- debt (in the context of the financial accounts)
Loans, deposit liabilities, debt securities issued and pension fund reserves of non-financial corporations (created through direct pension commitments of employers 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 (e.g., inter-company loans) or by banks outside the euro area, whereas these components are included in the annual financial accounts.
- debt market
The market in which the debt instruments are issued and traded. Securitised debt has to be repaid by the issuer at maturity. See also
- debt ratio
The subject of one of the fiscal criteria used to define the existence of an excessive deficit, as laid down in Article 126(2) TFEU. It is defined as the ratio of government debt to gross domestic product at current market prices, while government debt is defined in Protocol No 12 (on the excessive deficit procedure) as the total gross debt at nominal value outstanding at the end of the year and consolidated between and within the sectors of general government.
- debt security
A negotiable financial instrument serving as evidence of a promise on the part of the issuer (the borrower) to make one or more payment(s) to the holder (the lender) on a specified future date or dates. Such securities usually carry a specific rate of interest (the coupon) and/or are sold at a discount to the amount that will be repaid at maturity. Debt securities issued with an original maturity of more than one year are classified as long-term. Money market paper and, in principle, private placements are included in the debt securities statistics of the ECB.
- debt service
The set of payments, including the principal amount and interest, to be made by the debtor over the life of a debt. Debt service can be measured for past periods (observed) or future periods (scheduled). The most common period selected for debt service is the coming year.
- deficit ratio
The subject of one of the fiscal criteria used to define the existence of an excessive deficit, as laid down in Article 126(2) TFEU. It is defined as the ratio of the planned or actual government deficit to gross domestic product at current market prices. The government deficit is defined in Protocol No 12 (on the excessive deficit procedure) as net borrowing of the general government.
- deficit-debt adjustment
The difference between the general government budget balance (government deficit or surplus) and the change in general government debt. Such adjustments may stem from, among other things, changes in the amount of financial assets held by the government, revaluations or statistical adjustments. See also
- direct investment (in a b.o.p. context)
Cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy.
- direct taxes
Current taxes on income, wealth, etc. covering all compulsory, unrequited payments, in cash or in kind, levied periodically by general government and by the rest of the world on the income and wealth of institutional units, and some periodic taxes which are assessed on neither income nor wealth (ESA 2010 4.77-4.82). These taxes are not consolidated in government finance statistics, so any taxes paid by one part of government to another are included as both revenue and expenditure. For example, some non-profit institutions, or extra-budgetary funds, classified in the government sector may be liable for tax on their interest income.
- discount security (zero coupon instrument)
An asset which does not pay coupon interest, and the return on which is achieved by capital appreciation because the asset is issued or bought at a discount.