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Browsing ISCAL - Livros by Author "Barradas, Ricardo"
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- Desafios do sistema de pensões em Portugal: reflexões em torno da sustentabilidade financeira e social, dos modelos organizativos e das formas de financiamentoPublication . Barradas, Ricardo; Lagoa, SérgioEste texto é uma síntese de um trabalho mais vasto sobre esta temática e debruça-se sobre a situação atual do sistema de pensões, a sua eficiência relativa em termos europeus e as suas perspetivas de evolução. Posteriormente, analisa as reformas internacionais mais marcantes e os argumentos a favor e contra os principais modelos de gestão. Por fim, analisa as fontes de financiamento da Segurança Social e apresenta os possíveis vetores de reforma paramétrica do sistema, com identificação de algumas propostas que nos parecem mais razoáveis.
- Evolution of the financial sector - Three different stages: repression, development and financialisationPublication . Barradas, RicardoThis chapter makes a systematic literature review on the evolution of the financial sector in the last decades all over the world, but especially in the more developed countries. This evolution was marked by three different stages, reflecting different impacts of the financial sector on the real economy and on society. The first stage financial repression is characterised by the existence of several regulations and restrictions on the financial sector, which proved to be detrimental to support economic growth. This legitimised the financial liberalisation and deregulation of the financial sector in the recent years, representing the second stage financial development. Consequently, there was a strong growth of the financial sector in subsequent years, originating an excessive financial deepening and casting doubts around the advantages provided by the financial sector. In fact, excessive financial deepening weakened or reversed the relationship between savings and investments. The large growth of the financial sector and its deleterious effects are commonly referred as financialisation, constituting the third stage. The chapter concludes that it is necessary to engage in a fourth stage in the coming years de-financialisation in order to re-establish a more supportive relationship between the financial sector and economic growth and presents several policy recommendations about this matter.
- Risk Management, The Subprime Crisis and Finance-Dominated Capitalism: What Went Wrong? A Systematic Literature ReviewPublication . Barradas, Ricardo; Lagoa, Sérgio; Leão, EmanuelThis chapter is concerned with the implications of both visions of finance for risk management. The mainstream view argues that, as finance grows, risk management becomes more efficient and therefore ensures the diversification and control of risk. In contrast, the financialization approach is sceptical about the finance sector’s capacity to manage risk effectively. We review the literature to assess the role of risk management in the subprime crisis in order to evaluate which of the two aforementioned visions prevails and which is more persuasive. This chapter is concerned with the implications of both visions of finance for risk management.
- The Long Boom and the Early Bust: The Portuguese Economy in the Era of FinancialisationPublication . Barradas, Ricardo; Mamede, Ricardo; Lagoa, Sérgio; Leão, EmanuelThis chapter expands the authors’ previous work on the Portuguese financial system’s evolutions in the past three decades. In that work they extensively documented the various signs of financialisation in the Portuguese economy. Now the authors focus on the effects of financialisation in Portugal on the long-run macroeconomic development and on the financial and economic crises that hit the country in recent years. The chapter is divided in four main sections. Section 11.2 discuss the main features of the development of the Portuguese economy since the early 1980s. Section 11.3 builds an analysis by looking in greater detail at four different channels through which financialisation affects the evolution do the Portuguese economy: income distribution, investment in capital stock, private consumption and the current account. Section 11.4 addresses the crisis and section 11.5 presents the conclusions.