natgillin/translations-raw huggingface dataset:
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Javnofinančne in strukturne politike
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« ¿ Son equivalentes deuda pública e impuestos ?
« &iquest; Son equivalentes deuda pública e impuestos ?
Teoría y evidencia » [ Are debt and taxes equivalent ?
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Miscellaneous
166 &ndash; 170 ( 1994 ) .
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, Ariel , Barcelona , new edition ( 2004 ) .
, Ariel , Barcelona , nova izdaja ( 2004 ) .
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« Optimal allocation of categorical equity » ( soavtor : De-Piao Tang ) , Academia Economic Papers , 15 , str .
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101 &ndash; 118 ( 1987 ) .
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EDITORIAL 13 August 2009 - Monthly Bulletin
13 . avgust 2009 - Mesečni bilten
On the basis of its regular economic and monetary analyses , the Governing Council decided at its meeting on 6 August to leave the key ECB interest rates unchanged .
Svet ECB je na seji 6 . avgusta na podlagi redne ekonomske in denarne analize sklenil , da pusti ključne obrestne mere ECB nespremenjene .
The information and analyses that have become available since the Governing Council 's meeting on 2 July 2009 confirm the view that the current rates remain appropriate .
Informacije in analize , ki so postale dostopne po zadnji seji 2 . julija 2009 , potrjujejo stališče Sveta , da so sedanje obrestne mere ustrezne .
As anticipated , annual HICP inflation in July fell further into negative territory , reflecting mainly temporary effects .
Kot je bilo pričakovano , je medletna inflacija , merjena z indeksom HICP , v juliju zdrsnila še globlje v negativno območje , k čemur so največ prispevali začasni dejavniki .
After a return to positive inflation rates during the second half of the year , the Governing Council continues to expect price developments to remain subdued over the policy-relevant horizon .
Svet ECB še naprej pričakuje , da bodo po vrnitvi v pozitivno območje v drugi polovici leta cenovna gibanja v obdobju , ki je pomembno za denarno politiko , ostala umirjena .
Recent data releases and survey information still suggest that economic activity over the remainder of this year is likely to remain weak , although the pace of contraction is clearly slowing down .
Nedavno objavljeni podatki in anketni rezultati še vedno kažejo , da bo gospodarska aktivnost v preostanku tega leta verjetno ostala šibka , čeprav se krčenje gospodarske rasti očitno upočasnjuje .
This assessment takes into account adverse lagged effects , such as a further deterioration in labour markets , which are likely to materialise over the coming months .
Ta ocena upošteva zapoznele neugodne učinke , ki se lahko razvijejo v prihodnjih mesecih , kot je na primer nadaljnje poslabšanje razmer na trgu dela .
Looking ahead into next year , after a phase of stabilisation , a gradual recovery with positive quarterly growth rates is expected .
V naslednjem letu se po fazi stabilizacije pričakuje postopno okrevanje s pozitivnimi četrtletnimi stopnjami rasti .
The outcome of the monetary analysis confirms the assessment of low inflationary pressure , as money and credit expansion continues to decelerate .
Rezultati denarne analize potrjujejo oceno o nizkih inflacijskih pritiskih , saj se rast denarja in kreditov še naprej upočasnjuje .
Against this background , the Governing Council expects the current episode of extremely low or negative inflation rates to be short-lived and price stability to be maintained over the medium term , thereby continuing to support the purchasing power of euro area households .
Glede na vse te dejavnike Svet ECB pričakuje , da bo sedanje obdobje izredno nizkih ali negativnih stopenj inflacije kratkotrajno in da bo cenovna stabilnost v srednjeročnem obdobju ohranjena , zato bo tudi v prihodnje podpirala kupno moč gospodinjstev v euroobmočju .
The economic data and survey information that have become available since the Governing Council 's meeting on 2 July 2009 have broadly confirmed previous expectations .
Ekonomski podatki in anketni rezultati , ki so postali dostopni po zadnji seji 2 . julija 2009 , so večinoma potrdili dosedanja pričakovanja .
While uncertainty is still high , there are increasingly signs that the global recession is bottoming out .
Negotovost je sicer še vedno velika , vendar se pojavlja vse več znakov , ki kažejo , da je svetovna recesija dosegla dno .
As regards the euro area , recent surveys suggest that the pace of contraction is clearly slowing down .
Kar zadeva euroobmočje , novejše ankete kažejo , da se krčenje gospodarske rasti očitno upočasnjuje .
However , economic activity over the remainder of this year is expected to remain weak .
Vseeno bo gospodarska aktivnost v preostanku letošnjega leta po pričakovanjih ostala šibka .
The significant policy stimuli in all major economic areas should support growth globally , including in the euro area .
Obsežne spodbude politik v vseh pomembnejših gospodarskih območjih bodo predvidoma podprle rast po vsem svetu in tudi v euroobmočju .
In the view of the Governing Council , uncertainty remains high and ongoing volatility in incoming data is very likely .
Po mnenju Sveta ECB je negotovost še vedno velika , novi podatki pa bodo po vsej verjetnosti ostali volatilni .
Overall , the risks to this outlook remain balanced .
Tveganja , ki so povezana s temi obeti , ostajajo uravnotežena .
On the upside , there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken . Confidence may also improve more quickly than currently expected .
Na pozitivni strani je mogoče , da bodo učinki sedanjih obsežnih makroekonomskih spodbud ter drugih sprejetih ukrepov politik večji od pričakovanih , prav tako pa je mogoče , da se zaupanje izboljša hitreje , kot se pričakuje zdaj .
