Bretton
Woods: An international monetary
system operating from 1946-1973. The value of the dollar was fixed in terms of
gold, and every other country held its currency at a fixed exchange rate
against the dollar; when trade deficits occurred, the central bank of the
deficit country financed the deficit with its reserves of international
currencies. The Bretton Woods system collapsed in 1971 when the US abandoned
the gold standard.
Call
money: Price paid by an investor for
a call option. There is no fixed rate for call money. It depends on the type of
stock, its performance prior to the purchase of the call option, and the period
of the contract. It is an interest bearing band deposits that can be withdrawn
on 24 hours notice.
Capital
account; Part of a nation's balance of
payments that includes purchases and sales of assets, such as stocks, bonds,
and land. A nation has a capital account
surplus when receipts from asset sales exceed payments for the country's purchases of foreign assets. The sum of the capital and current accounts is the overall balance of payments.
surplus when receipts from asset sales exceed payments for the country's purchases of foreign assets. The sum of the capital and current accounts is the overall balance of payments.
Current
account: Part of a nation's balance of
payments which includes the value of all goods and services imported and
exported, as well as the payment and receipt of dividends and interest. A
nation has a current account surplus if exports exceed imports plus net
transfers to foreigners. The sum of the current and capital accounts is the
overall balance of payments.
Currency
appreciation: An increase in the value of
one currency relative to another currency. Appreciation occurs when, because of
a change in exchange rates; a unit of one currency buys more units of another
currency. Opposite is the case with currency depreciation.
Fiscal
deficit is the gap between the government's
total spending and the sum of its revenue receipts and non-debt capital
receipts. The fiscal deficit represents the total amount of borrowed funds required
by the government to completely meet its expenditure
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