Copy of `Oesterreichische Nationalbank - Dictionary`

The wordlist doesn't exist anymore, or, the website doesn't exist anymore. On this page you can find a copy of the original information. The information may have been taken offline because it is outdated.

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

virt-x
a pan-European blue chip equity market launched on June 25, 2001...

virt-x Exchange Limited
a pan-European trading platform for blue chip equities...

Visegrad Group
The Visegrad Group was formed on 15th February 1991....

visit
A single interaction between a visitor and a website, consisting of a sequence of pages connected by hyperlinks that are internal to the website. In visitor behaviour analysis we primarily study visits rather than hits, as visits are far more informative about the behaviour of real people interacting with the website....

volatility
A measure of a security`s propensity to go up and down in price. A volatile share is one which has a tendency to move violently through a deep share price range. Mathematically, this is expressed as the standard deviation from the average performance. In general, high volatility means high unpredictability, and therefore greater risk. Numerous att...

volatility
A statistical measure of the tendency of a market price or yield to vary over time. Volatility, usually measured by the variance or annualized standard deviation of the price, rate, or return, is said to be high if the price, yield, or return typically changes dramatically in a short period of time. Volatility is one of the most important elements ...

volatility
The tendency of an investment to experience price swings (ups and downs) over periods of time. Volatility is a key measurement when determining risk....

volatility skew
Most derivatives markets exhibit persistent patterns of volatilities varying by strike. In some markets, those patterns form a smile. In others, such as equity index options markets, it is more of a skewed curve. This has motivated the name volatility skew. In practice, either the term `volatility smile` or `volatility skew` (or simply skew) may be...

volume transformation
small-scale deposits are combined to make larger loans...

vortal
Short for Vertical Portal. A Web site that serves as a central online hub of information exchange relevant to a particular industry or industry segment. Information ranges from industry news to product/vendor data. Vortals usually have community tools, such as online chat and message boards, to promote exchange of ideas among the industry professio...

wage dispersion
the degree of variation or variance within the distribution of wages within the labour market...

wage drift
Difference between the collectively agreed increase in wages and the increase in actual compensation per head (including the impact of changes in bonuses, in overtime compensation - because of changes in overtime hours or in hourly pay for overtime -, or in social security contributions), given in percentage points of the expected increase in total...

wage drift
The difference between the basic wage and actual earnings including overtime and bonuses...

wage drift
The difference between wage rates set by national agreements and the total earnings received by workers, which includes overtime pay, special bonuses and commissions. If wage negotiations take place between union leaders and management bodies at a national level, whatever the outcome of those negotiations in certain areas of the country, the wage a...

wage drift
The gap between the Collective Agreement rate and the rate actually paid. Evidence of geographical variations in wage levels....

wage drift
Wage drift occurs when the earnings of some workers rise above the average for the industry. Workers doing the same job within the same industry may be paid differently because: Workers in cities are sometimes paid more to meet the higher cost of living. In spite of equal-opportunities legislation women tend to earn less because their careers are i...

wage freeze
Action taken to freeze all employees at their current wage or salary rate, nullifying anticipated increases due to longevity pay, merit increases, cost-of-living adjustments, within-grade pay increases, etc. Normally taken as a temporary measure in response to poor sales or a decrease in company profits....

wage garnishment
Also known as wage execution. A court-ordered method of debt collection in which a portion of a person`s salary is paid to a creditor. Often used to collect child support payments. The process by which a judgment creditor seizes money, which is owed to his judgment debtor, from a third party known as a garnishee....

wage leadership
Influence exercised by the wage settlement reached by a large firm or group of firms on other negotiations in the same industry or area....

wage share
The wage share is the ratio between compensation of employees (according to the system of National accounts) and one of the following variables: gross domestic product at market prices; gross domestic product at factor cost; net domestic product at factor cost (domestic income at factor cost)...

wage share of GDP
The wage share is the ratio between compensation of employees (according to the system of National accounts) and one of the following variables: gross domestic product at market prices. gross domestic product at factor cost. net domestic product at factor cost (domestic income at factor cost)....

wage subsidy
Wage subsidies, for the purposes of this report, are payments made directly to employers in partial compensation for employing certain workers. (..) Wage subsidies are an active labour market policy, that is, concerned with the creation or conservation of employment, the improvement of job-related skills, or the improvement of the functioning of th...

wage tax
special method of calculation of income tax chargeable on income from paid employment and pensions...

