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Finthe premium at which an option is trading relative to its intrinsic valueThe ultimate business dictionary > total-debt-to-total-assets
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8 Historical Portugal
Before Romans described western Iberia or Hispania as "Lusitania," ancient Iberians inhabited the land. Phoenician and Greek trading settlements grew up in the Tagus estuary area and nearby coasts. Beginning around 202 BCE, Romans invaded what is today southern Portugal. With Rome's defeat of Carthage, Romans proceeded to conquer and rule the western region north of the Tagus, which they named Roman "Lusitania." In the fourth century CE, as Rome's rule weakened, the area experienced yet another invasion—Germanic tribes, principally the Suevi, who eventually were Christianized. During the sixth century CE, the Suevi kingdom was superseded by yet another Germanic tribe—the Christian Visigoths.A major turning point in Portugal's history came in 711, as Muslim armies from North Africa, consisting of both Arab and Berber elements, invaded the Iberian Peninsula from across the Straits of Gibraltar. They entered what is now Portugal in 714, and proceeded to conquer most of the country except for the far north. For the next half a millennium, Islam and Muslim presence in Portugal left a significant mark upon the politics, government, language, and culture of the country.Islam, Reconquest, and Portugal Created, 714-1140The long frontier struggle between Muslim invaders and Christian communities in the north of the Iberian peninsula was called the Reconquista (Reconquest). It was during this struggle that the first dynasty of Portuguese kings (Burgundian) emerged and the independent monarchy of Portugal was established. Christian forces moved south from what is now the extreme north of Portugal and gradually defeated Muslim forces, besieging and capturing towns under Muslim sway. In the ninth century, as Christian forces slowly made their way southward, Christian elements were dominant only in the area between Minho province and the Douro River; this region became known as "territorium Portu-calense."In the 11th century, the advance of the Reconquest quickened as local Christian armies were reinforced by crusading knights from what is now France and England. Christian forces took Montemor (1034), at the Mondego River; Lamego (1058); Viseu (1058); and Coimbra (1064). In 1095, the king of Castile and Léon granted the country of "Portu-cale," what became northern Portugal, to a Burgundian count who had emigrated from France. This was the foundation of Portugal. In 1139, a descendant of this count, Afonso Henriques, proclaimed himself "King of Portugal." He was Portugal's first monarch, the "Founder," and the first of the Burgundian dynasty, which ruled until 1385.The emergence of Portugal in the 12th century as a separate monarchy in Iberia occurred before the Christian Reconquest of the peninsula. In the 1140s, the pope in Rome recognized Afonso Henriques as king of Portugal. In 1147, after a long, bloody siege, Muslim-occupied Lisbon fell to Afonso Henriques's army. Lisbon was the greatest prize of the 500-year war. Assisting this effort were English crusaders on their way to the Holy Land; the first bishop of Lisbon was an Englishman. When the Portuguese captured Faro and Silves in the Algarve province in 1248-50, the Reconquest of the extreme western portion of the Iberian peninsula was complete—significantly, more than two centuries before the Spanish crown completed the Reconquest of the eastern portion by capturing Granada in 1492.Consolidation and Independence of Burgundian Portugal, 1140-1385Two main themes of Portugal's early existence as a monarchy are the consolidation of control over the realm and the defeat of a Castil-ian threat from the east to its independence. At the end of this period came the birth of a new royal dynasty (Aviz), which prepared to carry the Christian Reconquest beyond continental Portugal across the straits of Gibraltar to North Africa. There was a variety of motives behind these developments. Portugal's independent existence was imperiled by threats from neighboring Iberian kingdoms to the north and east. Politics were dominated not only by efforts against the Muslims inPortugal (until 1250) and in nearby southern Spain (until 1492), but also by internecine warfare among the kingdoms of Castile, Léon, Aragon, and Portugal. A final comeback of Muslim forces was defeated at the battle of Salado (1340) by allied Castilian and Portuguese forces. In the emerging Kingdom of Portugal, the monarch gradually gained power over and neutralized the nobility and the Church.The historic and commonplace Portuguese saying "From Spain, neither a good wind nor a good marriage" was literally played out in diplomacy and war in the late 14th-century struggles for mastery in the peninsula. Larger, more populous Castile was pitted against smaller Portugal. Castile's Juan I intended to force a union between Castile and Portugal during this era of confusion and conflict. In late 1383, Portugal's King Fernando, the last king of the Burgundian dynasty, suddenly died prematurely at age 38, and the Master of Aviz, Portugal's most powerful nobleman, took up the cause of independence and resistance against Castile's invasion. The Master of Aviz, who became King João I of Portugal, was able to obtain foreign assistance. With the aid of English archers, Joao's armies defeated the Castilians in the crucial battle of Aljubarrota, on 14 August 1385, a victory that assured the independence of the Portuguese monarchy from its Castilian nemesis for several centuries.Aviz Dynasty and Portugal's First Overseas Empire, 1385-1580The results of the victory at Aljubarrota, much celebrated in Portugal's art and monuments, and the rise of the Aviz dynasty also helped to establish a new merchant class in Lisbon and Oporto, Portugal's second city. This group supported King João I's program of carrying the Reconquest to North Africa, since it was interested in expanding Portugal's foreign commerce and tapping into Muslim trade routes and resources in Africa. With the Reconquest against the Muslims completed in Portugal and the threat from Castile thwarted for the moment, the Aviz dynasty launched an era of overseas conquest, exploration, and trade. These efforts dominated Portugal's 15th and 16th centuries.The overseas empire and age of Discoveries began with Portugal's bold conquest in 1415 of the Moroccan city of Ceuta. One royal member of the 1415 expedition was young, 21-year-old Prince Henry, later known in history as "Prince Henry the Navigator." His part in the capture of Ceuta won Henry his knighthood and began Portugal's "Marvelous Century," during which the small kingdom was counted as a European and world power of consequence. Henry was the son of King João I and his English queen, Philippa of Lancaster, but he did not inherit the throne. Instead, he spent most of his life and his fortune, and that of the wealthy military Order of Christ, on various imperial ventures and on voyages of exploration down the African coast and into the Atlantic. While mythology has surrounded Henry's controversial role in the Discoveries, and this role has been exaggerated, there is no doubt that he played a vital part in the initiation of Portugal's first overseas empire and in encouraging exploration. He was naturally curious, had a sense of mission for Portugal, and was a strong leader. He also had wealth to expend; at least a third of the African voyages of the time were under his sponsorship. If Prince Henry himself knew little science, significant scientific advances in navigation were made in his day.What were Portugal's motives for this new imperial effort? The well-worn historical cliche of "God, Glory, and Gold" can only partly explain the motivation of a small kingdom with few natural resources and barely 1 million people, which was greatly outnumbered by the other powers it confronted. Among Portuguese objectives were the desire to exploit known North African trade routes and resources (gold, wheat, leather, weaponry, and other goods that were scarce in Iberia); the need to outflank the Muslim world in the Mediterranean by sailing around Africa, attacking Muslims en route; and the wish to ally with Christian kingdoms beyond Africa. This enterprise also involved a strategy of breaking the Venetian spice monopoly by trading directly with the East by means of discovering and exploiting a sea route around Africa to Asia. Besides the commercial motives, Portugal nurtured a strong crusading sense of Christian mission, and various classes in the kingdom saw an opportunity for fame and gain.By the time of Prince Henry's death in 1460, Portugal had gained control of the Atlantic archipelagos of the Azores and Madeiras, begun to colonize the Cape Verde Islands, failed to conquer the Canary Islands from Castile, captured various cities on Morocco's coast, and explored as far as Senegal, West Africa, down the African coast. By 1488, Bar-tolomeu Dias had rounded the Cape of Good Hope in South Africa and thereby discovered the way to the Indian Ocean.Portugal's largely coastal African empire and later its fragile Asian empire brought unexpected wealth but were purchased at a high price. Costs included wars of conquest and defense against rival powers, manning the far-flung navel and trade fleets and scattered castle-fortresses, and staffing its small but fierce armies, all of which entailed a loss of skills and population to maintain a scattered empire. Always short of capital, the monarchy became indebted to bankers. There were many defeats beginning in the 16th century at the hands of the larger imperial European monarchies (Spain, France, England, and Holland) and many attacks on Portugal and its strung-out empire. Typically, there was also the conflict that arose when a tenuously held world empire that rarely if ever paid its way demanded finance and manpower Portugal itself lacked.The first 80 years of the glorious imperial era, the golden age of Portugal's imperial power and world influence, was an African phase. During 1415-88, Portuguese navigators and explorers in small ships, some of them caravelas (caravels), explored the treacherous, disease-ridden coasts of Africa from Morocco to South Africa beyond the Cape of Good Hope. By the 1470s, the Portuguese had reached the Gulf of Guinea and, in the early 1480s, what is now Angola. Bartolomeu Dias's extraordinary voyage of 1487-88 to South Africa's coast and the edge of the Indian Ocean convinced Portugal that the best route to Asia's spices and Christians lay south, around the tip of southern Africa. Between 1488 and 1495, there was a hiatus caused in part by domestic conflict in Portugal, discussion of resources available for further conquests beyond Africa in Asia, and serious questions as to Portugal's capacity to reach beyond Africa. In 1495, King Manuel and his council decided to strike for Asia, whatever the consequences. In 1497-99, Vasco da Gama, under royal orders, made the epic two-year voyage that discovered the sea route to western India (Asia), outflanked Islam and Venice, and began Portugal's Asian empire. Within 50 years, Portugal had discovered and begun the exploitation of its largest colony, Brazil, and set up forts and trading posts from the Middle East (Aden and Ormuz), India (Calicut, Goa, etc.), Malacca, and Indonesia to Macau in China.By the 1550s, parts of its largely coastal, maritime trading post empire from Morocco to the Moluccas were under siege from various hostile forces, including Muslims, Christians, and Hindi. Although Moroccan forces expelled the Portuguese from the major coastal cities by 1550, the rival European monarchies of Castile (Spain), England, France, and later Holland began to seize portions of her undermanned, outgunned maritime empire.In 1580, Phillip II of Spain, whose mother was a Portuguese princess and who had a strong claim to the Portuguese throne, invaded Portugal, claimed the throne, and assumed control over the realm and, by extension, its African, Asian, and American empires. Phillip II filled the power vacuum that appeared in Portugal following the loss of most of Portugal's army and its young, headstrong King Sebastião in a disastrous war in Morocco. Sebastiao's death in battle (1578) and the lack of a natural heir to succeed him, as well as the weak leadership of the cardinal who briefly assumed control in Lisbon, led to a crisis that Spain's strong monarch exploited. As a result, Portugal lost its independence to Spain for a period of 60 years.Portugal under Spanish Rule, 1580-1640Despite the disastrous nature of Portugal's experience under Spanish rule, "The Babylonian Captivity" gave birth to modern Portuguese nationalism, its second overseas empire, and its modern alliance system with England. Although Spain allowed Portugal's weakened empire some autonomy, Spanish rule in Portugal became increasingly burdensome and unacceptable. Spain's ambitious imperial efforts in Europe and overseas had an impact on the Portuguese as Spain made greater and greater demands on its smaller neighbor for manpower and money. Portugal's culture underwent a controversial Castilianization, while its empire became hostage to Spain's fortunes. New rival powers England, France, and Holland attacked and took parts of Spain's empire and at the same time attacked Portugal's empire, as well as the mother country.Portugal's empire bore the consequences of being attacked by Spain's bitter enemies in what was a form of world war. Portuguese losses were heavy. By 1640, Portugal had lost most of its Moroccan cities as well as Ceylon, the Moluccas, and sections of India. With this, Portugal's Asian empire was gravely weakened. Only Goa, Damão, Diu, Bombay, Timor, and Macau remained and, in Brazil, Dutch forces occupied the northeast.On 1 December 1640, long commemorated as a national holiday, Portuguese rebels led by the duke of Braganza overthrew Spanish domination and took advantage of Spanish weakness following a more serious rebellion in Catalonia. Portugal regained independence from Spain, but at a price: dependence on foreign assistance to maintain its independence in the form of the renewal of the alliance with England.Restoration and Second Empire, 1640-1822Foreign affairs and empire dominated the restoration era and aftermath, and Portugal again briefly enjoyed greater European power and prestige. The Anglo-Portuguese Alliance was renewed and strengthened in treaties of 1642, 1654, and 1661, and Portugal's independence from Spain was underwritten by English pledges and armed assistance. In a Luso-Spanish treaty of 1668, Spain recognized Portugal's independence. Portugal's alliance with England was a marriage of convenience and necessity between two monarchies with important religious, cultural, and social differences. In return for legal, diplomatic, and trade privileges, as well as the use during war and peace of Portugal's great Lisbon harbor and colonial ports for England's navy, England pledged to protect Portugal and its scattered empire from any attack. The previously cited 17th-century alliance treaties were renewed later in the Treaty of Windsor, signed in London in 1899. On at least 10 different occasions after 1640, and during the next two centuries, England was central in helping prevent or repel foreign invasions of its ally, Portugal.Portugal's second empire (1640-1822) was largely Brazil-oriented. Portuguese colonization, exploitation of wealth, and emigration focused on Portuguese America, and imperial revenues came