natgillin/translations-raw huggingface dataset:
In essence, it implies that resources (capital, labour, etc.) have been wasted, as some employees would have been made redundant because of instabilities in price developments.
Pri splošni deflaciji se potrošniki včasih ne zavedajo, daje pocenitev določenega izdelka lahko zgolj odraz gibanja splošne ravni cen in ne pomeni nujno, daje izdelek tudi realno cenejši.
… reduce uncertainty about general price developments and thereby improve the transparency of relative prices … First, price stability makes it easier for people to identify changes in the prices of goods expressed in terms of other goods (i.e.“relative prices”), since such changes are not concealed by fluctuations in the overall price level.
Če povzamemo: če so cene stabilne, podjetja in potrošniki ne tvegajo, da bodo gibanje splošne ravni cen narobe razumeli kot spremembo relativne cene, zato se lahko bolj poučeno odločajo o nakupih in naložbah.
For example, let us suppose that the price of a certain product increases by 3 %.
Cenovna stabilnost omogoča višji življenjski standard, ker … Inflacija in deflacija sta na splošno nezaželena pojava.
If the general price level is stable, consumers know that the relative price of this product has increased and may therefore decide to buy less of it.
Oba sta povezana z velikimi stroški in sta lahko zelo škodljiva.
If there is high and unstable inflation, however, it is more difficult to find out the relative price, which may have even declined.
Cenovna stabilnost preprečuje nastanek teh stroškov in vsem državljanom prinaša številne koristi.
In such a situation it may be better for the consumer to buy relatively more of the product of which the price has increased by “only” 3 %.
H gospodarski uspešnosti države prispeva na številne načine, med katerimi je eden najvidnejših visoka stopnja zaposlenosti.
A similar waste of resources would result if workers and unions were uncertain about future inflation and therefore demanded a rather high nominal wage increase in order to avoid high future inflation leading to significant declines in real wages.
Če upniki verjamejo, da bodo cene v prihodnje ostale stabilne, ne bodo zahtevali dodatnega donosa v obliki premije za inflacijsko tveganje, ki predstavlja nadomestilo za prevzeto tveganje, če nominalna finančna sredstva hranijo dalj časa (gl. okvir 3.2).
If firms had lower inflation expectations than workers/ unions in such a situation, they would consider a given nominal wage increase as a rather high real wage increase and may therefore reduce their workforce or, at least, hire fewer workers than they would without the high “perceived” real wage increase.
Cenovna stabilnost znižuje te premije (in s tem nominalne obrestne mere) in kapitalskim trgom omogoča, da bolj učinkovito razporejajo vire in povečujejo naložbe. S tem cenovna stabilnost po drugi strani posredno prispeva k ustvarjanju novih delovnih mest in, bolj splošno, krepi gospodarsko rast in blaginjo.
Lasting price stability increases the efficiency of the economy and, therefore, the welfare of households.
Vzemimo, da pri visoki inflaciji podjetje povečanje tržne cene svojih izdelkov za npr.
However, an excessive stockpiling of goods is clearly not an efficient investment decision and hinders economic and real income growth.
V osnovi pomeni, da so bili viri (kapital, delo itd.) porabljeni neučinkovito, saj je zaradi nestabilnosti v gibanju cen nekaj zaposlenih izgubilo delo.
Price stability reduces inflation uncertainty and therefore helps to prevent the misallocation of resources described above.
Do podobne izgube virov pride, če delavci in sindikati zaradi negotove prihodnje inflacije zahtevajo višje plače, da bi se izognili padcu realnih plač.
By helping the market guide resources to where they can be used most productively, lasting price stability increases the efficiency of the economy and, therefore, the welfare of households.
Če podjetja pričakujejo nižjo inflacijo kot delavci in sindikati, zahtevo za višje nominalne plače lahko razumejo kot pretirano povečanje realnih plač in zato nekaj delavcev odpustijo ali jih vsaj zaposlijo manj, kot bi jih brez visokega »zaznanega« povečanja realnih plač.
