The Portuguese Economy in the Context of Economic, Financial by Banco de Portugal

By Banco de Portugal

Monetary examine has for lengthy been appeared by means of Banco de Portugal as a primary task to aid the fulfilment of its major projects: to keep up cost balance and financial balance. the significance of financial study, either basic and utilized, is reflected within the technical caliber and rigour of Banco de Portugal’s fiscal research and hence within the caliber of the coverage suggestion at the Portuguese economic climate and at the euro region, in addition to in a good participation in the Eurosystem. The learn caliber of the Economics and learn division used to be additionally well-known - in self reliant reviews - with most sensible rankings in the nationwide critical banks of the Eurosystem, contributing to maintain the celebrated place of this Department.
The dissemination of research and study is a major motor vehicle of data for fiscal brokers, that is really correct within the means of expectancies formation. during this standpoint, Banco de Portugal matters a accomplished diversity of monetary guides, that are aimed toward attaining a large set of audiences.

Show description

Read or Download The Portuguese Economy in the Context of Economic, Financial and Monetary Integration PDF

Best economics books

All the Devils Are Here: The Hidden History of the Financial Crisis

"Hell is empty, and
all of the devils are the following. "
-Shakespeare, The Tempest

once the monetary main issue erupted, the finger-pointing all started. should still the blame fall on Wall highway, major road, or Pennsylvania street? On grasping investors, erroneous regulators, sleazy subprime businesses, cowardly legislators, or clueless domestic dealers?

in keeping with Bethany McLean and Joe Nocera, of America's such a lot acclaimed enterprise newshounds, the genuine resolution is all the above-and extra. Many devils helped convey hell to the economic system. And the whole tale, in all of its complexity and element, is just like the legend of the blind males and the elephant. virtually all people has neglected the massive photograph. virtually nobody has positioned the whole lot jointly.

all of the Devils Are the following is going again numerous a long time to weave the hidden historical past of the monetary predicament in a fashion no earlier e-book has performed. It explores the motivations of every body from recognized CEOs, cupboard secretaries, and politicians to nameless creditors, debtors, analysts, and Wall highway investors. It delves into the strong American mythology of homeownership. And it proves that the quandary finally wasn't approximately finance in any respect; it was once approximately human nature.

one of the devils you'll meet in brilliant aspect:

• Angelo Mozilo, the CEO of national, who dreamed of spreading homeownership to the loads, purely to succumb to the peer pressure-and the oversized profits-of the sleaziest subprime lending.

• Roland Arnall, a revered philanthropist and diplomat, who made his fortune development Ameriquest, a subprime lending empire that trusted blatantly misleading lending practices.

• Hank Greenberg, who equipped AIG right into a Rube Goldberg contraption with an undeserved triple-A score, and who ran it so tightly that he was once the single one that knew the place all of the our bodies have been buried.

• Stan O'Neal of Merrill Lynch, aloof and suspicious, who suffered from "Goldman envy" and drove a proud previous company into the floor by way of selling cronies and pushing out his smartest lieutenants.

• Lloyd Blankfein, who helped flip Goldman Sachs from a tradition that famously positioned consumers first to at least one that made consumers secondary to its personal base line.

• Franklin Raines of Fannie Mae, who (like his predecessors) bullied regulators into submission and permit his enterprise waft clear of its unique, noble venture.

• Brian Clarkson of Moody's, who aggressively driven to extend his ranking agency's marketplace percentage and inventory fee, on the fee of its integrity.

• Alan Greenspan, the mythical maestro of the Federal Reserve, who overlooked the proof of a starting to be housing bubble and became a blind eye to the lending practices that eventually introduced down Wall Street-and inflicted huge, immense ache at the nation.

simply as McLean's the neatest men within the Room was once hailed because the most sensible Enron e-book on a crowded shelf, so will all of the Devils Are the following be remembered for ultimately making experience of the meltdown and its outcomes.

The Oxford Handbook of Land Economics

What do economists learn about land-and how they comprehend? The Oxford guide of Land Economics describes the newest advancements within the fields of economics that research land, together with normal source economics, environmental economics, local technological know-how, and concrete economics. The guide argues, first, that land is a subject that integrates those fields and moment, that efficient integration more and more happens not only inside of economics but in addition throughout disciplines.

The Economics of A.R.J. Turgot

This publication might be defined as a improvement of my Masters thesis, 'The Economics of A. R. J. Turgot' written on the collage of Sydney in 1961-62. It has for this reason been many years within the making and, remember the fact that, I in­ curred many an highbrow debt in this interval which i want to recognize right here.

Theoretical and Policy-Oriented Aspects of the External Debt Economics

The earlier method of the overseas debt drawback has been normally in accordance with traditional banking precept during which debt needed to be paid again in fuH and in time. overseas lending used to be a functionality of the perceived credit rating of debtor kingdom and the go back on funding (ROI). If debtor kingdom run into problems and had issues of carrier funds - it was once usually assumed that the debt-related bills have been mismanaged.

Additional resources for The Portuguese Economy in the Context of Economic, Financial and Monetary Integration

Sample text

10 The technology shock expands temporarily the production capacity of the economy and therefore lowers the marginal cost of production. As a result, the optimal behaviour of firms would be to lower their prices. However, given the existence of nominal rigidities, in particular price stickiness à la Calvo, only a fraction of the firms are re-optimising in each period. Thus, inflation declines sluggishly, with the maximum effect occurring four quarters after the shock. The decline in inflation explains why the short-term interest rate declines while GDP is increasing.

In particular we discuss the importance of rules as an anchor of private expectations, the differences in optimal policies between open and closed economies, the impact stemming from the existence of heterogeneous structures across countries, the importance of market segmentations in order to replicate the optimal allocation in the union, and the interplay between fiscal and monetary policy. Three qualifications should be mentioned regarding the scope of the analysis in this chapter. First, even though we do not focus directly on the Portuguese economy, the lessons emerging from the analysis should be in general extendable to a small open economy highly integrated with the euro area from an economic and financial perspective1 .

This involvedness led many researchers to narrow their focus and analyse the response of the economy to arguably well-known and identified economic shocks. During the past two decades, monetary policy and technology shocks have emerged as the two main benchmarks to analyse the transmission mechanisms in the economy. In this chapter we follow these benchmarks, also to ensure comparability of the results with other studies focusing on the euro area. Accordingly, we present evidence on the transmission of monetary policy and technological shocks in the euro area using vector auto-regressive (VAR) techniques (see Christiano, Eichenbaum and Evans (1999), and Altig, Christiano, Eichenbaum and Linde (2005).

Download PDF sample

Rated 4.42 of 5 – based on 32 votes