chiefly from Brazil. Between 1670 and 1740, Portugal's royalty and nobility grew wealthier on funds derived from Brazilian gold, diamonds, sugar, tobacco, and other crops, an enterprise supported by the Atlantic slave trade and the supply of African slave labor from West Africa and Angola. Visitors today can see where much of that wealth was invested: Portugal's rich legacy of monumental architecture. Meanwhile, the African slave trade took a toll in Angola and West Africa.In continental Portugal, absolutist monarchy dominated politics and government, and there was a struggle for position and power between the monarchy and other institutions, such as the Church and nobility. King José I's chief minister, usually known in history as the marquis of Pombal (ruled 1750-77), sharply suppressed the nobility and theChurch (including the Inquisition, now a weak institution) and expelled the Jesuits. Pombal also made an effort to reduce economic dependence on England, Portugal's oldest ally. But his successes did not last much beyond his disputed time in office.Beginning in the late 18th century, the European-wide impact of the French Revolution and the rise of Napoleon placed Portugal in a vulnerable position. With the monarchy ineffectively led by an insane queen (Maria I) and her indecisive regent son (João VI), Portugal again became the focus of foreign ambition and aggression. With England unable to provide decisive assistance in time, France—with Spain's consent—invaded Portugal in 1807. As Napoleon's army under General Junot entered Lisbon meeting no resistance, Portugal's royal family fled on a British fleet to Brazil, where it remained in exile until 1821. In the meantime, Portugal's overseas empire was again under threat. There was a power vacuum as the monarch was absent, foreign armies were present, and new political notions of liberalism and constitutional monarchy were exciting various groups of citizens.Again England came to the rescue, this time in the form of the armies of the duke of Wellington. Three successive French invasions of Portugal were defeated and expelled, and Wellington succeeded in carrying the war against Napoleon across the Portuguese frontier into Spain. The presence of the English army, the new French-born liberal ideas, and the political vacuum combined to create revolutionary conditions. The French invasions and the peninsular wars, where Portuguese armed forces played a key role, marked the beginning of a new era in politics.Liberalism and Constitutional Monarchy, 1822-1910During 1807-22, foreign invasions, war, and civil strife over conflicting political ideas gravely damaged Portugal's commerce, economy, and novice industry. The next terrible blow was the loss of Brazil in 1822, the jewel in the imperial crown. Portugal's very independence seemed to be at risk. In vain, Portugal sought to resist Brazilian independence by force, but in 1825 it formally acknowledged Brazilian independence by treaty.Portugal's slow recovery from the destructive French invasions and the "war of independence" was complicated by civil strife over the form of constitutional monarchy that best suited Portugal. After struggles over these issues between 1820 and 1834, Portugal settled somewhat uncertainly into a moderate constitutional monarchy whose constitution (Charter of 1826) lent it strong political powers to exert a moderating influence between the executive and legislative branches of the government. It also featured a new upper middle class based on land ownership and commerce; a Catholic Church that, although still important, lived with reduced privileges and property; a largely African (third) empire to which Lisbon and Oporto devoted increasing spiritual and material resources, starting with the liberal imperial plans of 1836 and 1851, and continuing with the work of institutions like the Lisbon Society of Geography (established 1875); and a mass of rural peasants whose bonds to the land weakened after 1850 and who began to immigrate in increasing numbers to Brazil and North America.Chronic military intervention in national politics began in 19th-century Portugal. Such intervention, usually commencing with coups or pronunciamentos (military revolts), was a shortcut to the spoils of political office and could reflect popular discontent as well as the power of personalities. An early example of this was the 1817 golpe (coup) attempt of General Gomes Freire against British military rule in Portugal before the return of King João VI from Brazil. Except for a more stable period from 1851 to 1880, military intervention in politics, or the threat thereof, became a feature of the constitutional monarchy's political life, and it continued into the First Republic and the subsequent Estado Novo.Beginning with the Regeneration period (1851-80), Portugal experienced greater political stability and economic progress. Military intervention in politics virtually ceased; industrialization and construction of railroads, roads, and bridges proceeded; two political parties (Regenerators and Historicals) worked out a system of rotation in power; and leading intellectuals sparked a cultural revival in several fields. In 19th-century literature, there was a new golden age led by such figures as Alexandre Herculano (historian), Eça de Queirós (novelist), Almeida Garrett (playwright and essayist), Antero de Quental (poet), and Joaquim Oliveira Martins (historian and social scientist). In its third overseas empire, Portugal attempted to replace the slave trade and slavery with legitimate economic activities; to reform the administration; and to expand Portuguese holdings beyond coastal footholds deep into the African hinterlands in West, West Central, and East Africa. After 1841, to some extent, and especially after 1870, colonial affairs, combined with intense nationalism, pressures for economic profit in Africa, sentiment for national revival, and the drift of European affairs would make or break Lisbon governments.Beginning with the political crisis that arose out of the "English Ultimatum" affair of January 1890, the monarchy became discredtted and identified with the poorly functioning government, political parties splintered, and republicanism found more supporters. Portugal participated in the "Scramble for Africa," expanding its African holdings, but failed to annex territory connecting Angola and Mozambique. A growing foreign debt and state bankruptcy as of the early 1890s damaged the constitutional monarchy's reputation, despite the efforts of King Carlos in diplomacy, the renewal of the alliance in the Windsor Treaty of 1899, and the successful if bloody colonial wars in the empire (1880-97). Republicanism proclaimed that Portugal's weak economy and poor society were due to two historic institutions: the monarchy and the Catholic Church. A republic, its stalwarts claimed, would bring greater individual liberty; efficient, if more decentralized government; and a stronger colonial program while stripping the Church of its role in both society and education.As the monarchy lost support and republicans became more aggressive, violence increased in politics. King Carlos I and his heir Luís were murdered in Lisbon by anarchist-republicans on 1 February 1908. Following a military and civil insurrection and fighting between monarchist and republican forces, on 5 October 1910, King Manuel II fled Portugal and a republic was proclaimed.First Parliamentary Republic, 1910-26Portugal's first attempt at republican government was the most unstable, turbulent parliamentary republic in the history of 20th-century Western Europe. During a little under 16 years of the republic, there were 45 governments, a number of legislatures that did not complete normal terms, military coups, and only one president who completed his four-year term in office. Portuguese society was poorly prepared for this political experiment. Among the deadly legacies of the monarchy were a huge public debt; a largely rural, apolitical, and illiterate peasant population; conflict over the causes of the country's misfortunes; and lack of experience with a pluralist, democratic system.The republic had some talented leadership but lacked popular, institutional, and economic support. The 1911 republican constitution established only a limited democracy, as only a small portion of the adult male citizenry was eligible to vote. In a country where the majority was Catholic, the republic passed harshly anticlerical laws, and its institutions and supporters persecuted both the Church and its adherents. During its brief disjointed life, the First Republic drafted important reform plans in economic, social, and educational affairs; actively promoted development in the empire; and pursued a liberal, generous foreign policy. Following British requests for Portugal's assistance in World War I, Portugal entered the war on the Allied side in March 1916 and sent armies to Flanders and Portuguese Africa. Portugal's intervention in that conflict, however, was too costly in many respects, and the ultimate failure of the republic in part may be ascribed to Portugal's World War I activities.Unfortunately for the republic, its time coincided with new threats to Portugal's African possessions: World War I, social and political demands from various classes that could not be reconciled, excessive military intervention in politics, and, in particular, the worst economic and financial crisis Portugal had experienced since the 16th and 17th centuries. After the original Portuguese Republican Party (PRP, also known as the "Democrats") splintered into three warring groups in 1912, no true multiparty system emerged. The Democrats, except for only one or two elections, held an iron monopoly of electoral power, and political corruption became a major issue. As extreme right-wing dictatorships elsewhere in Europe began to take power in Italy (1922), neighboring Spain (1923), and Greece (1925), what scant popular support remained for the republic collapsed. Backed by a right-wing coalition of landowners from Alentejo, clergy, Coimbra University faculty and students, Catholic organizations, and big business, career military officers led by General Gomes da Costa executed a coup on 28 May 1926, turned out the last republican government, and established a military government.The Estado Novo (New State), 1926-74During the military phase (1926-32) of the Estado Novo, professional military officers, largely from the army, governed and administered Portugal and held key cabinet posts, but soon discovered that the military possessed no magic formula that could readily solve the problems inherited from the First Republic. Especially during the years 1926-31, the military dictatorship, even with its political repression of republican activities and institutions (military censorship of the press, political police action, and closure of the republic's rowdy parliament), was characterized by similar weaknesses: personalism and factionalism; military coups and political instability, including civil strife and loss of life; state debt and bankruptcy; and a weak economy. "Barracks parliamentarism" was not an acceptable alternative even to the "Nightmare Republic."Led by General Óscar Carmona, who had replaced and sent into exile General Gomes da Costa, the military dictatorship turned to a civilian expert in finance and economics to break the budget impasse and bring coherence to the disorganized system. Appointed minister of finance on 27 April 1928, the Coimbra University Law School professor of economics Antônio de Oliveira Salazar (1889-1970) first reformed finance, helped balance the budget, and then turned to other concerns as he garnered extraordinary governing powers. In 1930, he was appointed interim head of another key ministry (Colonies) and within a few years had become, in effect, a civilian dictator who, with the military hierarchy's support, provided the government with coherence, a program, and a set of policies.For nearly 40 years after he was appointed the first civilian prime minister in 1932, Salazar's personality dominated the government. Unlike extreme right-wing dictators elsewhere in Europe, Salazar was directly appointed by the army but was never endorsed by a popular political party, street militia, or voter base. The scholarly, reclusive former Coimbra University professor built up what became known after 1932 as the Estado Novo ("New State"), which at the time of its overthrow by another military coup in 1974, was the longest surviving authoritarian regime in Western Europe. The system of Salazar and the largely academic and technocratic ruling group he gathered in his cabinets was based on the central bureaucracy of the state, which was supported by the president of the republic—always a senior career military officer, General Óscar Carmona (1928-51), General Craveiro Lopes (1951-58), and Admiral Américo Tómaz (1958-74)—and the complicity of various institutions. These included a rubber-stamp legislature called the National Assembly (1935-74) and a political police known under various names: PVDE (1932-45), PIDE (1945-69),and DGS (1969-74). Other defenders of the Estado Novo security were paramilitary organizations such as the National Republican Guard (GNR); the Portuguese Legion (PL); and the Portuguese Youth [Movement]. In addition to censorship of the media, theater, and books, there was political repression and a deliberate policy of depoliticization. All political parties except for the approved movement of regime loyalists, the União Nacional or (National Union), were banned.The most vigorous and more popular period of the New State was 1932-44, when the basic structures were established. Never monolithic or entirely the work of one person (Salazar), the New State was constructed with the assistance of several dozen top associates who were mainly academics from law schools, some technocrats with specialized skills, and a handful of trusted career military officers. The 1933 Constitution declared Portugal to be a "unitary, corporative Republic," and pressures to restore the monarchy were resisted. Although some of the regime's followers were fascists and pseudofascists, many more were conservative Catholics, integralists, nationalists, and monarchists of different varieties, and even some reactionary republicans. If the New State was authoritarian, it was not totalitarian and, unlike fascism in Benito Mussolini's Italy or Adolf Hitler's Germany, it usually employed the minimum of violence necessary to defeat what remained a largely fractious, incoherent opposition.With the tumultuous Second Republic and the subsequent civil war in nearby Spain, the regime felt threatened and reinforced its defenses. During what Salazar rightly perceived as a time of foreign policy crisis for Portugal (1936-45), he assumed control of the Ministry of Foreign Affairs. From there, he pursued four basic foreign policy objectives: supporting the Nationalist rebels of General Francisco Franco in the Spanish Civil War (1936-39) and concluding defense treaties with a triumphant Franco; ensuring that General Franco in an exhausted Spain did not enter World War II on the Axis side; maintaining Portuguese neutrality in World War II with a post-1942 tilt toward the Allies, including granting Britain and the United States use of bases in the Azores Islands; and preserving and protecting Portugal's Atlantic Islands and its extensive, if poor, overseas empire in Africa and Asia.During the middle years of the New State (1944-58), many key Salazar associates in government either died or resigned, and there was greater social unrest in the form of