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Definition of Customs union
An agreement by two or more countries to erect a common external tariff and to abolish
An agreement between two or more countries that allows the free movement of capital,
An economic association of European countries founded by the Treaty of Rome in
an economic alliance originally created
Credit unions are community based financial co-operatives and most offer a full range of services. All are owned and controlled by members who are also shareholders. Credit unions are regulated provincially and insured by a stabilization fund, deposit insurance or guarantee corporation.
Abramsâ€™ model for calculating DLOM based on the interaction of discounts from four economic components.
People who search for and exploit arbitrage opportunities.
A eurobond that can be converted into another asset, often through exercise of
The value of the portfolio is not affected by changes in the value of the asset on which the
economic environment in which the firm expects to reside over the life of the
See: in-substance defeasance.
Exists when the costs and/or revenues of one project depend on those of another.
The real flow of cash that a firm could pay out forever in the absence of any change in
The extent to which the value of the firm will change because of an exchange rate change.
Cash flow plus change in present value.
The order quantity that minimizes total inventory costs.
Profits in excess of the competitive level.
In project financing, the risk that the project's output will not be salable at a price that will
For any entity, the difference between the market value of all its assets and the market
CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all euro CDs
Lines of credit granted by banks (foreign or foreign branches of U.S. banks) for eurocurrencies.
A fixed-rate coupon eurobond.
A bank that regularly accepts foreign currency denominated deposits and makes foreign currency loans.
A bond that is (1) underwritten by an international syndicate, (2) offered at issuance
One of two principal clearing systems in the eurobond market. It began operations in 1968, is
Intermediate-term loans of eurocurrencies made by banking syndicates to corporate and
A short-term fixed rate time deposit denominated in a currency other than the local
The money market for borrowing and lending currencies that are held in the form of
This is an American dollar that has been deposited in a european bank or an U.S. bank branch
eurobonds denominated in U.S.dollars.
Securities sold in the euromarket. That is, securities initially sold to investors
European Currency Unit (ECU)
An index of foreign exchange consisting of about 10 european currencies,
European Monetary System (EMS)
An exchange arrangement formed in 1979 that involves the currencies
Option that may be exercised only at the expiration date. Related: american option.
An option contract that can only be exercised on the expiration date.
eurobonds denominated in Japanese yen.
Short-term notes with maturities up to 360 days that are issued by companies in
Euro-medium term note (Euro-MTN)
A non-underwritten euronote issued directly to the market. euro-
Short- to medium-term debt instrument sold in the eurocurrency market.
Force majeure risk
The risk that there will be an interruption of operations for a prolonged period after a
Leading economic indicators
economic series that tend to rise or fall in advance of the rest of the economy.
In the euromarket, a period over which eurodollars are sold is said to be neutral if it does not
OPEC (Organization of Petroleum Exporting Countries)
A cartel of oil-producing countries.
Insensitive to risk.
Economic Value Added (EVA)
Operating profit, adjusted to remove distortions caused by certain accounting rules, less a charge
A debt security issued in a market other than the home market of
the creation of multi-country markets
economic order quantity (EOQ)
an estimate of the number
economic production run (EPR)
an estimate of the number
when the incremental revenue from the sale of reworked defective units is greater than
economic value added (EVA)
a measure of the extent to which income exceeds the dollar cost of capital; calculated
equivalent units of production (EUP)
an approximation of the number of whole units of output that could have been
pseudo microprofit center
a center for which a surrogate
An option that can be exercised only on its expiration date.
The period over which a company expects to be able to use an asset.
economic order quantity
Order size that minimizes total inventory costs.
economic value added (EVA)
Term used by the consulting firm Stern Stewart for profit remaining after deduction of the cost
Bond that is marketed internationally.
Dollars held on deposit in a bank outside the United States.
The school of macroeconomic thought prior to the rise of Keynesianism.
The study of the allocation and distribution of scare resources among competing wants.
Deposits denominated in U.S. dollars but held in banks located outside the United States, such as in Canada or France.
The study of the determination of economic aggregates such as total output and the price level.
The study of firm and individual decisions insofar as they affect the allocation and distribution of goods and services.
Neutrality of Money
The doctrine that the money supply affects only the price level, with no long-run impact on real variables.
View that incentives to work, save, and invest play an important role in determining economic activity by affecting the supply side of the economy.
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