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

corporate social responsibility
Corporate Social Responsibility (CSR) is a concept that states that organisations, especially (but not only) commercial businesses, have a duty of care to all of their stakeholders in all aspects of their operations. This duty of care is seen to go beyond their statutory obligation to comply with legislation. CSR is closely linked with the principl...

corporate social responsibility
Different organisations have framed different definitions - although there is considerable common ground between them. My own definition is that CSR is about how companies manage the business processes to produce an overall positive impact on society....

corporate yellow pages
A corporate yellow page is a one page summary focused on the role of the individual. It highlights an individual`s unique skills in the corporate community and ideally contains information about the individual`stask network (people one works with) as well as knowledge artifacts(the individual`s unique contribution to the structural capital of the o...

corporation
An artificial being created by operation of law, with an existence distinct from the individuals who own and operate it....

corporatization
Corporatisation refers to the second stage of reform to improve the efficiency of Government businesses. (first stage = commercialisation). It involves the establishment of a corporate governance structure which mirrors as far as possible that of a public-listed company, essentially creating an `arm`s length` relationship between the business` mana...

corporatization
The alteration of the reporting, legal and management structure of a public trading body to allow it to operate at arm`s length from the Government, with profit as a major objective. Unlike privatised bodies, corporatised bodies remain under government ownership and control....

corporatization
The corporatization of a state-owned agency or enterprise consists in its reconstitution as an independent legal entity, subject to commercial law, commercial accounting and reporting practices....

correlation
The correlation between two variables represents the degree to which variables are related. Typically the linear relationship is measured with either Pearson`s correlation or Spearman`s rho. It is important to keep in mind that correlation does not necessarily mean causation. For example, there is a high positive relationship between the number of ...

correspondent banking
an arrangement under which one bank (correspondent) holds deposits owned by other banks (respondents) and provides payment and other services to those respondent banks. Such arrangements may also be known as agency relationships in some domestic contexts. In international banking, balances held for a foreign respondent bank may be used to settle fo...

correspondent banking
an arrangement under which one bank provides payment and other services to another bank. Payments through correspondents are often executed through reciprocal accounts (so-called nostro and loro accounts), to which standing credit lines may be attached. Correspondent banking services are primarily provided across international boundaries....

corridor floater
A corridor floater (also known as a range note, fairway note or accrual note) is a structured note which pays an above-market rate for each day that the underlying spot rate stays within a specified range - the accrual corridor. This higher yield is achieved by effectively selling an embedded corridor option. The corridor may be reset on given date...

cost
Cost is the value that must be given up to acquire a good or service....

cost accounting
An area of management accounting which deals with the costs of a business in terms of enabling the management to manage the business more effectively....

cost containment measures
Measures taken to control or restrict medical care expenditures or to reduce the rate of their growth. This includes a broad range of cost control mechanisms e.g. limiting budgets, cost-sharing, regulation of supply of services and staff, patients` waiting lists, exclusion of certain people from entitlement to services, standard costing, privatizat...

cost management
The effective financial control of the project through evaluating, estimating, budgeting, monitoring, analyzing, forecasting and reporting the cost information....

cost object
The primary output of a certain process in an Activity Based Costing Analysis. A cost object may be a product, a process, a service, an event, etc....

cost of carry
This is the funding cost of holding a physical asset, and consists of the interest payable on the finance required to buy the asset. The expense involved in actually holding an asset explains why, as futures reach maturity, they trade at a slight premium to the underlying asset. In the case of gold, for example, the holder must pay interest on any ...

cost of funds
Monthly average cost of borrowings reported by members of the Federal Home Loan Bank system, calculated on either a national or regional basis. The COF is one of the indexes that a lender can use to determine the rate adjustments on ARM loans....

cost of funds
Refers to the interest and non-interest cost of obtaining equity and debt funds....

cost of goods sold
the total cost to the business of the goods sold during an accounting period. In its simplest form this is the sum of the opening stock plus all purchases less the closing stock....

cost principle
The idea that transactions are recorded at their historical costs or exchange prices at the transaction date....

cost unit accounting
A form of cost accounting that focuses on the costs of performing specific functions (processes, activities, tasks, etc.), rather than on the cost of organizational units. Activity-Based Costing generates more accurate cost and performance information related to specific products and services than is available to managers through traditional cost a...

cost variance
The difference between budgeted cost and actual cost. At any time, it shows whether the work actually performed has cost more or less than the cost budgeted for the same work....

cost-benefit relationship
Cost-benefit relationship means that the potential loss associated with any exposure or risk is weighed against the cost to control it....

cost-effectiveness
benefit: The positive element in an economic trade-off which relates economic earnings to economic costs in an investment, operating, or financing decision....

