantaged member states and regions. The funds are explicitly aimed at encouraging convergence of per capita income levels. Spending is classified by the nature of the problem it is aimed at....
structural operationAn open market operation executed by the ESCB mainly in order to adjust the structural liquidity position of the financial sector vis-Ã -vis the ESCB....
structural primary balanceStructural deficit minus interest payments....
structural reformThese changes - so-called structural reforms - are about making labor markets more flexible, finding ways to reduce spending on the welfare state, lowering traditionally high levels of taxation and seeking ways to finance state pension programs as older workers begin to outnumber the young....
structural unemploymentUnemployment resulting from the fact that the regional or occupational pattern of job vacancies does not match the pattern of worker availability. There may be jobs available, but unemployed workers may not have the required skill; or the jobs may be in different regions from where the unemployed workers are....
structural unemploymentUnemployment that is part of the `system` and exists even during periods of full employment. Those who are unemployed are in the wrong area for their job skills, are illiterate or uneducated, are school dropouts, or belong to minority groups....
structured financeNon-standard lending arrangements customized to the needs of specific clients. Such arrangements are often not fungible....
structured financeOften refers to a group within an investment bank that deals with mortgage-backed securities (MBS), commercial mortgage backed securities, and collateralized debt obligations,and real estate....
structured financeStructured finance is best defined as financially engineering the proper blend of debt, equity, synthetic, derivative and hybrid capital in order to resolve particular transactional needs that cannot readily be met by conventional senior financing. Structured financing allows for an engineered design and pricing of situation-specific financing ins...
structured productAn over-the-counter (OTC) financial instrument created specifically to meet the needs of one or a small number of investors. The instrument may consist of a warrant, an option, or a forward embedded in a note or any of a wide variety of debt, equity, and/or currency combinations. Also called Structure....
structured productStructured products combine the risk/return characteristics of different financial instruments.There are usually two elements to a structured investment: An element of capital protection, usually a bond product. An `at risk` element` (called an alpha generator) which provides the high performance potential. This can be any financial instrument - a...
stylized factA broad generalization, true in essence, though perhaps not in detail. It is perhaps the most important, and least acknowledged, form of empirical testing in economics. Economic models are judged by their ability to account for real-world phenomena. While some models attempt to capture the detail of a situation, or apply precise estimates of parame...
stylized factElaboration on these criticisms of economics calls into question why a natural science framework would be applied to a social science. Ward admits that economics is partly based upon the application of `stylized facts.` A stylized fact is a `false or exaggerated assumption about some of the facts of the situation under study which are designed to g...
sub-consolidationConsolidation of subgroups within the larger group....
subcustodianwhere one custodian (e.g. a global custodian) holds its securities through another custodian (e.g. a local custodian), the latter is known as a sub-custodian....
subfrontloading`sub-frontloading` shall mean the delivery of euro banknotes and coins from credit institutions or their appointed agents to third parties between 1 September 2001 and 31 December 2001 according to any contractual arrangements set forth between credit institutions or their appointed agents and such third parties. ECB/2001/1...
Sub-group on banknote packagingA subgroup of the Issue Working Group, itself a working group of the Banknote Committee (an ESCB committee)...
subordinated debentureDebt that is subordinated, or junior, has a priority lower than that of other debt in terms of payment (but like all bonds, it ranks ahead of stock). Only after secured bonds and debentures are paid off can holders of subordinated debentures be paid. In exchange for this lower status in the event of bankruptcy, investors in subordinated securities ...
subordinated debtDebt over which senior debt takes priority. In the event of bankruptcy, subordinated debtholders receive payment only after senior debt claims are paid in full....
subordinated liabilitiessubordinated debt: a loan which will not be repaid until previous debts are settled. DoBF-325...
subpoenaA subpoena is `a command to appear at a certain time and place to give testimony upon a certain matter.`[1] The term is from the Middle English suppena and the Latin phrase sub poena meaning `under penalty.`[2] The term may also be spelled `subpena.`[3] A subpoena is used to compel the testimony of witnesses in a trial or other adversarial proceedi...
subprime lendingLending to businesses who do not qualify for `prime` rates, those rates reserved for borrowers with virtually blemish-free credit histories. Subprime lending is usually one to six points over the prime rate....
subprime lendingSubprime lending refers to loan programs geared toward borrowers with blemished or limited credit histories. Subprime borrowers typically have credit histories that include payment delinquencies, and possibly more severe problems such as charge-offs, judgments, or bankruptcy. They may also have low credit scores, high debt-to-income ratios, or meet...
subscribed capital key`subscribed capital key` shall mean the percentages that result from applying to the NCBs the weighting in the key referred to in Article 29.1 of the Statute and as laid down in Decision ECB/1998/13 of 1 December 1998 on the national central banks` percentage shares in the key for the capital of the European Central Bank ... Decision of the ECB...
subscriberAn individual meeting the health plan`s eligibility requirement, who enrolls in the health plan and accepts the financial responsibility for any premiums, copayments, or deductibles. Synonymous with member and enrollee....
