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index-linked gilt (E5, G2)<br />A government bond with a link between a price index and the bond's capital value and yield. These GILTS, popular in times of inflation, are attractive to unadventurous investors desirous of a low-risk portfolio and steady real income. Finland introduced these gilts in 1947, France in the 1950s and the UK in 1975. index number (C1)<br />A device for measuring changes in an economic variable, especially NATIONAL INcoME or prices, over a period of time. The value of the variable in the initial year (the 'base' year) is set equal to 100 and the value for each subsequent year is calculated as a percentage of it. To calculate quantity changes, e.g. in the GROSS DOMESTIC PRODUCT, the components of the GDP are weighted by the prices of each item; to calculate price changes, quantity weights reflecting the relative amounts consumed or produced are used. The best known indices are those of Laspeyres and Paasche. Before mvoNs and others constructed index numbers in the 1860s, there was little accurate knowledge of the precise degree of inflation in industrialized economies, and there was often a confusion between the causes and amount of INFLATION.<br /><em>Reference</em><br />Allen, R.G.D. (1975) Index Numbers in Theory and Practice, London: Macmillan. Stuve!, G.(1989) The Index-Number Problem and its Solution, London: Macmillan.
objectives of firms (L2)<br />What a FIRM has as its a1m or target. PROFIT MAXIMIZATION is assumed in many theories of the firm to be the central aim of a firm but research since the 1930s has noted that managers have many other objectives, partly because they are not shareholders directly rewarded in proportion to a firm's profitability. Objectives replacing profit maximization include sales maximization, maintaining (or increasing) a market share and achieving a target rate of return on capital employed. See also: managerial models of the firm; theory of the firm
social time preference rate (D9)<br />The rate at which society trades consumption of one time period with consumption of another. A positive rate means that the present is preferred to the future. Although the market rate of interest has been used as a proxy for this rate, it is not in all cases suitable. There is a variety of markets and rates according to the term and the purpose of the loan. The preferences of persons, including children, who neither borrow nor lend at interest are ignored. Market rates can be pushed up by the monopoly power of banks and by the risk of non-repayment. The shorter life expectancies and time horizons of the poor, especially in less developed countries, limit the usefulness of this concept.
<strong>School as Lender (SAL)</strong> – A school, other than a correspondence school, that has been approved to act as a lender under the FFEL Program for its graduate and professional students. (Note: to participate as an SAL, the school had to be participating as of April 1, 2006. No new schools are being approved to act as their own lender.)
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