Copy of `Oesterreichische Nationalbank - Dictionary`

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

troll
In Internet terminology, a troll is a person who posts rude or offensive messages on the Internet, such as in online discussion forums, to disrupt discussion or to upset its participants (see Anonymous Internet posting). `Troll` can also mean the message itself or be a verb meaning to post such messages. `Trolling` is also commonly used to describe...

truncation
a procedure in which the physical movement of paper payment instruments (e.g. paid cheques or credit transfers) within a bank, between banks or between a bank and its customer is curtailed or eliminated, being replaced, in whole or in part, by electronic records of their content for further processing and transmission....

truncation
Stylised cut at the base of a coinage effigy, sometimes containing a die number, engraver`s initials or mintmark....

TRY
The new Turkish lira (TRY) entered into circulation on 1 January 2005. The former Turkish lira (TRL) will remain in circulation until 31 December 2005. 14.07.2005...

Turkish new lira
The new lira (Turkish: yeni türk) is the currency of Turkey and of the de facto state Turkish Republic of Northern Cyprus. The new lira is subdivided into 100 new kuruÅŸ (yeni kuruÅŸ). The symbol is YTL and the ISO 4217 code is TRY....

turnover rate
Turnover Rate The volume of shares traded in a year as a percentage of total shares listed on an Exchange, outstanding for an individual issue or held in an institutional portfolio....

turnover tax
Use for writings on transactions of goods and services at all levels of production. It is more inclusive than the common retail sales tax, since it is levied every time that goods, whether finished or in the process of production, change hands....

two-factor authentication
The problem is that of security, or rather the insecurity of the usual form of security, passwords. Everybody knows they`re bad at their job: people forget them or create ones too easy to guess, mislay them, write them down where somebody unauthorised can read them, or can be all too easily persuaded to give them over the phone to a conman with a p...

UCC
Alternatives to ERs (emergency rooms) for pressing, yet not life-threatening health troubles....

ultimate risk
Reporting banks are requested to provide information on their total international asset positions (including local claims in local currency of their foreign offices in other countries) reallocated from the country of immediate borrower to the country of ultimate risk. In line with the risk reallocation principle for measuring country exposure recom...

umbrella fund
fund structure containing sub-funds (or compartments) with different investment objectives, focusing on different markets. Umbrella funds enable investors to switch between sub-funds for a low fee - compared to switching funds - and to pursue different investment strategies within the same fund....

UMTS
IMT-2000 and UMTS: International Mobile Telecommunications-2000 and Universal Mobile Telecommunications System. Both refer to third-generation cell-phone networks, using more official names....

Umweltbundesamt
The Umweltbundesamt is the expert authority of the federal government in Austria for environmental protection and environmental control....

Umweltbundesamt GmbH
What is the Umweltbundesamt? The Umweltbundesamt is the expert authority of the federal government in Austria for environmental protection and environmental control. The Umweltbundesamt is the only expert institution in Austria that deals with all areas of environmental protection....

unanimity
The term `unanimity` refers to the requirement for all the Member States meeting in the Council to be in agreement before a proposal can be adopted. Since the Single European Act, the unanimity requirement has applied in a much more limited area than before. In the context of the first pillar, voting by qualified majority is now the rule. The secon...

unanticipated inflation
Unanticipated, 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....

uncertain quotation method
1 foreign currency unit = x euro; in some markets hundred units of foreign currency is used in order to avoid too many decimals. EMIFXP-2...

uncirculated
Term used in grading coins to denote specimens in perfect condition, with original mint lustre. In recent years the term `Brilliant Uncirculated` has been adopted (abbreviated as B.Unc. or BU)....

uncirculated
The term `uncirculated` may have three different meanings when applied to a coin. First, it can refer to the particular manufacturing process by which a coin is made. Second, it can be used as a grade when referring to a coin`s degree of preservation and quality of the strike. Or third, `uncirculated` can point to the fact that a coin has not been ...

undated securities
Securities not bearing a redemption date or option, hence irredeemable securities....

undated securities
undated securities, that is they have no fixed date for redemption....

underemployed
Persons working full- or part-time in jobs that are below their earning capacity or level of competence. The terms underemployed and underutilized are used interchangeably. Underemployment has also been defined as `involuntary part-time` employment or employment of a person on a part-time basis when full-time work is desired....

underground economy
The underground economy consists of activities that may be both productive in an economic sense and also quite legal (provided certain standards or regulations are complied with) but which are deliberately concealed from public authorities (e.g. to avoid the payment of taxes and/or social security contributions or to avoid meeting certain standards...

underground economy
Unreported economic activity. The underground economy includes otherwise legal activities not reported to the taxing authorities (such as garage sales or services `bartered` among friends), and illegal activities such as the drug trade, gambling, and prostitution....

