The Penguin International Dictionary of Finance [antikvár]

FOREWORD TO THE FIRST EDITION This book is intended as a source of reference for all those concerned with finance. It is entitled 'International Dictionary of Finance', rather than 'Dictionary of International Finance', because it is concerned not solely with transnational finance, but also with domestic financial matters in the major countries, particularly in the United Kingdom and the United States. No one involved in business finance, savings and investment or public finance can now neglect the international dimension. Money markets, commodity markets, securities markets, banking and insurance, the five principal subjects of the book, have always involved international connections. Some or parts of these markets have always been fully international, but we are now well on the way to the globalization of virtually all financial markets, as barriers to entry fall with the abandonment of exchange controls and the deregulation of these markets in the United States, Europe and Japan. These developments are now being given additional impetus by the adoption of the Single Act of the European Community, which is intended to bring about by 1992 the full integration of the capital markets of the EC member states. Just as the regulation of markets following the Second World War led to innovation in finance - notably the development of the Euromarkets - so too has deregulation stimulated further innovation. Each phase of change has generated new terminology, which has been further enriched by the cross-fertilization of languages, business cultures and electronic technology. The specialized terminology of finance is vast and expands daily, and we have had to be highly selective, even within the five core areas mentioned above. We have attempted to include all the more common terms which market operators and those in financial institutions are likely to encounter in English-speaking countries. We have also included key terminology in accounting, business