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Financialisation and the financial and economic crises: the case of Portugal

2014-12Working paper Open access
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dc.contributor.authorBarradas, Ricardo
dc.contributor.authorLagoa, Sérgio
dc.contributor.authorLeão, Emanuel
dc.contributor.authorMamede, Ricardo
dc.date.accessioned2018-02-24T12:36:21Z
dc.date.available2018-02-24T12:36:21Z
dc.date.issued2014-12
dc.descriptionDocumento elaborado e integrado no Projecto FESSUD, University of Leeds, projecto fundado pela União Europeiapt_PT
dc.description.abstractThe notion of 'financialisation' broadly refers to the growing weight of finance in contemporary economies. Taking this into account, the present study focus on the long-run macroeconomic development and recent financial and economic crisis of the Portuguese economy. Contrary to Greece, Ireland, and Spain, the dismal performance of the Portuguese economy is not solely a post-subprime crisis phenomenon. The sharp discontinuity in GDP growth around the turn of the century is a distinctive feature of Portugal in the EU context and, although several factors account for this discontinuity, the process of financialisation of the Portuguese economy is an essential part of the explanation. This process in Portugal was essentially characterised by a large increase in bank credit to the private sector, resulting from a combination of demand- and supply-side factors that produced a wide availability of credit at historically low interest rates. Thus, we suggest that the Portuguese experience can be labelled a ‘debt-led domestic demand growth’ model. However, after 2000 the Portuguese economy experienced a succession of shocks, and an exhaustion of the domestic debt-led growth at a much earlier stage than other countries, resulting in a sharp economic slowdown, with negative consequences for public finances. The high levels of public and private indebtedness were a decisive factor behind the steep rise in the Portuguese sovereign bonds interest rates between 2010 and 2012. Finally, we assess the impact of financialisation in the current account, investment, consumption, and inequality; articulating these domains with the general growth model. Our conclusion is that the increase in the importance of finance ended having a clear negative impact on the three former domains, while the negative impact on income inequality was less pronounced.pt_PT
dc.description.versioninfo:eu-repo/semantics/publishedVersionpt_PT
dc.identifier.issn2052-8027
dc.identifier.urihttp://hdl.handle.net/10400.21/8127
dc.language.isoengpt_PT
dc.peerreviewedyespt_PT
dc.publisherDinâmia’CET, ISCTE – University Institute of Lisbonpt_PT
dc.relationEuropean Union Seventh Framework Programme (FP7/2007-2013)pt_PT
dc.relationGrant agreement n° 266800pt_PT
dc.relation.ispartofseriesFESSUD Studies in Financial Systems;24
dc.relation.publisherversionhttp://fessud.eu/wp-content/uploads/2012/08/FESSUD-STUDY-WP3-Country-study-Portugal-final-study-24.pdfpt_PT
dc.subjectPortugalpt_PT
dc.subjectFinancialisationpt_PT
dc.subjectCreditpt_PT
dc.subjectEconomic growthpt_PT
dc.subjectInvestmentpt_PT
dc.subjectConsumptionpt_PT
dc.subjectTrade balancept_PT
dc.subjectIncome inequalitypt_PT
dc.subjectFinancial and economic crisispt_PT
dc.titleFinancialisation and the financial and economic crises: the case of Portugalpt_PT
dc.typeworking paper
dspace.entity.typePublication
oaire.citation.conferencePlaceLeedspt_PT
person.familyNameBarradas
person.familyNameLagoa
person.familyNameLeão
person.familyNameMamede
person.givenNameRicardo
person.givenNameSérgio
person.givenNameEmanuel
person.givenNameRicardo
person.identifier.ciencia-id061D-E6BF-503D
person.identifier.ciencia-id531F-EF5A-E848
person.identifier.orcid0000-0003-0212-3568
person.identifier.orcid0000-0003-2790-6518
person.identifier.orcid0000-0002-9586-7365
person.identifier.orcid0000-0001-9738-7480
person.identifier.scopus-author-id57131382000
person.identifier.scopus-author-id6602710360
person.identifier.scopus-author-id26031580100
rcaap.rightsopenAccesspt_PT
rcaap.typeworkingPaperpt_PT
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relation.isAuthorOfPublicationa2ba08a2-3a40-47a9-a2e3-84b111ac6b99
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