Copy of `Oesterreichische Nationalbank - Dictionary`

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

currency and deposits
Currency and Deposits are summed as one component, although separate data may be compiled by those countries desiring to do so for analytic and other purposes. Currency consists of notes and coin that are in circulation and commonly use to make payments. Deposits comprise both transferable and other deposits. Transferable deposits consist of deposi...

currency basket
The value of a portfolio of specific amounts of individual currencies, used as the basis for setting the market value of another currency. It is also referred to as a currency cocktail....

currency basket
Various weightings of other currencies grouped together in relation to a portfolio of currencies....

currency board
A currency board combines three elements: an exchange rate that is fixed to an `anchor currency,` automatic convertibility (that is, the right to exchange domestic currency at this fixed rate whenever desired), and a long-term commitment to the system, which is often set out directly in the central bank law. The main reason for countries to contemp...

currency department
The Currency Department was created on 1 October 2002 following the merger of the Board of Commissioners of Currency, Singapore (BCCS) with MAS. The primary role of the department is to maintain the integrity of the Singapore currency issue. Its main functions are the daily supply of notes and coins to banks, redemption of their excess requirements...

currency devaluation
A deliberate downward adjustment in the official exchange rate established, or pegged, by a government against a specified standard, such as another currency or gold....

currency forward
The trades involved currency forwards, or contracts to buy or sell currencies at a predetermined price on a future date. To limit risk, such trades typically incolve the simultaneous purchase of one contract and sale of another....

currency future
Currency futures are standardised, originally exchange-traded, contracts, by which the holder is entitled to take delivery of a specified amount of a particular currency in exchange for a specified amount of another currency on a specified future date. OTC currency futures are probably now more widely used, since, for hedging purposes, they permit ...

currency in circulation
comprises banknotes and coins in circulation that are commonly used to make payments. It includes banknotes denominated in the euro and in the legacy currencies issued by the Eurosystem and by other Monetary Financial Institutions (MFIs) in the euro area (in Ireland and Luxembourg) as well as the coins issued by some national central banks of the E...

currency in fiduciary form
cash form...

Currency Information System
The Currency Information System, which monitors the NCB`s banknote stocks to identify potential shortages and surplus stocks of euro banknotes at the Eurosystem`s different access points. This system makes it possible to correct imbalances by transporting surplus stocks of banknotes from one country to compensate for potential shortages in another....

currency of issuance
The currency of issuance refers to the currency denomination of the security....

currency snake
European currency snake: The mechanism (established in 1972) by which the central banks of the then EC member countries agreed to limit the fluctuation in the bilateral exchange rates of their currencies. The snake was superseded in 1979 by the European Monetary System....

currency union
A group of countries that agree to peg their exchange rates and to coordinate their monetary policies so as to avoid the need for currency reallignments. http://www-personal.umich.edu/~alandear/glossary/c.html 17.05.05...

current account
account of transactions in respect of trade in goods and services, income and current transfers....

current account
An account which enables you to pay for day-to-day goods and services using either a card or a cheque book (a UK term for a Cheque Account)....

current account balance
Tokyo-based economists on average had forecast a slightly smaller surplus of 1.064 trillion yen in the current-account balance, which is the difference between the nation`s income from foreign sources and foreign obligations payable excluding net capital investment....

current account deficit
a measure of how much more the country spends abroad than it earns...

current account ratio
ratio of current account balance to GDP...

current expense
Any expenditure except for capital outlay and debt service. Current expense includes total charges incurred, whether paid or unpaid....

current liabilities
The obligation (Debt) of a business which is due usually within a year....

current money
Coins and paper money still in circulation....

current pension value
Amount equalling a monthly old-age pension resulting from contributions from an average income for one calendar year (2000: 48,58 DM (West), 42,26 DM (East)...

current ratio
A less stringent test than the acid test includes inventory as part of the assets and the resultant ratio is known as the Current Ratio....

current ratio
Current Ratio - a measure of the degree to which current assets cover current liabilities (Current Assets / Current Liabilities). A high ratio indicates a good probability the enterprise can retire current debts. A ratio of 2.0 or higher is a comfortable financial position for most enterprises....

current surplus
excess of revenues over expenditures...

currently active population
The labour force or `currently active population` comprises all persons who fulfil the requirements for inclusion among the employed or the unemployed (..)...

custodian
an entity, often a bank, that safekeeps and administers securities for its customers and that may provide various other services, including clearance and settlement, cash management, foreign exchange and securities lending....

custodian
An institution that undertakes the safekeeping and administration of securities and other financial assets on behalf of others....

custody
the safekeeping and administration of securities and financial instruments on behalf of others....

customer capital
Customer capital: This represents the value of a company`s ongoing relationships with the people or organisations to which it sells. Indicators of customer capital include market share, customer retention and defection rates, and profit per customer....

cutoff time
The latest time of day (by country/time zone) for receiving NCBs/ECB to apply same-day value to effect funds transfers in favour of third parties. It is also the time after which users will receive an end-of-day report....