unprecedented strikes and clandestine Communist activities, intensified opposition, and new threatening international pressures on Portugal's overseas empire. During the earlier phase of the Cold War (1947-60), Portugal became a steadfast, if weak, member of the US-dominated North Atlantic Treaty Organization alliance and, in 1955, with American support, Portugal joined the United Nations (UN). Colonial affairs remained a central concern of the regime. As of 1939, Portugal was the third largest colonial power in the world and possessed territories in tropical Africa (Angola, Mozambique, Guinea-Bissau, and São Tomé and Príncipe Islands) and the remnants of its 16th-century empire in Asia (Goa, Damão, Diu, East Timor, and Macau). Beginning in the early 1950s, following the independence of India in 1947, Portugal resisted Indian pressures to decolonize Portuguese India and used police forces to discourage internal opposition in its Asian and African colonies.The later years of the New State (1958-68) witnessed the aging of the increasingly isolated but feared Salazar and new threats both at home and overseas. Although the regime easily overcame the brief oppositionist threat from rival presidential candidate General Humberto Delgado in the spring of 1958, new developments in the African and Asian empires imperiled the authoritarian system. In February 1961, oppositionists hijacked the Portuguese ocean liner Santa Maria and, in following weeks, African insurgents in northern Angola, although they failed to expel the Portuguese, gained worldwide media attention, discredited the New State, and began the 13-year colonial war. After thwarting a dissident military coup against his continued leadership, Salazar and his ruling group mobilized military repression in Angola and attempted to develop the African colonies at a faster pace in order to ensure Portuguese control. Meanwhile, the other European colonial powers (Britain, France, Belgium, and Spain) rapidly granted political independence to their African territories.At the time of Salazar's removal from power in September 1968, following a stroke, Portugal's efforts to maintain control over its colonies appeared to be successful. President Americo Tomás appointed Dr. Marcello Caetano as Salazar's successor as prime minister. While maintaining the New State's basic structures, and continuing the regime's essential colonial policy, Caetano attempted wider reforms in colonial administration and some devolution of power from Lisbon, as well as more freedom of expression in Lisbon. Still, a great deal of the budget was devoted to supporting the wars against the insurgencies in Africa. Meanwhile in Asia, Portuguese India had fallen when the Indian army invaded in December 1961. The loss of Goa was a psychological blow to the leadership of the New State, and of the Asian empire only East Timor and Macau remained.The Caetano years (1968-74) were but a hiatus between the waning Salazar era and a new regime. There was greater political freedom and rapid economic growth (5-6 percent annually to late 1973), but Caetano's government was unable to reform the old system thoroughly and refused to consider new methods either at home or in the empire. In the end, regime change came from junior officers of the professional military who organized the Armed Forces Movement (MFA) against the Caetano government. It was this group of several hundred officers, mainly in the army and navy, which engineered a largely bloodless coup in Lisbon on 25 April 1974. Their unexpected action brought down the 48-year-old New State and made possible the eventual establishment and consolidation of democratic governance in Portugal, as well as a reorientation of the country away from the Atlantic toward Europe.Revolution of Carnations, 1974-76Following successful military operations of the Armed Forces Movement against the Caetano government, Portugal experienced what became known as the "Revolution of Carnations." It so happened that during the rainy week of the military golpe, Lisbon flower shops were featuring carnations, and the revolutionaries and their supporters adopted the red carnation as the common symbol of the event, as well as of the new freedom from dictatorship. The MFA, whose leaders at first were mostly little-known majors and captains, proclaimed a three-fold program of change for the new Portugal: democracy; decolonization of the overseas empire, after ending the colonial wars; and developing a backward economy in the spirit of opportunity and equality. During the first 24 months after the coup, there was civil strife, some anarchy, and a power struggle. With the passing of the Estado Novo, public euphoria burst forth as the new provisional military government proclaimed the freedoms of speech, press, and assembly, and abolished censorship, the political police, the Portuguese Legion, Portuguese Youth, and other New State organizations, including the National Union. Scores of political parties were born and joined the senior political party, the Portuguese Community Party (PCP), and the Socialist Party (PS), founded shortly before the coup.Portugal's Revolution of Carnations went through several phases. There was an attempt to take control by radical leftists, including the PCP and its allies. This was thwarted by moderate officers in the army, as well as by the efforts of two political parties: the PS and the Social Democrats (PPD, later PSD). The first phase was from April to September 1974. Provisional president General Antonio Spínola, whose 1974 book Portugal and the Future had helped prepare public opinion for the coup, met irresistible leftist pressures. After Spinola's efforts to avoid rapid decolonization of the African empire failed, he resigned in September 1974. During the second phase, from September 1974 to March 1975, radical military officers gained control, but a coup attempt by General Spínola and his supporters in Lisbon in March 1975 failed and Spínola fled to Spain.In the third phase of the Revolution, March-November 1975, a strong leftist reaction followed. Farm workers occupied and "nationalized" 1.1 million hectares of farmland in the Alentejo province, and radical military officers in the provisional government ordered the nationalization of Portuguese banks (foreign banks were exempted), utilities, and major industries, or about 60 percent of the economic system. There were power struggles among various political parties — a total of 50 emerged—and in the streets there was civil strife among labor, military, and law enforcement groups. A constituent assembly, elected on 25 April 1975, in Portugal's first free elections since 1926, drafted a democratic constitution. The Council of the Revolution (CR), briefly a revolutionary military watchdog committee, was entrenched as part of the government under the constitution, until a later revision. During the chaotic year of 1975, about 30 persons were killed in political frays while unstable provisional governments came and went. On 25 November 1975, moderate military forces led by Colonel Ramalho Eanes, who later was twice elected president of the republic (1976 and 1981), defeated radical, leftist military groups' revolutionary conspiracies.In the meantime, Portugal's scattered overseas empire experienced a precipitous and unprepared decolonization. One by one, the former colonies were granted and accepted independence—Guinea-Bissau (September 1974), Cape Verde Islands (July 1975), and Mozambique (July 1975). Portugal offered to turn over Macau to the People's Republic of China, but the offer was refused then and later negotiations led to the establishment of a formal decolonization or hand-over date of 1999. But in two former colonies, the process of decolonization had tragic results.In Angola, decolonization negotiations were greatly complicated by the fact that there were three rival nationalist movements in a struggle for power. The January 1975 Alvor Agreement signed by Portugal and these three parties was not effectively implemented. A bloody civil war broke out in Angola in the spring of 1975 and, when Portuguese armed forces withdrew and declared that Angola was independent on 11 November 1975, the bloodshed only increased. Meanwhile, most of the white Portuguese settlers from Angola and Mozambique fled during the course of 1975. Together with African refugees, more than 600,000 of these retornados ("returned ones") went by ship and air to Portugal and thousands more to Namibia, South Africa, Brazil, Canada, and the United States.The second major decolonization disaster was in Portugal's colony of East Timor in the Indonesian archipelago. Portugal's capacity to supervise and control a peaceful transition to independence in this isolated, neglected colony was limited by the strength of giant Indonesia, distance from Lisbon, and Portugal's revolutionary disorder and inability to defend Timor. In early December 1975, before Portugal granted formal independence and as one party, FRETILIN, unilaterally declared East Timor's independence, Indonesia's armed forces invaded, conquered, and annexed East Timor. Indonesian occupation encountered East Timorese resistance, and a heavy loss of life followed. The East Timor question remained a contentious international issue in the UN, as well as in Lisbon and Jakarta, for more than 20 years following Indonesia's invasion and annexation of the former colony of Portugal. Major changes occurred, beginning in 1998, after Indonesia underwent a political revolution and allowed a referendum in East Timor to decide that territory's political future in August 1999. Most East Timorese chose independence, but Indonesian forces resisted that verdict untilUN intervention in September 1999. Following UN rule for several years, East Timor attained full independence on 20 May 2002.Consolidation of Democracy, 1976-2000After several free elections and record voter turnouts between 25 April 1975 and June 1976, civil war was averted and Portugal's second democratic republic began to stabilize. The MFA was dissolved, the military were returned to the barracks, and increasingly elected civilians took over the government of the country. The 1976 Constitution was revised several times beginning in 1982 and 1989, in order to reempha-size the principle of free enterprise in the economy while much of the large, nationalized sector was privatized. In June 1976, General Ram-alho Eanes was elected the first constitutional president of the republic (five-year term), and he appointed socialist leader Dr. Mário Soares as prime minister of the first constitutional government.From 1976 to 1985, Portugal's new system featured a weak economy and finances, labor unrest, and administrative and political instability. The difficult consolidation of democratic governance was eased in part by the strong currency and gold reserves inherited from the Estado Novo, but Lisbon seemed unable to cope with high unemployment, new debt, the complex impact of the refugees from Africa, world recession, and the agitation of political parties. Four major parties emerged from the maelstrom of 1974-75, except for the Communist Party, all newly founded. They were, from left to right, the Communists (PCP); the Socialists (PS), who managed to dominate governments and the legislature but not win a majority in the Assembly of the Republic; the Social Democrats (PSD); and the Christian Democrats (CDS). During this period, the annual growth rate was low (l-2 percent), and the nationalized sector of the economy stagnated.Enhanced economic growth, greater political stability, and more effective central government as of 1985, and especially 1987, were due to several developments. In 1977, Portugal applied for membership in the European Economic Community (EEC), now the European Union (EU) since 1993. In January 1986, with Spain, Portugal was granted membership, and economic and financial progress in the intervening years has been significantly influenced by the comparatively large investment, loans, technology, advice, and other assistance from the EEC. Low unemployment, high annual growth rates (5 percent), and moderate inflation have also been induced by the new political and administrative stability in Lisbon. Led by Prime Minister Cavaco Silva, an economist who was trained abroad, the PSD's strong organization, management, and electoral support since 1985 have assisted in encouraging economic recovery and development. In 1985, the PSD turned the PS out of office and won the general election, although they did not have an absolute majority of assembly seats. In 1986, Mário Soares was elected president of the republic, the first civilian to hold that office since the First Republic. In the elections of 1987 and 1991, however, the PSD was returned to power with clear majorities of over 50 percent of the vote.Although the PSD received 50.4 percent of the vote in the 1991 parliamentary elections and held a 42-seat majority in the Assembly of the Republic, the party began to lose public support following media revelations regarding corruption and complaints about Prime Minister Cavaco Silva's perceived arrogant leadership style. President Mário Soares voiced criticism of the PSD's seemingly untouchable majority and described a "tyranny of the majority." Economic growth slowed down. In the parliamentary elections of 1995 and the presidential election of 1996, the PSD's dominance ended for the time being. Prime Minister Antônio Guterres came to office when the PS won the October 1995 elections, and in the subsequent presidential contest, in January 1996, socialist Jorge Sampaio, the former mayor of Lisbon, was elected president of the republic, thus defeating Cavaco Silva's bid. Young and popular, Guterres moved the PS toward the center of the political spectrum. Under Guterres, the PS won the October 1999 parliamentary elections. The PS defeated the PSD but did not manage to win a clear, working majority of seats, and this made the PS dependent upon alliances with smaller parties, including the PCP.In the local elections in December 2001, the PSD's criticism of PS's heavy public spending allowed the PSD to take control of the key cities of Lisbon, Oporto, and Coimbra. Guterres resigned, and parliamentary elections were brought forward from 2004 to March 2002. The PSD won a narrow victory with 40 percent of the votes, and Jose Durão Barroso became prime minister. Having failed to win a majority of the seats in parliament forced the PSD to govern in coalition with the right-wing Popular Party (PP) led by Paulo Portas. Durão Barroso set about reducing government spending by cutting the budgets of local authorities, freezing civil service hiring, and reviving the economy by accelerating privatization of state-owned enterprises. These measures provoked a 24-hour strike by public-sector workers. Durão Barroso reacted with vows to press ahead with budget-cutting measures and imposed a wage freeze on all employees earning more than €1,000, which affected more than one-half of Portugal's work force.In June 2004, Durão Barroso was invited by Romano Prodi to succeed him as president of the European Commission. Durão Barroso accepted and resigned the prime ministership in July. Pedro Santana Lopes, the leader of the PSD, became prime minister. Already unpopular at the time of Durão Barroso's resignation, the PSD-led government became increasingly unpopular under Santana Lopes. A month-long delay in the start of the school year and confusion over his plan to cut taxes and raise public-sector salaries, eroded confidence even more. By November, Santana Lopes's government was so unpopular that President Jorge