cost-of-carry relationship
The cost of carry relationship is an arbitrage relationship based on comparison between two alternative methods of acquiring an asset at some future date. In the first case an asset is purchased now and held until that future date. In the second case a forward contract which matures on the required date is bought and the present value of the forwar...

cost-push inflation
Cost-push inflation occurs when a company`s costs rise and to compensate they have to put their prices up. Cost increases may happen because wages have gone up or because raw material prices have increased....

cost-push inflation
Inflation originating on the supply side of markets (i.e., for reasons other than excess demand for goods, which leads to demand-pull inflation). In the aggregate supply and demand framework, cost-push is illustrated as an upward shift in the AS (aggregate supply) curve....

cost-utility analysis
A cost-utility analysis (CUA) measures the benefits of alternative treatments or types of care by using utility measures such as Quality-adjusted Life Years (QALYs) and may present relative costs per QALYs....

cost-utility analysis
A specific type of cost-effectiveness analysis using quality-adjusted life years as the effectiveness endpoint. By convention, cost-utility analyses are often referred to as cost-effectiveness analyses; however not all cost-effectiveness studies use the cost-utility methodology....

Council of Europe
a separate organisation based in Strasbourg, France, which deals with issues such as human rights and youth policy. It is strictly intergovernmental. It has currently 40 member states....

Council of the European Union
The Council of the European Union (Council, sometimes referred to as the Council of Ministers) is the Union`s main decision-making institution. It consists of the ministers of the fifteen Member States responsible for the area of activity on the agenda: foreign affairs, agriculture, industry, transport or whatever. Despite the existence of these di...

Council of the European Union
The Council of the European Union forms, along with the European Parliament, the legislative arm of the European Union (EU). It contains ministers of the governments of each of the member-states. The Council of the European Union is sometimes referred to in official European Union documents simply as the Council, and it is often informally referred...

counter
Jetons or counters were used as calculation instruments in Europe in the middle ages. According to medieval taste, they were always decorated. These decorations always had a purpose, sometimes religious, but usually related to the user or the principal. In the 16th century, jetons were mostly used to propagate political messages and to glorify the ...

countercyclical
Moving in the opposite direction of the overall economic cycle, i.e. rising when the economy is weakening, and falling when the economy is strengthening....

counterparty
The opposite party in a financial transaction (e.g. in a transaction with the central bank)....

counterplea
A plaintiff`s reply to a defendant`s plea or counterclaim; an answering plea AHDict...

country of destination
The country of destination to which the goods are exported....

country of export
The country where goods are shipped from....

country of incorporation
The Country of Incorporation Code identifies the country in which the company is incorporated or legally registered. Country codes established by the International Standards Organization (ISO) are used....

country of manufacture
The country where the product is actually made or grown. If more than one country is involved, the country of manufacture is normally the country where the last major transformation took place....

country of origin
The country of manufacture, production, or growth of any article. If the article consists of material produced or derived from, or processed in, more than one foreign territory or country, or insular possession of the U.S., it is considered a product of that foreign territory or country, or insular possession where it last underwent a substantial t...

country risk provision
A COUNTRY RISK PROVISION is established for possible losses on the portfolio of loans to a group of less-developed countries designated by the banking industry`s regulator --- the Office of the Superintendent of Financial Institutions. Such provisions would not relate to companies operating in Canada and would therefore not be included in the numbe...

coupon
The coupon is the amount the bondholder will receive as interest payments. It`s called a `coupon` because sometimes there are physical coupons on the bond that you tear off and redeem for interest. This, however, was more common in the past. Nowadays records are more likely to be kept electronically. The coupon is expressed as a percentage of the p...

coupon bond
A bond with interest coupons attached. The coupons are clipped as they come due and presented by the holder for payment of interest. Currently, while the term `coupon` is still sometimes used to refer to the interest payments on a bond, the physical possession of securities has been made obsolete by computers....

coupon rate
The interest rate that an issuer promises to pay over the life of a debt security, such as a bond, expressed as a percentage of face value. Normal practice is to pay half the annual rate semiannually....

court penalties and fines
Court Penalties & Fines The Courts have the power to impose fines and make other orders (such as imprisonment) when a person is found guilty of breaching the law. Both the Supreme Court and the Court of Petty Sessions have these powers. Failure to comply with a court decision and pay any fine will result in the issue of a Warrant of Apprehension un...

covenant
A covenant ist an agreement or stipulation expressed in loan contracts made with enterprises in particular, by which the borrower pledges to do certain things (an affirmative covenant) or refrain from others (a negative covenant), and is consequently part of the terms and conditions of a loan....

covenant
Additional conditions in a loan document used to trigger action if results fail to meet agreed upon parameters....

covered
If a seller writes a call and does not own the underlying good, the call is a naked call. If the writer owns the underlying good, he has sold a covered call....

covered call
The sale of call options while long the underlying instrument. The covered call writer gives up any potential upside beyond the strike of the calls in exchange for the premium income....

covered put
The sale of put options while long cash....

