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Файл:Английский для экономистов. Учебное пособие
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место среди которых занимает исчезновение целого кластера стран
переходной экономики. По классификации ЮНКТАД все они перешли в
разряд развивающихся стран (кроме 8 стран ЦВЕ, вошедших 1 мая 2004 г. в
ЕС). По оценкам ЮНКТАД РС были мотором развития МТ в 1990-х гг.
Таковыми они остаются и в начале XXI в. Это связано с тем, что
хотя рынки
РС менее емки, чем рынки РСРЭ, но они более динамичны, а потому более
привлекательны для своих развитых партнеров, особенно для ТНК. При этом
чисто аграрно-сырьевая специализация большинства РС дополняется
передачей им функций по снабжению индустриальных центров
материалоемкой и трудоемкой продукцией обрабатывающих отраслей,
основанной на использовании более дешевой
рабочей силы. Нередко это
наиболее экологически грязные производства. ТНК способствуют росту доли
готовой продукции в экспорте РС, однако товарная структура торговли в
этом секторе остается преимущественно сырьевой (на 70-80%), что делает ее
весьма уязвимой от колебаний цен на мировом рынке и от ухудшающихся
условий торговли.
В торговле развивающихся стран есть ряд весьма
острых проблем,
возникающих прежде всего из-за того, что главным фактором их
конкурентоспособности остается цена, а условия торговли, изменяющиеся не
в их пользу, неизбежно ведут к росту ее несбалансированности и менее
интенсивному росту. Устранение этих проблем предполагает оптимизацию
товарной структуры внешней торговли на базе диверсификации
промышленного производства, ликвидацию технологической отсталости
стран, делающей неконкурентоспособной их экспорт готовой продукции,
повышение активности стран в торговле услугами.
Для современной МТ характерна тенденция к развитию торговли
услугами, особенно деловыми (инжиниринг, консалтинг, лизинг, факторинг,
франчайзинг и др.). Если в 1970 г. объем мирового экспорта всех услуг
(включая все виды международного и транзитного транспорта, иностранный
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туризм, банковские услуги и т. д.) составлял 80 млрд. долл., то в 2005 г. –
около 2,2 трлн. долл., т. е. почти в 28 раз больше.
Вместе с тем темпы роста экспорта услуг замедляются и существенно
отстают от темпов роста экспорта товаров. Так, если за 1996-2005 гг.
среднегодовой экспорт товаров и услуг вырос почти вдвое по сравнению
с
предыдущим десятилетием, то за 2001-2005 гг. прирост экспорта товаров в
среднем в год составлял 3,38%, а услуг – 2,1%. Как следствие стагнирует
показатель доли услуг в общем объеме мирового товарооборота: в 1996 г. он
составлял 20%, в 2000 г. – 19,6%, в 2005 г. – 20,1%. Ведущие позиции в этой
торговле услугами занимают РСРЭ, на них приходится около 80% всего
объема международной
торговли услугами, что обусловлено их
технологическим лидерством.
Мировому рынку товаров и услуг присущи тенденции, связанные с
дальнейшей интернационализацией мирового хозяйства. Кроме роста роли
МТ в развитии мировой экономики, превращения внешней торговли в
неотъемлемую часть национального воспроизводственного процесса, имеет
место четкая тенденция к ее дальнейшей либерализации. Это подтверждается
не только снижением среднего
уровня таможенных пошлин, но и
устранением (смягчением) количественных ограничений импорта,
расширением торговли услугами, изменением характера самого мирового
рынка, на который сейчас поступают не столько излишки национального
производства товаров, сколько заранее согласованные поставки
произведенных специально для конкретного потребителя товаров.
472
GLOSSARY
12b-1 Fee
An annual fee, expressed as a percentage of NAV, specifically designated for
marketing expenses for a given mutual fund. This fee is included in the expense
ratio.
Account
A collection of investments, either taxable or tax-deferred. Account can be real
(contains investments actually owned) or model (hypothetical). Account type can
be brokerage, mutual fund, or other (a mutual fund can be an account if the fund is
purchased directly from fund company or it can be an investment within an
account, if purchased through a broker). Legally, accounts are set up as taxable or
tax deferred. The legal owner of an account can be an individual, joint , corporate,
custodian, estate, or trust. See Real Taxable Accounts, Joint Accounts, and Real
Tax-Deferred Accounts.
Account Description
Information that includes Account Type, Tax-deferred, Tax Method, and Account
Note. These items are primarily used to classify accounts for tax purposes.
Account Note
Descriptive text about an account that you can enter for your information, such as
"for College."
Account Type
When placing an order through this site, you must be sure to select the proper
Account Type for the position you wish to trade. If a particular position resides in
your cash account, for example, this site will automatically reject a sell order that
specifies your margin account, and vice versa.
Accrual Method
Accounting method where income and expenses are recorded when items are
booked or billed. Contrast with a more common method, cash method, where
income and expenses are logged from the time cash is actually spent or received.