Sampaio was obliged to dissolve parliament and hold new elections, two years ahead of schedule.Parliamentary elections were held on 20 February 2005. The PS, which had promised the electorate disciplined and transparent governance, educational reform, the alleviation of poverty, and a boost in employment, won 45 percent of the vote and the majority of the seats in parliament. The leader of the PS, José Sôcrates became prime minister on 12 March 2005. In the regularly scheduled presidential elections held on 6 January 2006, the former leader of the PSD and prime minister, Aníbal Cavaco Silva, won a narrow victory and became president on 9 March 2006. With a mass protest, public teachers' strike, and street demonstrations in March 2008, Portugal's media, educational, and social systems experienced more severe pressures. With the spreading global recession beginning in September 2008, Portugal's economic and financial systems became more troubled.Owing to its geographic location on the southwestern most edge of continental Europe, Portugal has been historically in but not of Europe. Almost from the beginning of its existence in the 12th century as an independent monarchy, Portugal turned its back on Europe and oriented itself toward the Atlantic Ocean. After carving out a Christian kingdom on the western portion of the Iberian peninsula, Portuguese kings gradually built and maintained a vast seaborne global empire that became central to the way Portugal understood its individuality as a nation-state. While the creation of this empire allows Portugal to claim an unusual number of "firsts" or distinctions in world and Western history, it also retarded Portugal's economic, social, and political development. It can be reasonably argued that the Revolution of 25 April 1974 was the most decisive event in Portugal's long history because it finally ended Portugal's oceanic mission and view of itself as an imperial power. After the 1974 Revolution, Portugal turned away from its global mission and vigorously reoriented itself toward Europe. Contemporary Portugal is now both in and of Europe.The turn toward Europe began immediately after 25 April 1974. Portugal granted independence to its African colonies in 1975. It was admitted to the European Council and took the first steps toward accession to the European Economic Community (EEC) in 1976. On 28 March 1977, the Portuguese government officially applied for EEC membership. Because of Portugal's economic and social backwardness, which would require vast sums of EEC money to overcome, negotiations for membership were long and difficult. Finally, a treaty of accession was signed on 12 June 1985. Portugal officially joined the EEC (the European Union [EU] since 1993) on 1 January 1986. Since becoming a full-fledged member of the EU, Portugal has been steadily overcoming the economic and social underdevelopment caused by its imperial past and is becoming more like the rest of Europe.Membership in the EU has speeded up the structural transformation of Portugal's economy, which actually began during the Estado Novo. Investments made by the Estado Novo in Portugal's economy began to shift employment out of the agricultural sector, which, in 1950, accounted for 50 percent of Portugal's economically active population. Today, only 10 percent of the economically active population is employed in the agricultural sector (the highest among EU member states); 30 percent in the industrial sector (also the highest among EU member states); and 60 percent in the service sector (the lowest among EU member states). The economically active population numbers about 5,000,000 employed, 56 percent of whom are women. Women workers are the majority of the workforce in the agricultural and service sectors (the highest among the EU member states). The expansion of the service sector has been primarily in health care and education. Portugal has had the lowest unemployment rates among EU member states, with the overall rate never being more than 10 percent of the active population. Since joining the EU, the number of employers increased from 2.6 percent to 5.8 percent of the active population; self-employed from 16 to 19 percent; and employees from 65 to 70 percent. Twenty-six percent of the employers are women. Unemployment tends to hit younger workers in industry and transportation, women employed in domestic service, workers on short-term contracts, and poorly educated workers. Salaried workers earn only 63 percent of the EU average, and hourly workers only one-third to one-half of that earned by their EU counterparts. Despite having had the second highest growth of gross national product (GNP) per inhabitant (after Ireland) among EU member states, the above data suggest that while much has been accomplished in terms of modernizing the Portuguese economy, much remains to be done to bring Portugal's economy up to the level of the "average" EU member state.Membership in the EU has also speeded up changes in Portuguese society. Over the last 30 years, coastalization and urbanization have intensified. Fully 50 percent of Portuguese live in the coastal urban conurbations of Lisbon, Oporto, Braga, Aveiro, Coimbra, Viseu, Évora, and Faro. The Portuguese population is one of the oldest among EU member states (17.3 percent are 65 years of age or older) thanks to a considerable increase in life expectancy at birth (77.87 years for the total population, 74.6 years for men, 81.36 years for women) and one of the lowest birthrates (10.59 births/1,000) in Europe. Family size averages 2.8 persons per household, with the strict nuclear family (one or two generations) in which both parents work being typical. Common law marriages, cohabitating couples, and single-parent households are more and more common. The divorce rate has also increased. "Youth Culture" has developed. The young have their own meeting places, leisure-time activities, and nightlife (bars, clubs, and discos).All Portuguese citizens, whether they have contributed or not, have a right to an old-age pension, invalidity benefits, widowed persons' pension, as well as payments for disabilities, children, unemployment, and large families. There is a national minimum wage (€385 per month), which is low by EU standards. The rapid aging of Portugal's population has changed the ratio of contributors to pensioners to 1.7, the lowest in the EU. This has created deficits in Portugal's social security fund.The adult literacy rate is about 92 percent. Illiteracy is still found among the elderly. Although universal compulsory education up to grade 9 was achieved in 1980, only 21.2 percent of the population aged 25-64 had undergone secondary education, compared to an EU average of 65.7 percent. Portugal's higher education system currently consists of 14 state universities and 14 private universities, 15 state polytechnic institutions, one Catholic university, and one military academy. All in all, Portugal spends a greater percentage of its state budget on education than most EU member states. Despite this high level of expenditure, the troubled Portuguese education system does not perform well. Early leaving and repetition rates are among the highest among EU member states.After the Revolution of 25 April 1974, Portugal created a National Health Service, which today consists of 221 hospitals and 512 medical centers employing 33,751 doctors and 41,799 nurses. Like its education system, Portugal's medical system is inefficient. There are long waiting lists for appointments with specialists and for surgical procedures.Structural changes in Portugal's economy and society mean that social life in Portugal is not too different from that in other EU member states. A mass consumption society has been created. Televisions, telephones, refrigerators, cars, music equipment, mobile phones, and personal computers are commonplace. Sixty percent of Portuguese households possess at least one automobile, and 65 percent of Portuguese own their own home. Portuguese citizens are more aware of their legal rights than ever before. This has resulted in a trebling of the number of legal proceeding since 1960 and an eight-fold increase in the number of lawyers. In general, Portuguese society has become more permissive and secular; the Catholic Church and the armed forces are much less influential than in the past. Portugal's population is also much more culturally, religiously, and ethnically diverse, a consequence of the coming to Portugal of hundreds of thousands of immigrants, mainly from former African colonies.Portuguese are becoming more cosmopolitan and sophisticated through the impact of world media, the Internet, and the World Wide Web. A prime case in point came in the summer and early fall of 1999, with the extraordinary events in East Timor and the massive Portuguese popular responses. An internationally monitored referendum in East Timor, Portugal's former colony in the Indonesian archipelago and under Indonesian occupation from late 1975 to summer 1999, resulted in a vote of 78.5 percent for rejecting integration with Indonesia and for independence. When Indonesian prointegration gangs, aided by the Indonesian military, responded to the referendum with widespread brutality and threatened to reverse the verdict of the referendum, there was a spontaneous popular outpouring of protest in the cities and towns of Portugal. An avalanche of Portuguese e-mail fell on leaders and groups in the UN and in certain countries around the world as Portugal's diplomats, perhaps to compensate for the weak initial response to Indonesian armed aggression in 1975, called for the protection of East Timor as an independent state and for UN intervention to thwart Indonesian action. Using global communications networks, the Portuguese were able to mobilize UN and world public opinion against Indonesian actions and aided the eventual independence of East Timor on 20 May 2002.From the Revolution of 25 April 1974 until the 1990s, Portugal had a large number of political parties, one of the largest Communist parties in western Europe, frequent elections, and endemic cabinet instability. Since the 1990s, the number of political parties has been dramatically reduced and cabinet stability increased. Gradually, the Portuguese electorate has concentrated around two larger parties, the right-of-center Social Democrats (PSD) and the left-of-center Socialist (PS). In the 1980s, these two parties together garnered 65 percent of the vote and 70 percent of the seats in parliament. In 2005, these percentages had risen to 74 percent and 85 percent, respectively. In effect, Portugal is currently a two-party dominant system in which the two largest parties — PS and PSD—alternate in and out of power, not unlike the rotation of the two main political parties (the Regenerators and the Historicals) during the last decades (1850s to 1880s) of the liberal constitutional monarchy. As Portugal's democracy has consolidated, turnout rates for the eligible electorate have declined. In the 1970s, turnout was 85 percent. In Portugal's most recent parliamentary election (2005), turnout had fallen to 65 percent of the eligible electorate.Portugal has benefited greatly from membership in the EU, and whatever doubts remain about the price paid for membership, no Portuguese government in the near future can afford to sever this connection. The vast majority of Portuguese citizens see membership in the EU as a "good thing" and strongly believe that Portugal has benefited from membership. Only the Communist Party opposed membership because it reduces national sovereignty, serves the interests of capitalists not workers, and suffers from a democratic deficit. Despite the high level of support for the EU, Portuguese voters are increasingly not voting in elections for the European Parliament, however. Turnout for European Parliament elections fell from 40 percent of the eligible electorate in the 1999 elections to 38 percent in the 2004 elections.In sum, Portugal's turn toward Europe has done much to overcome its backwardness. However, despite the economic, social, and political progress made since 1986, Portugal has a long way to go before it can claim to be on a par with the level found even in Spain, much less the rest of western Europe. As Portugal struggles to move from underde-velopment, especially in the rural areas away from the coast, it must keep in mind the perils of too rapid modern development, which could damage two of its most precious assets: its scenery and environment. The growth and future prosperity of the economy will depend on the degree to which the government and the private sector will remain stewards of clean air, soil, water, and other finite resources on which the tourism industry depends and on which Portugal's world image as a unique place to visit rests. Currently, Portugal is investing heavily in renewable energy from solar, wind, and wave power in order to account for about 50 percent of its electricity needs by 2010. Portugal opened the world's largest solar power plant and the world's first commercial wave power farm in 2006.An American documentary film on Portugal produced in the 1970s described this little country as having "a Past in Search of a Future." In the years after the Revolution of 25 April 1974, it could be said that Portugal is now living in "a Present in Search of a Future." Increasingly, that future lies in Europe as an active and productive member of the EU. -
9 security
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10 export
1. сущ.1) межд. эк. экспорт, вывоз, экспортирование (вывоз за границу товаров для продажи на внешних рынках и оказание услуг нерезидентам как за рубежом, так и на территории родной страны предоставляющей услуги компании)ATTRIBUTES:
COMBS:
military export — военный экспорт, экспорт военных товаров
export from Japan — экспорт [вывоз\] из Японии
export articles, articles of export — статьи [предметы\] экспорта [вывоза\]
volume of export(s) — объем экспорта (обычно о натуральных единицах: тоннах и т. п.)
Ant:exports of goods, exports of goods and services, exports of services, general exports, invisible export 2), merchandise export 2), net export, special exports, unrequited exports, visible export 2) COMBS: external debt/exports, balance of trade, balance of payments, trade deficit, trade surplus, merchandise deficit, merchandise surplus, services deficit, services surplusSee:capital export, direct export, export of counterrevolution, export of jobs, export of revolution, export of unemployment, indirect export, invisible export 1), merchandise export 1), service export, temporary export, visible export 1) certificate for export, country of export, propensity to export COMBS: Automated Export Reporting Program, debt-for-export swap, debt service-to-exports ratio, debt-to-export ratio, export-biased growth, Export Administration Regulations, Export Assistance Center, Export Enhancement Program, Export-Import Bank, export/import business, export-import company, export-import trade, Export Information System, export-led growth, Export Legal Assistance Network, export management company, export-oriented industrialization, export participation rate, export performance requirement, gold export point, import-export company, import-export trade, Targeted Export Assistance Program, Bank Export Services Act, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property 1) Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property 1. 1)2) межд. эк., преим. мн. статья [предмет\] экспорта [вывоза\] ( экспортируемый товар или услуга)Sugar and copra are the chief exports. — Сахар и копра являются главными статьями экспорта.