Wagner`s Law
As observed by the German economist Wagner (* 1835 1917; among others) for almost all modern states public expenditure (e.g. denoted by E) increases not only in line with total income, e.g. gross national product (GNP), but more than proportionately. according to Wagner`s law, E increases more than GNP, and the elasticity e should be greater than 1...

war file
Web Archive file with the extension *.war. A type of jar file used by Servlets. It contains various kinds of source and images e.g. *.java, *.jsp, *.xml, *.css, *.ejb, *.gif, *.html, *.png, *.sql, *.xsl, *.xtp....

wardriver
Any person who finds and potentially exploits unsecured wireless LANs. War drivers use network detection software to find homes or office buildings with open access. They park outside of unsecured buildings or homes and use a wireless laptop and an antenna to access the network, get free Internet access, or gain access to network data....

warrant
A security that gives the holder the right to purchase securities from the issuer of the warrant at a specific price. Warrants are usually considered long-term instruments, expiration dates are typically years in the future. Warrants are similar to call options. But the lifetime of a warrant is often measured in years, while the lifetime of a call ...

warrant
Warrants (a particular form of option) are tradable instruments giving the holder the right to buy from the issuer of the warrant (usually a corporation) a certain number of shares or bonds under specific conditions for a designated period of time. Warrants can be traded apart from the underlying securities to which the warrants are linked and thus...

wave and pay technology
The card works by a radio-frequency detection method that requires the card only to be placed close to the merchant`s terminal for the details of the transaction to be transferred and logged. The main value of the system is that it`s fast, so small transactions - at newsagents, fast-food outlets, coffee shops and pubs, car parks, ticket machines an...

wealth effect
Effects on private spending arising from a change in wealth. Wealth effects are usually associated with changes in the value of equity, bonds and real estate....

wealth effect
The effect that a change in the value of assets such as stocks, bonds or property have on a person`s or nation`s spending. Frequently when the value of stocks or land increases strongly, owners of those items feel `richer` even if they do not have more money coming into their pockets. They will often then increase the amount of money they spend and...

web page
Web page short for: World Wide Web Page There are many uses for this term, with subtle differences in meaning. The most technically correct usage is for a single HTML file that contains text and images, is part of a Web site, and has an individual file name assigned to it. When viewed by a Web browser, this file could actually be several screen dim...

Web services
Gartner Group defines Web Services as software components that can interact with one another dynamically via standard Internet technologies, making it possible for enterprises to build bridges between IT systems that would otherwise require extensive development efforts. The ultimate goal of Web Services is to automate business processes for activi...

webcast
To use the Internet to broadcast live or delayed audio and/or video transmissions, much like traditional television and radio broadcasts. For example, a university may offer on-line courses in which the instructor Webcasts a pre-recorded or live lecture, or an enterprise may Webcast a press conference in lieu of or in addition to a conference call....

weighting
To attribute a weighting to a specific market (or market segment), is to give it a relative weight that is greater or lesser than its weighting in the benchmark (to overweight/underweight)....

welfare economics
Branch of economics that seeks to evaluate economic policies in terms of their effects on the well-being of the community. It became established as a well-defined branch of economic theory during the 20th century....

welfare economics
The aspects of economic theory concerned with the welfare of society and priorities to be observed in the allocation of resources....

well-integrated personality
Five dimensions are involved in forming the human personality. These are: 1) physical self, 2) energy self, 3) intellectual self, 4) mental self, and 5) blissful self. Well-integrated personality is the sum total of harmonious expression of these five dimensions....