subsidiary claimA claim which refers back to, and adds something to, an earlier claim....
subsidies on productsSubsidies on products (D.31) are subsidies payable per unit of a good or service produced or imported. The subsidy may be a specific amount of money per unit of quantity of a good or service, or it may be calculated ad valorem as a specified percentage of the price per unit. A subsidy may also be calculated as the difference between a specified tar...
substance over formZentraler Bilanzierungsgrundsatz der US-GAAP und IAS. Danach ist bei der Beurteilung eines Sachverhalts primär nicht auf seine rechtliche Gestaltung, sondern auf die wirtschaftlichen Auswirkungen abzustellen. Dies bedeutet, daß selbst dann, wenn eine bestimmte Bilanzierung zwar im Einklang mit dem Wortlaut des Gesetzes steht, Abweichungen erforderl...
substantive lawThe statutory or written law that governs rights and obligations of those who are subject to it....
substitutionrecalling the securities lent from a borrower and replacing them with other securities of equivalent market value during the life of the lending....
substitutionthe substitution of one party for another in respect of an obligation. In a netting and settlement context the term typically refers to the process of amending a contract between two parties so that a third party is interposed as counterparty to each of the two parties and the original contract between the two parties is satisfied and discharged....
substitution effectThe substitution effect - at a lower price, buyers have the incentive to substitute the cheaper good for similar goods which are now relatively more expensive. For example, at a lower price, beef is relatively more attractive and is substituted for pork, mutton, chicken, etc....
suitableSuitable work is generally defined as work for which the claimant is qualified by experience and training, work which pays a wage commensurate with his experience, skill and prior earnings, work which is within a reasonable distance from his residence, and work the conditions of which do not constitute an undue risk to the worker`s health, safety, ...
sundryBalance sheet asset item 11.6 Advances, loans, other minor items. Revaluation suspense accounts (only balance sheet item during the year: unrealised losses at revaluation dates during the year, which are not covered by the respective revaluation accounts under the liability item Revaluation accounts. Loans on a trust basis. Investments related to c...
sundryBalance sheet liability item 12.3 Taxation (suspense) accounts. (Foreign currency) credit or guarantee cover accounts. Repo transactions with credit institutions in connection with simultaneous reverse repo transactions for the management of security portfolios under asset item Other financial assets. Compulsory deposits other than reserve deposits...
sunk costsCosts that are irrevocable and should not be used to influence current decisions....
sunrise industryAn industry growing quickly and expected to be increasingly important in the future....
sunset industryAn industry growing slowly or declining....
sunspot shockWe apply a dynamic general equilibrium model to the period of the U.S. Roaring Twenties. In particular, we examine a modification of the real business cycle (RBC) model in which the possibility of indeterminacy of quilibria arises due to empirically plausible technological externalities. In other words, in addition to technology shocks, sunspot sho...
supersedeObliterate, set aside, annul, replace, make void, inefficacious or useless, repeal. To set aside, render unnecessary, suspend, or stay. DicBlack...
supervisionSupervision is a process which begins with planning and continues throughout the examination, evaluation, report, and follow-up phases of the audit assignment. Supervision includes: - ensuring that the auditors assigned possess the requisite knowledge and skills, - providing appropriate instructions during the planning of the audit and approving th...
supervisory risk assessment system`Supervisory risk assessment systems` are understood to comprise all formalised and structured systems and operations employed by supervisory authorities with the objective to identify, at an early stage, potentially fragile credit institutions. This relatively wide concept implies a `soft` borderline between formalised supervisory risk assessment ...
supplementalA budget request submitted to Congress separately and after the regular budget submission due by the first Monday in February. Generally related to unforeseen circumstances, such as funding for disaster relief....
supply shockAn unplanned change in supply usually occurring because of changes in weather conditions....
support ratiothe number of contributors in relation to the number of beneficiaries in a pension system...
suretyA clear-cut distinction must be drawn between the Bürgschaft and other personal securities like the Garantie, which is even more binding for the person standing security but ironically does not require to be in any special form. Thus, in cases of doubt there is a tendency in German courts to assume that one has a void Bürgschaft rather than a Garan...
surety bond1) A bond issued by an entity on behalf of a second party, guaranteeing that the second party will fulfill an obligation or series of obligations to a third party. In the event that the obligations are not met, the third party will recover its losses via the bond. 2) A fee that is charged when a person loses a physical security issued to him/her an...
surprise inflationUnanticipated, or surprise inflation is inflation that was not expected by most people. People are caught off guard. When inflation is high and volatile, people never know what to expect, makes business planning difficult. Anticipated inflation is a change in the price level that is expected....
surveySurvey is a process for gathering information, without detailed verification on the activity being examined....
SVAR modelStructural Vector Autoregression model...
swapA swap is a contractual arrangement involving two parties who agree to exchange, over time and according to predetermined rules, streams of payment on the same amount of indebtedness. The two most prevalent varieties of swaps are interest rate swaps and currency swaps. An interest rate swap involves an exchange of interest payments of different cha...
