Gold-rimmed securities

This refers to top-quality securities, also known as gilt-edged securities. The term originates from the fact that the 8% interest-bearing government bonds issued in England in 1694 had a gold border. Later, securities that have a guaranteed interest payment like government bonds, little fluctuation in market value, and can be easily converted into cash came to be called gilt-edged securities. In England, consols are the most representative, and there are several other types of medium- to long-term government bonds. In recent years, the term has been used as a synonym for the highest quality securities, including not only bonds but also stocks. However, the positive meaning of this term has faded due to the high volatility of prices of bonds in general, even government bonds.

[Nori Ishino]

Source: Shogakukan Encyclopedia Nipponica About Encyclopedia Nipponica Information | Legend

超一流の証券のことで、ギルトエッジ証券gilt-edged securitiesともいう。1694年にイギリスで発行された八分利付国債に金縁があったことに由来し、その後、国債のように金利の支払いが確実で、市価の変動も少なく、しかも現金化の容易な証券を金縁証券とよぶようになった。イギリスでは、コンソル公債を代表とし、そのほか中長期の国債など数種の銘柄があげられる。最近では、債券のみでなく、株式を含めて広く最優良証券に与えられる代名詞のように用いられていた。しかし現在では、国債といえども、債券全般の価格の変動性が高いことから、この用語の積極的な意義は薄れている。

［石野　典］

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