Ant:exports of goods, exports of goods and services, exports of services, general exports, invisible export 2), merchandise export 2), net export, special exports, unrequited exports, visible export 2) COMBS: external debt/exports, balance of trade, balance of payments, trade deficit, trade surplus, merchandise deficit, merchandise surplus, services deficit, services surplusSee:domestic exports, foreign exports, demand for exports, duty on exports, supply of exports, reexport 1. 2)3) мн., межд. эк., стат. объем [стоимость, сумма\] экспорта (стоимость или количество экспортированных товаров; также название разделов в статистической или финансовой отчетности, в которых отражается информация о величине экспорта за период)Balance of trade is the difference between a country’s total imports and exports. — Сальдо торгового баланса определяется как разница между общей суммой импорта и экспорта.
Ant:exports of goods, exports of goods and services, exports of services, general exports, invisible export 2), merchandise export 2), net export, special exports, unrequited exports, visible export 2) COMBS: external debt/exports, balance of trade, balance of payments, trade deficit, trade surplus, merchandise deficit, merchandise surplus, services deficit, services surplusSee:exports of goods, exports of goods and services, exports of services, general exports, invisible export 2), merchandise export 2), net export, special exports, unrequited exports, visible export 2) COMBS: external debt/exports, balance of trade, balance of payments, trade deficit, trade surplus, merchandise deficit, merchandise surplus, services deficit, services surplus4) комп. экспорт, экспортирование (перенос текстовой информации, графических объектов и т. п. из данного файла или программного приложения в другой файл/приложение)Ant:exports of goods, exports of goods and services, exports of services, general exports, invisible export 2), merchandise export 2), net export, special exports, unrequited exports, visible export 2) COMBS: external debt/exports, balance of trade, balance of payments, trade deficit, trade surplus, merchandise deficit, merchandise surplus, services deficit, services surplus2. гл.1) межд. эк. вывозить, экспортировать ( продавать товары за границу)The company exports mainly to the US, Japan, Canada and Asia. — Компания экспортирует преимущественно в США, Японию, Канаду и Азию.
Ant:exportation 2)See:2) комп. экспортировать (переносить информацию из данного файла или программного приложения в другой файл/приложение)Ant:exportation 2)See:exportation 2)3. прил.межд. эк. экспортный, вывозной ( относящийся к экспорту)export policy — экспортная политика, политика в области экспорта
Ant:Automated Export System, District Export Council, export advertising, export agent, export bias, export bill of lading, export bonus, export bounty, export broker, export business, export capacity, export cartel, export clearance, export competition, export concentration, export contract, export control, export credit, export crediting, export declaration, export demand, export department, export disincentives, export distributor, export documents, export duty, export earnings, export elasticity, export entry, export factoring, export finance, export financing, export gold point, export house, export incentives, export industry, export insurance, export invoice, export leasing, export letter of credit, export licence, export licensing, export limitation, export manager, export market, export marketing, export merchant, export multiplier, export permit, export pessimism, export platform, export potential, export price, export prices, export pricing, Export Processing Zone, export producer, export products, export promotion, export propensity, export quota, export rate, export refunds, export regulation, export restitution, export restraints, export restrictions, Export Revolving Line of Credit, export risk, export sales, export specialization, export specie point, export statistics, export subsidization, export subsidy, export supply, export surplus, export tariff, export tax, export trade, export trading company, export transaction, export turnover, Export Yellow PagesSee:Automated Export System, District Export Council, export advertising, export agent, export bias, export bill of lading, export bonus, export bounty, export broker, export business, export capacity, export cartel, export clearance, export competition, export concentration, export contract, export control, export credit, export crediting, export declaration, export demand, export department, export disincentives, export distributor, export documents, export duty, export earnings, export elasticity, export entry, export factoring, export finance, export financing, export gold point, export house, export incentives, export industry, export insurance, export invoice, export leasing, export letter of credit, export licence, export licensing, export limitation, export manager, export market, export marketing, export merchant, export multiplier, export permit, export pessimism, export platform, export potential, export price, export prices, export pricing, Export Processing Zone, export producer, export products, export promotion, export propensity, export quota, export rate, export refunds, export regulation, export restitution, export restraints, export restrictions, Export Revolving Line of Credit, export risk, export sales, export specialization, export specie point, export statistics, export subsidization, export subsidy, export supply, export surplus, export tariff, export tax, export trade, export trading company, export transaction, export turnover, Export Yellow Pages
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экспорт: вывоз (продажа) товаров и услуг за границу, в отличие от операций с национальными покупателями.* * *. . Словарь экономических терминов .* * *вывоз товаров, капиталов или услуг за границу для реализации на внешних рынках -
11 redemption
noun2) (of tokens, trading stamps, stocks, etc.) Einlösen, das4) (of person, country) Befreiung, die5) (deliverance from sin) Erlösung, die* * *[rə'dempʃən]noun the redemption of man by Christ.) die Erlösung* * *re·demp·tion[rɪˈdem(p)ʃən]n no pl2. (rescue)to be beyond [or past] \redemption nicht mehr zu retten sein3. FIN (conversion) of a bond, coupon, voucher Einlösen nt, Einlösung f; of a debt, loan, mortgage Tilgung f, Abzahlung f, Rückzahlung f\redemption claim Rückzahlungsanspruch m\redemption fee Ablöseentschädigung f\redemption loan Amortisationsdarlehen nt\redemption payment Tilgungszahlung f, Tilgungsleistung f\redemption before due date Rückzahlung vor Fälligkeit* * *[rI'dempSən]n(of pawned object, trading stamps, coupons, bill etc) Einlösung f; (of promise, obligation) Einhaltung f, Erfüllung f; (FIN) (of debt) Abzahlung f, Löschung f; (of mortgage) Tilgung f; (of shares) Verkauf m; (US of banknote) Wechsel m; (of one's honour, situation) Rettung f; (REL) Erlösung fredemption centre (Brit) or center (US) ) ( (Comm ) — Einlösestelle f
* * *redemption [rıˈdempʃn] s1. Abzahlung f, Ablösung f, Tilgung f, Amortisation f (einer Hypothek etc):redemption loan Tilgungsdarlehen n;redemption reserve Tilgungsrücklage f;redemption value Rückkaufs-, Tilgungswert m2. Rückkauf m3. WIRTSCH Auslosung f (von Staatspapieren)4. Einlösung f (eines Pfandes etc, auch eines Versprechens)5. Los-, Freikauf m (von Gefangenen etc)6. Wiedergutmachung f (eines Fehlers etc), Abbüßung f (einer Sünde)7. a) Wettmachen n (einer schlechten Eigenschaft), Versöhnung f (of mit)b) versöhnender Zug8. Wiedererlangung f, Wiederherstellung f (von Rechten etc)in the year of our redemption 1648 im Jahre des Heils 1648* * *noun2) (of tokens, trading stamps, stocks, etc.) Einlösen, das4) (of person, country) Befreiung, diehe's past or beyond redemption — für ihn gibt es keine Rettung mehr
5) (deliverance from sin) Erlösung, die* * *(loan) n.Erlösung -en f.Rückkauf -¨e m.Tilgung -en f. -
12 near cash
!гос. фин. The resource budget contains a separate control total for “near cash” expenditure, that is expenditure such as pay and current grants which impacts directly on the measure of the golden rule.This paper provides background information on the framework for the planning and control of public expenditure in the UK which has been operated since the 1998 Comprehensive Spending Review (CSR). It sets out the different classifications of spending for budgeting purposes and why these distinctions have been adopted. It discusses how the public expenditure framework is designed to ensure both sound public finances and an outcome-focused approach to public expenditure.The UK's public spending framework is based on several key principles:"consistency with a long-term, prudent and transparent regime for managing the public finances as a whole;" "the judgement of success by policy outcomes rather than resource inputs;" "strong incentives for departments and their partners in service delivery to plan over several years and plan together where appropriate so as to deliver better public services with greater cost effectiveness; and"the proper costing and management of capital assets to provide the right incentives for public investment.The Government sets policy to meet two firm fiscal rules:"the Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending; and"the Sustainable Investment Rule states that net public debt as a proportion of GDP will be held over the economic cycle at a stable and prudent level. Other things being equal, net debt will be maintained below 40 per cent of GDP over the economic cycle.Achievement of the fiscal rules is assessed by reference to the national accounts, which are produced by the Office for National Statistics, acting as an independent agency. The Government sets its spending envelope to comply with these fiscal rules.Departmental Expenditure Limits ( DEL) and Annually Managed Expenditure (AME)"Departmental Expenditure Limit ( DEL) spending, which is planned and controlled on a three year basis in Spending Reviews; and"Annually Managed Expenditure ( AME), which is expenditure which cannot reasonably be subject to firm, multi-year limits in the same way as DEL. AME includes social security benefits, local authority self-financed expenditure, debt interest, and payments to EU institutions.More information about DEL and AME is set out below.In Spending Reviews, firm DEL plans are set for departments for three years. To ensure consistency with the Government's fiscal rules departments are set separate resource (current) and capital budgets. The resource budget contains a separate control total for “near cash” expenditure, that is expenditure such as pay and current grants which impacts directly on the measure of the golden rule.To encourage departments to plan over the medium term departments may carry forward unspent DEL provision from one year into the next and, subject to the normal tests for tautness and realism of plans, may be drawn down in future years. This end-year flexibility also removes any incentive for departments to use up their provision as the year end approaches with less regard to value for money. For the full benefits of this flexibility and of three year plans to feed through into improved public service delivery, end-year flexibility and three year budgets should be cascaded from departments to executive agencies and other budget holders.Three year budgets and end-year flexibility give those managing public services the stability to plan their operations on a sensible time scale. Further, the system means that departments cannot seek to bid up funds each year (before 1997, three year plans were set and reviewed in annual Public Expenditure Surveys). So the credibility of medium-term plans has been enhanced at both central and departmental level.Departments have certainty over the budgetary allocation over the medium term and these multi-year DEL plans are strictly enforced. Departments are expected to prioritise competing pressures and fund these within their overall annual limits, as set in Spending Reviews. So the DEL system provides a strong incentive to control costs and maximise value for money.There is a small centrally held DEL Reserve. Support from the Reserve is available only for genuinely unforeseeable contingencies which departments cannot be expected to manage within their DEL.AME typically consists of programmes which are large, volatile and demand-led, and which therefore cannot reasonably be subject to firm multi-year limits. The biggest single element is social security spending. Other items include tax credits, Local Authority Self Financed Expenditure, Scottish Executive spending financed by non-domestic rates, and spending financed from the proceeds of the National Lottery.AME is reviewed twice a year as part of the Budget and Pre-Budget Report process reflecting the close integration of the tax and benefit system, which was enhanced by the introduction of tax credits.AME is not subject to the same three year expenditure limits as DEL, but is still part of the overall envelope for public expenditure. Affordability is taken into account when policy decisions affecting AME are made. The Government has committed itself not to take policy measures which are likely to have the effect of increasing social security or other elements of AME without taking steps to ensure that the effects of those decisions can be accommodated prudently within the Government's fiscal rules.Given an overall envelope for public spending, forecasts of AME affect the level of resources available for DEL spending. Cautious estimates and the AME margin are built in to these AME forecasts and reduce the risk of overspending on AME.Together, DEL plus AME sum to Total Managed Expenditure (TME). TME is a measure drawn from national accounts. It represents the current and capital spending of the public sector. The public sector is made up of central government, local government and public corporations.Resource and Capital Budgets are set in terms of accruals information. Accruals information measures resources as they are consumed rather than when the cash is paid. So for example the Resource Budget includes a charge for depreciation, a measure of the consumption or wearing out of capital assets."Non cash charges in budgets do not impact directly on the fiscal framework. That may be because the national accounts use a different way of measuring the same thing, for example in the case of the depreciation of departmental assets. Or it may be that the national accounts measure something different: for example, resource budgets include a cost of capital charge reflecting the opportunity cost of holding capital; the national accounts include debt interest."Within the Resource Budget DEL, departments have separate controls on:"Near cash spending, the sub set of Resource Budgets which impacts directly on the Golden Rule; and"The amount of their Resource Budget