underlying
The something that the parties agree to exchange in a derivative contract....

underlying asset
The security or property or loan agreement that an option gives the option holder the right to buy or to sell....

underlying inflation
CPI excluding interest expenditure and direct effects of altered indirect taxes and subsidies....

underlying inflation
CPI minus govt charges and one-off shocks moneyspeak...

underlying inflation
Underlying inflation is CPI inflation which has been adjusted for things like GST changes and significant changes in government charges. The distinction is made between the CPI measurement (headline inflation) and underlying inflation to remove one-off shocks (e.g., a world crisis causing a sudden increase in fuel prices) and increase in government...

undertaking
A promise, engagement, or stipulation. An engagement by one of the parties to a contract to the other, as distinguished from the mutual engagement of the parties to each other....

underwriter
Also known as an `investment banker` or `distributor,` a middleman between an issuing corporation and the public. The underwriter usually forms an underwriting group, called a syndicate, to limit risk and commitment of capital. He or she may also contract with selling groups to help distribute the issue for a concession. In the distribution of mutu...

underwriting fee
The portion of the gross underwriting spread that compensates the securities firms that underwrite a public offering for their services....

underwriting profit
The difference between net premiums earned and the sum of claim expenses and underwriting expenses. Because underwriting profit excludes investment income, it is a commonly used method of evaluating the performance of a property and casualty insurance company....

underwriting risk
the risk of lower than expected underwriting returns....

unemployed
The number of people who, during the survey week, had no employment but were available for work and: a) had engaged in any specific jobseeking activity within the past four weeks, such as registering at a public or private employment office, meeting with prospective employers, checking with friends or relatives, placing or answering advertisements,...

unemployed
Unemployment comprises all persons without work, seeking work during the reference period and actually available for work....

unemployment
The condition of those members of the labor force who did no work but were seeking work, were awaiting recall from layoffs, or to begin a new job within thirty days. This includes persons receiving unemployment insurance benefits, those who have delayed filing for benefits but were eligible to receive them, those who have applied for benefits but w...

unemployment rate
The number of unemployed as a percentage of the labor force. The seasonally adjusted unemployment rate eliminates the influence of regularly recurring seasonal fluctuations which can be ascribed to weather, crop-growing cycles, holidays, vacations, regular industry model changeover periods, and the like, and therefore, more clearly shows the underl...

unemployment rate
The percentage of the total work force of people actively seeking employment who are currently unemployed....

unencumbered
unencumbered property: Property which is clear of any mortgages, liens or debts....

unfit currency
Unfit means a note that is not suitable for further circulation because of its physical condition, such as torn, dirty, limp, worn or defaced....

uniform-price auction
A uniform price auction is a multiunit auction in which every winning bidder pays the same price, which may or may not be equal to the participants` bids. Alternatively, a multiunit auction can be discriminatory in which winning bidders pay amounts depending on the amount bids....

uniform-price auction
The invention relates to an auction method for selling a plurality of articles of same type, which comprises the steps of: (a) determining the cost C of a single article to the seller; (b) dividing the range of expected bids for the product into a limited number of prices p; (c) defining time of closure T for the auction; (d) displaying the article...

unique visit
Wenn ein Programm (sei es ein Browser oder ein Webspider) eine Website besucht, werden die Dateien einzeln zurückgeschickt und generieren dabei einen so genannten Hit. Eine Page Impression (PI) bezeichnet dagegen eine komplette Seite mit allen eingebundenen Elementen. Wenn z. B. eine Seite aus dem Inhalt (seite.html) und 5 Bildern besteht, dann gen...

unique visitor
When tracking the amount of traffic on a Web site, it refers to a person who visits a Web site more than once within a specified period of time. Software that tracks and counts Web site traffic can distinguish between visitors who only visit the site once and unique visitors who return to the site. Different from a site`s hits or page views -- whic...

unit investment trust
Closed-end funds, also called unit investment trusts, have a fixed portfolio, and a pre-set number of shares outstanding....

unit investment trust
Investment vehicle registered with the Securities and Exchange Commission under the Investment Company Act of 1940, that purchases a fixed portfolio of securities, such as corporate, municipal or government bonds, mortgage-backed securities, common stock, or preferred stock. Units in the trust, which usually cost at least $1,000, are sold to invest...

unit labour costs
Unit labor costs (ULC) are computed as labor compensation (C) per unit of output...

unit labour costs
Unit labor costs show the growth in compensation relative to that of real output. These costs are calculated by dividing total labor compensation by real output. Changes in unit labor costs can be approximated by subtracting the change in productivity from the change in hourly compensation....

unit of trading
The name given to each single, indivisible amount in a transaction. The unit of trading for options is a contract, while the unit of trade for stocks is a share. also called unit of trade....

univariate
Having or having to do with a single variable. Some univariate techniques and statistics include the histogram, IQR, mean, median, percentiles, quantiles, and SD. C.f. bivariate....

universal succession
{Singular succession} (Civil Law), division among individual successors, as distinguished from universal succession, by which an estate descended in intestacy to the heirs in mass....

unload
ie, `get out from under` before prices collapse; eg, security holdings, assets, subsidiaries...

