A Dictionary of Finance and Banking

By Brian Butler; David Butler et al. | Go to book overview

J

Jakarta Stock Exchange A stock exchange in Indonesia that originally opened in 1912 but was closed during World War II and from 1958 to 1977, when the modern market reopened. It issues a composite share index.

J-curve The shape of a graph in which the current account of the balance of payments is plotted against time immediately after a devaluation of the currency. Before the level of imports falls and the current account rises, there is a brief period during which imports rise and the current account falls.

jiao A monetary unit of China, worth one tenth of a *yuan.

jobber 1. A former dealer in stocks and shares, who had no contact with the general public, except through a *stockbroker. Jobbers were replaced by *market makers on the *London Stock Exchange in the Big Bang of October 1986. 2. A dealer who buys and sells commodities, etc. for his or her own account.

jobber's turn The difference between the price at which a former jobber on the London Stock Exchange was prepared to buy and the price at which the jobber was prepared to sell. See alsoSPREAD.

jobbing backwards Looking back on a transaction or event and thinking about how one might have acted differently, had one known then what one knows now.

job lot A collection of diverse things, such as stocks or shares, sold together as one lot at one all-inclusive price. Johannesburg Stock Exchange (JSE) The principal stock exchange of South Africa.

joint account 1. A *bank account or a building-society account held in the names of two or more people, often husband and wife. On the death of one party the balance in the account goes to the survivor(s). except in the case of partnerships, executors' accounts, or trustees' accounts. It is usual for any of the holders of a joint account to operate it alone. 2. In the USA, a syndicate of *investment banks acting together in an underwriting venture.

joint and several liability A liability that is entered into by a group, on the understanding that if any of the group fail in their undertaking the liability must be shared by the remainder. Thus, if two people enter into a joint and several guarantee for a bank loan, if one becomes bankrupt the other is liable for repayment of the whole loan.

joint investment A security purchased by more than one person. The certificate will bear the names of all the parties, but only the first named will receive notices. To dispose of the holding all the parties must sign the *transfer deed.

joint-life and last-survivor annuities Annuities that involve two people (usually husband and wife). A joint-life annuity begins payment on a specified date and continues until both persons have died. A last-survivor annuity only begins payment on the death of one of the two people and pays until the death of the other. CompareSINGLE-LIFE PENSION.

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A Dictionary of Finance and Banking
Table of contents

Table of contents

  • Title Page iii
  • Preface v
  • A 1
  • B 23
  • C 48
  • D 91
  • E 112
  • F 131
  • G 152
  • H 164
  • I 168
  • J 190
  • K 192
  • L 194
  • M 211
  • N 233
  • O 247
  • P 258
  • Q 288
  • R 291
  • S 313
  • T 345
  • U 361
  • V 368
  • W 372
  • X, Y, Z 377
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