& : http://www.keb.co.kr/IBS/edic?selSearch=KOR&txtKey=10&cmd=2

(pricing day) , . , . (issue price) . ( , )

(pricing meeting) , . , , .

(quotation) , , . . . , () (closing rate) . , .

(price sensitivity hedge ratio) , . , .

V = S + Vf + Nf V = S = Nf = Vf =

( ) 0 .

(tick size) 1 tick size . .

(stop order)

() . 1993 10 5 40 100 36 ( 4 ) (sell stop order) sell Oct 5, 1993 100 shares 36 stop , 36 . (stop price) . buy Oct 5, 1993 100 shares 40 stop (buy stop order) 40 40 . ( , )

(bridge bank) , . , , , , 1997 . , , . .

() , . 1878 **, ** .

(usable reserves) . . 1997 88 5 , , 1998 5 343 5 , 1998 4 (307 6 ) 35 9 . IMF 1998 6 300 2 .

(availability risk) . , , , . . .

(weighted risk asset ratio system) gearing ratio 1980 . 1987 8% BIS , 1992 . [{Tier I () + Tier II ()} / ] .

(10% , well capitalized), (8% , adequately capitalized), (8% , under capitalized), (6% , significantly under capitalized), ( , critically under capitalized) 5 . 8% , . ( , BIS )

( :General Agreement on Tariffs and Trade;GATT) GATT 1944 UN (International Trade Organization charter ; ITO charter) 1948 1 2 . GATT . GATT GATT . 1960 GATT , . GATT 7 (MFN) . ( )

(management group) , , , .

(management fee) (front-end fees) (management fee), (participation fee) (managing bank manager) , . management fee . ()

(management bank, manager) , , . .

(Gamma) . ., 2 . .

() = ------------------

50 () 4 0.5 . , 50 . 51 ? 1 0.5 4.5 . 4.5 . , .

(sinking fund) . , . , . . 1) , 2) , 3) .

() . 1) , , , 2) , 3) .

(stuffing) . .

(mandatory amortization) . (sinking fund) (purchase fund) . , , ( ) . .

(mandatory convertible) 1982 1984 . 1984 50 40% . 1982 4 Manufacturers Hanover 1 , 10 . . . , , .

(import for development)

(Development Assistance Committee ; DAC) , 1960 3 OECD . DAC , , , .

(open economy) , , (economic system) . 2 , . IMF, OECD GATT 3 . 1980 1980 , .

(open-end investment trust) . , . , . ( )

(Individual Retirement Account ; IRA) . 1974 (employee retirement income security act) 1981 (economic recover tax act of 1981) . , . (DIDC) 1981 12 18 IRA . 59.5 IRA 10% . Keogh 1962 , IRA .

(intervention currency) 3 . IMF " IMF "(1971 12 18 IMF ) . 1993 9 178 IMF , , , , 1990 .

(gap) (exchange gap) , (money market gap) () () . cash flow inflow outflow , (swap position) . exchange gap , money market gap .

, (gapping) . ( )

(gap management) ALM , (funding gap) . , . . , , , position , .

(transaction exposure) (exchange exposure) () . 1) , 2) , 3) , 4) . . USD400,000 60 USD1=800 , USD400,000 (trade gain) . 60 () . . . 1991 1 1 10.13 . 1996 . ( )

(floor trader) (commission broker) , . (local) . ( , local)

(floor broker) . (trader) . commodity futures trading commission , NY stock exchange rules . (trade floor) (ring) (pit) (out-cry) . . . ex-pit . ( , )

(margin requirement system) . . (open contract) (surely fund)

, . , . , . . . (initial margin) (variation margin, additional margin), (price limit) (maintenance margin) . ( )

(protest) .

(grace period) , . 7 4 , 4 .

(construction in proccess) , , . , .

(Gulf Cooperation Council ; GCC) 1981 5 , , . , , , , , 6 (Supreme Council), (Ministerial Council), . 2 , 3 . , .

(gensaki market) ()()() (RP market) . 2-3 () () () . 1960 .

(universal banking system) , . . , (official external reserves) . .

19 . . , , . 1993 10 , .

(combined statement) . , . . , , . , . , , , , , . 1999 , 1998 .

(universal banking system) , . . , (official external reserves) . . 19 . . , , . 1993 10 , .

(accrued interest) , . . .

?

6 . , 1,000 , 1 -6 , 3 1/2%-7% .

(Diffusion Index ; DI) , . .

(auction market) , (market participants) (order ticket) . . . , , . . , , .

(current yield) ( / * 100) . (over par) , (under par) . ( )

(balance of current account) IMF , (current account) , . , . , , . .

() IMF , (current account) , . , . , , . .

(current investment service ratio) , () . , . . ()

. ( )

(competition and credit control) . 1971 5 * * , 9 . . 12.5% . . (, .) . 1 . ,

(competitive bidding) . . , . ( )

(Economic Value Added ; EVA) , . 1980 , . . . EVA . EVA , .

(economic exposure) . . (time horizon) (cash flow) . . . . . . . ( )

(economic integration) . B. Ballassa 1) (free trade area) , 2) (customs union), 3) (common market) , 4) , (economic union), 5) (total economic integrati on) .

, , , , , . , , . 1993 1 () , , .

(Organization for Economic Cooperation and Development ; OECD) , 1961 9 30 (OEEC) , . OECD 1) , 2) , 3) , 4) , 5) , , 6) , , . OECD , , . (council) . (executive committee) 12 . , , 35 . OECD OEEC OEEC . 1) OEEC OECD , , 2) OEEC OECD , . 3) OEEC OECD , . 1993 9 , , , , , , , , , , , , , , , , , , , , , , , 24 1996 .

, (hard currency, soft currency) (coin) , . IMF 8 , . (IMF 14 ) .

(open order) () . GTC order GTC good until cancelled . buy Oct 10, 1993 corns 600 stop GTC 10 . 600 10 . GTC order . good for one week good for one month 1 1 . ( , )

(performance bond)

. , (letter of guarantee ; L/G) clean credit . 1) ( , ), 2) . ( )

(seasonal swap) (roller-coaster swap)

(seasonal adjustment) , , , . , 1 IMF , II, X-11 .

(go-go fund) 1960 . . 2 . 1960 , . 1969 .

(high-powered money) (monetary base) . (multiplier) highpowered money .

(Gosbank) () . , , , , , . , , , 4,100 . 1987 , . 1990 10 .

. layoff work sharing . layoff , work sharing 1 . layoff ** .

(going public) (going private)

(going private) (M&A) , 3 M&A . , , ( take over bid tender offer .) , . M&A , (going public) . ( )

(fixed price reoffer) , . "book building" . , . . . . 1989 1992 .

(fixed income securities) , , . , . , , , , . ( )

(fixed parity) . (parity) , . (fixed exchange rate system) . ( )

(fixed exchange rate system) . (parity) . 2 IMF 1% . 1971 12 1973 2-3 (Smithonian agreement) 2 IMF . ( )

(gold tranche) IMF IMF 100% . 25% 25% . IMF , . IMF 2 SDR .

(gold rush) 19 . 1960 , , . 1979 , , .

(golden parachute) (M&A) , , , (stock option), . golden parachute .

()(wash sale) () . 1) 2 , 2) 1 2 , 3) . . .

(tender offer) , (tender price) (incentive) . (cash tender offer) (stock tender offer) . , (bear hug) . . , . .

. , .

(open market operation) , . , , , . , 1 , . 1925 , 1913 Federal Reserve Act 1923 . 2 .

(aggressive approach) (defensive approach) (aggressive approach) , , . . () () short(long) . 2 .

(public borrowers) . , 1973 (Eurocredit) .