CyberCash
an Internet payment system; registered trademark....

CyberCoin
This week CyberCash, based in Reston, Virginia, launches a product that could change all that, and turn the Web into one giant vending machine. The company`s CyberCoin system will allow online `microtransactions` of as little as a quarter. `We think,` says an exuberant Larry Gilbert, CyberCash`s vice president and general manager, `it`s going to be...

cyclical
But what caught market observers off guard was that the rally in interest-rate-sensitive stocks didn`t come at the expense of cyclicals - companies whose fortunes are tied to the ups and downs of the economy....

cyclical industry
An industry which is sensitive to business cycles and whose performance is tied to the overall economy, especially interest rates. Many cyclical industries produce durable, commodity-like goods such as raw materials, cars, chemicals, construction, paper, steel, and heavy equipment. Given the durable nature of the goods, such purchases often get pos...

cyclical industry
An industry whose sales and profits reflect, to a great extent, the ups and downs of the business cycle. Practically all of the capital goods industries (steel, machine tools, etc.) are cyclical because a moderate decline in demand may eliminate the demand for the capital goods needed to make the product....

cyclical stock
Cyclical stocks are those of companies whose earnings are tied to the business cycle. When business conditions are good, the company is profitable and the common stock price usually rises. When business conditions decline, the company`s earnings and stock prices usually fall. Steel, cement, machine tools and automobile stocks are considered cyclica...

cyclical stock
economy-sensitive stock; interest-rate-sensitive stock...

cyclical unemployment
Cyclical unemployment is caused by periodic declines in business activity that give rise to a inadequate demand for workers in the economy....

cyclical unemployment
Frictional unemployment is thus distinct from cyclical unemployment, which results from a low level of aggregate demand in the context of sticky wages and prices....

cyclically adjusted deficit
The Cyclically Adjusted Deficit: • The budget deficit that would occur if the economy were at full employment and real GDP equaled potential. • Measures whether the deficit is cyclical or structural (cyclically adjusted)....

Daily Official List
The daily record setting out the prices of all trades in securities conducted on the [London Stock] Exchange....

daily settlement
completion of settlement on the day of value of all payments accepted for settlement....

dais
A raised platform in a hall or large room, usually where guest speakers, honored guests or expert panels are seated....

Danish pastry
A rich, sometimes sweetened or flavored yeast dough that has butter incorporated during repeated rolling and folding; when the dough is baked, the butter melts, leaving air pockets and creating steam that produces a puffed and flaky finished product. Danish pastries, often called simply `Danish,` come in a variety of shapes and may be filled with f...

data preparation
Data Preparation involves checking or logging the data in; checking the data for accuracy; entering the data into the computer; transforming the data; and developing and documenting a database structure that integrates the various measures....

date of record
The date on which a person must be listed as a shareholder in order to be eligible to receive a dividend....

day count
The day count defines the way in which interest accrues over time....

day count convention
The day count convention is the method for determining the number of days used to calculate the accrual of interest....

day trading
Day trading involves the pursuit of short-term profit through quick in and out trades, sometimes over a period of just a few minutes....

day trading
Day trading is, first and foremost, an outgrowth of the almost decade-long bull market in stocks. Because most day traders try to ride stocks that are rising, the practice would be ludicrous if shares were falling....

daybook
1: a ledger in which transactions have been recorded as they occurred [syn: {journal}] 2: an accounting book as a physical object: `he bought a new daybook` [syn: {book}, {ledger}]...

daybook
A journal of accounts; a primary record book in which are recorded the debts and credits, or accounts of the day, in their order, and from which they are transferred to the journal....

day-count convention `actual-360`
The day-count convention `actual/360` applied for the calculation of interest on a credit, implying that the interest is calculated over the actual number of calendar days over which the credit is extended, on the basis of a 360-day year. This day-count convention will be applied in ESCB monetary policy operations. ECbmonpo98-Annex 2...

daylight credit
credit extended for a period of less than one business day; in a credit transfer system with end-of-day final settlement, daylight credit is tacitly extended by a receiving institution if it accepts and acts on a payment order even though it will not receive final funds until the end of the business day....

