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  Deute privat: algunes r...  
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El deute és un instrument de doble tall. Usat amb moderació, incrementa el benestar d'una societat, ja que permet que els consumidors i les empreses suavitzin el consum i la inversió davant d'uns ingressos variables.
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Debt is a double-edged sword. Used in moderation it increases the well-being of a society since it allows consumers and companies to smooth their consumption and investment when faced with a variable income. However, high and increasing debt is a warranted source of concern: it hinders economic growth and increases vulnerability to potential shocks.
  Ha arribat el final del...  
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Es tracta d'un fenomen que no sorprèn, ja que, durant les primeres fases de desenvolupament econòmic, les grans inversions en infraestructures impliquen una forta demanda del metall, àmpliament usat en la construcció.
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We've therefore focused on the typical per capita consumption of copper related to GDP per capita and have observed that this consumption increases as poorer economies develop, until reaching a peak of around 30,000 dollars per capita in purchasing power terms (see the second graph). From this point onwards per capital consumption of copper falls. This phenomenon is not surprising since, during the early phases of economic development, large investments in infrastructures result in a strong demand for this metal, widely used in construction. Nonetheless of note is the fact that, over the last few years, China's copper consumption has been higher than the usual figure registered by countries in a simliar stage of development. The Asian giant's model of growth has been characterised by a huge infrastructure drive. On the contrary, the copper consumption in Brazil, Indonesia and India has been below the standard pattern.
  Reformes Hartz: èxits i...  
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Mentre que la reforma volia incrementar la flexibilitat de les empreses per cobrir els pics de demanda, a la pràctica, segons Schröder, es podria haver usat la legislació per reemplaçar una part de la força laboral amb treballadors amb salaris més baixos.
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However, in spite of these achievements by the Hartz reforms, we must not forget that they have also had a series of less welcome consequences. On the one hand, the unemployed have seen their income fall substantially, leading to a greater rise in their poverty risk (see the graph below). On the other hand, those employed under temporary or part-time contracts have also seen a greater rise in their poverty risk than the average for the euro area. Even Schröder himself, in a speech analyzing the last 10 years since the reform was implemented, acknowledged that it is still not without controversy today. There are two aspects in particular that he would change if he had the chance. Firstly, the excessive rise in low-wage workers. The idea of the reform was to use mini-jobs as a bridge for low-skilled workers to access the labour market. However, in effect many workers do not seem to have joined the more stable labour market. A second aspect to improve would be temporary employment. While the reform aimed to increase the flexibility of firms to cover the peaks in demand, in practice, according to Schröder, legislation might have been used to replace part of the labour force with lower paid workers.
  Polítiques monetàries e...  
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És a dir, l'augment de l'oferta monetària, en comptes d'anar acompanyat d'un augment del crèdit al sector privat, s'ha usat, sobretot, per finançar el sector públic, directament, a través de la compra de bons sobirans per part del BCE, o indirectament, mitjançant la liquiditat de les subhastes LTRO que molts bancs han utilitzat per invertir en deute públic.
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Historically the trend in private sector credit and money supply has been very similar, which seems reasonable given that these are, respectively, the two biggest items in the assets and liabilities on financial institutions' balance sheets. This relationship has weakened, however, since unconventional expansionary measures began to be implemented. As balance sheets always tally, to explain the increase in the money supply (liabilities) without any growth in bank credit to the private sector (assets), we must explore the trends in the rest of the items on banks' balance sheets. Two situations can be observed. The first consists of a change in the proportion of public sector financing compared with the private sector on the balance sheets of financial institutions. In other words, instead of the larger money supply being accompanied by an increase in private sector credit, it has especially been used to finance the public sector, either directly by the ECB buying government bonds or indirectly via the liquidity of LTRO used by many banks to invest in public debt. Moreover, during times of greater uncertainty, banks had to increase the proportion of liquid assets on their balance sheets, such as central bank reserves, and therefore had fewer resources available to grant credit.