Unregulated Securities Market
The segment Unregulated Securities Market contains all securities admitted to the Unregulated Market http://www.wbag.at/`>http://www.wbag.at/`>http://www.wbag.at/...

update
A broadly released fix for a specific problem addressing a noncritical, non-security-related bug....

upper earnings limit (on insurance)
This is the highest amount of earnings on which employees pay national insurance....

upper middle income country
Upper Middle Income Countries with an annual per capita income of between US $ 3036 and US $9385 in 1995...

upper secondary education
ISCED 3: This usually begins at the end of full-time compulsory education. There is greater specialisation in these programmes than at ISCED level 2 and they are often subdivided into general, technical and vocational streams. The age for admission to this level is typically 15 or 16. Education at ISCED level 3 may either be terminal (preparing stu...

upstream merger
This occurs when a subsidiary merges into its parent corporation....

URL
A URL is the distinct address that identifies each resource on the Internet. More formally, a URL is the networked extension of the standard filename concept that can exist on any machine on the network and served via any of several different methods. An example of a URL is...

Used Banknotes Sorting
A subgroup of the Issue Working Group, itself a working group of the Banknote Committee (an ESCB committee)...

useful life
The time period during which a tangible fixed asset is assumed to be useful for the company`s operations. The estimated useful life of an asset can be used to calculate the maximum period of a tax lease or to specify the type of lease (e.g. capital lease) or to determine the depreciation method to be applied on the leased asset....

user right
Tasks that a user is permitted to perform on a [Windows-based] computer or domain. There are two types of user rights: privileges and logon rights. An example of a privilege is the right to shut down the system. An example of a logon right is the right to log on to a computer interactively. Both types are assigned by administrators to individual us...

user session
User Sessions is the number of unique users who visited a web site during a certain time period. Measuring user sessions is more complicated than measuring hits or page views. The user session statistic can be seen as equivalent to `Unique Visits,` which, unless every visitor only sees one page, will be less than the number of page views/impression...

user session statistics
Now, after nearly three years, the user session statistics indicate that the newsletter is read more widely than before, and by all the target audiences....

utility function
A function that specifies the utility (well being) of a consumer for all combinations goods consumed (and sometimes other considerations). Represents both their welfare and their preferences....

valid
1. Well grounded; just: a valid objection. 2. Producing the desired results; efficacious: valid methods. 3. Having legal force; effective or binding: a valid title. 4. Logic a. Containing premises from which the conclusion may logically be derived: a valid argument. b. Correctly inferred or deduced from a premise: a valid conclusion. 5. Archaic Of ...

valorize
maintain the value or price of (a commodity), esp. by subsidies or the government`s purchase at a fixed price. RANDOM...

valuables
A personal possession, such as a piece of jewelry, having a relatively high monetary value. Am. Heritage Dictionary...

valuables
Valuables are items of gold, silver and other precious metals, precious stones, jewellery, watches, furs, pictures, curios and other works of art, cameras, hearing aids, spectacles, binoculars, telescopes, microscopes, musical instruments, and collections of coins, stamps or medals....

valuation date
The date on which the assets underlying credit operations are valued....

value added
Value Added is the difference between output and intermediate consumption for any given sector/industry. That is the difference between the value of goods and services produced and the cost of raw materials and other inputs which are used up in production....

value at risk
Value at Risk is a measure of risk exposure of a portfolio and is defined as the maximum possible loss in a certain time frame, typically 1-20 days, and within a certain confidence, typically 95%....

value at risk
VaR provides an estimate of the potential mark-to-market loss on a set of exposures over a specified time horizon at a defined level of statistical confidence. The time horizon is 1 day and the confidence level is 97.5%. This implies that, on any given day, the VaR figure provides an estimate of the potential loss over a 1 day period which has no m...

value chain
An organization`s set of linked, value-creating activities, ranging from securing basic raw materials and energy to the ultimate delivery of products and services....

value chain
Chain of activities by which a company brings in materials, creates a good or service, markets it, and provides service after a sale is made. Each step creates more value for the consumer....

value for money
A concept associated with the economy, effectiveness and efficiency of a service, product or process, i.e. a comparison of the input costs against the value of the outputs and a qualitative and quantitative judgement over the manner in which the resources involved have been utilised and managed. See also Effectiveness, Economy, Efficiency....