(supply side economics) Keynes 1970 1980 . . , . , , (), , . , ' ' Say D. Ricardo Principles of Political Economy and Taxation(1817) .

(supplier's credit) . . 1) , 2) , 3) . ( )

(joint floating system)

, . 1970 EC . EC EMS() .

(common market) , , , . . (EC) , . , (LAFTA), (CACM), (CARICOM) , ASEAN (ASEAN free Trade Agreement ; AFTA) , 1998 4 19 34 2005 (Free Trade Area of America ; FTAA) .( )

()(short selling) , , . . ( ) . , . .

(completion guarantee) project financing (project company) project sponsor project , . . project lending .

(posted price) , FOB , . OPEC . FOB . 1950 1958 1960 . 1960 9 OPEC . ( ) . 1973 10 , 10 OPEC .

(official development assistance ; ODA) , 25% . ( )

(gross official reserve) , , SDR IMF reserve position . , .

(official rate, discount rate) , . . .

(official exchange rate) , IMF .

(Relationship Management ; RM) . , , , , , , .

(managed floating system) , . IMF .

(managed currency system) () , . , , . .

(customs union) , (external common tariff) . () .

(wide broadcast syndication) (manager group) telex . 800 . club loan , .

(divergence indicator)

(European monetary system ; EMS) ECU(European currency unit) . , ' ECU * 75% * (1 - ECU )' (divergence threshold) .

(cross hedge) . . . , (hedger) , (U. S. commercial paper) (T-bill) . . , . , 1) , 2) CP . , , . . ( )

(convertible currency) . . IMF 8 IMF , 2 IMF (freely usable currency) . 1) , 2) IMF .

(purchasing power parity) 2 (parity) . () . () A B inflation A +4% () A B -4%, 4% . 1) , 2) 1 . 1) , 2) , 3) .

(buyer's credit) (export credit) , . ( ) .

. ( )

(counterpart trade, counter trade) (practice), (incoming capital flow) (outing capital flow) . , , "" "" " ". . (forced trade) (original trade) . , , . , . . 1) Compensation(Product buy-back) ; , , 2) Switch Trading ; , counter-exporter (clearing account) , , 3) Barter Trading ; .

(structural adjustment lending) . 1980 6 , . 3-5 . IMF () , 1980 . 1980 IBRD , 2 . (IBRD, ADB project loan ) . 1981 , .

(country-hopping) (anti-dumping measures) .

(sovereign borrow) , . , 1982 (sovereign risk) .

(country risk) (commercial risk) (, ) , , , . 1) , 2) , 3) , 4) . , ,

, ) , ) , ) , ) . . , , , EXIM bank, ECGD, KFW , , IBRD, IADB, ADB (co-financing) , project financing . sovereign risk . ( )

(country risk evaluation system) credit risk country risk . country risk credit line , . country risk structured qualitative system fully qualitative system, check list , quantitative system 4 . structured qualitative system country risk , , . . fully qualitative system , , . , . check list . . . quantitative system check list . .

(Domestic Credit ; DC) () , 1970 IMF . , 1974 1 B/S survey . 1981 3 1971 . , , .

(country limit) , . country risk , . 1) , 2) GNP , 3) , 4) , 5) , 6) , 7) , 8) .

(International Development Association ; IDA)

1960 9 , (IBRD) , 2 . , IBRD , . . IDA , IDA . IBRD soft loan .

(Bank for International Settlement ; BIS) 1 1930 5 , 2 . . , . OECD , . BIS , . , [ ( BIS )] . ( BIS )

(international financing rate) (spread) . (London InterBank Offered Rate ; LIBOR), (prime rate), (SIBOR), (long term prime rate ; LTPR) LIBOR prime rate . JLTPR . .

(international gold standard system) , , 1816 . . . 1) ( ). 2) . 3) , . 4) ( ). 19 1 . 1930 (1931 ), (1933 ) .

(international finance) , , (financial assets) . , ,

, , . 1) (exchange risk) , 2) , 3) , 4) .

(International Finance Corporation ; IFC) (IDA, 2 ) IBRD 1956 7 , 1964 3 . IFC , . IFC . IFC commercial base . 50% . ( )

(international financial crisis) , (cash flow) . 1960 , 1970 . 1980 , 1980 EC 2 . 1990 ERM 1992 9 . , .

(international financial center) . , , . , 1) (traditional financial center), 2) (entrepot financial center), 3) , (offshore financial center) , , , , , , , . ( )

(international financial market)

, . . . . , , , , , , .

(international finance agreement) (exchange payments agreement) , 2 . 1) , 2) , 3) , . (payment facilities) .

(balance of international indebtedness) . (balance of payments) flow stock , . , . ' ' . . ( )

(International Trade Organization ; ITO) ( .) . 1947 . 2 ITO , (GATT) .

(International Bank for Reconstruction and Development ; IBRD) 1944 7 1945 12 , (World Bank) . () . () , () . IBRD , . IBRD . 1993 9 IBRD 176 IMF IBRD , 1955 . IBRD (IDA), (IFC) .

(international portfolio diversification) , .

. . , , .

(International Chamber of Commerce ; ICC) 1920 . , . 1) , 2) , 3) .

(balance of payments) , . ( 1 ) . , IMF 1961 . . , , . 7 . 1) , 2) , 3) , , 4) , , , 5) , . 6) , 7) . ( )

, . (flow) . 1) , . 2) FOB , , CIF FOB . 3) , , .

(International Swap Dealer Association ; ISDA) , 1985 5 , . 70 , , . , , . ISDA "Swaps Code" , 1987 "1987 Interest Rate and Currency Exchange Definitions" , . .

(international liquidity) , . . IMF 1) , 2) , 3) IMF , 4) SDR . , . . , . .

(International Banking Act of 1978) 1978 9 . , . , . 1978 . , . 10 . 10 (FDIC) . .( )

(international double taxation) . , . (source principle) (residence principle) . .

(International Money Management ; IMM) cash flow , , , . , , .

(recycling) . (oil money) recycling .

(international capital movement)

, . , , . , , . 1) :() () 2) : (, ) 3) :(, , ) (, , ) .

(international cash management service) , , , (cash management service) , . , VAN , , .

(Association of International Bond Dealers ; AIBD) , , 30 870 . 1) , , , 2) . , , , , . .

(international bond) , . (Eurobond) , (foreign bond) . , , , , , . , , .

(international currency) , , (key currency) . 1) (stability), 2) (availability), 3) , , (vehicle currency) , 4) . 1252 , 1520 , , 19 . 2 , , , 1970 , .

(International Monetary Fund ; IMF)

, , 1945 . IMF , , . IMF 6 (, , , , , ) 6 16 ( ) , . IMF SDR , 5 . IMF 1971 , () 1973 2 , . 1993 9 IMF 178 , 1955 . .

(IMF stand-by credit) IMF (freely convertible currency) IMF (stand-by agreement) . IMF , ( ) (general drawing right ; GDR) . 1) IMF () IMF 200% . IMF IMF 75% 125% . 25% (gold tranche) 100% (credit tranche) IMF (stand-by credit agreement) , . 25% 1, 2, 3, 4 ( 1 ) , , . 2) 1 3-5 . .

(the Multilateral Investment Guarantee Agency ; MIGA) IMF , . 1985 IMF, 1986 9 IMF 1 . . ( , , , ) . MIGA , IFC, , , . 1986 9 IMF MIGA , , . 1993 MIGA 115 1987 11 . 1992 21 10 .

(international investment trust) .

, . 1868 foreign and colonial government trust , , , . Rotterdamsch Beleggings Consortium N. V. . 20 , offshore fund .

(international Fisher effect) , . , 4% 4% . , ( ) . . . .