… reduce distortionary effects of tax systems and social security systems … Fourth, tax and welfare systems can create incentives which distort economic behaviour.
... preprečuje nepotrebne ukrepe za zavarovanje pred tveganjem ...
In many cases, these distortions are exacerbated by inflation or deflation, as fiscal systems do not normally allow for the indexation of tax rates and social security contributions to the inflation rate.
Ob trajni cenovni stabilnosti je tudi manj verjetno, da bodo posamezniki in podjetja, ki se želijo zavarovati pred inflacijo ali deflacijo, nekaj virov preusmerili v neproduktivne namene, na primer v vezavo nominalnih pogodb na cenovna gibanja.
For instance, salary increases that are meant to compensate workers for inflationary developments could result in employees being subject to a higher tax rate, a phenomenon that is known as “cold progression”.
Ker popolna vezava ni mogoča ali pa je predraga, visoka inflacija spodbuja vlaganje v zaloge, saj ob visoki inflaciji ali deflaciji blago bolje ohranja vrednost kot denar ali druga finančna sredstva.
Price stability reduces these distortionary effects associated with the impact of inflationary or deflationary developments on taxation and social systems.
Vseeno pretirano kopičenje zalog ni dobra investicijska odločitev in zavira rast gospodarstva in realnih dohodkov.
… reduce inflation risk premia in interest rates … Second, if creditors can be sure that prices will remain stable in the future, they will not demand an extra return (a socalled “inflation risk premium”) to compensate them for the inflation risks associated with holding nominal assets over the longerterm (see Box 3.2 for details).
Cenovna stabilnost zmanjšuje inflacijsko negotovost in s tem pomaga preprečevati zgoraj opisano napačno razporejanje virov.
By reducing such risk premia, thereby bringing about lower nominal interest rates, price stability contributes to the efficiency with which the capital markets allocate resources and therefore increases the incentives to invest.
Ker trgom pomaga usmerjati vire tja, kjer so najbolj produktivni, trajna cenovna stabilnost povečuje učinkovitost gospodarstva in s tem povečuje življenjsko raven gospodinjstev.
In fact, in Germany, the hyperinflation that followedWorldWar I and peaked in 1923 had devastating economic, social and – as is widely agreed – political consequences.
V Nemčiji je po prvi svetovni vojni hiperinflacija, ki je višek dosegla leta 1923, imela uničujoče gospodarske, socialne in – po splošnem prepričanju – tudi politične posledice.
A situation in which the rate of inflation is very high and/or rises constantly and eventually becomes out of control is called “hyperinflation”.
S hiperinflacijo označujemo razmere, v katerih je inflacija zelo visoka ali pa vztrajno narašča in počasi uide izpod nadzora.
Socially, hyperinflation is a very destructive phenomenon which has far-reaching consequences for individuals and society as a whole.
Z družbenega stališča je hiperinflacija izjemno škodljiv pojav, ki ima dolgotrajne posledice tako za posameznike kot tudi za družbo kot celoto.
Although there is no generally accepted definition of hyperinflation, most economists would agree that a situation where the monthly inflation rate exceeds 50 % can be described as hyperinflation.
Splošno sprejeta definicija hiperinflacije sicer ne obstaja, večina ekonomistov pa se strinja, daje razmere, v katerih medmesečna inflacija presega 50 odstotkov, mogoče opisati kot hiperinflacijo.
Hyperinflation and periods of very high inflation occurred several times during the 20th century.
Banke niso mogle izplačevati prihrankov in mnogi ljudje so izgubili vse svoje premoženje.
Below are some examples of countries that experienced such high annual rates of inflation and the respective figures for the years indicated:
Spoznanje, da cene vztrajno naraščajo, je vodilo v začaran krog.
As many people lost their savings, this led to a substantial loss in wealth for broad segments of the population.
Ljudje so v prepričanju, da bodo cene v prihodnje še višje, zahtevali višje plače.
