TERMIUM Plus^®

Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 DEF

The shadow price of foreign exchange; it reflects the foreign exchange premium. The shadow exchange rate is the official exchange rate multiplied by 1 plus the foreign exchange premium stated in decimal form.  2, record 1, English, - shadow%20exchange%20rate

Record number: 1, Textual support number: 1 OBS

shadow exchange rate: term extracted from the “Glossaire de l’économie” and reproduced with permission of the Organisation for Economic Co-operation and Development.  3, record 1, English, - shadow%20exchange%20rate

Record 1,  Textual support,  French

Record number: 1, Textual support number: 1 OBS

taux de change de référence : terme extrait du «Glossaire de l’économie» et reproduit avec l’autorisation de l’Organisation de coopération et de développement économiques.  3, record 1, French, - taux%20de%20change%20de%20r%C3%A9f%C3%A9rence

Record 1,  Textual support,  Spanish

Record number: 1, Textual support number: 1 DEF

El precio de cuenta de las divisas, [que] refleja la prima cambiaria. El tipo de cambio de cuenta es el tipo de cambio oficial multiplicado por 1 más la prima cambiaria expresada en forma decimal.  2, record 1, Spanish, - tipo%20de%20cambio%20de%20cuenta

Record 2,  Textual support,  English

Record number: 2, Textual support number: 1 DEF

A number, usually less than 1, that can be multiplied by the domestic market price, opportunity cost, or value in use of a nontraded item to convert it to an equivalent border price that reflects the effect of trade distortions on domestic prices of that good or service.  1, record 2, English, - standard%20conversion%20factor

Record number: 2, Textual support number: 1 OBS

A standard conversion factor is the reciprocal of 1 plus the foreign exchange premium stated in decimal form.  1, record 2, English, - standard%20conversion%20factor

Record 2,  Textual support,  French

Record number: 2, Textual support number: 1 CONT

Le facteur de conversion standard permet d'exprimer en équivalent prix frontière (incluant les conséquences des distorsions du commerce extérieur par rapport au prix national) toutes les valeurs mesurées en prix intérieurs.  2, record 2, French, - facteur%20de%20conversion%20standard

Record 2,  Textual support,  Spanish

Record 3,  Textual support,  English

Record number: 3, Textual support number: 1 DEF

Equal to the nominal or face value. [Klein, Gerald. Dictionary of Banking. Pitman Publishing, 1995].  2, record 3, English, - par

Record number: 3, Textual support number: 1 CONT

Government stocks are redeemable at par, but during the lifetime of that stock, the price could be above or below par. In the foreign exchange market, par is the current spot rate and any forward rate would be at a premium,... [Klein, Gerald. Dictionary of Banking. Pitman Publishing, 1995].  2, record 3, English, - par

Record number: 3, Textual support number: 1 OBS

Used in the expressions "at par", "above par", "below par", "par value", etc.  3, record 3, English, - par

Record number: 3, Textual support number: 1 PHR

Margin above par; margin below par.  2, record 3, English, - par

Record 3,  Textual support,  French

Record number: 3, Textual support number: 1 DEF

Égalité susceptible d'exister entre la valeur nominale d'un titre et son prix de souscription ou d'émission, son prix de remboursement ou son cours.  2, record 3, French, - pair

Record number: 3, Textual support number: 1 PHR

Au pair, au-dessus du pair, au-dessous du pair, valeur au pair.  3, record 3, French, - pair

Record 3,  Textual support,  Spanish

Record 4,  Textual support,  English

Record number: 4, Textual support number: 1 CONT

In the case where the premium on foreign exchange is positive, domestic investors can expect that holding an uncovered foreign exchange position will yield a profit over and above what could be obtained by "locking in" the domestic currency value of their foreign currency holdings at the prevailing forward exchange rate.  2, record 4, English, - domestic%20investor

Record 4,  Textual support,  French

Record 4,  Textual support,  Spanish

Record number: 4, Textual support number: 1 DEF

El Estado, las personas naturales nacionales, las personas jurídicas nacionales que no persigan fin de lucro y las empresas nacionales.  2, record 4, Spanish, - inversionista%20nacional

Record number: 4, Textual support number: 1 OBS

Se consideran también como inversionistas nacionales, las personas nacionales extranjeras con residencia interrumpida en el país receptor no inferior a un año, que renuncien ante el organismo nacional competente, el derecho de reexportar el capital y de transferir utilidades al exterior.  2, record 4, Spanish, - inversionista%20nacional

Record 5,  Textual support,  English

Record number: 5, Textual support number: 1 CONT

The risk premium on foreign currency, when it exists, can be either positive or negative, and will by definition have associated with it a risk premium of opposite sign on the domestic currency. Since domestic and foreign residents therefore cannot mutually obtain a premium on each others’ currencies, this premium cannot be related solely to exchange rate variability.  1, record 5, English, - exchange%20rate%20variability

Record 5,  Textual support,  French

Record number: 5, Textual support number: 1 CONT

La prime de risque sur une devise étrangère, si prime il y a, peut être positive ou négative, et s'accompagne par définition d'une prime de signe opposé sur la monnaie nationale. Comme il est impossible que les résidents d'un pays donné et ceux de l'étranger obtiennent en même temps des primes positives sur la monnaie de l'autre pays, cette prime ne peut avoir pour seule origine la «variabilité» des taux de change.  1, record 5, French, - variabilit%C3%A9%20des%20taux%20de%20change

Record 5,  Textual support,  Spanish

Record 6,  Textual support,  English

Record number: 6, Textual support number: 1 CONT

Because the forward price of foreign exchange is in general equal to the price expected in the future plus a risk premium, we tested the joint hypothesis known as the "speculative efficiency hypothesis" which states that :(i) markets are efficient;(ii) risk premiums are constant; and(iii) transactions costs are negligible. It should be noted that it is not possible to test condition(i) alone.  1, record 6, English, - speculative%20efficiency%20hypothesis

Record 6,  Textual support,  French

Record number: 6, Textual support number: 1 CONT

Parce que le cours du terme d'une devise est en général égal au cours que l'on prévoit pour l'avenir, plus une prime de risque, nous avons testé les hypothèses conjointes connues sous le nom «d'hypothèses de l'efficience spéculative», selon lesquelles : i) les marchés des changes sont efficients; ii) les primes de risque sont constantes et iii) les coûts de transaction sont négligeables. Il faut toutefois noter qu'il n'est pas possible de tester isolément la première hypothèse.  1, record 6, French, - hypoth%C3%A8se%20de%20l%27efficience%20sp%C3%A9culative

Record 6,  Textual support,  Spanish