DEL that departments may spend on running themselves (e.g. paying most civil servants’ salaries) is limited by Administration Budgets, which are set in Spending Reviews. Administration Budgets are used to ensure that as much money as practicable is available for front line services and programmes. These budgets also help to drive efficiency improvements in departments’ own activities. Administration Budgets exclude the costs of frontline services delivered directly by departments.The Budget preceding a Spending Review sets an overall envelope for public spending that is consistent with the fiscal rules for the period covered by the Spending Review. In the Spending Review, the Budget AME forecast for year one of the Spending Review period is updated, and AME forecasts are made for the later years of the Spending Review period.The 1998 Comprehensive Spending Review ( CSR), which was published in July 1998, was a comprehensive review of departmental aims and objectives alongside a zero-based analysis of each spending programme to determine the best way of delivering the Government's objectives. The 1998 CSR allocated substantial additional resources to the Government's key priorities, particularly education and health, for the three year period from 1999-2000 to 2001-02.Delivering better public services does not just depend on how much money the Government spends, but also on how well it spends it. Therefore the 1998 CSR introduced Public Service Agreements (PSAs). Each major government department was given its own PSA setting out clear targets for achievements in terms of public service improvements.The 1998 CSR also introduced the DEL/ AME framework for the control of public spending, and made other framework changes. Building on the investment and reforms delivered by the 1998 CSR, successive spending reviews in 2000, 2002 and 2004 have:"provided significant increase in resources for the Government’s priorities, in particular health and education, and cross-cutting themes such as raising productivity; extending opportunity; and building strong and secure communities;" "enabled the Government significantly to increase investment in public assets and address the legacy of under investment from past decades. Departmental Investment Strategies were introduced in SR2000. As a result there has been a steady increase in public sector net investment from less than ¾ of a per cent of GDP in 1997-98 to 2¼ per cent of GDP in 2005-06, providing better infrastructure across public services;" "introduced further refinements to the performance management framework. PSA targets have been reduced in number over successive spending reviews from around 300 to 110 to give greater focus to the Government’s highest priorities. The targets have become increasingly outcome-focused to deliver further improvements in key areas of public service delivery across Government. They have also been refined in line with the conclusions of the Devolving Decision Making Review to provide a framework which encourages greater devolution and local flexibility. Technical Notes were introduced in SR2000 explaining how performance against each PSA target will be measured; and"not only allocated near cash spending to departments, but also – since SR2002 - set Resource DEL plans for non cash spending.To identify what further investments and reforms are needed to equip the UK for the global challenges of the decade ahead, on 19 July 2005 the Chief Secretary to the Treasury announced that the Government intends to launch a second Comprehensive Spending Review (CSR) reporting in 2007.A decade on from the first CSR, the 2007 CSR will represent a long-term and fundamental review of government expenditure. It will cover departmental allocations for 2008-09, 2009-10 and 2010 11. Allocations for 2007-08 will be held to the agreed figures already announced by the 2004 Spending Review. To provide a rigorous analytical framework for these departmental allocations, the Government will be taking forward a programme of preparatory work over 2006 involving:"an assessment of what the sustained increases in spending and reforms to public service delivery have achieved since the first CSR. The assessment will inform the setting of new objectives for the decade ahead;" "an examination of the key long-term trends and challenges that will shape the next decade – including demographic and socio-economic change, globalisation, climate and environmental change, global insecurity and technological change – together with an assessment of how public services will need to respond;" "to release the resources needed to address these challenges, and to continue to secure maximum value for money from public spending over the CSR period, a set of zero-based reviews of departments’ baseline expenditure to assess its effectiveness in delivering the Government’s long-term objectives; together with"further development of the efficiency programme, building on the cross cutting areas identified in the Gershon Review, to embed and extend ongoing efficiency savings into departmental expenditure planning.The 2007 CSR also offers the opportunity to continue to refine the PSA framework so that it drives effective delivery and the attainment of ambitious national standards.Public Service Agreements (PSAs) were introduced in the 1998 CSR. They set out agreed targets detailing the outputs and outcomes departments are expected to deliver with the resources allocated to them. The new spending regime places a strong emphasis on outcome targets, for example in providing for better health and higher educational standards or service standards. The introduction in SR2004 of PSA ‘standards’ will ensure that high standards in priority areas are maintained.The Government monitors progress against PSA targets, and departments report in detail twice a year in their annual Departmental Reports (published in spring) and in their autumn performance reports. These reports provide Parliament and the public with regular updates on departments’ performance against their targets.Technical Notes explain how performance against each PSA target will be measured.To make the most of both new investment and existing assets, there needs to be a coherent long term strategy against which investment decisions are taken. Departmental Investment Strategies (DIS) set out each department's plans to deliver the scale and quality of capital stock needed to underpin its objectives. The DIS includes information about the department's existing capital stock and future plans for that stock, as well as plans for new investment. It also sets out the systems that the department has in place to ensure that it delivers its capital programmes effectively.This document was updated on 19 December 2005.Near-cash resource expenditure that has a related cash implication, even though the timing of the cash payment may be slightly different. For example, expenditure on gas or electricity supply is incurred as the fuel is used, though the cash payment might be made in arrears on aquarterly basis. Other examples of near-cash expenditure are: pay, rental.Net cash requirement the upper limit agreed by Parliament on the cash which a department may draw from theConsolidated Fund to finance the expenditure within the ambit of its Request forResources. It is equal to the agreed amount of net resources and net capital less non-cashitems and working capital.Non-cash cost costs where there is no cash transaction but which are included in a body’s accounts (or taken into account in charging for a service) to establish the true cost of all the resourcesused.Non-departmental a body which has a role in the processes of government, but is not a government public body, NDPBdepartment or part of one. NDPBs accordingly operate at arm’s length from governmentMinisters.Notional cost of a cost which is taken into account in setting fees and charges to improve comparability with insuranceprivate sector service providers.The charge takes account of the fact that public bodies donot generally pay an insurance premium to a commercial insurer.the independent body responsible for collecting and publishing official statistics about theUK’s society and economy. (At the time of going to print legislation was progressing tochange this body to the Statistics Board).Office of Government an office of the Treasury, with a status similar to that of an agency, which aims to maximise Commerce, OGCthe government’s purchasing power for routine items and combine professional expertiseto bear on capital projects.Office of the the government department responsible for discharging the Paymaster General’s statutoryPaymaster General,responsibilities to hold accounts and make payments for government departments and OPGother public bodies.Orange bookthe informal title for Management of Risks: Principles and Concepts, which is published by theTreasury for the guidance of public sector bodies.Office for NationalStatistics, ONS60Managing Public Money————————————————————————————————————————"GLOSSARYOverdraftan account with a negative balance.Parliament’s formal agreement to authorise an activity or expenditure.Prerogative powerspowers exercisable under the Royal Prerogative, ie powers which are unique to the Crown,as contrasted with common-law powers which may be available to the Crown on the samebasis as to natural persons.Primary legislationActs which have been passed by the Westminster Parliament and, where they haveappropriate powers, the Scottish Parliament and the Northern Ireland Assembly. Begin asBills until they have received Royal Assent.arrangements under which a public sector organisation contracts with a private sectorentity to construct a facility and provide associated services of a specified quality over asustained period. See annex 7.5.Proprietythe principle that patterns of resource consumption should respect Parliament’s intentions,conventions and control procedures, including any laid down by the PAC. See box 2.4.Public Accountssee Committee of Public Accounts.CommitteePublic corporationa trading body controlled by central government, local authority or other publiccorporation that has substantial day to day operating independence. See section 7.8.Public Dividend finance provided by government to public sector bodies as an equity stake; an alternative to Capital, PDCloan finance.Public Service sets out what the public can expect the government to deliver with its resources. EveryAgreement, PSAlarge government department has PSA(s) which specify deliverables as targets or aimsrelated to objectives.a structured arrangement between a public sector and a private sector organisation tosecure an outcome delivering good value for money for the public sector. It is classified tothe public or private sector according to which has more control.Rate of returnthe financial remuneration delivered by a particular project or enterprise, expressed as apercentage of the net assets employed.Regularitythe principle that resource consumption should accord with the relevant legislation, therelevant delegated authority and this document. See box 2.4.Request for the functional level into which departmental Estimates may be split. RfRs contain a number Resources, RfRof functions being carried out by the department in pursuit of one or more of thatdepartment’s objectives.Resource accountan accruals account produced in line with the Financial Reporting Manual (FReM).Resource accountingthe system under which budgets, Estimates and accounts are constructed in a similar wayto commercial audited accounts, so that both plans and records of expenditure allow in fullfor the goods and services which are to be, or have been, consumed – ie not just the cashexpended.Resource budgetthe means by which the government plans and controls the expenditure of resources tomeet its objectives.Restitutiona legal concept which allows money and property to be returned to its rightful owner. Ittypically operates where another person can be said to have been unjustly enriched byreceiving such monies.Return on capital the ratio of profit to capital employed of an accounting entity during an identified period.employed, ROCEVarious measures of profit and of capital employed may be used in calculating the ratio.Public Privatepartnership, PPPPrivate Finance Initiative, PFIParliamentaryauthority61Managing Public Money"————————————————————————————————————————GLOSSARYRoyal charterthe document setting out the powers and constitution of a corporation established underprerogative power of the monarch acting on Privy Council advice.Second readingthe second formal time that a House of Parliament may debate a bill, although in practicethe first substantive debate on its content. If successful, it is deemed to denoteParliamentary approval of the principle of the proposed legislation.Secondary legislationlaws, including orders and regulations, which are made using powers in primary legislation.Normally used to set out technical and administrative provision in greater detail thanprimary legislation, they are subject to a less intense level of scrutiny in Parliament.European legislation is,however,often implemented in secondary legislation using powers inthe European Communities Act 1972.Service-level agreement between parties, setting out in detail the level of service to be performed.agreementWhere agreements are between central government bodies, they are not legally a contractbut have a similar function.Shareholder Executive a body created to improve the government’s performance as a shareholder in businesses.Spending reviewsets out the key improvements in public services that the public can expect over a givenperiod. It includes a thorough review of departmental aims and objectives to find the bestway of delivering the government’s objectives, and sets out the spending plans for the givenperiod.State aidstate support for a domestic body or company which could distort EU competition and sois not usually allowed. See annex 4.9.Statement of Excessa formal statement detailing departments’ overspends prepared by the Comptroller andAuditor General as a result of undertaking annual audits.Statement on Internal an annual statement that Accounting Officers are required to make as part of the accounts Control, SICon a range of risk and control issues.Subheadindividual elements of departmental expenditure identifiable in Estimates as single cells, forexample cell A1 being administration costs within a particular line of departmental spending.Supplyresources voted by Parliament in response to Estimates, for expenditure by governmentdepartments.Supply Estimatesa statement of the resources the government needs in the coming financial year, and forwhat purpose(s), by which Parliamentary authority is sought for the planned level ofexpenditure and income.Target rate of returnthe rate of return required of a project or enterprise over a given period, usually at least a year.Third sectorprivate sector bodies which do not act commercially,including charities,social and voluntaryorganisations and other not-for-profit collectives. See annex 7.7.Total Managed a Treasury budgeting term which covers all current and capital spending carried out by the Expenditure,TMEpublic sector (ie not just by central departments).Trading fundan organisation (either within a government department or forming one) which is largely orwholly financed from commercial revenue generated by its activities. Its Estimate shows itsnet impact, allowing its income from receipts to be devoted entirely to its business.Treasury Minutea formal administrative document drawn up by the Treasury, which may serve a wide varietyof purposes including seeking Parliamentary approval for the use of receipts asappropriations in aid, a remission of some or all of the principal of voted loans, andresponding on behalf of the government to reports by the Public Accounts Committee(PAC).62Managing Public Money————————————————————————————————————————GLOSSARY63Managing Public MoneyValue for moneythe process under which organisation’s procurement, projects and processes aresystematically evaluated and assessed to provide confidence about suitability, effectiveness,prudence,quality,value and avoidance of error and other waste,judged for the public sectoras a whole.Virementthe process through which funds are moved between subheads such that additionalexpenditure on one is met by savings on one or more others.Votethe process by which Parliament approves funds in response to supply Estimates.Voted expenditureprovision for expenditure that has been authorised by Parliament. Parliament ‘votes’authority for public expenditure through the Supply Estimates process. Most expenditureby central government departments is authorised in this way.Wider market activity activities undertaken by central government organisations outside their statutory duties,using spare capacity and aimed at generating a commercial profit. See annex 7.6.Windfallmonies received by a department which were not anticipated in the spending review.———————————————————————————————————————— -
