The role of marketable skills of workers has been the core focus of the human capital framework. Individuals accumulate skills that enhance their productivity and earnings, but sometimes they are forced to change their professional careers and find new jobs. This paper uses Portuguese linked employer-employee data – Quadros de Pessoal - and explores the relevance of industry and occupation specific skills by lo...
The European cooperative banking plays an important role in promoting savings and in financing small and medium enterprises. Its distinctive characteristics have allowed it to go by the Subprime crisis with a remarkable resilience. Nevertheless, cooperative banks are inserted in a very competitive market, where they suffer a constant pressure to improve competitive position. One strategy often followed to deal ...
JEL CLASSIFICATION C22, D20, E22 and E44 ; This paper aims to address empirically the relationship between financialisation and real investment by Portuguese non-financial corporations from 1977 to 2013. An equation to describe aggregate investment is estimated, which includes the traditional or standard variables (profitability, debt, cost of capital, savings rate and business cycle) and two further measures ...
Based on micro-data, we show that work autonomy has declined and work pressure increased in almost all EU countries since 1995. Since that evolution is substantially detrimental for workers, we examine whether workers of varied skill levels in different countries have been equally impacted. Descriptive analysis shows that low-skill clerical workers are the most affected and that Scandinavian countries fare bett...
In this paper, we examine the primary and secondary markets for German treasury bills. We look in great detail at the rationale behind banks’ decisions concerning the yield they require to be willing to buy treasury bills in the primary market; and we also mention the reasoning behind household and nonbank firm decisions concerning the price they are willing to pay to buy these bills in the secondary market. We...
The efficiency of the banking sector is one of the main concerns of regulators, especially in less developed countries. In this paper we study banking efficiency in the small and insular economy (SIE) of Cape Verde (CV). Based on the experience of this country, it is tested the extent to which the banking sector in SIEs is faced with specific restrictions to its efficiency. Another interesting aspect of the CV’...
The research on wage policies has been triggered by the interest in identifying whether labour market or institutional forces shape the wage settings inside firms. This paper draws on linked employer-employee data and uses a fuzzy c-means clustering analysis to identify typical wage policies of medium and large firms in Portugal. Empirical evidence suggests that firms are segmented into four clusters that can b...
The supply side effects of nominal interest rate and import prices on inflation are very important for the design of monetary policy. However, the empirical identification of the cost channel has ignored import prices. We start by developing a model which shows that ignoring import prices in the estimation of the cost channel may lead to wrong results. Taking this into account, we study the empirical relevance ...
Microcredit has been proposed as a tool for poverty reduction. However, little is known about the way banks determine loans terms and if the credit supplied is enough to satisfy demand. This paper, firstly, proposes a theoretical model to analyse microcredit interest rates and amounts. Secondly, the model predictions regarding loans' size are tested using a disequilibrium model and data from a developed country...
This paper analyses the evolution of the notion of territorial cohesion in the European Union, with an emphasis on the importance given to the processes of participation and to the specificities of local realities. Despite space and territory has always received attention from the economic theories of development, only recently the territorial dimension was considered fundamental by the European Union. Even tho...
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