CPI
A price index constructed monthly by the U.S. Bureau of Labor Statistics. The index provides a statistical measure of the average change in prices in a fixed market basket of goods and services. The CPI is based on the prices of about 90,000 goods and services sold across the country. Like other price indexes, the CPI weights products by the dollar...

CPSS
Committee on Payment and Settlement Systems (from the Report of the Working Group on Strengthening Financial Systems of the G-22). http://www.imf.org/external/np/g22/sfsrep.pdf`>http://www.imf.org/external/np/g22/sfsrep.pdf`>http://www.imf.org/external/np/g22/sfsrep.pdf The BIS hosts meetings of and provides the secretariat for the Committee on Pay...

crawler
Also known as a `Web crawler,` `spider,` `ant,` `robot` (bot) and `intelligent agent,` a crawler is a program that searches for information on the Web. Crawlers are widely used by Web search engines to index all the pages on a site by following the links from page to page. The search engine then summarizes the content and adds the links to their in...

crawling peg
A technique for managing a nation`s exchange rate that allows the exchange rate (or the bands around the rate) to `crawl` up or down by a small amount each day or week (say, 0.25 percent per week)....

crawling peg
In order to restore equilibrium exchange rates, government changes rates at a pre-announced frequency...

creative destruction
`Creative destruction` has become the most fashionable phrase for describing the change. Coined by Joseph A. Schumpeter, an early 20th-century economist, it suggests that capitalist economies grow by creating new businesses that then destroy the old ones. It is a cannibalistic vision that seems perfectly tailored for the recent turbulence. (...) Sc...

credit card
a card indicating that the holder has been granted a line of credit. It enables the holder to make purchases and/or withdraw cash up to a prearranged ceiling; the credit granted can be settled in full by the end of a specified period or can be settled in part, with the balance taken as extended credit. Interest is charged on the amount of any exten...

credit card company
a company which owns the trademark of a particular credit card, and may also provide a number of marketing, processing or other services to its members using the card devices....

credit card skimming
a credit card scam, type of credit card fraud...

credit channel
The credit channel can be decomposed into two distinct channels: (1) the bank lending channel and (2) the broad lending channel (also termed balance sheet channel or financial accelerator)....

credit crunch
The much-feared credit crunch, where banks cut lines to their customers, never materialised....

credit crunch
The term ` credit crunch” typically denotes a situation in which an unusual sharp decline in the supply of credit generates an unsatisfied excess demand for credit at the prevailing interest rates. The term has also been used more loosely to describe a situation of tight credit conditions in general....

credit derivative
Credit derivatives are financial instruments that allow an investor to strip out the credit risk from a deal and sell this `risk` to a third party. Banks typically do this to cushion themselves against companies defaulting on loans or bonds, though there is als a small but active secondary market....

credit institution
`Credit institution` means an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account. 77/780/EEC...

credit institution
A credit institution is an institution authorized to transact banking activbities pursuant to § 4 or § 103 No 5 of this federal statute or pursuant to special federal statutory provisions....

credit limit
limit on the credit exposure a payment system participant incurs vis-à-vis another participant (bilateral credit limit) or vis-à-vis all other participants (multilateral credit limit) as a result of receiving payments that have not yet been settled....

credit line
A credit line is a facility with a stated maximum amount which an enterprise is entitled to borrow from a bank at any given time. In the survey, developments regarding credit lines should be interpreted as changes in the net amount drawn under either an existing or a new credit line....

credit line
A Lender`s agreed funding schedule that does not exceed a specified amount, i.e., The ABC Company has a credit line with the XYZ Bank for $50,000, which means that ABC Company can borrow money up to $50,000....

credit quality
When we speak of the credit quality of an obligation, this refers generally to the counterparty`s ability to perform on that obligation. This encompasses both the obligation`s default probability and anticipated recovery rate....

credit standards
Credit standards are the internal guidelines or criteria which reflect a bank`s loan policy. They are the written and unwritten criteria, or other practices related to this policy, which define the types of loan a bank considers desirable and undesirable, the designated geographic priorities, the collateral deemed acceptable and unacceptable, etc. ...

credit transfer
a payment order or possibly a sequence of payment orders made for the purpose of placing funds at the disposal of the beneficiary. Both the payment intstructions and the funds described therein move from the bank of the payer/originator to the bank of the beneficiary, possibly via several other banks as intermediaries and/or more than one credit tr...

credit transfer
Credit transfer means the series of operations, beginning with the originator`s payment order, made for the purpose of placing funds at the disposal of a beneficiary. The term includes any payment order issued by the originator`s bank or any intermediary bank intended to carry out the originator`s payment order. A payment order issued for the purpo...

