Esta investigação procura avaliar criticamente as referências às teorias das crises e flutuações económicas constantes dos manuais de economia política de ensino universitário em Portugal na primeira metade do século XX e, tanto quanto possível, situar a posição dos seus autores no contexto das correntes internacionais. As conclusões corroboram o que vários estudos sobre o panorama das ideias económicas em Port...
At two different moments (1978-1979 and 1983-1985), Portugal had to call upon the International Monetary Fund (IMF) for financial assistance in order to resolve serious balance of payment crises. In both cases, the terms for the implementation of IMF conditionality were agreed before the so-called Washington Consensus (WC) was established in 1989. The paper examines to what extent the Portuguese experience unde...
This paper performs a long-run time series analysis of the behaviour of the income velocity of money in Portugal 1891-1998, and assesses the importance of both macroeconomic and institutional factors in shaping its path. We look for particularities of the Portuguese case in the international context. By means of a cointegrated vector autoregression, we find that institutional variables matter. Moreover, regress...
This paper provides a general view of the evolution of banking in the Portuguese Colonial Empire between the founding of the first Portuguese colonial bank in 1864 and the independence of most Portuguese colonies in 1975. The text summarizes the legal background, presents the banks existing during that period, examines their businesses and discusses their contribution to the economic evolution of the territorie...
Tomás António da Guarda Cabreira (1865-1918) destacou-se como economista e político através de uma ampla e diversificada obra escrita sobre temas económicos e financeiros, através de uma curta intervenção política como deputado e senador a partir de 1911 e como Ministro das Finanças entre Fevereiro e Junho de 1914. A análise dos principais aspectos do seu pensamento político-económico, revelados em especial na ...
This paper tries to make an assessment about the process of formation of Portuguese multinationals during the last quarter of century in the context of similar small emerging European economies. The main question to be addressed is how much Portuguese peculiarities shaped the transnationalization process of the Portuguese economy in a different way, when compared to other European economies of similar size, whi...
This text tries to assess the relation between the privatization and transnationalization processes in the Portuguese economy in the last two decades of the 20* century and the early 21st century. It concludes that the privatization process changed the Portuguese economic system from a strong State capitalism to a weakly regulated capitalism, and promoted both passive transnationalization, i. e. the penetration...
This paper analyses the behaviour of the Portuguese income velocity of money from 1854, when Portugal precociously accepted the rules of the gold exchange standard and the eve of the European Economic Union. The long run behaviour of income velocity of money in Portugal displays, throughout the entire period, a pattern in line with its relative economic and institutional backwardness. Only from the 1950s on, di...
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