value investor
who looks for shares that are temporarily undervalued...

value-added tax
A tax levied on the value added at each stage of production in contrast to a sales tax or consumption tax levied only on the final selling price....

value-at-risk
an estimate of the upper bound on losses an institution would expect to incur during a given period (e.g. one day) for a given confidence level (e.g. 95%)....

values (ECB)
effectiveness & efficiency, competence, integrity, transparency & accountability, team spirit, working for Europe...

values (ECB)
Effectiveness & efficiency: We endeavour to perform our tasks in a goal-oriented manner, allocating our resources in an optimal way through cost-awareness and prioritisation. ** Competence We aspire to attain the highest degree of professional excellence, in an environment of equal opportunities. ** Integrity We live up to the highest standards in ...

VAR
vector autoregression...

variable costs
`Variable costs,` which increase directly in proportion to the level of sales in dollars or units sold. Depending on your type of business, some examples would be cost of goods sold, sales commissions, shipping charges, delivery charges, costs of direct materials or supplies, wages of part-time or temporary employees, and sales or production bonuse...

variable costs
Expenses that must be paid no matter how many goods or services are offered for sale are called fixed costs. Other types of costs change with the number of products offered for sale. These are called variable costs . Variable costs include the wages of production workers or salespeople, raw materials, electric power to run machines, and the cost of...

variable rate
Any interest rate or dividend that changes on a periodic basis. Variable rates are often used for convertibles, mortgages, and certain other kinds of loans. The change is usually tied to movement of an outside indicator, such as the prime interest rate. Movement above or below certain levels is often prevented by a predetermined floor and ceiling f...

variable-geometry Europe
`Variable-geometry` Europe is the term used to describe the idea of a method of differentiated integration which acknowledges that there are irreconcilable differences within the integration structure and therefore allows for a permanent separation between a group of Member States and a number of less developed integration units....

variance
A statistical measure which indicates the width of a distribution around the mean. It is the second moment of a distribution. A related measure is the standard deviation, which is the square root of the variance....

variance
measure of the variability of a frequency distribution. It is computed by finding the difference between each score and the mean (M), squaring the result, adding all these squared deviations, and dividing the sum by the number of cases. If N is the number of scores, then V = sum of (score - M)²/ N....

vega
The vega of an option indicates the change of the option price in the event of a small movement in the volatility of the underlying. In mathematical terms, the vega is the first partial derivative of the option price function with respect to volatility. For computing the vega risk of an option we have to calculate the so-called vega effect, which r...

vega
Vega, also known as kappa, is a measure of the amount an option`s price would be expected to change in response to a unit in the price volatility of the underlying instrument....

vehicle currency
A vehicle currency performs the same function on the foreign exchange market as money on the goods market: instead of exchanging currency x directly into currency y, currency x is exchanged into currency z, which is then exchanged into currency y. Foreign exchange operators will prefer this operation to the direct exchange if the sum of the transac...

velocity
the average number of times a measure of money (as captured, for instance, by a monetary aggregate) turns over within a specified period of time. The income velocity of circulation is typically calculated as the ratio of a monetary aggregate to nominal GDP....

velocity
The rate at which money balances turn over in a period for expenditures on goods and services (often measured as the ratio of GNP to the money stock). A larger velocity means that a given quantity of money is associated with a greater dollar volume of transactions....

vendor lock-in
In economics, vendor lock-in, also known as proprietary lock-in, lock-in, or the Pottersville pattern, is a situation in which a customer is so dependent on a vendor for products and services that he or she cannot move to another vendor without substantial switching costs, real and/or perceived. ... Vendor lock-in is often used in the computer indu...

vertical hedging
Vertical hedging refers to the setting off of the sums of the respective long and short positions of a given maturity band. The remaining basis risk is considered in the individual maturity bands at 10% of the closed weighted position....

vertical mobility
Vertical mobility refers to a person or group`s movement up or down a status hierarchy. This is commonly referred to as social mobility, yet vertical mobility can also refer to any movement up or down a hierarchy of any kind, not necessarily related to social status in the same way that social mobility is....

Verwaltungsakademie
Austrian Federal Academy of Public Administration, founded in 1975 in Vienna, offers basic training, advancement training and part-time further training for federal employees as well as training for leading personnel in both the public and private sectors. The Academy of Public Administration annually offers up to 200 courses, short courses and sem...

vigilance
On the alert; watchful. AHDict...

virtual private network
An IP-based Virtual Private Network (VPN) provides a secure tunnel for transmitting data through an unsecured network such as the Internet. There are several protocols that can be used to achieve this including PPTP, L2TP, L2F, and IPSEC. IPSEC is the only protocol that is an IETF standard. A VPN is `virtual` because it does not requirededicated li...