credit union
A co-operative financial institution that is owned by its members and operates for their benefit. Credit unions are subject to provincial regulation and are usually small and locally oriented....

credit union
Credit unions are financial cooperative organizations of individuals with a common affiliation (such as employment, labor union membership, or place of residence). Credit unions accept deposits of members, pay interest (dividends) on them out of earnings, and primarily provide consumer installment credit to members....

creditable service
Also known as service credit, service or pension credits. The total time as an IMRF member. Service is credited monthly while a member is working, when on an IMRF authorized leave of absence, or receiving disability benefits....

credit-default swap
A credit default swap (CDS) is a bilateral contract under which two counterparties agree to isolate and separately trade the credit risk of at least one third-party reference entity. Under a credit default swap agreement, a protection buyer pays a periodic fee to a protection seller in exchange for a contingent payment by the seller upon a credit e...

creditworthiness
A creditor`s measure of a consumer`s past and future ability and willingness to repay debts....

critical ability
Critical ability is an attitude toward information and a set of skills that enable you to systematically examine, evaluate, and make use of information. Two important and interrelated ingredients are necessary to operate with a high level of critical ability: 1. Broad and generally accurate information about the world (i.e., general science: physic...

crop failure
Crop failure consists mainly of the acreage on which crops failed because of weather, insects, and diseases, but includes some land not harvested due to lack of labor, low market prices, or other factors. The acreage planted to cover and soil improvement crops not intended for harvest is excluded. In 1997 crops failed on about 2 percent of the acre...

cross margining
A procedure for margining related securities, options and futures contracts jointly when different clearing houses clear each side of the position....

cross-border check
`Cross-border cheques` being those cheques defined in the Geneva Convention providing uniform laws for cheques of 19 March 1931 and used for cross-border transactions within the Community....

cross-border credit transfer
cross-border credit transfers: transactions carried out on the initiative of an originator via an institution or its branch in one Member State, with a view to making available an amount of money to a beneficiary at an institution or its branch in another Member State; the originator and the beneficiary may be one and the same person....

cross-border netting scheme
an arrangement to net positions or obligations between or among parties in more than one country or jurisdiction....

cross-border payment
`cross-border payments` shall mean payments effected or to be effected between two national RTGS systems or between a national RTGS system and the ECB payment mechanism....

cross-border position
`Cross-border positions` shall mean the stock of financial claims on and financial liabilities to residents of non-participating Member States and/or residents of third countries. Cross-border positions also encompass land, other real property and other immovable assets physically located outside the economic territory of the participating Member S...

cross-border settlement
a settlement that takes place in a country other than the country in which one trade counterparty or both are located....

cross-border transaction
`cross-border transaction` shall mean any transaction that creates or redeems, in full or in part, claims or debts or any transaction that implies the transfer of a right over an object between residents of participating Member States seen as one economic territory and residents of non-participating Member States and/or residents of third countries...

cross-guarantee system
The cross-guarantee concept is quite simple -- the performance of specified obligations of banks and thrifts will be fully guaranteed by voluntarily assembled syndicates of private-sector guarantors providing their guarantee under a `cross-guarantee` contract. Guarantors will be compensated with a market-determined, risk-sensitive premium tailored ...

cross-section data
Cross-section data is parallel data on many units, such as individuals, households, firms, or governments. Contrast panel data or time series data....

cross-tabulation
A cross-tabulation table represents the joint frequency distribution of two discrete variables. Rows and columns correspond to the possible values of the first and the second variables, the cells contain frequencies (numbers) of occurrence of the corresponding pairs of values of the 1st and 2nd variable. Cross-tabulation tables can be also used for...

crowding in
Crowding in occurs when government spending, by raising real GDP, induces increases in private investment spending....

crowding out
Crowding out occurs when deficit spending by the government forces private investment spending to contract....

crude materials
SITC 2 bis 4: 2 = crude materials excl. food/fuel; 3 = mineral fuel, lubricants; 4 = animal/vegetable oil/fat/wax...

cryptography
Cryptography: the application of mathematical theory to develop techniques and algorithms to encrypt data so as to ensure confidentiality and data integrity....

cryptography
the use of codes and ciphers to proctect information...

CSD
The Serbian dinar, denoted by the ISO code CSD, is the official currency of Serbia, which is one of the two republics that constitute Serbia-Montenegro. Both Montenegro and the independent province Kosovo and Metohia shared the Yugoslav dinar with Serbia in the past but have since switched to using the euro for several years as of 2004. The dinar i...

CTO
The CTO (Chief Technology Officer), another relatively new arrival to the top executive ranks in many companies, is likely to be seen as the second or third most important person in any technology company. The CTO is responsible for research and development and possibly for new product plans....

cum warrant
A condition in which the buyer of a security is entitled to a warrant that has been declared but not distributed....