(International Accounting Standard ; IAS) (IASC) , . . . 1990 10 30 " " , , , . (IOSCO) .

(break-even exchange rate) 2 (effective interest rate) cash flow . ( ) ( ) (A + A ) (B + B ) . . 1993 9 30 USD DM 1USD = 2.50DM, 3 12%, 3 9% 3 1993 12 1USD = 2.4818DM .

2.50 + (2.50 X 0.09 X 3 / 12) = -----------------------------1 + (1 X 0.12 X 3 / 12)

(equilibrium rate of exchange) , . 1) , 2) ( 1 ) , 3) .

.

(gray market) , . . , . . . . . * 1(less 1)* 99.75 98.75 . $1,000 98.75%. $ 987.50 .

(gross spread) . , . , , . .

(gross-up) (withholding tax) .

(growth fund) , growth fund , . .

(green mail) (reconstruction restructure) . , . , . , , , green mail . M&A SEC() 5% green mail .

(green box)

(UR) . , , , , , (food security) .

( , beggar-my-neighbor policy) . , , . . . 1930 . 2 (GATT), (IMF) .

(gliding peg) (pegging system) , . (peg) ( ) , . 3 5 20-30% . . ( )

(glamour stock) . .

-(Glass-Steagall Act) 1929 , 1933 . [ ] . 1933 4 ( 16, 20, 21, 32 ) . 1) , , , ( 16 ), 2) ( 20 ), 3) , ( 21 ), 4) ( 32 ) . 1980 , . 1981 1989 FRB , (Bank Holding Company) .

(global bond) , , (DTC) 24 . ( , , )

(global fund)

25% . , .( )

(treasury stock) . , 1994 4 . , () () () . () (). , (stock option) , , M&A , . . , , .

(interest rate options) , () . , , . , , .

(interest rate sensitivity analysis) , , . , , ( , 3 , 6 1 ) (repricing) , (rate sensitivity assets ; RSA) (rate sensitivity liabilities ; RSI), , gap . , , () () .

(interest skimming) . maturity stripping, coupon stripping . zero coupon bond . zero coupon bond(6 30 ) .

(caller) , . caller . 1) , 2) .

(, ) caller , caller . , . ( , )

(Capped Floating Rate Note ; Capped FRN) , . . . . Delayed Capped FRN .

(interest rate futures) , ( ) . . . 1970 , CBOT CME . .

(interest rate swap) , . . . . . () (6 ) (FRCD) . () LIBOR . () . () () () (USD10 7 6 ) () 6 (LIBOR TB ) . () . () (notional amount) 0.25-1% . , (mismatch) . mismatch .

(interest rate risk) . . , . . , , (ALM) . ( )

(term structure of interest rate) , (yield curve). , , . . , . . .

(risk structure of interest rate) . , .

(interest arbitrage transaction) 2 , . , (exchange risk) . (covered interest arbitrage) , . . .

(Arbitrage Risk Free Model ; AR Model) Thomas Ho 1985 *term structure movement and pricing contingent claims* . , AR , (contingent claim ; ) . . (callable bond) , call .

CD(variable-rate CD) 1975 CD CD 360 CD . 60 CD 90 . CD . CD CD CD CD risk premium CD . (FRCD)

(interest rate parity theory)

2 . , 2 . .

???

Rd : t Rf : t Xf : Xo :

. (interest parity) . , , , . , , .

() (estoppel) , . (estoppel by record) (estoppel by deed) (estopppel by conduct) .

(gold standard) 1 1 , . , 1 = 0.8886 , 1 = 35 . . . , , . , , . , . , , . . 1 , 1 . IMF . . ( , , )

(gold sterilization policy) , 1930 . , , , . (TB) . , "()"(sterilization) .

(gold clause) , , . . (gold coin clause) (gold value clause) . 1 1933 6 5 .

(expiration Friday) , , . , , .( )

(Friday effect) , clearing house funds clearing house funds federal funds( ) . overnight base federal funds - overnight , , 3 3 (Friday effect) .

(financial accounts) IMF , . (, ). . , , , ( ) .

(financial crisis) , * (, ) . . . . , . . , , . .

(financial futures transaction) , , , , . . 1971 .

(CBT) 1972 5 . 1975 10 (CME) . T-Bill, T-Bond, CP, T-Note, , . 1982 2 Value Line . . 1979 10 , 1980 9 , 1982 10 . 1984 9 , 1985 10 . . , . . . (buying or long hedge) ( ) . (selling or short hedge) . . .

(financial futures interest rate) (expected rate), . , . (risk premium) . . risk premium .

(financial futures exchange) , broker telex (over-the-counter market) . , , . , T-bill(90 1 ), T-note(1-10 ), T-bond( 10 ), GNMA ( 30 ), CP(30, 90 ), CD(90 ) London Eurodollar (90 ) T-bond, T-bill GNMA . 800-2,000 (initial margin) broker maintenance margin . clearing house . . ( )

(financial market)

, . . 1) , 2) , 3) . , . , , , , .

(financial interrelation ratio) , .

() = ----------------()

, .

(monetary discipline) ' ' , . . 1960 , , .

(financial intermediary) . . .

(securitization) 1980 , . 1) , 2) , . 1980 1) 2) 3) , .

(financial support fund) . 1975 1 10 1977 4 OECD . OECD 24 200 SDR .

(financial innovation) .

(financial revolution) . 1970 , . 1980 , . , , . , . 1) , 2) , 3) , 4) , ) , ) , ) , ) , ) .

(gold bullion standard) () () . , , 3 . , , . , . ( , )

() (gilt-edged security) (high-quality security) . 1694 , , . . .

(gold pool system) 1960 , , 8 1961 11 . , , , . , , , , , , , 8 . 1 35.20 , 1968 1968 3 .

(gold exchange standard) , . , . , .

1971 , () . ( )

(fund type investment trust) . . .

(value date) , , . . 2 . .

(technical rally or decline) (, , , ) , , (open interest), (volume), . ( )

(technical analysis) (fundamental analysis) (technical analysis) . , . , , . , , , . .

(technical default) 1) , , 2) (default) . (30 ) default . ( )

(gearing ratio) , gearing ratio . 1981 12 high risk high return . 1987 BIS , *risk asset ratio* .( , )

(basic swap) . A , CP , A T-bond ,

B . A B (basis risk) .

(base rate) . (discount house) . , . , . 1926 1971 9 .

(basic rate of exchange) , . . , .

(prospectus) . (preliminary prospectus), (final prospectus) . . , , , , , , , , , , , , , , , , , , , , , , , , . , , , . , .

(basic balance of payments) . 1 . . 1 . , .

(basic surplus) , (day-by-day liabilities) . , , 30 , RP , 30 . (+) , (-) .

(fundamental disequilibrium) , . IMF 4 5 (fundamental disequilibrium) . IMF . , . . 1970 .

(key currency)

(, escrow account) . . (compensating balance) .

(time bill, usance bill) . 1) (on a fixed date), 2) () (at a certain number of days after date), 3) (at a certain number of days after sight) . . 30 , 60 , 90 120 , 30 , 60 .

(safe guard) . GATT GATT 19 (safe guard) . 19 , .

(gilt-edged securities) , . gilt-edge ( ). 15 , 7-15 , 7 . 2 . , 'a stock' .

(Gibson's paradox) 1920 A. H. Gibson () . ' , ' Gibson's paradox . 1920 , 1970 () .

, , (Nostro, Vostro, Loro account) (our account with you) Nostro account , (your account with us) Vostro account . Loro account 3 , 3 . , A B C , A C Nostro account B Loro account . Nostro, Vostro Loro our, your their .

NOW (negotiable order of withdrawal account ; NOW account) . (, ) (negotiable order of withdrawal) . . NOW 1972 , 1981 .

