Glossary

Definitions of terms used throughout CountryReports.

This glossary contains 1,144 terms used throughout CountryReports — political, economic, cultural, historical, and geographic terminology referenced in country profiles and articles. Terms are drawn from authoritative sources including the Library of Congress.

autonomous entities (entes autónomos): Autonomous government agencies or state enterprises performing various industrial, commercial, or social services. The constitution stipulated that these bodies were to have a degree of autonomy or decentralization as established by laws enacted with the approval of an absolute majority of the full membership of each chamber of the General Assembly. They were administered by five- to seven-member boards of directors or directors general. Members were either elected by the Senate or appointed by the president with the consent of the Senate. The degree of autonomy or decentralization varied. For example, the constitution stipulated that postal, customs, port authority, and public health services were not to be fully decentralized, but rather granted only as much autonomy as was compatible with control by the executive.
Central Bank: Usually a federal government-related institution that is entrusted with control of the commercial banking system and with the issuance of the currency. Responsible for setting the level of credit and money supply in an economy and serving as the bank of last resort for other banks. Also has a major impact on interest rates, inflation, and economic output. Under Article 97 of the constitution, the Central Bank of Chile is an autonomous body.
European Economic Community (EEC): The ""Common Market"" of primarily West European countries, organized to promote coordinated development of economic activities, expansion, stability, and closer relations among member states. Methods included elimination of customs duties and import regulations among member states, a common tariff and commercial policy towards outside countries, and a common agricultural and transport policy. A significant further reduction of intraorganizational barriers was planned in 1992.; Source: Library of Congress
guaraná (G): The national currency. From 1960 to 1982 the guaraní remained pegged to the United States dollar at G126=US$1. Responding to the completion of construction of the Itaipú hydroelectric plant and lower commodity prices for soybeans and cotton, in July 1982 the Central Bank established a multitiered exchange rate system. The most favorable rate was reserved for the imports of certain state-owned enterprises and for external debt-service payments. Three other controlled rated were applied to imports of petroleum and petroleum derivatives; distribursements of loans to the public sector; and agricultural imports and most exports. Commercial banks set a fifth, free-market rate that governed most of the private sector’s nonoil imports. In early 1988, these five rated were G240=US$1, G320=US$1, G400=US$1, G550=US$1, and approcimately G900=US$1, respectively. The multitiered system constituted a massive subsidy to state-owned enterpreses. Central Bank losses in controlled exchange rate transactions accounted for nearly half of public-sector deficit in 1986. In July 1988, the Central Bank eliminated the two most favorable exchange rates; set G400=US$1 as the rate for imports of state-owned enterprises; external debt-service payments, and petroleum imports; and established G550=$US1 as the rate for disbursements for loans to the public sector, agricultural imports, and most exports. In January 1989, the Central Bank further devalued the guaraní by setting the controlled rates at G600=US$1 and G750=US$1 and also required petroleum imports to be paid at the higher rate. In early 1989, the free-market rate exceeded G1,000=US$1.
Karaiya: Caste below the Vellala (q.v.) in the Tamil caste system, but still a high caste; original occupation was fishing, although group branched out into commercial ventures.
Karava: Lower Sinhalese (fisherman) caste that became wealthy because of access to English education and opportunities for involvement with plantation agriculture and modern commercial enterprise.
koruna (pl., koruny): National currency consisting of 100 halers (halere--Cz.; haliere--Sl.). Symbol is Kcs. In 1987 the official, or commercial, exchange rate was Kcs5.4 per US$1; the tourist, or noncommercial, rate was Kcs10.5 per US$1. The value of US$1 on the black market was at least twice the tourist rate of exchange.
Lombard rate: The interest rate at which the Bundesbank (q.v.) extends credit to commercial banks in order to cover temporary financing gaps. It is usually somewhat higher than the Bundesbank’s discount rate (q.v.).
London Club: An informal group of commercial banks that come together to negotiate a debt rescheduling agreement with a country. The group has two committees, an economics committee that develops economic data projections and a negotiating committee. Committee members usually come from the five principal banks that hold the largest amounts of a country’s debt.; Source: Library of Congress
Vellala: Highest Tamil (cultivator) caste, the members of which traditionally dominated local commercial and educational elites and whose values had strong influence on Tamils of other castes. The group comprises more than half of the Tamil population.
wn: North Korean currency, also used as a monetary unit in South Korea although its value differs. The North Korean wn is divided into 100 chon and has multiple exchange rates--such as for official transactions and for commercial rates in most foreign trade. As of December 1991, US$1=97.1 chon.
World Bank: Name used to designate a group of four affiliated international institutions that provide advice on long-term finance and policy issues to developing countries: the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA). The IBRD, established in 1945, has the primary purpose of providing loans to developing countries for productive projects. The IDA, a legally separate loan fund administered by the staff of the IBRD, was set up in 1960 to furnish credits to the poorest developing countries on much easier terms than those of conventional IBRD loans. The IFC, founded in 1956, supplements the activities of the IBRD through loans and assistance designed specifically to encourage the growth of productive private enterprises in less developed countries. The president and certain senior officers of the IBRD hold the same positions in the IFC. The MIGA, which began operating in June 1988, insures private foreign investment in developing countries against such non-commercial risks as expropriation, curl strife, and inconvertibility. The four institutions are owned by the governments of the countries that subscribe their capital. To participate in the World Bank group, member states must first belong to the IMF (q.v.).; Source: Library of Congress