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Accrued Interest
Interest earned but not yet paid. For most taxpayers, tax is due in year accrued
interest is paid. When buying a bond, buyer pays seller any interest accrued since
the last payment date. When the buyer eventually sells the bond, the new buyer
pays any accrued interest. The accrued interest is subject to taxes for the seller, but
reduces the tax liability for the buyer. For example, if a bond buyer paid $30
accrued interest to a seller, then received $150 interest for the rest of the year, the
buyer needs to pay taxes on $150 - $30 = $120.
ADR/ADS
Stands for American Depository Receipts or Shares. These financial instruments
allow stock in a foreign corporation to be traded on a U.S. stock exchange in U.S.
currency by representing the actual shares from the native exchange.
After Tax Real Rate of Return
The percentage gain on an investment, account, or portfolio after taxes and
inflation have been deducted. Note that the after tax real rate of return for money
market mutual funds is frequently less than zero, so you should use these accounts
only as temporary cash accounts.
All or None Order
In brokerage, order instruction, particularly for large orders, to execute the total
quantity or none.
American-Style Option
American-style is an option contract that can be exercised at any time between the
date of purchase and the expiration date. Most exchange-traded options are
American-style. All stock options are American-style.
Annualized Return
Projects the year to date return over a full 12 month calendar year. Most useful for
projecting return for money market funds, CDs, and bonds. Annualized return for
equities can be misleading if YTD return is high and covers a short period of time.
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Arbitrage
A financial transaction where an arbitrageur (arb) simultaneously purchases in one
market and sells in another where there is a slight price differential. Often it is a
full hedge, and therefore, a risk-free transaction. Arbs play an important role in
keeping markets liquid and efficient.
Ask
The lowest price at which a seller is willing to offer a security at this time.
Asset
Something of value that you own. Appreciating assets, such as stocks, have the
potential of increasing in value and/or producing income. Depreciating assets, such
as a car, lose value over time. Assets minus liabilities (what you owe) equals net
worth.
Asset Allocation
The process of deciding what kinds of assets you want to own, and the percentage
of each. Tactical asset allocation is a sophisticated form of market timing in which
an investor decides how much to allocate to each asset class based on market
indicators, particularly interest rates. As conditions change, the percent allotted to
each asset class changes.
Asset Classes
Appreciating assets are put into 7 asset classes: maximum capital gain equity, long-
term equity, international equity, U.S. government bond, corporate bond, precious
metals, and cash.
Assigned on an Option Transaction
When you sell an option you now have the obligation to sell or purchase stock.
You have or may not have to fulfill that obligation. You are considered to be
"assigned" if you are being required to fulfill that obligation. Typically this occurs
when the option is in-the-money.
At-The-Money Option
When the price of the underlying security is equal to the strike price, an option is
at-the-money.
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Average Annual Return
The cumulative return divided by the number of years of the life of the investment
or account, with the compounding effect factored in. In reverse, the average annual
return times a given number of years equals the cumulative return for that time
frame. AAR is used to compare returns of two or more investments of unequal
track records.
Average Cost
The average price plus commission.
Average Daily Volume
The consolidated trading volume for all exchanges averaged for the last 20 trading
days.
Average Price
The total cost less total commission of all lots you own of a particular security
divided by the total number of shares owned.
Average Proceed
The sum of net amounts received from all short open lots divided by the total
number of shares short for that security. Average proceeds is for short investments
what average cost is for long investments.
Baby Bond
One sold at face amount less than $1,000 to make it attractive to smaller investors.
Balance Sheet
A listing of all assets and liabilities for an individual or a business. The surplus of
assets over liabilities is the net worth, or what is owned free of debt.
Balance Sheet - Cash & Debt
A view in the stock database that displays: Fiscal Year End, QuickRatio,
Debt/Equity Ratio, Current Ratio, and Cash/Share. These items measure the
financial health of a company, particularly its assets and liabilities. Click each item
in the Glossary list for definitions of each of these items.
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Balance Sheet Return
A view in the stock database that displays Sales/Price Ratio, Price/Book Ratio,
Book/Share, Return on Equity, Profit Margin, and Reporting Date. These items are
all measures of company value and profitability.
Balanced Equities
A mutual fund whose holdings are split fairly evenly between stocks and bonds.
Balanced funds can change their asset allocation according to market conditions.
Balanced funds seek a relatively steady return.
Bank Information
Descriptive information about a given bank. A view in the CDs and Money
Markets database that displays: Minimum Deposit, City, State, Phone, Out-of-state
Indicator.
Basis
An accounting term that refers to the cost of an asset including all adjustments and
improvements. For tax purposes, it is the amount you subtract from the net sale
price to determine the realized gain or loss. For example, if you paid $150,000 for
your home, but added a porch for $25,000, your basis is now $175,000. You have
stepped-up the basis.