(, Bare Boat Charter ; BBC) , , . .

(Mercosur) , , , 4 , , 1995 11 29 , Southern Common market . (ALADI) , 1996 10 1 , 1997 3 1 .

(South American Free Trade Area ; SAFTA) (Mercosur) 1994 2 (ALADI) . SAFTA 10 80% ALADI .( , )

(North-South problem) , 1959 . , . 2 UN . 1964 UN (UNCTAD) UNCTAD . 1 . .

(domestic import usance)

, . . usance . . 10% , , , , .

(local credit) , , . . .

(narrow bank) . , 1987 R.Litan . , . . CP . . . 1980 , , , . , .

(insider trading) , . . . 188 .

(implicit volatility, implied volatility) Black-Sholes , , , 5 , . , . , . , 4 . 4 .

(intrinsic value) , (call option ; - , put option ; - ). out of the money(call option ; < , put option ; > ) . premium (time value) . ( , , )

(numbered account) . . .

(naked position)

(naked position) . call option , call option put option naked position . naked position .

(netting) , , , . , , (netting by novation) , (payment netting) . . . ( ) . .

(net back price) , , , .

(no load fund) (load) , . , 1971 MMMF No Load Fund . mutual fund , No Load Fund . , TV, , DM, . . mutual fund .( MMMF)

(no margin FRN) , LIBOR no margin FRN . 1979 8 Citicorp Overseas Finance Corporation 3 6 , 1 .

(novation) , , . , 3 3 .

(Note over Bond spread ; NOB Spread) T-Bond 20 T-Note 10 . NOB , T-Bond T-Note , . TNote T-Bond T-Bond T-Note T-Bond . T-Bond 5 T-Note FOB FIB (Five over Bond spread Five against Bond spread) , T-Bond 2 T-Note TOB (Two over Bond spread) .

(Note Issuance Facility ; NIF) , , , 3-6 . . NIF , . . NIF , 1 -1 5 , 5-7 NIF .

(knock down system) , . 1 , . , , , .

( knock out option) ( ) . . , (down-and-out call) , (up-and-out put) 2 . . , .

(new face bond) . .

(numeraire) , . . , 2 SDR, ECU .

(New York acceptance credit) 3 , . ( )

(New York Stock Exchange ; NYSE) 1792 . 1,500 . 1) (commission house) , 2) , 3) , . , , ( , ). , 1) (commission broker), 2) floor broker, 3) (registered trader), 4) (specialist), 5) (bond broker) . (odd lot dealers) 1976 5 . 80% .

(New York Stock Exchange Composite Index) , . , 1965 12 31 50 , .

= ------------------- X 50

, , S&P . , , , , Federal Reserve Bulletin .

(nifty fifty)

50 . . DuPont, Electric, Amco . favorite fifty industrial favorites .

(Nixon shock) 1971 8 . . , 10% , . 2 .

(Nikkei Stock Average Index) 1975 5 1949 5 16 . 1 225 .

(day loan) 1 overcertification( ) . . . clearance loan morning credit . ( )

(multinational bank) , . 1964 Midland and International Bank , , , 4 . , . , . , , . , .

(D Amato legislation) 1996 8 5 . UN . 4 . , , , (government procurement) , .( )

(Multiple Option Facility ; MOF) , . note CP CP

, .

(Dow theory) (Wall Street Journal) (Charles Dow) . (), (), () . , , , . . , , , .

(Dow Jones Averages ; DJA) Wall Street Journal Dow Jones . , ' ' . ' ' , , , ' ' . , , , . 30 (Dow Jones Industrial Averages ; DJIA), 30 (Dow Jones Transportation Averages ; DJTA), 30 (Dow Jones Utility Averages ; DJUA) (Dow Jones Averages) . , . Standard and Poor's Composite 500 Stock Index( S&P 500) .

(downstream guarantee) (upstream guarantee)

(dynamic peg) (crawling peg) (wider band) , . .

(direct paper) CP(Commercial Paper) dealer paper (dealer) direct paper . ( ) direct paper CP . 125% SEC() 270 . dealer paper , , MMF . CP 10% , 1 CP 50% . ( )

(multilateral aid) 2 (bilateral aid) (multilateral aid) . 2 . IBRD, IDA, IFC . , 2 , 2 .

(Multilateral Agreement on Investment ; MAI) OECD . 95 , OECD 1996 10 . . MAI * 2 * .

(multi period model) . .

(money market) (financial market) , 1 (capital market) 1 (money market) . , , CD, CP, RP , . (open market) (interbank market) . CD , .

(money market hedge) . . . . , 90 , . 1 =1.8 , 1 =1.8225 , 90 8.0%( ), 90 13.1%() . , 90 . . . 90 80% A .

81 A (1 X ---- X ---) = 1,000,000

100 4

A = 980,392 980,392 90 19,608 1,000,000 . 980,392 (1 = USD1.8) USD1,764,706 . 90 90 USD1,822,500 .

13.1 1 USD1,764,706 X (1 +----- X ---) = USD1,822,500 100 4

90 1 =USD1.8225 90 1,000,000 * 1.8225 = USD1,822,500 . 90 90 . .

(Short-Term Tax-Exempt Funds ; STEF) 1977 , MMF . .

(short-term roll-over notes) , , commercial paper(CP) . , CP . , .

(single name paper) , (loans on bills) , 1 . , .

(gearing ratio) . . . . 1987 12 [BIS ] 1992 . ( BIS , )

(straight currency swap) .

(parallel loan), (back to back loan) hedged bond , .

(naive hedge) hedger , , . , (naive hedge) . USD10,000,000 USD100,000 100 . , .

(Single European Act) (EC) 1958 1992 EC . 1985 12 EC 1987 7 . 1) 2) EC 3) , .

(unit banking system) . , . wild cat bank , . , . , . ( )

(dollar average method or dollar cost averaging) () ( ) . , 1 . , .( )

(dollar shortage) 2 . 1950 . , . , . 1960 .

(dollar crisis) 1960 . 1958 . . . . . . , 1971 . . ( )

(dollar pool) 2 , , , . .

(negative pledge) . , . ( )

(our account) . . , , , nego , . , (overdraft) .

(overdraft facility) . . , .

(diagonal spread) (horizontal spread) (vertical spread) , . . , .

(collection)

. , , , , . , , .

(agent bank) , , , . . , . (agent fee) . .

(agent fee) , (selling agent) (buying agent) . . 10/100 .

(reserve accounts) . , , , , , , SDR, IMF . , , . 25%(3 ) .

(external reserves) , SDR, IMF , (, ) . ( )

(proxy beta) , , , .

(substitution account plan) 1970 IMF . 1972 9 IMF 1978 , 1979 3 4 . 1979 9 IMF . 1) IMF . 2) IMF SDR .

3) IMF Treasury Bond SDR . 4) . , SDR , .

(in lieu of exchange commission) . , , , . . , .

(lender's market) , (seller's market) . .

(original lender) (loan subparticipation) , lead lender . (paticipant) original lender . original lender . ( )

(loan subparticipation) () , . (assignment) . ROA(Return On Asset) , . (participants) , . (securitization) . ( )

(liquidation of debts) , . , , bond, certificate, CP . (asset backed securities) . seller 1985 . , spread .

, , (mortgage), , , , , . ( )

(counterpart fund) . (PL480) . . 1973 , , .

(super regional bank ; SBR) super regional bank American Banker () 1) money center(, ) 100 2) () . , 100-300 , 20-40 super regional bank .

(double option) (call) (put) . .

(double dip lease) 2 . 2 , 2 . . .

(dutch auction) . () () . . () conventional .

(dutch guilder bond) 1969 Euroguilder . . Euroguilder , . 5-7 , . 3 -1 1 .

