Glosario de términos

• Deficit (general government)
  General government net borrowing, that is, the difference between total income and public expenditure.
• Deposits redeemable at notice
  Financial instruments consisting of savings deposits for which the holder must respect a fixed period of notice before withdrawing the funds. In some cases there is the possibility of withdrawing on demand a certain fixed amount in a specified period or of early withdrawal subject to the payment of a penalty. Deposits redeemable at a period of notice of up to three months are included in the monetary aggregate M2 (and hence in M3), while those with a longer period of notice are part of the (not monetary) longer-term financial liabilities of the Monetary Financial Institutions (MFI) sector.
• Debt (General Governments)
  The gross debt (deposits, loans and securities other than shares, excluding financial derivatives) at their nominal value, which remains in force at year-end and is embedded between and among the general government sectors.
• Debt (financial accounts)
  Loans, deposit liabilities, debt securities issued and pension fund reserves of non-financial corporations (resulting from the pension funds created by companies on behalf of their employees), valued at market value at the end of the period. However, due to data limitations, the debt given in the quarterly financial accounts does not include loans granted by non-financial sectors (for example, inter-company loans) or by credit institutions outside the euro area, whereas these components are included in the annual financial accounts.
• Direct investments
  Cross-border investment for the purpose of obtaining a lasting interest in a company resident in another economy (assumed, in practice, for ownership of at least 10% of the ordinary shares or voting power).
• Deficit ratio (general government)
  Proportion between the budget deficit and GDP at current market prices. It is governed by one of the fiscal convergence criteria established in paragraph 2 of Article 104 of the Treaty establishing the European Commission used to define the existence of an excessive deficit. It is also called budget deficit ratio or fiscal deficit ratio.
• Debt/GDP ratio (general government)
  The ratio of government debt to GDP at current market prices. The subject of one of the fiscal convergence criteria established in paragraph 2 of Article 104 of the Treaty establishing the European Commission, used to define the existence of an excessive deficit.

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