Western Balkans
Since 1995, the EU has also introduced the term `Western Balkans`, which refers to Albania, Bosnia and Herzegovina, Croatia, Macedonia, and Yugoslavia (Serbia, Montenegro, Kosovo), that is, to what was later, after 1999, to be called `Southeast Europe minus Bulgaria and Romania`....

Western European Union
a military alliance including some, but not all, of the member states of the EU. Austria, Denmark, Finland, Ireland and Sweden are observers in the WEU. Iceland, Norway and Turkey are associated members of WEU. Its charter may expire in 1998. Its future relationships with the European Union is discussed among the CFSP issues in the IGC....

Western European Union
WEU is an organisation which was set up in 1948 for the purposes of cooperation on defence and security. It consists of 28 countries with four different types of status. Member States, associate members, observers and associate partners. The EU countries have the status of Member State (except Austria, Denmark, Finland, Ireland and Sweden, which ha...

WGBI index
Sal. WGBI: Salomon Brothers World Global Bond Index...

when-issued
`When Issued`, a short form of `when as and if issued`, indicates a conditional transaction in a security authorised for issuance but not as yet actually issued. All `When Issued` transactions are on an `if` basis, to be settled if and when the actual security is issued. `When Issued` market has two basic advantages: i. It facilitates the distribut...

white paper
a policy statement...

white paper
A white paper is an article that states an organization`s position or philosophy about a social, political, or other subject, or a not-too-detailed technical explanation of an architecture, framework, or product technology. Typically, a white paper explains the results, conclusions, or construction resulting from some organized committee or researc...

whole grain bread
A type of wheat flour yeast bread that is made with ground whole-wheat rather than processed white flour. Whole-grain flour produces bread that is brown in color and more flavorful than bread prepared with white flour. Whole-grain bread is also more nutritious than white bread because the entire wheat berry is used in the production of the flour....

Wiener Börse AG
The Vienna Stock Exchange and the Austrian Options and Futures Exchange (ÖTOB) were merged to form Wiener Börse AG....

winner`s curse
The winner`s curse is a phenomenon akin to a Pyrrhic victory that occurs in common value auctions with incomplete information. In short, the winner`s curse says that in such an auction, the winner will tend to overpay. However, an actual overpayment will generally occur only if the winner fails to account for the winner`s curse when bidding. So des...

withholding tax
a tax on income deducted at source, which a paying agent is legally obliged to deduct from its payments of interest on deposits, securities or similar financial instruments....

withholding tax on employees
Withholding Tax on employees: A tax you withhold and remit to the State on behalf of your employees....

WLAN
A wireless LAN or WLAN is a wireless local area network, which is the linking of two or more computers with-out using wires. It is the same as LAN, but has a wireless interface....

worker flows
Worker flows are defined as the sum of new hires and worker exits. As such, this sum is a measure of the gross flow of workers in and out of employment, also referred to as worker reallocation....

Worker Registration Scheme
The Worker Registration Scheme was introduced in 2004 when new countries joined the European Union. It allows us to monitor where citizens of those countries (except Malta and Cyprus) are coming into our labour market, the type of work they are doing, and the impact this has on our economy. You will normally have to register under the Worker Regist...

workflow management
Workflow is the operational aspect of a work procedure: how tasks are structured, who performs them, what their relative order is, how they are synchronized, how information flows to support the tasks and how tasks are being tracked. As the dimension of time is considered in Workflow, Workflow considers `throughput` as a distinct measure....

working age population
The working age population refers to those people over 15 years old, excluding those living on Indian reserves, in institutions, or full-time members of the armed forces...

working capital
Current assets minus current liabilities. Working capital measures how much in liquid assets a company has available to build its business. The number can be positive or negative, depending on how much debt the company is carrying. In general, companies that have a lot of working capital will be more successful since they can expand and improve the...

Working Group on Credit Registers
A working group of the Banking Supervision Committee (an ESCB committee)...

Working Group on Forecasting
A working group of the Monetary Policy Committee (an ESCB committee)...