(dirty float)

, (managed floating system) , (clean float) . , . ( )

(done) *The deal has been done* .

(Dun report) Dun and Bradstreet Inc. . 1933 R.G.Dun & CO.(1841 ) Bradstreet CO.(1849 ) Moody*s Investers Service . , , . , .

(dumbbell portfolio) . . . ( 50 : 50) .

(dead cross ; DC) .

(debit card) . . . ( ) . , (EFTS : Electronic Funds Transfer System) POS(Point Of Sales) .

(Tequila Effect) 1994 1995 , . . .

(debt assumption) . economic defeasance . . . debt assumption . . ( ) . . .

(debt finance) project finance . user, supplier , debt finance . , , . project finance .

(Delta) () , . , , .

() = -----------------

0.5 10 ( ) 5 () . , . , . . . . . .( )

(delta neutral) (market maker) ( ) . *0* .

(delta hedging)

, (immunization) . *0* .

(moral hazard) , . . . . . . , .

(wholesale banking) , , wholesale money . (retail banking) . ( )

(domicilation) () . (, ) domicilation () .

(moral suasion on monetary policy) , , . . .

(arms-length rule) . , . , 1993 , armslength rule . , 50 2 * * , arms-length rule . , * arms-length rule * .

arms-length rule , .

(independent bank) (money center bank)

(the Tokyo Round) 1979 4 GATT 7 (multilateral trade negotiation ; MTN) 1973 9 GATT "" . 1 , (GATT 99 EC) , 1979 "" . , 27,000 ( 3/4) 33% . . safeguard . ( )

(Tokyo stock exchange price index) 1969 7 . (1968 1 4 ) 100 . , . () = () * / 1 , , , , 28 , 2 2 () . . 1988 9 3 (TOPIX) .

(Association of South-East Asian Nations ; ASEAN) 1967 8 , , , , 5 . 1) , 2) , 3) , , . 1976 2 [] [ ] . 1977 8 2 1978 , 1 . .

(duration) , . . . , . Macaulay , . .

T PV(CFt) D=tP t =1 ( t = CFt PV(CFt) = t P = T = )

. (immunize). , . .

(dragon bond) , , 3 . . (ADB) 1991 3 .

(drop lock FRN) FRN . FRN , . drop lock FRN . TVO power company 12 (3,000 , 1979 5 ) . ( )

(Delors Report) 1989 4 EC (Jacques Delors) (European Economic and Monetary Union ; EMU) 3 . 1 , (Exchange Rate Mechanism ; ERM) . EC 1989 6 1990 7 EMU 1 . 2 , (European Central Bank ; ECB) , (European Currency Unit ; ECU) . EC 1990 10 1994 1 EMU 2 . 3 , . EC . , . . ( )

(registered coupon bond) () . (coupon)

. () , . () () . . .

(denomination) , , (face value) . (bond) 1,000 100,000 10,000 . currency denomination . . 100 1/100 1 .

(disintermediation) (intermediation) (financial intermediaries) . . . . Q .

(discounter broker) (commission broker)

(disclosure) . , . 1933 (securities act) 1934 (securities exchange act) (Securities and Exchange Commission ; SES) disclosure . 1980 disclosure . 2 . , , disclosure , .

(default clause) , , (event of default) .

(dealer) , , option, . trader, cambiste, handler . .

(dealer loan) , (payable on demands or call) (call loan) . , (broker loan) , .

(dealer paper) direct paper , dealer paper . dealer paper , , , , , . direct paper , , . ( direct paper)

(delayed delivery) . closing .

(deep discount bond) . , . ** ex-warrant bond . . , , .

, (risk-lover, risk-averter) . . . risk-averter risk-lover . risk-averter , . risk-lover .

(retail dealers) . (broker) , . "" . running broker .

(Association Latin American Integration) LAFTA( ) 11 LAFTA 1980 8 . LAFTA LAFTA LAFTA . ALAI 1980 12 15 (preference zone) (pacto multilateral) (free trade subregion) . ALAI , , 11 11 , 11 3 .

(lock-up option) (hostile take-over) (friendly take-over) . .( )

(random walk hypothesis) . , . . 1900 (Louis Bachelier) 1960 (M.F. Osborne) (Benett Mandelbrot) .

(wrap account) , wrap account . , , . . wrap account 1-3% . wrap account fee business . , . wrap account . wrap account , ( 100 ) (10 -20 ) , (order made) . wrap account 1 1975 , 1987 Black Monday . 1995 1,016 .

wrap account wrap account . wrap account wrap account , . wrap account . 25,000 50,000 (Individual Retirement Account ; IRA, ) . (1997 6 ) wrap account

(wrap around loan) (package loan), ( ) . .

(London gold market) 17 2 . . . 1968 , , 2 . , 5 ( 2 10 30 3 ) . 1982 , 5 38 , 7 .

(London Metal Exchange ; LME) (, , , ) . 1881 1 .

(London Int'l Financial Futures Exchange ; LIFFE) 1982 10 3 , 3 , , , .

(London money market) (traditional market) (parallel money market) , . 1870-1914 , 1950 . 19650 , merchant bank .

CD(London dollar CD)

1966 5 Citi Bank (CD) . 1) . 2) 1, 2, 3, 6, 9 1-5 () . 3) 1,000 25,000 . 4) . 5) 2 (clearing house fund) . CD CD .

(London acceptance credit) 3 , 3 . 3 .

D(Regulation D) (FRB) , , (member banks) 'gross deposits' . 1980 3 31 (depositary institutions deregulation and monetary control act of 1980) .

K(Regulation K) . , . , edge , agreement , .

M(Regulation M) (FRB) D Q 3 . M , .

Q(Regulation Q) 19 . . MMDA, Super NOW 1983 10 (1986 3 ) 2 , NOW , 30 2,500 1986 .

(leveraged lease) (investment tax credit) (tax lease) . 20% 20% 100%

. .

(rate risk) . 1) (oversold position), short , 2) (overbought position), long . 1) short , 2) long . , , () . ( , )

(range forward) 1980 , . Open . 3 . () .

(letter of comfort) 3 . . , .

(reference length) 1986 5 , , 5 (surveillance) . reference length . length( zone) . ( target zone)

(reference bank) LIBOR . 1 .

(Club of Rome) , , , . 1968 , , .

(Lome convention) 1975 2 EC 9 ACP 64 (, , EC () ) 1976 4 . EEC , EEC 3 , . 1) EC () ACP , 2) (STABEX)

. 1980 2 1985 3 3 . ( )

(local) (floor broker) (floor trader) (scalper) . . ( )

(local currency) , . , . . , , , , , local currency local time .

(local cost finance) , , , . () .

(roll-over credit) roll-over . roll-over credit . . 6 ( 3 ) (LIBOR) (spread) 3-6 .

(roller-coaster swap) . rollercoaster swap (seasonal swap) .

CD(roly poly CD) CD 2 CD . , CD roly poly CD 3 , 6 CD 6 CD . CD , CD 6 . roly poly CD CD . , , , .

(rolling settlement)

. .

(rolling down) .

(rolling up) .

(rolling forward) . 5 , 11 .

(rolling effect) . , . 10 7% 2 8 6% . 1% . . (riding the yield curve) .

(rolling rate FRN) 3 LIBOR . ( 2 ) . 1979 11 Citicorp Overseas Finance Corporation .

(Lombard rate) (Lombard loans) . 1-2% . , , , .

(Lombard lending) , ( ) . , , . . , . ( )

(Lombard street)

. (Westminster Bank, Lloyds Bank, Barclays Bank, Midland Bank ), Merchant Bank, Discount House () Wall Street . () .

(long of the basis) (basis) , (basis transaction) . .