The realisation that price levels were constantly rising sparked a vicious circle.
Višje plače so povečale stroške proizvodnje, to pa je pomenilo še višje cene.
People naturally asked for higher wages, anticipating higher price levels in the future.
Obenem so ljudje kupovali vse bolj pospešeno, saj je denar hitro izgubljal vrednost.
These expectations became a reality, since higher wages translated into higher costs of production, which again meant higher prices.
Hiperinflacija in zelo visoka inflacija sta se v 20. stoletju pojavili večkrat.
In the same vein, people started to pass on their money – which lost its value – by spending faster and faster.
Spodaj je naštetih nekaj držav, ki so se v različnih obdobjih spopadale s posebej visokimi stopnjami inflacije:
5,000 % more than 10,000 % 3,100 % 7,500 % 2,100 % 5,000 %
5,000 % več kot 10,000 % 3,100 % 7,500 % 2,100 % 5,000 %
The Government reacted to the decline in the value of money by adding more and more zeros to the paper currency, but over time it became impossible to keep up with the exploding price level.
Vlada se je na razvrednotenje denarja odzvala tako, daje na bankovce dodajala nove in nove ničle, toda kmalu ni več mogla slediti vrtoglavi rasti cen.
Eventually these hyperinflation costs became intolerable.
Sčasoma so stroški hiperinflacije postali nevzdržni.
Over time money completely lost its role as a store of value, unit of account and medium of exchange.
Denar je popolnoma prenehal opravljati vlogo menjalnega sredstva, hranilca vrednosti in obračunske enote.
Barter became more common and unofficial monies, such as cigarettes, which did not lose their value due to inflation, started to replace official paper money.
Širila se je menjalna trgovina in papirnati denar so začele nadomeščati neuradne oblike denarja, npr. cigarete, ki so ohranjale vrednost.
THE IMPORTANCE OF PRICE
POMEN CENOVNE zaposlenega v višji davčni razred, kar imenujemo »hladno napredovanje«.
… increase the benefits of holding cash … Fifth, inflation can be interpreted as a hidden tax on holding cash.
… povečuje prednosti hranjenja gotovine … Inflacijo je mogoče razumeti kot skriti davek na gotovino.
In other words, people who hold cash (or deposits which are not remunerated at market rates) experience a decline in their real money balances and thus in their real financial wealth when the price level rises, just as if part of their money had been taxed away.
Če ljudje hranijo gotovino (ali vloge, ki niso obrestovane po tržnih obrestnih merah), se
This happens even if inflation is not uncertain, i.e. if it is fully expected. Consequently, if people hold a lower amount of cash, they must make more frequent visits to the bank to withdraw money.
… zmanjšuje izkrivljanja, ki jih povzročata davčni in socialni sistem … Davčni in socialni sistem lahko ustvarjata spodbude, ki izkrivljajo ekonomsko vedenje.
These inconveniences and costs caused by reduced cash holdings are often metaphorically described as the “shoe-leather costs” of inflation, because walking to the bank causes one’s shoes to wear out more quickly.
V mnogih primerih inflacija ali deflacija ta izkrivljanja še povečujeta, saj fiskalni sistemi navadno ne dopuščajo vezave davčnih stopenj in socialnih prispevkov na inflacijo.
More generally, reduced cash holdings can be said to generate higher transaction costs.
Višja plača kot nadomestilo za inflacijo, na primer, lahko povzroči prehod
BOX 3.4: DEMAND FOR CASH
OKVIR 3.4 POVPRAŠEVANJE PO GOTOVINI
Due to its liquidity, money provides a service to its holder in the form of making transactions easier.
Zaradi svoje likvidnosti denar za imetnika predstavlja storitev, ker olajšuje transakcije.
Otherwise, people would not obviously have an incentive to hold money which is not remunerated.
Če te storitve ne bi opravljal, ne bi bilo smiselno, da ljudje s seboj nosijo gotovino, ki ni obrestovana.