Working Group on Public Finance
A working group of the Monetary Policy Committee (an ESCB committee)...

Working Group on TARGET2
A working group of the Payment and Settlement Systems Committee (an ESCB committee)...

working life
Definition of working life: Your working life is the period on which your contribution record is based. This is normally from the start of the tax year in which you became 16, to the end of the year before you reach 60 years (women) or 65 years (men). Working life is usually 44 years for women and 49 years for men....

works agreement
A works agreement is a written agreement between the employer and the works council which has a direct and compulsory effect on individual employment relationships and labour relations within the establishment (Works Constitution Act § 77(4)). In terms of personnel, its scope refers only to those employees in an establishment who are covered by th...

works constitution
The works constitution forms the basis for the institution of employee representation bodies within establishments , and their rights and obligations. Together with the co-determination enshrined in the company constitution , it is the core of the system of institutionalized representation of interests . It is governed by the Works Constitution Act...

work-to-rule
As well as taking the form of a total stoppage of work, a strike can also be conducted in a manner whereby the performance of work is only partly withheld, for instance by simply slowing down (go-slow) or by insisting on an exaggerated observance of work regulations and safety provisions. This latter case is referred to as a work-to-rule, and occur...

worm
A worm is a program that replicates itself but does not necessarily infect other programs. Examples of recent worms are Melissa and ILOVEYOU, both of which caused widespread damage. These worms replicate themselves by e-mail, often making use of users` Outlook address books....

wrap program
Mutual fund wrap programs invest in a bundle of funds based on the investor`s tolerance for risk. The portfolio is constantly monitored and occasionally tweaked to make sure a certain asset mix is maintained. Wrap programs charge an annual fee - typically 1% to 1.5% of assets under management - for their services, and they waive sales charges on fu...

writ of execution
A writ of execution is a process issued by the court directing the U.S. Marshal to enforce and satisfy a judgment for payment of money. (Federal Rules of Civil Procedure 69)....

write-off
1) accounting process whereby a loan determined to be a worthless asset is removed from the books as an earning asset and charged to the loan loss reserves account. Its book value is written down to zero. 2) process of removing a bad debt or uncollectible loan from the balance sheet....

WTO
World Trade Organization...

Xetra
electronic order-book trading system...

Xetra
order-matching system...

XML
Extensible mark-up language. A next-generation Internet language that could, among other advantages, allow users to access the same Web site vial mobile phone, computer or other device. At present, access by different devices requires rewriting Web pages....

year of pensionable service
`pensionable service” means (a) service in any description of category of employment to which the scheme applies which qualifies the member (on the assumption that it continues for the appropriate period) for benefits under the scheme, (b) any service attributable to transfer credits, and (c) service which under the admissible rules of the scheme...

Yellow Pages
volume or section of a telephone directory that lists businesses, services, or products alphabetically according to field. [So called because they are usually printed on yellow paper.]...

yield curve
Yield Curve: Graph depicting the relation of interest rates to time: time is plotted on the x-axis, and yields on the y-axis. The curve shows whether short-term interest rates are higher or lower than long-term rates. A positive yield curve results if short-term rates are lower, and a negative yield curve results if short-term rates are higher. A f...

yield curve twist
Usually, longer term interest rates are higher than shorter term interest rates. This is called a `normal yield curve` and is thought to reflect the higher `inflation-risk premium` that investors demand for longer term bonds. When interest rates change by the same amount for bonds of all terms, this is called a `parallel shift` in the yield curve s...

yield spread
Difference in yield between various issues of securities. In comparing bonds, it usually refers to issues of different credit quality since issues of the same maturity and quality would normally have the same yields, as with Treasury securities, for example. Yield spread also refers to the differential between divident yield on stocks and the curre...

yield to maturity
Remember there are several kinds of yields which may be quoted. Coupon yield is simply the interest rate specified on the bond. By itself it may be misleading since pricing of the bond may increase or decrease the actual rate of return the investor receives. `Yield to maturity` is a better measure of the actual return an investor may receive over t...

yield to maturity
The rate of return an investor receives if a fixed-income security is held to maturity....

