Glossary on Trade Financing Terms - H
> home
[a] [b] [c] [d] [e] [f] [g] [i] [j] [k] [l] [m] [n] [o] [p] [q] [r] [s] [t] [u] [v] [w] [x] [y] [z]
A freely convertible currency which is not expected to depreciate in value in the foreseeable future. Hard currencies are typically in strong demand and their exchange rate tends to appreciate because of the persistently high demand relative to supply. Opposite: Soft currency.
Français: Monnaie forte
Español: Moneda
fuerte, moneda dura
A system for classifying goods in international trade under a single commodity code, developed under the control of the Customs Co-operation Council. The full title is Harmonized Commodity Description and Coding System.
Français: Système harmonisé
Español: Sistema
Armonizado, Sistema Armonizado de Designación y Codificación de Mercancías (SA)
A technique of protecting ones business, assets or business transactions from adverse changes in market prices or rates. The basic principle of hedging is to take an equal but opposite position on the market. Derivatives, such as futures and options, are also commonly employed to reduce the risk of a transaction. Hedging is widely used in merchandise, commodities, foreign exchange and securities transactions for security rather than speculative purposes.
Français: Protéger/Couverture
Español: Cobertura
An agreement reached by OECD participants of the Consensus limiting the use of tied-aid credits to projects which would not be commercially viable without an aid element.
Français: Paquet d
Helsinki
Español: Paquete de Helsinki
A company with participation in other firms for the purpose of financial investment and control. In order to constitute a holding, the parent company should own enough voting shares to be able to control its subsidiaries' management and operations. The holdings subsidiaries frequently operate in different lines of business.
Français: Société
de contrôle, Société de participations, Société-faîtière, Société-mère
Español: Sociedad
tenedora, sociedad holding
An export trading company which exports a range of similar or identical products supplied by different manufacturers or producers.
Français: Société
commerciale dexportation horizontale
Español: Compañía
comercial horizontal de exportaciones
The time specified in a charter for the loading and discharging of the shipment.
Français: Horaire
Español: Propósito horario
Newly issued securities, strongly oversubscribed in the primary market, which are often traded at higher-than-issue prices in the secondary market.
Français: Emisions à
succès
Español: Emisiones calientes
In the presence of capital export restrictions or exchange controls, this is a synonym for flight capital, i.e. money illegally exported outside the country. In general, this refers to money moved across country borders in response to interest rate differences which is moved away again when the interest rate differential disappears.
Français: Fuite de capitaux
Español: Capital
especulativo, dinero especulativo
A situation of high and rapidly accelerating inflation.
Français: Hyperinflation
Español: Hiperinflación
> home
© 2000 (ITC) - For remarks concerning this glossary, please send mail to financefortrade@intracen.org