By holding cash, people are subject to socalled “opportunity costs”, as alternative assets pay a positive rate of interest which they would miss out on.
Gotovina namreč vključuje t.i. »oportunitetne stroške«, saj drugačne naložbe prinašajo obresti, ki so z gotovino izgubljene.
Therefore, a higher level of expected inflation, and therefore a higher nominal interest rate (see Box 3.2), tend to have a negative impact on the demand for money.
Zato višje stopnje pričakovane inflacije in s tem višje nominalne obrestne mere (gl. okvir 3.2) navadno negativno vplivajo na povpraševanje po denarju.
Consider a situation whereby the shortterm market interest rate paid on bank deposits or a government bond is just 2 %.
Vzemimo primer, pri katerem kratkoročna tržna obrestna mera za bančne vloge ali državne obveznice znaša 2 odstotka.
In such a case, holding EUR 1000 in banknotes implies that EUR 20 per year is lost.The interest rate on alternative investment opportunities is the opportunity cost of holding banknotes.
Če imamo denimo 1000 € in jih hranimo v gotovini namesto v banki ali v obveznicah, vsako leto izgubimo 20 €. Obrestna mera za druge oblike naložb je oportunitetni strošek imetja v bankovcih.
Now let us assume that, because of higher inflation, nominal interest rates increase and you receive 10 % interest on your bank account instead of 2 %.
Denimo, da se zaradi višje inflacije nominalne obrestne mere povečajo in so zdaj 10 odstotkov.
If you still held EUR 1000 in cash, your opportunity costs would be EUR 100 per year or around EUR 2 per week.
Ob enakem imetju 1000 € v bankovcih oportunitetni stroški narastejo na 100 € na leto ali približno 2 € na teden.
In this case you may decide to reduce your money holding by, say, EUR 500 and therefore increase your interest income by around EUR 1 per week or EUR 50 per year.
V tem primeru se zdi smiselno imetje v gotovini zmanjšati na npr. 500 € in povečati prihodek od obresti za približno 1 € na teden ali 50 € na leto.
In other words, the higher the interest rate, the lower the demand for banknotes.
Povedano drugače – čim višja je obrestna mera, tem manjše je povpraševanje po denarju.
Economists say the demand for money is “interest elastic”.
V ekonomskem jeziku to pomeni, daje povpraševanje po denarju »obrestno elastično«.
Typically, the poorest groups of society often suffer the most from inflation or deflation, as they have only limited possibilities to hedge against it.
Če se nepričakovano razvije deflacija, utegnejo vsi z nominalnimi terjatvami zaslužiti, saj se realna vrednost terjatev (npr. plač, vlog) poveča.
Stable prices thus help to maintain social cohesion and stability.
To lahko prizadene družbo kot celoto in še posebej tiste družbene skupine, ki imajo terjatve, ter vse zaposlene v podjetjih, ki gredo v stečaj.
As demonstrated at certain points throughout the 20th century, high rates of inflation often create social and political in stability as those groups who lose out because of inflation feel cheated if (unexpected) inflation “taxes” away a large part of their savings.
Kaže, da gospodarstva z nižjo inflacijo v povprečju dolgoročno dosegajo višjo realno rast.
In the long run, economies with lower inflation appear, on average, to grow more rapidly in real terms.
To se zgodi celo v primeru, če ni zanesljivih znakov, da bo inflacija naraščala, če torej ni v celoti pričakovana.
… prevent the arbitrary distribution of wealth and income … Sixth, maintaining price stability prevents the considerable economic, social and political problems related to the arbitrary redistribution of wealth and income witnessed during times of inflation and deflation.This holds true in particular if changes in the price level are difficult to anticipate, and for groups in society who have problems protecting their nominal claims against inflation.
Navadno inflacija in deflacija najbolj prizadeneta najrevnejše skupine v družbi, saj imajo te najmanj možnosti, da se zavarujejo pred njunimi učinki. Stabilne cene zato krepijo socialno kohezijo in stabilnost.