(Rouble block) () , () . (Rouble pool) .

(Roosa bond) 1962 . (Roosa) Roosa bond . . .

(look east policy) 1981 , , . .

(look back option) . look back call look back put . American ( ) European .

(rebate) . . .

(London Interbank Offered Rate ; LIBOR)

() . , , , . LIBOR (reference bank), LIBOR . 11 (mid-morning) LIBOR . 11 . LIBOR .

(London Interbank Bid Rate ; LIBID) . dealer , bid offer . LIBOR . ( )

(lease) . (rent) , . . financial lease operation lease financial lease , . . operation lease . . 1950 1960 , 1963 . 1972 1993 10 26 .

(rescheduling) () ( ) (reschedule) . (default) . 1980 1982 , . 1 . 1985 3-4 (multi-rescheduling) .

(Risk Adjusted Return on Capital ; RAROC) RAROC Bankers Trust Company . 99% . . , . RAROC , . RAROC . . 1 1 . 22% 2 2 , 6% 6 . .

2 , 9%(2 2 2 ) , 33%(2 6 ) .

(reallowance) (underwriter) 3 (reallowance) . . . . reallowance . ( )

(Rio Club) 13 . 10 , 1 , 3 1 . 1992 12 6 , 32 .

(reserve tranche) IMF ()IMF . ( 25%) (gold tranche) (super gold tranche) . 1978 25% SDR .

(leads and lags) . , (lags), (leads). leads and lags . leads and lags .

(refinance) , , , . (acceptance financing) (clean advance or advance financing) . , (refinance ) credit line (blank presigned draft) (refinance ), (refinance ), . (advance a/c) .

(refinancing)

. , refinancing .

(non-par value stock) . . . . 1912 , . (minimum issue value) 2 . 1) : . , . 2) : . , .

(Mark bond) . .

- (Marshall-Lerner condition) A. Marshall M. Lerner . 1 . 1 . .

(Maastricht Treaty) , 1991 12 10 EC 1992 2 7 EC . (Treaty on European Union) . 1) , (European Economic and Monetary Union ; EMU) 2) , , , (European Political Union ; EPU) . EMU 1997 , 1999 1 1 . 1994 1 EMU 2 , (European Monetary Institute ; EMI) , EMI EC 1996 EMU EC (Council of Ministers of Economics and Finance ; ECOFIN) . 1997 3 EMU 1999 1 3 . EPU 1954 (Western European Union ; WEU) . WEU , EC WEU , , WEU . ( )

(margin money) . , , . .

(mind company) . , .

(markdown) (1) . , , . (2) (market maker) . ( )

(markup) (1) . (2) (bid price) (ask price, offer price) , .( , , ) (3) (market maker) .( )

(yield to maturity) (internal rate of return) . , .

???

P = Ct = t n = F = r =

(extended bonds) . . continued bonds (extension bonds) .

(, rolling over hedging) . 2 6 , 6 6 6 .

(liquidation) . (long position) (short position) long liquidation, short covering . ( )

(adjustable coupon bond) . , . . .

(bills sold a/c) our a/c ( ) . (payment order) () , our a/c . . our a/c .

(offer price) , bond note ask price . (bid price) . (quote). 99-99. 1/2 1,000 990 995 . ( )

(selling hedge) (selling hedge) . (open position) . , , . (anticipatory hedge) .

/ (Mergers & Acquisition ; M&A) . M&A , , , .

M&A M&A M&A M&A . M&A M&A M&A . 1) 2) 3) 4) TOB 5) . 1970 M&A . M&A LBO fund M&A . LBO fund 1987 Blackstone, Equitable Morgan Stanley , 1988 Merrill Lynch Shearson Lehman . M&A 1980 , , , , , , .

(subscription agreement) . . (underwriting agreement) .

(bills bought a/c) , , our a/c . our a/c . (exchange commission). ( )

(buying rate) , , . , , , , .

(negotiating bank) . . (restricted L/C) open L/C . .

(bid price) () , , , . , , , offer price ask price bid offer . . bid price offer price . ( )

(letter of instruction) , . , , . 1) (authority of purchase), 2) (authority of pay), 3) (payment on receipt instruction) 3 .

(long position, overbought position) . long position(overbought position) short position(oversold position) . square position . , . . ( )

(buying hedge) short position (long position) . , , . , , , , .

(maturity stripping) , . maturity stripping .

(matching) , , . , matching () () . , , . , , 1 , matching , matching . matching cash flow (natural matching) cash flow (parallel matching) . parallel matching .

(matching fund) (1) . . (2) . , . , , . .

(3) . 1993 . .

(McFadden Act) 1927 . .

(mandatory cross default) 2 , . IMF, World Bank cofinancing default . cross default , .

(money center bank) , , , . , Citi Corp., J.P. Morgan, Bankers Trust, The Chase Manhattan Bank . (community bank) (regional bank) . . , (multiple bank holding company) . (independent bank) . (super regional bank) .( )

(money shop) money shop . money shop Citi Bank 1970 7 100% 1) , 2) , 3) . 1) , 2) .

(money spread) . 30 1 , 25 1 , price spread , strike spread, vertical spread .

(money order) . checking a/c 500 .

- (monetary / nonmonetary method) monetary / nonmonetary (translation exposure)

(net monetary assets) . . ( - )

(merchant bank) 19 (accepting house) (issuing house) . merchant bank 19 , . merchant bank . , , , , , , , , , .

(maturity ladder) . , . (ALM) .

(multi-netting) . . , . , . . . , , , . . .

(multi option facility) , (option) . , , , note, C/P, B/A , .

(menu approach) 1985 (Baker plan) 1987 9 IMF 2 . 1987 2 . ( menu approach) . menu . menu . , . , new money . , .

, , .

(merry-go-round) (penalty rate) (bank rate) 1972 10 (Minimum Lending Rate ; MLR) . MLR . (1971 9 ) (parallel market) . (base rate + 1% ) CD CD , merry-go-round . , . 1973 11 MLR (base rate) ( , CD ) . ( , )

(Majors) , , , , Exxon, Gulf, Mobil, Standard Oil, Texaco, BP, Royal Dutch Shell 7 . Majors 7 Major . Major independent , , , Getty, Signal . 1970 OPEC Major .

(mail credit) , (mail days) mail credit (credit) .

(All Saver's Certificate ; ASC) , (Savings and Loan Association) () 1981 8 [1981 ] . 1 (TB) 70% 4 . 1 500 500 . ASC 1,000 ( 2,000 ) ASC 75% . . ( SSC, MMC)

(immunization) (duration) . . .

(nominal interest rate)

, , . (effective interest) . ( )

(mortgage-backed securities, MBS) mortgage 3 , mortgage . refinancing mortgage , mortgage-backed securities . , , () ( ) . 1) : , 2) : S&L(savings & loan association), mutual savings bank, credit union, commercial bank, insurance Co mortgage . 3) : FHLMC(Federal Home Loan Mortgage Corp.), FNMA(Federal National Mortgage Association), GNMA(Government National Mortgage Association), Pension fund, , , . 4) : , , . 1)pass-through security, 2)mortgage-backed bond, 3)pay-through bond, 4)collateralized mortgage obligation .

(mortgage-backed bond) mortgage-backed bond pool pass-through , . mortgage-backed bond mortgage cash flow mortgage-backed bond mortgage . mortgage-backed bond pass-through . 1) mortgage pass-through mortgage-backed bond mortgage . 2) pass-through mortgage mortgage-backed bond . 3) mortgagebacked bond mortgage mortgage cash flow( ) . ( )

(placement memorandum) mandate . ( )

(tombstone) 1 , (tombstone) . (, ) , .

(no name canvas) (bond) . , 3 .

