The Global Economic Environment and the Indian Financial Markets

List of Abbreviationsbln

billion

BoP

Balance of Payments

bps

basis points

BSE

Bombay Stock Exchange

CFNAI

Chicago Fed National Activity Index

CMR

Call Money Rate

CMYC

Constant Maturity Yield Curve

CPI

Consumer Price Index

CRR

Cash Reserve Ratio

DPI

Disposable Personal Income (US)

EAI

Economic Activity Index

ECB

European Central Bank

ECB

External Commercial Borrowings (India)

ECI

Employment Cost Index, US

ECR

export credit refinance

Euro-area (EA15)

Belgium, Germany, Ireland, Greece, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal, Slovenia, Finland, (from 1 January 2008 the Euro-area also includes) Cyprus and Malta

Euro-zone (EU27)

Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom (27 Member States from 1 January 2007)

FHFA

Federal Housing Financial Agency (US)

FOMC

Federal Open Market Committee (US)

GDP

Gross Domestic Product

GFCF

Gross Fixed Capital Formation

HFC

housing finance company

HICP

Harmonised Index of Consumer Prices

IIP

Index of Industrial Production

IPO

Initial Public Offering

ISM

Institute for Supply Management

LAF

Liquidity Adjustment Facility

MBA

Mortgage Bankers’ Association

MF

Mutual Fund

mln

million.

mom

month on month

MPI

Manufacturing Production Index

MSS

Market Stabilisation Scheme

MUICP

Monetary Union Index of Consumer Prices

NBFC

Non-Banking Financial Companies

NDTL

net demand and time liabilities

NMI

Non-Manufacturing Index (US)

NSE

National Stock Exchange of India Limited

PCE

Personal Consumption Expenditure

PMI

a composite diffusion index used in US ISM's Manufacturing Report on Business; Purchasing Manager's Index (for the Euro-zone)

PPI

Producer Price Index

qoq

quarter on quarter

RBI

Reserve Bank of India

sa

seasonally adjusted

saar

seasonally adjusted annual rate

SCB

Scheduled Commercial Bank

SDL

State Development Loan

SEBI

Securities and Exchange Board of India

SLR

Statutory Liquidity Ratio

yoy

year on year

YTM

Yield to Maturity