13 limit
1. nпредел, лимит, граница
- age limit
- borrowing limit
- confidence limit
- consolidated limit
- contingent limit
- cost limit
- country lending limit
- credit limit
- debt limit
- daylight exposure limit
- daily price limit
- daily trading limit
- debiting limit
- debt limit
- divergence limit
- exemption limit
- expired time limit
- facility limit
- fluctuation limits
- foreign exchange limit
- foreign exchange and lending limit
- foreign exchange margin risk limit
- foreign exchange spot limit
- foreign exchange total limit
- indemnity limit
- intraday limit
- legal lending limit
- lending limit
- loading limit
- loan and deposit country of risk limit
- loan size limit
- lower limit
- narrow limit
- national debt limit
- overdraft limit
- position limit
- price limit
- prediction limits
- quota limits
- regulatory limit
- rigid limits
- reporting limit
- solvency limit
- speed limit
- spending limit
- stop limit
- time limit
- trading limit
- transaction limit
- underwriting limit
- upper limit
- weight limit
- limit of capital investments
- limit of credit
- limit of currency transactions
- limit of demand
- limit of efficiency
- limit of error
- limit of escalation
- limit of expenses
- limits of foreign borrowing
- limit of indebtedness
- limit of indemnity
- limit of liability
- limit of price fluctuations
- limit of profitability
- limit of spending
- limit of subsidies
- limit of weight
- limit of the working day
- limit up and down
- beyond the limit
- off limits
- within the limits
- within prescribed limits
- within the time limit
- assign a limit
- exceed a limit
- extend a time limit
- fall outside the limits
- fix a limit
- go beyond a limit
- set a limit
- set a limit on foreign workers
- stay within regulatory limits2. vограничивать, лимитировать, устанавливать предел
- limit the size -
14 bank
1. n1) банк2) фонд; общий запас
- acceptance bank
- accepting bank
- account-holding bank
- advising bank
- affiliated bank
- agency bank
- agent bank
- agricultural bank
- agroindustrial bank
- ailing bank
- all-purpose bank
- associated banks
- authorized bank
- bankers' bank
- bankrupt bank
- big bank
- book-running lead bank
- borrowing bank
- branch bank
- business bank
- card issuing bank
- cash-strapped bank
- central bank
- Central Bank of Russia
- chartered bank
- clearing bank
- closing bank
- collecting bank
- colonial bank
- combined commercial and investment bank
- commercial bank
- confirming bank
- consortium bank
- consumer-credit bank
- continental bank
- cooperative bank
- corporate bank
- correspondent bank
- country bank
- credit bank
- credit-issuing bank
- creditor bank
- custodian bank
- data bank
- dealer bank
- debt-burdened bank
- debt-laden bank
- debtor bank
- deposit bank
- depository bank
- development bank
- discount bank
- domestic bank
- drawee bank
- drive-in bank
- emitting bank
- European Investment Bank
- European Bank for Reconstruction and Development
- exchange bank
- exporter's bank
- Export-Import Bank
- Federal Intermediate Credit Banks
- Federal Land Bank
- federally-chartered bank
- Federal Reserve Banks
- fictitious bank
- first-class bank
- first-tier bank
- foreign bank
- foreign-owned bank
- fringe banks
- full-service bank
- government-owned bank
- guarantor bank
- High Street banks
- importer's bank
- incorporated bank
- independent bank
- industrial bank
- insolvent bank
- intermediary bank
- intermediate bank
- international bank
- International Bank for Reconstruction and Development
- International Investment Bank
- interstate banks
- investment bank
- issuing bank
- joint-stock bank
- joint-stock innovation bank
- labour bank
- land bank
- large exposure bank
- lead bank
- leading bank
- lending bank
- loan bank
- local bank
- long-term credit bank
- loss-making bank
- mediating bank
- medium-sized bank
- major bank
- member bank
- mercantile bank
- merchant bank
- mid-sized bank
- mobile bank
- money market bank
- money trading bank
- mortgage bank
- multifunctional bank
- multinational bank
- multiple office bank
- municipal bank
- mutual credit bank
- mutual savings bank
- national bank
- negotiating bank
- nominated bank
- nonmember bank
- nonpar bank
- nonperforming bank
- notifying bank
- offshore bank
- opening bank
- originating bank
- outsider bank
- overseas bank
- parent bank
- paying bank
- penny bank
- primary bank
- prime bank
- private bank
- private sector banks
- provident bank
- provincial bank
- reference bank
- remitting bank
- reserve bank
- retail bank
- rural bank
- savings bank
- secondary bank
- small bank
- specialized bank
- state bank
- stock exchange bank
- stock savings bank
- third country bank
- thrift bank
- trading bank
- transferring bank
- troubled bank
- trust bank
- trustee bank
- trustee savings bank
- underwriting bank
- venture bank
- wholesale bank
- wildcat bank
- World Bank
- bank for international settlements
- bank of circulation
- bank of deposit
- bank of discount
- Bank of England
- bank of good standing
- bank of issue
- bank of settlements
- bank on a sharing basis
- bank with mixed capital
- authorize a bank
- bail out a bank
- bolster a bank
- deposit money with a bank
- draw money from a bank
- draw on a bank
- establish a bank
- expand a bank
- instruct a bank
- keep in a bank
- merge banks
- nationalize a bank
- pay into a bank
- pay through a bank
- prop up a bank
- run a bank
- set up a bank
- undercut the banks
- bank has gone bankrupt
- bank forfeited its licence
- bank, deprived of its licence2. vвносить деньги в банк; держать деньги в банке
- bank at a branch -
15 foreign
'forən1) (belonging to a country other than one's own: a foreign passport.) extranjero2) ((with to) not naturally part of: Anger was foreign to her nature.) ajeno a•foreign adj extranjerotr['fɒrɪn]1 (from abroad) extranjero,-a2 (dealing with other countries) exterior3 (strange) ajeno,-a, extraño,-a\SMALLIDIOMATIC EXPRESSION/SMALLforeign affairs asuntos nombre masculino plural exterioresforeign aid ayuda exteriorforeign body cuerpo extrañoforeign correspondent corresponsal nombre masulino o femenino extranjero,-aforeign language lengua extranjera, idioma nombre masculino extranjeroforeign legion legión nombre femenino extranjeraForeign Minister Ministro,-a de Asuntos ExterioresForeign Ministry Ministerio de Asuntos ExterioresForeign Office SMALLBRITISH ENGLISH/SMALL Ministerio de Asuntos Exterioresforeign policy política exteriorForeign Secretary SMALLBRITISH ENGLISH/SMALL Ministro,-a de Asuntos Exterioresforeign trade comercio exteriorforeign ['fɔrən] adj1) : extranjero, exteriorforeign countries: países extranjerosforeign trade: comercio exterior2) alien: ajeno, extrañoforeign to their nature: ajeno a su caráctera foreign body: un cuerpo extrañoadj.• advenedizo, -a adj.• ajeno, -a adj.• exterior adj.• extranjero, -a adj.• extraño, -a adj.• forastero, -a adj.• foráneo, -a adj.'fɔːrən, 'fɑː-, 'fɒrən1)a) <custom/country/language> extranjerob) <policyade/relations> exteriorforeign debt — deuda f externa
2) ( alien)to be foreign TO something/somebody — ser* ajeno a algo/alguien
3) ( Med) extraño['fɒrɪn]1. ADJher job involves a lot of foreign travel — su trabajo supone que tiene que viajar a menudo por el extranjero
foreign news — noticias fpl internacionales
2) (Pol) [minister, ministry] de asuntos exteriores; [policy, relations] exterior4)•
foreign to —a) (=uncharacteristic of) ajeno a, impropio desuch behaviour was foreign to his nature — este comportamiento era ajeno a or impropio de su carácter
b) (=unfamiliar to) ajeno a2.CPDforeign affairs NPL — asuntos mpl exteriores
Secretary of State for Foreign Affairs — Secretario(-a) m / f de Estado para Asuntos Exteriores
foreign affairs correspondent N — corresponsal mf de asuntos exteriores
foreign agent N — agente mf extranjero(-a)
foreign aid N — (=aid to other countries) ayuda f al extranjero, ayuda f internacional; (=aid from abroad) ayuda f internacional
foreign body N — frm cuerpo m extraño frm
foreign correspondent N — corresponsal mf en el extranjero
foreign currency N — moneda f extranjera
foreign currency income N — ingresos mpl de moneda extranjera
tourism is a major source of our foreign currency income — el turismo es una importante fuente de ingresos de moneda extranjera para nuestro país
foreign debt N — deuda f externa or exterior
foreign exchange N — (=currency) divisas fpl ; (=reserves) reservas fpl de divisas; (=market) mercado m de divisas; (=system) cambio m de divisas
tourism is Thailand's biggest earner of foreign exchange — el turismo es la principal fuente de divisas para Tailandia
foreign exchange dealer N — agente mf de cambio, operador(a) m / f cambiario(-a) or de cambio
foreign exchange market N — mercado m de divisas
foreign exchange rate N — tipo m de cambio de divisas
foreign exchange reserves NPL — reservas fpl de divisas
foreign exchange trader N — = foreign exchange dealer
foreign exchange trading N — operaciones fpl de cambio (de divisas)
foreign investment N — (from abroad) inversión f extranjera; (in other countries) inversión f en el extranjero
Foreign Minister N — Ministro(-a) m / f de Asuntos Exteriores
Foreign Ministry N — Ministerio m de Asuntos Exteriores
foreign national N — ciudadano(-a) m / f extranjero(-a)
the Foreign Office N — (Brit) el Ministerio de Asuntos Exteriores
foreign policy N — política f exterior
Foreign Secretary N — (Brit) Ministro(-a) m / f de Asuntos Exteriores
foreign service N — (US) servicio m exterior
foreign trade N — comercio m exterior
* * *['fɔːrən, 'fɑː-, 'fɒrən]1)a) <custom/country/language> extranjerob) <policy/trade/relations> exteriorforeign debt — deuda f externa
2) ( alien)to be foreign TO something/somebody — ser* ajeno a algo/alguien
3) ( Med) extraño -
16 service
(the ships of a country that are employed in trading, and their crews: His son has joined the merchant navy.) marina mercanteservice n1. serviciothe food is good, but the service is slow la comida es buena, pero el servicio es lento2. oficio religioso3. revisión4. saquefirst service! ¡primer saque!tr['sɜːvɪs]1 (attention to customer) servicio■ is service included? ¿el servicio está incluido?2 (organization, system, business) servicio■ there's a 24-hour service hay un servicio permanente, hay un servicio las 24 horas3 (work, duty) servicio4 (use) servicio5 (maintenance of car, machine) revisión nombre femenino6 SMALLRELIGION/SMALL oficio, oficio religioso7 (of dishes) vajilla; (for tea, coffee) juego8 (tennis) saque nombre masculino, servicio1 (for use of workers) de servicio2 (military) de militar1 (car, machine) revisar, hacer una revisión de2 (organization, group) atender, servir3 (debt, loan) pagar los intereses de1 (work, act, help) servicios nombre masculino plural1 SMALLMILITARY/SMALL las fuerzas nombre femenino plural armadas■ which of the services were you in? ¿en qué cuerpo estuviste?\SMALLIDIOMATIC EXPRESSION/SMALLat your service a su disposición, para servirlehow can I be of (any) service (to you)? ¿en qué puedo servirle?it's all part of the service está incluido en el servicioto do somebody a service hacer un favor a alguienservice area área de servicioservice charge (on bill) servicio 2 (in banking) comisión nombre femenino 3 (for flat) gastos nombre masculino plural de comunidadservice flat apartamento con servicios incluidosservice industry/sector sector nombre masculino de serviciosservice road vía de accesoservice station estación nombre femenino de servicio1) maintain: darle mantenimiento a (una máquina), revisar2) repair: arreglar, repararservice n1) help, use: servicio mto do someone a service: hacerle un servicio a alguienat your service: a sus órdenesto be out of service: no funcionar2) ceremony: oficio m (religioso)3) department, system: servicio msocial services: servicios socialestrain service: servicio de trenes4) set: juego m, servicio mtea service: juego de té5) maintenance: mantenimiento m, revisión f, servicio m6) : saque m (en deportes)7)armed services : fuerzas fpl armadasn.• entrega s.f.• juego s.m.• mantenimiento (Automóvil) s.m.• misa s.f.• prestación s.f.• servicio s.m.v.• atender v.• mantener v.(§pres: -tengo, -tienes...-tenemos) pret: -tuv-fut/c: -tendr-•)• reparar v.
I 'sɜːrvəs, 'sɜːvɪs1) ua) (duty, work) servicio mfive years' (length of) service — cinco años de antigüedad or de trabajo
b) ( as domestic servant)c) (given by a tool, machine)to come into service — entrar en servicio or en funcionamiento
2) u c (of professional, tradesman, company) servicio mservices 1 mile — (BrE) área de servicio a 1 milla
3) c u ( assistance) servicio mshe has done us all a service — nos ha hecho a todos un favor or servicio
my staff are at your service — mis empleados están a sus órdenes or a su entera disposición or a su servicio
how can I be of service to you? — ¿en qué puedo ayudarlo or servirlo?
