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l-text">Last updated: 22 Feb, 2017  
SME Glossary
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Glossary of Export Import Trade Terms Starting with - I
Words   Description
ISO-9000 Refers to international standards, laid down by the International Standards Organisation.
ITC(HS) Refers to Indian Trade Classification (Harmonized System). It is a system of classification of products for the purposes of export and import.
Implicit Tax Lower (higher) before-tax required returns on assets that are subject to lower (higher) tax rates.
Implied Volatility The volatility that is implied by an option value given the other determinants of option value.
Import Any resource, intermediate good, or final good or service that buyers in one country purchase from sellers in another country.
Import License A document required and issued by some national governments authorizing the importation of goods into their individual countries.
Import Licenses Licenses required by some countries to bring in a foreign-made good. In many cases, import licenses are also used by the issuing country to control the quantity of imported items.
In-the-Money Option An option that has value if exercised immediately.
Income Baskets In the U.S. tax code, income is allocated to one of a number of separate income categories. Losses in one basket may not be used to offset gains in another basket.
Income Statement Financial report that summarizes a firm's performance over a specified time period.
Incremental IRR IRR on the incremental investment from choosing a large project instead of a smaller project.
Indemnity Clause A clause in which the one party indemnifies the other. In leasing, generally a clause whereby the lessee indemnifies the lesser from loss of tax benefits.
Independent Project A project whose acceptance or rejection is independent of the acceptance or rejection of other projects.
Index futures A futures contract that allows investors to buy or sell an index (such as a foreign stock index) in the futures market.
Index options A call or put option contract on an index (such as a foreign stock market index).
Index swap A swap of a market index for some other asset (such as a stock-for-stock or debt-for-stock swap).
Indication pricing schedule A schedule of rates for an interest rate or currency swap.
Indirect Costs of Financial Distress Costs of financial distress that are indirectly incurred prior to formal bankruptcy or liquidation.
Indirect Customers The end-users (e.g., consumers) of the products and services purchased from the wholesalers, retailers, and consignees -- the direct customers of the seller.
Indirect Diversification Benefits Diversification benefits provided by the multinational corporation that are not available to investors through their portfolio investment.
Indirect Exporting Export products to foreign markets by using an intermediary, usually export trading company based in the exporter’s country.
Inflation Rate The general increase in the price level herein measured by the growth rate in the GNP Implicit Price Index or the general price deflator.
Informational Efficiency Whether or not market prices reflect information and thus the true (or intrinsic) value of the underlying asset.
Inland Bill of Lading A bill of lading used in transporting goods overland to the exporter's international carrier.
Input Output Norms The norms which define the amount of input/inputs required to manufacture a unit of output.
Integrated Financial Market A market in which there are no barriers to financial flows and purchasing power parity holds across equivalent assets.
Intellectual Property Material or communicable result in forms of discoveries, inventions, designs and literary and art works of scientific, humanistic, literary, and artistic endeavor. It includes, but is not limited to, works in the form of scientific discoveries and invention.
Intellectual Property Rights Patents, copyrights, and proprietary technologies and processes that are the basis of the multinational corporation’s competitive advantage over local firms.
Inter-American Development Bank(IADM) A regional development bank designed to promote sustainable economic development in the Western Hemisphere. Its headquarters are located in Washington, D.C.
Interbank Spread The difference between a bank’s offer and bid rates for deposits in the Eurocurrency market.
Interest Rate Risk The risk of unexpected changes in an interest rate.
Interest Rate Swap An agreement to exchange interest payments for a specific period of time on a given principal amount. The most common interest rate swap is a fixed-for-floating coupon swap. The notional principal is typically not exchanged.
Intermediated Market A financial market in which a financial institution (usually a commercial bank) stands between borrowers and savers.
Intermodal The use of two or more modes of transportation to complete a cargo move; truck/rail/ship, or truck/air, for example.
Internal Market A market for financial securities denominated in the currency of a host country and placed within that country.
Internal Rate of Return (IRR) A discount rate at which the net present value of an investment is zero. The IRR is a method of evaluating capital expenditure proposals.
International Asset Pricing Model (IAPM) The international version of the CAPM in which investors in each country share the same consumption basket and purchasing power parity holds.
International Bank for Reconstruction and Development Also called the World Bank, an international organization created at Breton Woods in 1944 to help in the reconstruction and development of its member nations.
International Bonds Bonds that are traded outside the country of the issuer. International bonds are either foreign bonds trading in a foreign national market or Eurobonds trading in the international market.
International Chamber of Commerce International non-governmental body concerned with promotion of trade and harmonization of trading practice. Responsible for drafting and publishing.
International Monetary Fund (IMF) An international organization designed to promote global economic stability and development. It compiles statistics on cross-border transactions and publishes a monthly summary of each country’s balance of payments.
International Monetary System The global network of governmental and commercial institutions within which currency exchange rates are determined.
Intrinsic Value of an Option The value of an option if exercised immediately.
Investment Agreement An agreement specifying the rights and responsibilities of a host government and a corporation in the structure and operation of an investment project
Investment Opportunity Set The set of possible investments available to an individual or corporation.
Investment Philosophy The investment approach-active or passive-pursued by an investment fund and its managers.
Irrevocable Letter of credit A letter of credit in which the specified payment is guaranteed by the bank if all terms and conditions are met by the drawee.
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