For instance, if there is an unexpected increase in inflation, everyone with nominal claims, for example in the form of longerterm wage contracts, bank deposits or government bonds, experiences losses in the real value of these claims.Wealth is then transferred in an arbitrary manner from lenders (or savers) to borrowers because the money in which a loan is ultimately repaid buys fewer goods than was expected when the loan was made.
V 20. stoletju je več primerov, ki kažejo, da visoka inflacija pogosto destabilizira družbo in povzroča politične pretrese, saj se tisti, ki jih je inflacija prizadela najbolj, čutijo prevarane, če (nepričakovana) inflacija »obdavči« velik del njihovih prihrankov.
… contribute to financial stability Seventh, sudden revaluations of assets due to unexpected changes in inflation can undermine the soundness of a bank’s balance sheet.
… prispeva k finančni stabilnosti Nenadno prevrednotenje premoženja zaradi nepričakovane inflacije lahko ogrozi finančno trdnost bank.
For instance, let us assume that a bank provides long-term fixed interest loans which are financed by shortterm time deposits.
Vzemimo, da banka nudi dolgoročna posojila z nespremenljivo obrestno mero, ki se financirajo s kratkoročnimi vezanimi vlogami.
If there is an unexpected shift to high inflation, this will imply a fall in the real value of assets.
Če se inflacija nepričakovano močno poveča, se bo realna vrednost njenih naložb zmanjšala.
Following this, the bank may face solvency problems that could cause adverse “chain effects”.
To lahko ogrozi plačilno sposobnost banke in povzroči škodljive »verižne učinke«.
If monetary policy maintains price stability, inflationary or deflationary shocks to the real value of nominal assets are avoided and financial stability is therefore also enhanced.
Denarna politika, ki ohranja cenovno stabilnost, preprečuje inflacijske in deflacijske udarce na realno vrednost nominalnih naložb in s tem krepi finančno stabilnost.
Should there be unexpected deflation, people who hold nominal claims may stand to gain as the real value of their claims (e.g. wages, deposits) increases.
… preprečuje samovoljno razporejanje premoženja in dohodka … Trajna cenovna stabilnost preprečuje resne politične, socialne in gospodarske težave, ki jih v obdobjih inflacije ali deflacije povzroča samovoljno in poljubno razporejanje premoženja in dohodka.
However, in times of deflation, borrowers or debtors are often unable to pay back their debt and may even go bankrupt.This could damage society as a whole, and in particular those people who hold claims on, and those who work for, firms that have gone bankrupt.
To še posebej drži, če je spremembe v ravni cen težko predvideti, ter velja za tiste družbene skupine, ki svojih nominalnih terjatev ne znajo učinkovito zavarovati pred inflacijo.
By maintaining price stability, central banks contribute to broader economic goals All of these arguments suggest that a central bank that maintains price stability contributes substantially to the achievement of broader economic goals, such as higher standards of living, high and more stable levels of economic activity and employment.
Če se inflacija nenadoma poveča, bo vsakdo, ki ima takšne nominalne terjatve, npr. v obliki dolgoročne plačne pogodbe, hranilne vloge ali državnih obveznic, utrpel padec realne vrednosti teh terjatev.
This conclusion is supported by economic evidence which, for a wide variety of countries, methodologies and periods, demonstrates that in the long run, economies with lower inflation appear on average to grow more rapidly in real terms.
Premoženje se zato prenese od upnikov (ali varčevalcev) k dolžnikom, saj je z denarjem, v katerem je posojilo na koncu izplačano, mogoče kupiti manj kot ob odobritvi posojila.
FACTORS DETERMINING PRICE DEVELOPMENTS
DEJAVNIKI, KI DOLOČAJO CENOVNA GIBANJA
This chapter provides detailed information to help answer questions such as what determines the general price level or what the factors are that drive inflation, how the central bank, or more precisely monetary policy, is able to ensure price stability, what the role of fiscal policy is, and whether monetary policy should focus directly on enhancing real growth or reducing unemployment, or in other words, what monetary policy can and cannot achieve.