(Moody's Investor's Service, Inc.) . 1900 John Moody Dun & Bradstreet, Inc. . Moody's Bond Survey, Moody's Bond Record . () , , , (rating) Prime-1, Prime-2, Prime-3, Not rated , Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C aaa, aa, b, ba, b, caa MIG1, MIG2, MIG3, MIG4 . , Standard & Poor's Corporation (SEC) .

(movable band) . , .

(unsecured loan) 1 (senior debt) . 3 , . . , , , , . . (sponsor) , , 2 subordinated loan .

(Jumbo) . 5 1982 7 5 , . 1 . Jumbo .

(trade credit) . , , . , (acceptance credit) , (supplier's credit), 3 (buyer's credit) . (lease), forfaiting . .

(trade balance) , . IMF FOB , . , FOB, CIF , , . FOB, C&F, CIF . , . .

(risk free rate) (pure interest rate) . , , .

(rainbow option) Multi-Factor Option . , () DM Call(USD Put), Call(USD Put), Call(USD Put) () . . . DOW , , Call .

(problem bank) (FDIC) , , , , 1 () 5 () , 4-5 . , FRB .

(indexation) (index) . , , . , .

(mutual fund) (open-end ) . . . 1924 Massachusetts Investors Trust (aggressive growth), (growth), (option / income), (income), (corporate bond), (municipal bond), (short-term municipal bond), MMF(money market fund) .

(Commodity Futures Trading Commission ; CFTC) 1975 5 5 . 1974 10 (the commodity exchange act) , .

(Export-Import Bank of the United States) . 1934 , 1936 1945 , . , , , , . () 200 , tied loan . () , 5 National Advisory Council on International Monetary & Financial Problems .

(Depositary Institutions Deregulation and Monetary Control Act of 1980) , 1980 3 31 . 9 101 1) , 2) (Regulation Q ), 3) NOW (financial innovations) , 4) , 5) .

(International Banking Facilities ; IBF) 1981 12 . , , 1970 Euro market offshore financial market . IBF . IBF . IBF (IBF deposit) , . 2 , 10 . Edge , , , , IBF IBF . IBF . IBF . IBF Regulation Q Regulation D . .

(American Depositary Receipts ; ADR) , ADR . 1) 2) 3), . ADR 1927 1) () 2) () () ADR 3) . 1961 .

(American Stock Exchange) 2 New York . (New York Stock Exchange) . 1836 1921 85 Broad Street . 1911 New York Curb Market 1929 New York Curb Exchange 1953 American Stock Exchange .

(National Association of Securities Dealers Inc, ; NASD) , 15 1938 . , . , , (Securities and Exchange Commission ; SEC) . , () .

(Overseas Private Investment Corporation ; OPIC) () 1969 12 "" 1971 1 . OPIC . (1) (2) (3) (4) 1) 2) 3) . , OPIC (Export Credits Guarantee Department ; ECGD) .

(U.S. savings bond) (treasury bond) (marketable securities) (nonmarketable securities) . , 50 10,000 5 series EE savings bond 10 series HH savings bond (state and local taxes) (federal tax) .

-(mini-max) , -(mini-max) (reverse dual currency) .

- (mini-max swap) - , , 1985 - . - LIBOR + (fixed spread) .

(future value) . A r n n A (1+r) n . A (1+r) n n

. 9% 1 , 8%( ), 3 . 1) 400 6 = 24,000 2) = 2,868 3) = 100,000

1) + 2) + 3) = 126,868 . 95,000 1 3 126,868 / 95,000 = 1.335 .

(Private Export Funding Corporation ; PEFCO) . , PEFCO . .

(Option Clearing Corporation ; OCC) . , . , .

(Inter-American Development Bank ; IADB) , 1959 4 20 10 . IBRD, 1) 2) 3) . (OAS) . , , . ( )

(Organization of American States ; OAS) 1889 1 (Pan-American Conference) (Pan-American Union) 1948 9 (Charter of the Organization of American State) . , , , .

(Securities and Exchange Commission ; SEC) , . 1934 , . , , , , , , . SEC 5 5 .

(open interest) (volume) (open interest) . (the number of contracts) .

. , .

(venture fund) (venture capital fund) ( ) .

BIS (BIS Regulation) BIS(Bank for International Settlements) 1987 12 " " , 1988 7 , . BIS 1987 12 (off-balance) /. , , 50% . . BIS 1992 8% , 1993 1 . , , . BIS () 1993 4 " " " " 2 . . , , off-balance netting . , , , 1996 . , .

BMF(Bond Management Fund ; BMF) . . BMF , 1 1 .

(bells and whistles) , 'kickers' 'wrinkles' . , .

(Value at Risk ; VAR) VAR , , . VAR .

VAR JP Morgan Dennis Weatherstone 24 1 4 15 4.15 . , VAR .

(basket method) ( ) SDR, ECU . .

(basket option) . . , . , . . .

(the Basle Committee on Banking Regulations and Supervisory Practices) 1975 G-10 Cool . , , , , , , , , , , , . (BIS) .

(Basle agreements) 1960 3 1961 3 , 8 . 1) , 2) () . 1963 2 1964 9 1968 9 ( 2 ) , 1977 2 30 Basle facility 3 .

(box spread) , . . X1 X2 , X1 X2 . X Y .

0 X1 X2 (St)

.

(issue price, offering price) . ( , , ) . , (coupon rate), .

(announcement day) , . (press release) , , .

(closing day) , (gross spread) . .

(trigger price) 1978 2 . 1974 341 , , , . . .

(Bancassurance) (Bank) (Assurance) . 1986 , . , , . 1997 2 ** .

(Bangkok agreement) 1975 7 31 , (the Economic and Social Commission for Asia and the Pacific ; ESCAP) 6 . ESCAP ESCAP (preferential trade agreement) . , , , , .

(judgement currency) . judgement currency .

. judgement currency clause .

(back up line) . . CP , CP .

(back office) , . . 1)(contract) , 2) , 3) (confirmation) , 4) , 5) .

(back up facility) . 1980 facility(NIF, RUF, MCF ) . , . ( )

(back-to-back credit) [ , ] back-to-back clause . . () , . back-to-back credit 2 local credit .

(back-to-back loan) . . . . 6 . . 1977 Mexican back-to-back loan .

(balance sheet exposure) .

(balance fund) , , . balance fund 1975 . balance fund (fund manager) .

(banker's usance) (usance import) shipper's usance banker's usance . banker's usance . shipper's usance banker's usance .

(bank rush) , . bank rush . bank rush .

(bank wire) 270 computer message system . 1952 , , 1982 cash wire . FED WIRE , FED WIRE wire , bank wire net net position . bank wire 1 . SWIFT , bank wire 1986 3 7 . ( FED WIRE, SWIFT, CHIPS)

(bank loan export finance) . A B B . . A . .

(International Futures Exchange ; INTEX) 1983 5 Bermuda . T-Bond, .

(Bermudan option) , . , .

(virtual banking) . .

(virtual company) (Small Office Home Office ; SOHO)

(butterfly spread) put call option bullish vertical spread bearish vertical spread . , call option , call option 2 , call option , option . butterfly spread option spread , . option , . straddle , option butterfly spread . ( , )

(vertical spread) option put option call option put call option option spread . (exercise price) call option , , put option , . ( , )

(buck up line) . . . CP credit line . CP CP credit line .

(balloon payment) term loan balloon payment . ( )

(vulture fund or vulture capital) . . . 1998 3 26 * , * . , , , .

, .

(penalty rate) , () (discount house) . . .

(Trans-Atlantic Free Trade Agreement ; TAFTA) (European community) .

(mint parity, mint par) . , . ( )

(Vega) (volatility) . (Kappa) .