daylight overdraft
1) Intraday debit in a transaction settlement account at a clearing bank and/or at a clearing house or central bank. While these overdrafts are covered in one way or another by the end of a business day, they expose the clearing bank, the clearing house and its members, or the central bank, to some default risk. (2) Debit incurred by Federal Reserv...

de jure
rightful, by right,...

deadweight loss
A net loss in social welfare that results because the benefit generated by an action differs from the foregone opportunity cost. This is usually the combination of lost consumers` surplus and lost producers` surplus, and indicates of the inefficiency of a situation. Deadweight loss is commonly illustrated by a market diagram if the quantity of outp...

deadweight loss
The costs to society created by an inefficiency in the market. Mainly used in Economics, deadweight loss can be applied to any deficiency due to an inefficient allocation of resources. Lost production due to inaccurate forecasting for labor is an example of a deadweight loss....

debasement
The reduction in the precious metal content of the coinage, widely practiced since time immemorial by governments for economic reasons. British coins, for example, were debased from sterling (.925 fine) silver to .500 in 1920 and then from silver to cupro-nickel in 1947....

debit card
A card that resembles a credit card but which debits a transaction account (checking account) with the transfers occurring contemporaneously with the customer`s purchases. A debit card may be machine readable, allowing for the activation of an automated teller machine or other automated payments equipment....

debit card
Card that allows the cost of goods or services that are purchased to be deducted directly from the purchaser`s checking account. They can also be used at ^automated teller machine^s for withdrawing cash from the user`s checking account. Increasingly common in the 1990s as an alternative to ^credit card^s, debit cards have been promoted as safer tha...

debt
D. = Schuld. D. ist das beim Unternehmenskauf eingesetzte Fremdkapital....

debt financing
Debt financing means borrowing money that is to be repaid over a period of time, usually with interest. Debt financing can be either short-term (full repayment due in less than one year) or long-term (repayment due over more than one year). The lender does not gain an ownership interest in your business and your obligations are limited to repaying ...

debt security
A security representing a loan given by an investor to an issuer. In return for the loan, the issuer promises to pay interest and to repay the debt on a specified date....

debt sustainability
Debt sustainability, the ability to manage debts so they do not grow, is an essential condition for economic stability. Economic stability, in turn, is a foundation for economic growth and development. Many low-income countries have struggled to maintain their external debt at sustainable levels while also trying to meet development objectives such...

debt-equity ratio
A measure of a company`s leverage, calculated by dividing long-term debt by common shareholders` equity, usually using the data from the previous fiscal year. Sometimes, long-term debt plus preferred shareholder`s equity is divided by common shareholders` equity, since preferred stock can be viewed as a form of debt. A company with a higher debt/eq...

debt-equity ratio
Indicator of financial leverage. Compares assets provided by creditors to assets provided by shareholders. Determined by dividing long term debt by common stockholders` equity....

decision problem
for a class of questions in mathematics and formal logic, the problem of finding, after choosing any question of the class, an algorithm or repetitive procedure that will yield a definite answer, `yes” or `no,” to that question. The method consists of performing successively a finite number of steps determined by preassigned rules...

dedicated Internet access
Level 3 Internet Access offers high-capacity connections for Internet Service Providers backed by a world class Service Level Agreement. The Level 3 Internet Access service is designed to provide the Premium quality connectivity necessary to support corporate applications...

dedicated line
A dedicated line is a telecommunications path between two points that is available 24 hours a day for use by a designated user (individual or company). It is not shared in common among multiple users as dial-up lines are. A dedicated line can be a physical path owned by the user or rented from a telephone company, in which case it is called a lease...

dedicated service
A dedicated hosting service, dedicated server, or managed hosting service is a type of Internet hosting where the client leases an entire server not shared with anyone. This is more flexible than shared hosting, as organizations have full control over the server(s), including choice of operating system, hardware, etc. Server administration can usua...

dedicated service
The most complete Internet access is through a dedicated Internet service provider. A dedicated service provider has a machine, usually running some form of UNIX, that is set up to allow multiple users to connect to it. It then offers each user either a `shell` session or a direct `slip` or `ppp` session....

deductible
a fixed dollar amount members must pay annually before their coverage begins (applies only to self-referred care or services from non-network providers)...

deductible
The annual amount a member must pay before the plan begins to pay benefits....

deep market
A market for a security in which there are numerous, sizable bids and offers. A deep market for a security provides an investor in that security with more liquidity....

default
Failure to complete a funds or securities transfer according to its terms for reasons that are not technical or temporary, usually as a result of bankruptcy. Default is usually distinguished from a `failed transaction`....