Basis Point
The smallest measure used in quoting yields and interest rates. One basis point
equals .01%, so a 100 basis point move in a U.S. Treasury bond yield is 1%.
Bearer Certificate
A security whose owner is not registered on the books of the issuer and which is,
therefore, payable to the person possessing the certificate. A bearer bond has
coupons attached, which the bondholder sends in or presents on the interest date
for payment. Bearer stock certificates are negotiable without endorsement.
Beta
A measure of risk commonly used to compare the volatility of mutual funds or
stocks to the overall market . The S&P 500 Index is the base for calculating beta
and carries a value of 1. Securities with betas below 1 are less risky than the
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market as a whole. Betas above 1 are more risky. A beta of 1.3 is 30% more
volatile than the S&P 500. Betas with negative values are inversely related to the
S&P 500. Note: The beta of precious metals can be low but these funds have high
price volatility. You cannot compare the beta of bond funds against the beta of
equity funds, because the bond fund beta is calculated using the Shearson Long
Bond Index rather than the S&P 500 Index.
Bid
The highest price a buyer is willing to pay for a security at this time.
Block Trade
Usually, a trade of 10,000 shares or more. For bonds, a $200,000 face amount or
more. Block trades are often executed through a special section of a brokerage firm
called the Block Desk. Using the Block Desk may result in a better price.
Bond Prices
View in the bond database that displays: Maturity, Outstanding Bond Amount,
Latest Price, Current Year High and Low Prices. For latest price, see Price (Trade)
Bonds.
Bond Type
The bond pays fixed interest amounts over its term. The bond price, however, can
change as prevailing market interest rates change over time. Zero coupon bonds, or
zeroes, do not pay interest. They are sold at deep discount to their par value, which
is returned at maturity. Interest is internally compounded to produce the stated
yield to maturity. With floating rate, the interest rate paid on the bond can change
as prevailing market interest rates change.
Book/Share
The current fiscal year book value (or net equity for the corporation) per share of
common stock.
Broker/Dealer
In the broadest sense, an agent who facilitates trades between a buyer and a seller
and receives a commission for his services. Dealers buy and sell for their own
account and keep their own inventory of securities on which they can profit or
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incur losses. Most stock brokerage firms really act as brokers and dealers. Brokers
are also classed as Full Service or Discount, the former using a commission-based
sales force and the latter using salaried brokers only.
Business
Describes the primary product or service offered by a given corporation.
Buy(s)
A transaction type for the purchase of a security. A buy creates an open lot which
is part of a holding of a given security that you currently own. Buy(s) is also a
filter for displaying only buy transactions.
Buy-to-Cover
A transaction type that is a closing transaction for a short sell and which creates a
closed lot. Buys-to-Cover is also a filter for displaying only buy-to-cover
transactions.
Buying Power
Value of margin eligible securities that may be purchased in a margin account.
Determined by doubling the sum of the cash held in the brokerage account and the
loan value of margined securities.
Call Option
A call option gives the owner the right, but not the obligation, to buy the
underlying stock at a given price (the strike price) by a given time (the expiration
date). The owner of the call is speculating that the underlying stock will go up in
value, hence, increasing the value of the option. The purpose can be to speculate
with the option (hope it goes up and sell for a profit), to invest in the underlying
stock at a locked in price if the stock price goes high enough, or to generate
income. Each option contract equals 100 shares of stock. For example, an AAA
MAR 65 call, would give the owner the right to buy 100 shares of AAA at $65
(strike price) per share between now and the third Friday in March (expiration
date).
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Callable
A security redeemable by the issuer before the scheduled maturity. The issuer must
pay the holder a premium price if the security is retired early. Most Corporate and
Municipal Bonds are callable. US Government issues are generally not callable.
They are called when interest rates fall so significantly that the bond issuer can
save money by floating new bonds at the lower rate. The first call date is the date
to or after which a specific call price will be offered by the issuer, usually a
premium price to par, as an incentive to the bondholder to redeem the bond.
Canceled Order
A buy or sell order that is canceled before it has been executed. In most cases, a
Limit Order can be can be canceled at any time as long as it has not been executed.
A Market Order may only be canceled if the order is placed after market hours and
is then canceled before the market opens the following day.
Capital Gains
The buying and selling of a security or other appreciating asset that has increased
in value during the time you owned it. It is subject to capital gains tax, as listed on
IRS Form 1040, Schedule D.
Capital Stock
Amount of money or property contributed by stockholders to be used as the
financial foundation for the corporation. It includes all classes of common and
preferred stock.
Cash Account
Orders placed in a cash account are settled on a cash basis, meaning that cleared
funds must be in the account within three (3) business days to cover purchases.
Cash Available
The amount that may either be withdrawn in cash, or used to purchase additional
securities without creating a debit balance. It is a combination of credit balances in
all accounts and excess credit balances in margin accounts.
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