On the downside , concerns remain relating to a stronger or more protracted negative feedback loop between the real economy and the turmoil in financial markets , renewed increases in oil and other commodity prices , the intensification of protectionist pressures , more unfavourable than expected labour market conditions and , lastly , adverse developments in the world economy stemming from a disorderly correction of global imbalances .
Po drugi strani še vedno obstaja zaskrbljenost glede močnejših ali dolgotrajnejših negativnih povratnih učinkov med realnim gospodarstvom in pretresi na finančnih trgih , glede ponovne rasti cen nafte in drugih primarnih surovin , krepitve protekcionističnih pritiskov , slabših razmer na trgu dela od pričakovanih , nazadnje pa tudi glede neugodnih gibanj v svetovnem gospodarstvu , ki bi lahko izhajala iz neobvladljivih popravkov svetovnih neravnovesij .
With regard to price developments , annual HICP inflation was , according to Eurostat 's flash estimate , - 0.6 % in July , compared with - 0.1% in June .
Na področju cenovnih gibanj je medletna inflacija , merjena z indeksom HICP , po Eurostatovi prvi oceni v juliju znašala - 0,6% , medtem ko je bila junija na ravni - 0,1% .
This further decline in annual rates of inflation was anticipated by the Governing Council and reflects primarily base effects resulting from the peaks observed in global commodity prices a year ago.
Svet ECB je pričakoval nadaljnje znižanje medletne stopnje inflacije , ta pa odraža predvsem bazne učinke , ki izhajajo iz najvišjih vrednosti , ki so jih svetovne cene primarnih surovin dosegle pred letom dni .
Looking ahead , owing to these base effects , annual inflation rates are projected to remain temporarily in negative territory , before turning positive again later this year .
V prihodnjem obdobju bo zaradi baznih učinkov medletna inflacija predvidoma začasno ostala v negativnem območju , kasneje letos pa naj bi se vrnila na pozitivno stran .
However , such short-term movements are not relevant from a monetary policy perspective .
Takšna kratkoročna gibanja pa s stališča denarne politike niso pomembna .
Consistent with available forecasts and projections , looking further ahead , inflation is expected to remain in positive territory , while price and cost developments are expected to remain subdued in the wake of ongoing sluggish demand in the euro area and elsewhere .
Po razpoložljivih napovedih in projekcijah bo inflacija na daljši rok predvidoma ostala pozitivna , gibanja cen in stroškov pa bodo zaradi trenutnega šibkega povpraševanja v euroobmočju in drugod ostala umirjena .
In this respect , indicators of inflation expectations over the medium to longer term remain firmly anchored in line with the Governing Council 's aim of keeping inflation rates below , but close to , 2 % over the medium term .
Tako ostajajo kazalniki inflacijskih pričakovanj v srednjeročnem in dolgoročnejšem obdobju trdno zasidrani na ravni , ki je skladna s ciljem Sveta ECB , da stopnjo inflacije na srednji rok ohranja pod 2 %, vendar blizu te meje .
Risks to the outlook for inflation are broadly balanced .
Tveganja v inflacijskih obetih so večinoma uravnotežena .
They relate , in particular , to the outlook for economic activity and to higher than expected commodity prices .
Povezana so predvsem s prihodnjo gospodarsko aktivnostjo in višjimi cenami primarnih surovin od pričakovanih .
Furthermore , increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years .
Zaradi konsolidacije javnih financ , ki bo potrebna v prihodnjih letih , se lahko tudi posredni davki in nadzorovane cene povečajo bolj , kot je pričakovano .
Turning to the monetary analysis , the latest data confirm the ongoing deceleration in broad money and credit growth .
V denarni analizi najnovejši podatki potrjujejo , da se rast širokega denarja in kreditov še naprej upočasnjuje .
The annual growth rates of M3 and of loans to the private sector recorded in June -- 3.5% and 1.5% respectively -- are the lowest since the start of Stage Three of EMU .
Medletna stopnja rasti denarnega agregata M3 in posojil zasebnemu sektorju je v juniju znašala - 3,5% oziroma 1,5% , kar je najnižja raven od začetka tretje faze ekonomske in monetarne unije .
These developments support the assessment of a slower underlying pace of monetary expansion and low inflationary pressures over the medium term .
Ta gibanja potrjujejo oceno o počasnejši osnovni dinamiki rasti denarja in šibkih inflacijskih pritiskih v srednjeročnem obdobju .
The declining pace of monetary expansion since the last quarter of 2008 continues to be accompanied by volatility in the short-term developments of M3 and its components .
Upočasnjevanje denarne rasti od zadnjega četrtletja leta 2008 še naprej spremlja volatilnost kratkoročnih gibanj agregata M3 in njegovih komponent .
This reflects to a large extent the impact that absolute and relative changes in interest rates have had on the allocation of funds between financial investments inside and outside M3 and between the different deposit categories within M3 .
To v veliki meri odraža vpliv , ki ga imajo absolutne in relativne spremembe obrestnih mer na razporejanje sredstev med finančne naložbe znotraj in zunaj agregata M3 ter med različne skupine vlog znotraj M3 .
In this respect , the shift in allocation from short-term time deposits to overnight deposits within M3 has led to a further substantial strengthening of annual M1 growth in June .
Tako se je junija zaradi premika od kratkoročnih vezanih vlog k vlogam čez noč v okviru M3 še nadalje občutno povečala medletna stopnja rasti agregata M1 .
The flow of bank loans to the non-financial private sector remained subdued in June , albeit with differences across borrowing sectors .
Tok bančnih posojil v nefinančni zasebni sektor je junija ostal oslabljen , čeprav so med posameznimi sektorji posojilojemalcev obstajale razlike .