Dr. Harvey's Financial Glossary

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Internal Revenue Service (IRS): The federal agency responsible for the collection of federal taxes, including personal and corporate income taxes, Social Security taxes, and excise and gift taxes.
Internal Revenue Service Restructuring and Reform Act of 1998: The legislation targeted at IRS reform, particularly related to the time period required for capital_gain and taxpayer protection and rights.
Internally efficient market: See Also: Operationally efficient market
International arbitrage: Simultaneous buying and selling of foreign securities and ADRs to capture the profit potential created by time, currency, and settlement inconsistencies that vary across international borders.
International Asset Pricing Model (IAPM): The international version of the CAPM assuming that investors in each country share the same consumption basket and purchasing power parity holds.
International Bank for Reconstruction and Development (IBRD): IBRD or World Bank makes loans at nearly conventional terms to countries for projects of high economic priority.
International Bank for Reconstruction and Development (IBRD): Also commonly called the World Bank. It is a United Nations affiliated institution that assists in the development of its poorer members by facilitating private investments, and by making and guaranteeing loans.
International Banking Facility (IBF): A branch that an American bank establishes in the United States to do Eurocurrency business.
International bonds: A collective term that refers to global bonds, Eurobonds, and foreign bonds.
International Chamber of Commerce (ICC): A business organization with membership from over 80 countries. They work to harmonize trade practices worldwide by establishing agreed upon rules such as Incoterms and Uniform Customs and Procedures for Documentary Credits.
International Depository Receipt (IDR): A receipt issued by a bank as evidence of ownership of one or more shares of the underlying stock of a foreign corporation that the bank holds in trust. The advantage of the IDR structure is that the corporation does not have to comply with all the issuing requirements of the foreign country where the stock is to be traded. The US version of the IDR is the American Depository Receipt (ADR).
International Development Association (IDA): Association established to stimulate country development; it was especially suited for less prosperous nations, since it provided loans at low interest rates.
International diversification: The attempt to reduce risk by investing in more than one nation. By diversifying across nations whose economic cycles are not perfectly correlated, investors can typically reduce the variability of their returns.
International Finance Corporation (IFC): A corporation owned by the World Bank that produces a number of well-known stock indexes for emerging markets. Its major role is to provide financing for projects in less developed countries.
International finance subsidiary: A subsidiary incorporated in the US, usually in Delaware, whose sole purpose once was to issue debenture_bond overseas and invest the proceeds in foreign operations, with the interest paid to foreign bondholders not subject to US withholding tax. Elimination of the corporate withholding tax has ended the need for this type of subsidiary.
International Fisher effect: States that the interest rate differential between two countries should be an unbiased predictor of the future change in the spot rate.
International Fisher relationship: Theory that nominal interest rates and inflation rates in different countries are connected. The Fisher equation says the nominal interest rate is the product of one plus the real interest rate times one plus the expected rate of inflation.
International fund: A mutual fund that can invest only outside the United States.
International market: Related: External market
International market index: An index listed_stocks on the American Stock Exchange tracking the performance of 50 ADRs traded on the AMEX, NYSE, and NASDAQ.
International Monetary Fund (IMF): An organization founded in 1944 to oversee exchange arrangements of member countries and to lend foreign reserve_currency to members with short-term balance_of_payments problems.
International Monetary Market (IMM): A division of the CME established in 1972 for trading financial futures. Related: Chicago Mercantile Exchange (CME)
International monetary system: The global network of government and commercial institutions within which currency exchange rates are determined.
International mutual fund: A mutual fund that invests strictly in securities markets throughout the world, excluding the United States. A global fund, on the other hand, invests in both foreign and domestic securities.
International Organization for Standardization: ISO is not an acronym but the name of a standards setting organization chartered by the United Nations. The name ISO is derived from Greek and connotes equality, i.e. each member country regardless of size or wealth gets only one vote. The ISO 4217 are the standard three letter currency codes. These codes are usually composed of the ISO 3166 two letter country code plus a third letter representing the name of the currency.

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