() () = ------------------------

, . , . , .

(Veblen effect) . , .

(bear market) bear(bearish) market bull(bullish) market . bear short sale (dealer) bull . , narrow(thin) market broad market . narrow market broad market . ( )

(bear bond) , .

(bull bond) . (hedge) .

(bear position) (exchange speculation) (speculative position) (oversold position) bear position . bear position (overbought position) bull position . bear bear selling . bull bull buying .

(bear hug) . , (take over bid tender offer) , .( )

(baby bond) ( 100 ) , bond .

(basis) . .

(basis transaction) basis . / , / , basis .

(basis risk) . . (basis) . . . basis .

(basis swap) . . , LIBOR , (CP rate), (CD rate), (Fed Fund rate) .

. . , LIBOR LIBOR . . , 1 LIBOR 6 LIBOR , . 1 LIBOR 6 LIBOR 5 5 1 LIBOR 6 6 LIBOR 1 LIBOR . .

(basis risk) , . (hedge) , . . . . .( )

(basis point) 1% 1/100 . 2% 2.5% 50 .

(Baker plan) 1985 9 IMF, ( ) . 1) , , . 2) IMF , 3 180 50% 270 . 3) 15 3 22 . 1987 2 . 1987 9 IMF , , . ( )

(venture capital or risk capital) (risk capital) . . , .

(venture capital enterprise) (capital gain) . , , , , .

investment development company venture capital . . 1985 .

(benchmarking) , . , . * * . . (benchmark) , . .

(floating prime rate) . 1971 10 21 Citi Bank( FNCB) 90 (CP) 1/2% . .

CD(Floating Rate CD ; FRCD) CD 3 6 , . 1977 3 . 1970 . (FRN) . CD . LIBOR (1/8% ) .

(Floating Rate Note ; FRN) , . margin (FRN) . 1970 . ( 5-7 ) .

(floating lending rate) ( 6 3 ) . . LIBOR(London Interbank Offered Rate), SIBOR(Singapore Interbank Offered Rate), BIBOR(Bahrain Interbank Offered Rate) .

(floating exchange rate system) (fixed exchange rate system) .

(freely flexible exchange rate system) (limited flexible exchange rate system) . , dirty float clean float . .

(exotic option) , , , . , exotic option . . exotic option . 1) time-dependent : preference ( ) . . 2) path-dependent : (European ) (American ) . average rate( Asian) look back . 3) limit-dependent : . barrier . *multi-factor : 2 . *compound : , .

(Bogor Declaration) 1994 11 15 APEC 2010 2020 . , APEC GATT/WTO APEC .

(compensatory financing facility) IMF IMF 1963 . , , 1 1975 1981 5 . 83% 50% IMF . IMF stand-by . .

(compensating balance) (credit line) compensating balance . compensating balance . 10-20% . , compensating balance , (gentlemanship) , .

(Bonded Warehouse Transaction ; BWT) . , . . .

(bought deal) . bought deal , , . . .

(supplementary financing facility) IMF 1979 2 . 14 . stand-by 7 . ( )

(margin) margin . , . (initial margin) (maintenance margin) . . , .

(bond insurance) bond( , , ) . , . . 70% . , 90% . .

(guaranteed bond) , , , . . , . , .

(Guaranteed Investment Contract ; GIC) . . .

(straight bond) warrant . .

(revenue tariff)

(confirmation) (guarantee) .

(bimetallic standard, double standard) . ( ) , bimetallic standard, double standard .

(Collateralized Mortgage Obligation ; CMO) CMO pay-through bond paythrough bond . CMO (fast pay), (medium pay), (slow pay), Z (Z bond) . mortgage cash flow Z cash flow . Z 3 . ( )

(multi-currency basket system) pegging basket . US dollar peg system . . .

(multi-currency clause) 1 . . 1 , . , , . 1977 . , .

(multi-currency loan) . 1977 . .

(multi-currency denominated bond) SDR, ECU (composite currency unit) . . . .

(multiple exchange rate system) , , . , . . (IMF) .

(compound option) , (optional option option on option) . (call on call), (call on put), (put on call), (put on put) . . (at the money) . . .

(composite unit of account bond) (artificial currency unit of account) (multiple currency denominated bond) . basket SDR, ECU(European Currency Unit), EURCO, European Unit of Account(EUA) Arab Currency Related Unit .

(Multiple Component Facilities ; MCF) NIF, RUF back up facility . BA, CP, , , . . , , . off-balance ECP(Euro Commercial Paper Program) facility . ( )

(Bond Buyer placement ratio) placement ratio () . . Bond Buyer placement ratio Bond Buyer .

(Bond Anticipation Notes ; BANs) . tax anticipation notes(TANs), revenue anticipation notes(RANs), bond anticipation notes(BANs) . revenue anticipation notes, , 1 bond anticipation notes . ( )

11bond index 20bond index (Bond Buyer's 11bond index & 20bond index) Bond Buyer Bond Week( Money Manager) . Money Manager , , . bond index Bond Buyer . 20bond index 20 20 , 11bond index 20bond index 11 .

(reserve base) . , . . . . (high-powered money) .

= + = + + = +

(blocked funds) . .

(out-of-pocket expenses) , , , , . reimbursable expenses .

(front-end fees) ,

front-end fees . (participation fee) (management fee) . LIBOR front-end fees . front-end fees . ( )

(boomerang effect) . .

(fringe banking) , . , , , , , , .

(bourse) . bourse borse, borsa .

(off-balance transaction) . . , , . 1) : (stand by letters of credit) (documentary letters of credit) . , (commitment) (overdraft) (Note Issuance Facilities ; NIFs), (Revolving Underwriting Facilities ; RUFs) . 2) : , . 3) : , , . ( )

(off-balance sheet exposure) , , , , stand by L/C, NIFs . , . ( )

(unknown clause) , (unknown clause B/L) . , . *said by shipper to contain*, *said to contain*, *shipper*s weight and measurement* .

(separation theorem)

. 1) (dominance principle) , 2) () . . .

(window dressing) . .

(shared certificate of deposit) CD CD . (FDIC : Federal Deposit Insurance Corporation) CD 40,000 CD . CD , 10 CD , . CD CD CD CD .

(partially paid bond) . . deferred purchase bond .

(bull market) (bear market)

(bull buying) (bear position)

(bull bond) (bear bond)

(Bull Spread Warrant ; BSW) (BW) warrant . , equity warrant warrant , . , . . warrant , .

(force majeure clause)

, . .

(force majeure risk) (project financing) . , , , , , , . , .

(bulldog bond) , , , , . 1980 , . . ( , )

(bullish vertical spread) (vertical spread)

(bullet loan) term loan . buller . ( )

(bullet bond) bullet bond , noncallable bond . (callable bond), (sinking fund), (purchase fund) (serial bond) .

(Brant Commission ; the Independent Commission on International Development Issues) () 1977 () . , , , , . , , . . 1980 (North-South ; A Program for Survival, ) 1980 2 UN .

(Brady Plan) 1989 3 .

. IMF () . , , , . , , , .

(bracking) , , . 3 (major) 0.61.0%( 0.75%), (submajor) 0.375-0.4%, (minor) 0.1-0.2% . . (tombstone) , , , bracking . , bracking 3 . performance tombstone .

(Bretton Woods System) 1944 7 1930 , , , , , , . 1943 3 () (Proposal for an International Clearing Union) 4 ()(Proposal for an Union and Associated Nations Stabilization Fund) 7 (Proposal for an International Exchange Union) , . , . (International Monetary Fund ; IMF) (International Bank for Reconstruction and Development ; IBRD) . 1930 , . 1960 1971 . 12 1973 IMF .

(broker's loan) , , , .