default probability
The likelihood that an obligor or counterparty will encounter credit distress within a given time period. `Credit distress` usually leads to either an omitted delayed payment or distressed exchange which would impair the value to senior unsecured debt holders....

deferred charge
An expenditure treated as an assets that carries forward until it becomes pertinent to the business at hand, e.g. Advance rent payment. dukeGL...

deferred income
An amount which is currently earned but is not actually paid until a later date typically due to a payment plan, pension, or stock option plan. dukeGL...

deferred member
This is a member who has left a scheme, but will get benefits when they retire. These are called preserved benefits....

deferred pensioner
If you leave employment before normal retirement age your pension benefits will be deferred and you will become a deferred pensioner. Deferred pensions can also be known as preserved pensions, or frozen pensions....

deferred pensioner
When someone stops being an active member of a pension scheme, the pension benefits they have earned become preserved benefits, and the member is now called a deferred pensioner. They will get these benefits at a later date....

deferred retirement
This is when a person decides to retire and draw their pension late. It is sometimes called late retirement or postponed retirement....

deficit financing
A government policy of financing large public expenditures by borrowing money rather than by raising taxes; also called deficit spending....

deficit ratio
: the subject of one of the fiscal convergence criteria named in Article 104 (2) of the Treaty. It is defined as `the ratio of the planned or actual government deficit to gross domestic product` at current market prices, while the government deficit is defined in Protocol No. 20 (on the excessive deficit procedure) as `net borrowing of the general ...

deficit spending
Government expenditures on goods and services and transfer payments in excess of its receipts from taxation and other revenue sources. The difference must be financed by borrowing, generally from the public, sometimes from the central bank as well....

defined benefit pension plan
A retirement plan that pays you fixed periodic benefits or a specified amount (all at once) when you retire. Unlike a defined-contribution plan, a defined-benefit pension plan does not have a separate account for each employee....

defined benefit pension plan
A retirement plan that uses a specific predetermined formula to calculate the amount of an employee`s future benefit. In the private sector, defined benefit plans are typically funded exclusively by employer contributions. In the public sector, defined benefit plans often require employee contributions....

defined benefit plan
A defined benefit plan provides a guaranteed, monthly retirement benefit. The benefit may or may not be indexed for inflation. The benefit is paid for the lifetime of the retiree, but (usually in return for a reduced monthly benefit) a portion of the retirement benefit (say, 50%) may pass on to the spouse for his or her lifetime. An employer makes ...

defined benefit plan
A pension plan that determines the amount of benefit to be provided. The amount is determined by many variables such as age, salary levels, years of service, etc. Contributions must be determined to meet expected payments. Form versus substance of trust. Form is a trust which is a separate entity. Substance is that both assets and obligations belon...

defined benefit plan
Defined benefit pension plans are those in which the level of pension benefits promised to participating employees is guaranteed; benefits are related by some formula to participants` length of service and salary and are not totally dependent on either the participants` contributions or the assets in the fund....

defined benefit scheme
There are essentially two types of funded scheme: the defined benefit (DB) scheme, where the benefits to be received by the pensioner are independent of the performance of the pension fund; and the defined contribution (DC) scheme, where the contributions are fixed but the benefits depend on the performance of the fund....

defined contribution benefit
means a pension benefit that is determined with reference to and provided by contributions, and the interest on the contributions, paid by or for the credit of a member of a pension plan and determined on an individual account basis....

defined contribution plan
A defined contribution plan is a type of retirement plan in which the amount of the employer`s annual contribution is specified. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employer contributions and, if applicable, employee contributions), plus any investment earnings on...

defined contribution plan
A plan that provides benefits based solely on what has been contributed and the earnings thereon. Amounts to be funded are determined by the plan. No promise for specific future benefits. Size of pension trust (independent third party holds) depends on amounts contributed to trust, earnings on the trust, withdrawals from the trust and treatment ...

defined contribution scheme
There are essentially two types of funded scheme: the defined benefit (DB) scheme, where the benefits to be received by the pensioner are independent of the performance of the pension fund; and the defined contribution (DC) scheme, where the contributions are fixed but the benefits depend on the performance of the fund....

defined-contribution pension plan
In a defined contribution plan, you and or your employer make payments into the retirement fund while you are working. The benefits paid on retirement are variable, and depend on the amount of the contributions made, and how well that money has done while invested....

definitional equation
A definitional equation is one that defines a particular concept. It is not important which variables are considered independent or dependent. Examples of definitional equations include the (1) profit function and (2) gross domestic product (GDP)....