4) c (organization, system) servicio mtelephone/postal service — servicio telefónico/postal
the bus/rail service — el servicio de autobusesenes
there's a daily/an hourly service to Boston — hay un servicio diario/un tren (or autobús etc) cada hora a Boston
5) ( Mil)6) u (in shop, restaurant) servicio m7) c u (overhaul, maintenance) revisión f, servicio m (AmL), service m (RPl); (before n) <contract, package> de mantenimientoservice engineer — técnico, -ca m,f de mantenimiento
8) c ( Relig) oficio m religiosowedding service — ceremonia f de boda
9) c ( in tennis) servicio m, saque mfirst/second service! — primer/segundo saque or servicio!
to break somebody's service — romper* el servicio de alguien, romperle* el servicio a alguien
10) c ( dinner service) vajilla f
II
1) (overhaul, maintain) \<\<car\>\> hacerle* una revisión or (AmL) un servicio or (RPl) un service a; \<\<machine/appliance\>\> hacerle* el mantenimiento a2) ( Fin) \<\<debt/loan\>\> atender* el servicio de (frml)['sɜːvɪs]1. N1) (=work)a) (=period of work) trabajo ma middle manager with over 20 years service — un mando medio con más de 20 años de antigüedad (en la empresa)
•
he saw service in Egypt — combatió en Egiptob) (=work provided) servicio m•
the company has a reputation for good service — la empresa tiene fama de dar un buen servicio (a los clientes)•
they offered their services free of charge — ofrecieron sus servicios gratuitamente•
they provide a 24-hour service — proporcionan un servicio de 24 horasc) (domestic)•
to be in service — ser criado(-a), servirshe was in service at Lord Olton's — era criada or servía en casa de Lord Olton
•
to go into service (with sb) — entrar a servir (en casa de algn)2) (=organization, system) servicio m•
the diplomatic service — el servicio diplomático•
they are attempting to maintain essential services — están intentando mantener en funcionamiento los servicios mínimos•
the postal service — el servicio postal•
rail services were disrupted by the strike — el servicio ferroviario se vio afectado por la huelgasecret 3., social 3.•
the train service to Pamplona — el servicio de trenes a Pamplona3) (=help, use) servicio mhe was knighted for his services to industry — le concedieron el título de Sir por sus servicios a la industria
•
Tristram Shandy, at your service! — ¡Tristram Shandy, para servirle or a sus órdenes!•
to be of service — ayudar, servirhow can I be of service? — ¿en qué puedo ayudar or servir?
•
the new buses were brought into service in 1995 — los autobuses nuevos entraron en servicio en 1995•
to do sth/sb a service, you have done me a great service — me ha hecho un gran favor, me ha sido de muchísima ayudathey do their country/profession no service — no hacen ningún favor a su patria/profesión
community 2.•
to be out of service — (Mech) no funcionar, estar fuera de servicio4) (in hotel, restaurant, shop) servicio mroom 3.5) services (Econ) (=tertiary sector) sector m terciario or (de) servicios; (on motorway) área f de servicio6) (Mil)•
service life didn't suit him — la vida militar no le pegabamilitary 3., national 3.•
the Services — las fuerzas armadas7) (Rel) (=mass) misa f ; (other) oficio m (religioso)funeral 2., wedding 2.I usually go to morning service — normalmente voy a la misa or al oficio matinal
8) (Aut, Mech) revisión fthe car is in for a service — están revisando el coche, están haciendo una revisión al coche
9) (=set of crockery) vajilla f10) (Tennis) servicio m, saque m•
a break of service — una ruptura de servicioto break sb's service — romper el servicio a or de algn
•
to hold/ lose one's service — ganar/perder el servicio2. VT1) [+ car] revisar, hacer la revisión a; [+ appliance] realizar el mantenimiento de2) [+ organization, committee, customers] dar servicio a, proveer de servicios a3) [+ debt] pagar el interés de3.CPDservice area N — (on motorway) área f de servicio
service charge N — (in restaurant) servicio m ; [of flat] gastos mpl de comunidad or de escalera (Sp), gastos mpl comunes (LAm)
service department N — (=repair shop) taller m de reparaciones
service economy N — economía f de servicios
service elevator N (US) — = service lift
service engineer N — técnico(-a) m / f (de mantenimiento)
service families NPL — familias fpl de miembros de las fuerzas armadas
service flat N — (Brit) piso o apartamento con servicio de criada y conserje
service hatch N — ventanilla f de servicio
service history N — [of car] historial m de reparaciones
service industry N — (=company) empresa f de servicios
the service industry or industries — el sector terciario or (de) servicios
service lift N — montacargas m inv
service line N — (Tennis) línea f de servicio or saque
service provider N — (Internet) proveedor m de (acceso a) Internet, proveedor m de servicios
service road N — vía f de acceso or de servicio
service sector N — (Econ) sector m terciario or (de) servicios
service station N — gasolinera f, estación f de servicio, bencinera f (Chile), grifo m (Peru)
service tree N — serbal m
service wife N — esposa f de un miembro de las fuerzas armadas
* * *
I ['sɜːrvəs, 'sɜːvɪs]1) ua) (duty, work) servicio mfive years' (length of) service — cinco años de antigüedad or de trabajo
b) ( as domestic servant)c) (given by a tool, machine)to come into service — entrar en servicio or en funcionamiento
2) u c (of professional, tradesman, company) servicio mservices 1 mile — (BrE) área de servicio a 1 milla
3) c u ( assistance) servicio mshe has done us all a service — nos ha hecho a todos un favor or servicio
my staff are at your service — mis empleados están a sus órdenes or a su entera disposición or a su servicio
how can I be of service to you? — ¿en qué puedo ayudarlo or servirlo?
4) c (organization, system) servicio mtelephone/postal service — servicio telefónico/postal
the bus/rail service — el servicio de autobuses/trenes
there's a daily/an hourly service to Boston — hay un servicio diario/un tren (or autobús etc) cada hora a Boston
5) ( Mil)6) u (in shop, restaurant) servicio m7) c u (overhaul, maintenance) revisión f, servicio m (AmL), service m (RPl); (before n) <contract, package> de mantenimientoservice engineer — técnico, -ca m,f de mantenimiento
8) c ( Relig) oficio m religiosowedding service — ceremonia f de boda
9) c ( in tennis) servicio m, saque mfirst/second service! — primer/segundo saque or servicio!
to break somebody's service — romper* el servicio de alguien, romperle* el servicio a alguien
10) c ( dinner service) vajilla f
II
1) (overhaul, maintain) \<\<car\>\> hacerle* una revisión or (AmL) un servicio or (RPl) un service a; \<\<machine/appliance\>\> hacerle* el mantenimiento a2) ( Fin) \<\<debt/loan\>\> atender* el servicio de (frml) -
17 equity
ntemeljni/vlasnički/dionički kapital• debt/ equity swap zamjena duga glavnicom• debt holders vs. equity holders vjerovnici nasuprot dioničarima• debt-to-equity ratio omjer duga i (dioničkoga) kapitala• equities, liabilities dionički kapital u pasivi/obvezama• equity capital temeljni/vlasnički kapital• equity carveout umanjivanje vlasničkoga kapitala• equity financing financiranje dioničkim kapitalom, financiranje novim izdanjem dionica• equity funding financiranje vlasničkih udjela• equity holders vs. debt holders dioničari nasuprot vjerovnicima• equity instrument vlasnički instrument• equity management upravljanje dioničkim kapitalom//dionicama• equity market trћiљte vlasničkih vrijednosnih papira//dionica• equity price risk rizik cijene dionica• equity related products vlasnički vrijednosni papiri• equity securities vlasnički vrijednosni papiri• equity swap zamjena/ swap vlasničkih instrumenata• equity trading trgovanje dionicama/vlasničkim vrijednosnim papirima• financing with equity financiranje dioničkim kapitalom, financiranje novim izdanjem dionica• initial equity financing početno financiranje dioničkim kapitalom• private equity vlastiti kapitalEnglesko-Hrvatski Glosar bankarstva, osiguranja i ostalih financijskih usluga > equity
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18 market
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19 security
1) безопасность2) защита, охрана3) обеспечение, гарантия, залог (по ссуде, кредиту)5) pl ценные бумаги• -
20 leverage
1. сущ.1) общ. сила, усилие; рычаг (усиление какой-л. нагрузки благодаря принципу рычага)The spade and fork have longer shafts, providing better leverage. — Лопата и вилы имеют длинные ручки, которые обеспечивают выигрыш в силе.
See:2) общ. рычаг (в социальном взаимодействии: фактор воздействия, с помощью которого можно добиться необходимого результата)See:3) фин. левередж, леверидж, рычаг, кредитное плечоа) (использование заемных средств для финансирования деятельности компании или конкретного инвестиционного проекта; характеризуется соотношением заемного и собственного капитала)Syn:See:leverage rebalancing, positive leverage, negative leverage, high-leverage firm, leveraged buy-out, leverage clientele 1), leverage ratio, homemade leverageб) банк. (использование средств, приобретенных на межбанковском рынке, или средств из депозитов для финансирования приобретения активов, приносящих доход, напр., для предоставления займов)To keep leverage from getting too high, which might happen if banks grow too rapidly or make too many risky loans, commercial banks and savings institutions have to keep minimum levels of equity capital in relation to total assets. — Для того, чтобы удержать уровень левереджа от слишком большого роста, что может произойти в случае, если банки будут расти слишком быстро или будут давать слишком рисковые займы, коммерческие банки и сберегательные институты должны соблюдать требование поддерживать минимальный уровень отношения собственного капитала к суммарным активам.
See:в) фин. = operating leverage4) фин. рычаг (увеличение дохода или стоимости без увеличения капиталовложений; напр., в срочной сделке для получения определенной прибыли нужно иметь меньше средств, чем в наличной; для этого могут использоваться опционные контракты, варранты и другие инструменты)A firm issuing long-term bonds may be able to earn a higher rate of return from the bond proceeds, which are often invested in capital equipment, than what it pays the bondholders in interest. The result is financial leverage or capital leverage, because any increase in earnings benefits the corporate owners, not the bondholders. — Фирма, эмитирующая долгосрочные облигации, может получать более высокий уровень доходности от пролонгации этих ранее выпущенных облигаций, средства от которого часто инвестируются в капитальное оборудование, а не направляются на выплату процента по облигациям их держателям. Результатом этих действий является финансовый, или капитальный рычаг, поскольку в этом случае любое увеличение доходов обогащает собственников корпорации, а не держателей облигаций.
See:money management, leverage clientele 2), margin trading, option contract, warrant 4) в), leverage contract, leverage trading2. гл.1) общ. усиливать; использовать рычаг2) фин. использовать кредит (для приобретения ценных бумаг, финансирования деятельности компании и т. д.)See:deleverage, financial leverage, leveraged buy-out, leveraged investment, leveraged lease, leveraged recapitalization
* * *
"леверидж" (США) ("действие рычага", "рычаг"): 1) возможность более высокой прибыли или убытков в результате непропорциональной зависимости двух факторов, т. е. увеличение дохода или стоимости без увеличения капиталовложений; (напр., в срочной сделке для получения равной прибыли нужно иметь меньше средств, чем в наличной); для этого могут использоваться опционные контракты, варранты и др. инструменты; 2) финансовый "леверидж": соотношение между акционерным и заемным капиталом; более высокий потенциал прибыли благодаря использованию заемных средств; = debt-to-equity ratio; financial leverage; 3) операционный "леверидж": соотношение между фиксированными и переменными затратами компании, которое отражает чувствительность прибыли компании к увеличению объема продаж; чем выше фиксированные затраты по сравнению с переменными, тем быстрее растет прибыль при увеличении объема продаж; = operating leverage; 4) инвестиции: средства повышения доходности или стоимости инвестиций без увеличения суммы инвестиций (напр., речь может идти о покупке ценных бумаг в кредит, покупке конвертируемых облигаций, варрантов, опционов и т. д., т. к. возрастает потенциал прибыли); = gearing.* * ** * *Левередж, эффект рычага'. Ситуация, при которой относительно небольшое изменение цены может привести к огромным колебаниям в стоимости активов на счете. Возможность получения более высокой прибыли без увеличения капиталовложений. Соотношение использования собственных и заимствованных денег, для проведения торговых операций; кредит, предоставляемый банком клиенту, для проведения операций margin trading; . 1. Financial leverage is the act of increasing the return on an investment by borrowing some of the funds at an interest rate less than your return on the project. 2. Operating leverage has the same objective, but you increase your return by increasing cheaper fixed costs. Leverage can be positive or negative. If the return on an investment is greater than the cost of borrowing, leverage is positive. If the return is less, leverage is negative. Глоссарий по опционам .
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