YUM
YUM : Yugoslavian New Dinar...

Zagrebacka Banka
The leading retail and commercial bank in Croatia...

zero hour clause
Zero-hour clause: a provision in the bankruptcy laws of some countries which may retroactively render transactions of a closed institution ineffective after 0.00 a.m. on the date on which the institution is ordered to be closed....

zero rate
a type of VAT rate...

zero-base budgeting
Method of setting budgets for corporations and government agencies that requires a justification of all expenditures, not only those that exceed the prior year`s allocations. Thus all budget lines are said to begin at a zero base and are funded according to merit rather than according to the level approved for the preceding year, when circumstances...

zero-based budgeting
The process of preparing an operating plan or budget that starts with no authorized funds. In a zero-based budget, each activity to be funded must be justified every time a new budget is prepared....

zero-coupon yield curve
A yield curve for zero-coupon bonds; zero rates versus maturity dates. Since the maturity and duration (Macaulay duration) are identical for zeros, the zero curve is a pure depiction of supply/demand conditions for loanable funds across a continuum of durations and maturities. Also known as spot curve or spot yield curve....

ZUNK bond
They derive their name from the Bulgarian abbreviation of the Law on Settlement of the Non-performing Credits, in force as from December 1993. The non-performing debts of state-owned enterprises accumulated during the pre-reform period were transformed into public debt and securitized by long-term government bonds. The bonds replaced the bad loans ...

A Light in the Dark
Licht ins Dunkel. - A Light in the Dark A charity organisation for the disabled and children in need....

B2B
Popular term that refers to `Business-to-Business Electronic Commerce.` Commercial transactions or trade between businesses conducted electronically, typically using the Internet....

E-day
The date of introduction of euro notes and coins; the European Council has chosen the 1 January 2002....

e-finance
(electronic finance) Also known as `electronic financial services` (EFS), e-finance is electronically enabled access to financial services. It is not a delivery (i.e., institution-centric) vehicle, but a vehicle of access (i.e., customer-centric)....

e-procurement
E-procurement is the business-to-business purchase and sale of supplies and services over the Internet. An important part of many B2B sites, e-procurement is also sometimes referred to by other terms, such as supplier exchange....

G17 Plus
G17 Plus is a political party in Serbia, consisting of former members of the Democratic Opposition of Serbia. Its core is a group of 17 economists, led by Miroljub Labus, and it functioned as a pressure group before it became a political party in 2003. It has 34 of the 250 seats in the Serbian National Assembly....

G-7
Since 1975, the heads of state or government of the major industrial democracies have been meeting annually to deal with the major economic and political issues facing their domestic societies and the international community as a whole. The six countries at the first Summit, held at Rambouillet, France in November 1975, were France, the United Stat...

K-means clustering
A non-hierarchical approach to forming good clusters is to specify a desired number of clusters, say, k, then assign each case (object) to one of k clusters so as to minimize a measure of dispersion within the clusters. A very common measure is the sum of distances or sum of squared Euclidean distances from the mean of each cluster. The problem can...

K-means clustering
K-means is a least-squares partitioning method allowing users to divide a collection of objects into K groups....

M3
Using the balance sheet identity, it is possible to present the monetary aggregate M3 as follows: M3 = = credit to euro area residents + net external assets - longer-term financial liabilities + other counterparts....

m-commerce
a subsection of e-commerce; mobile electronic commerce; conducted by e.g. mobile phone....

P2P
Short for Peer-to-Peer. A type of computer network where every computer can both run applications processes and manage network resources. This differs from the client/server network, where functionality is divided: some computers (the servers) are designated to process and manage the network resources while the other computers (clients) run applica...

P-E ratio
Generally a high P/E ratio means that investors are anticipating higher growth in the future. Remember that the P/E doesn`t always mean that a stock is undervalued (buy it) or overvalued (sell it)....