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The determinants of the behaviour of the income velocity of money in Portugal 1...

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...

Echoes from the past : portuguese stabilization of the 1890s and 1920s

In the early decades of the contemporary world economy, Portugal had to perform twice difficult stabilization processes: during the 1890s as a consequence of the collapse of external and public debt payments, and during the 1920s in the wake of the First World War. This paper will analyse these Portuguese situations: the 1890s stabilization based on leaving the gold standard monetary system and on partial defau...

European modern economic growth

Banking in the portuguese colonial empire (1864-1975)

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...

Avaliação do Produto Interno Bruto de Portugal

Este texto apresenta uma síntese dos dados existentes sobre o produto interno bruto de Portugal, incluindo novas estimativas para período de 1865 a 1952 e alguns anos isolados anteriores (Quadro 15.0.1). Estas estimativas foram realizadas através de uma metodologia de aproximação macroeconómica. Essa síntese é comparada com os valores anteriormente existentes mais correntemente utilizados. Será oportunamente co...

The rise of portuguese multinational enterprises (1980-2005)

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...

Technical University of Lisbon - 75 years of history

Keynote speech given on 5 December 2005 at the ceremony held to commemorate the 75th anniversary of the Technical University of Lisbon - based on the book Universidade Técnica de Lisboa - 75 anos de historia (Technical University of Lisbon - 75 Years of History)

Privatization and transnationalization in Portugal (1980-2005)

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...

Quanto vale o mar na economia portuguesa?

Este texto procura fazer uma avaliação quantitativa das principais actividades económicas directamente relacionadas com o mar - pesca, portos, marinha mercante e defesa naval - em Portugal desde o século 19. Conclui que essas actividades aumentaram a sua importância no princípio do século 20 e perderam importância nos finais do século 20. O ponto de viragem foi bastante precoce no caso da pesca e da actividade ...

Nationalizations and de-nationalizations in Portugal (19th and 20th centuries):...