V tem poglavju so zbrani nekoliko zahtevnejši odgovori na vprašanja o dejavnikih, ki določajo splošno raven cen in gibanje inflacije, o vlogi centralne banke pri obvladovanju inflacije, pomenu fiskalne politike ter o temeljnih ciljih denarne politike. Z drugimi besedami, poglavje govori o tem, kaj denarna politika zmore in česa ne.
4.1 provides a brief overview of what monetary policy can and cannot do.
4.1 opisuje, kakšne so pristojnosti denarne politike.
4.2 deals with the question of how monetary policy can influence interest rates.
4.2 odgovarja na vprašanje, kako lahko denarna politika vpliva na obrestne mere.
4.3 illustrates the effects of interest rate changes on expenditure decisions taken by households and firms.
4.3 predstavlja učinke sprememb obrestnih mer na nakupne odločitve gospodinjstev in podjetij.
4.4 reviews the factors driving price developments over shorter-term horizons.
4.4 obravnava dejavnike, ki uravnavajo kratkoročna cenovna gibanja.
4.5 looks at the factors driving price developments over medium to longer- term horizons, and explains that over such horizons monetary policy has the appropriate instruments to influence prices.
4.5 obravnava dejavnike, ki uravnavajo srednjeročna in dolgoročna cenovna gibanja in pojasnjuje, zakaj ima v teh časovnih obdobjih denarna politika ustrezne instrumente, s katerimi lahko vpliva na cene.
It is therefore responsible for trends in inflation.
Denarna politika je torej odgovorna za inflacijske trende.
FACTORS DETERMINING PRICE
DEJAVNIKI, KI DOLOČAJO
4.1 What monetary policy can and cannot do – an overview
4.1 Kaj denarna politika zmore in česa ne?
WHAT MONETARY POLICY CAN AND CANNOT DO – AN OVERVIEW
KAJ DENARNA POLITIKA ZMORE IN ČESA NE?
In the short run, the central bank can influence real economic developments In the short run, a change in money market (i.e. short-term) interest rates induced by the central bank sets a number of mechanisms in motion, mainly because this change has an impact on the spending and saving decisions taken by households and firms.
Na kratki rok lahko centralna banka vpliva na realna gospodarska gibanja Na kratki rok sproži sprememba obrestnih mer na denarnem trgu (tj. kratkoročnih obrestnih mer), ki jo izvede centralna banka, vrsto mehanizmov, še zlasti zato, ker vpliva na nakupne in varčevalne odločitve gospodinjstev in podjetij.
For example, higher interest rates will, all things being equal, make it less attractive for households and firms to take out loans in order to finance their consumption or investment.They also make it more attractive for households to save their current income rather than spend it.
Če vsi ostali dejavniki ostanejo nespremenjeni, višje obrestne mere odvračajo gospodinjstva in podjetja od najemanja posojil za financiranje potrošnje in investicij. Istočasno bodo oboje tudi spodbudile, da svoje dohodke hranijo, namesto da bi jih porabili.
Finally, changes in official interest rates may also affect the supply of credit.
Nadalje lahko sprememba uradnih obrestnih mer vpliva tudi na ponudbo kreditov.
These developments, in turn, and with some delay, influence developments in real economic variables such as output.
Vsa ta gibanja po drugi strani z določenim odlogom vplivajo na realne ekonomske spremenljivke, npr. na obseg proizvodnje.
How can monetary policy influence the price level? This question touches upon what economists generally describe as the socalled “transmission process”, i.e. the process through which actions of the central bank are transmitted through the economy and, ultimately, to prices.
Na dolgi rok spremembe v ponudbi denarja vplivajo na splošno raven cen … Zgoraj opisani dinamični proces vključuje vrsto mehanizmov in dejanj različnih gospodarskih subjektov v različnih fazah procesa.