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After World War II, with the triumph of multilateralism, several international organizations were created, including two which would be of special importance for the external funding of the Portuguese economy in the second half of the twentieth century and in the early twenty-first. The European Union and the International Monetary Fund have been responsible for providing large amounts of funding, both in periods of economic development and during times of financial crisis. This contributory volume provides a thorough analysis on specific case studies: the Marshall Plan (1949-1952); the three IMF interventions (in the seventies, eighties and the 2011 bailout); the implementation of the first EU funds Portugal received prior to accession; and the debate on the new framework for European funds for the period 2021-2027. These case study analyses provide an overview of the legal, economic and financial implications that such external funding has on the country at different times and in different economic contexts. Of particular import at all times is the public finance legal framework, and this is especially the case for the new European funding structures, which has attracted some criticism. And for any future IMF financial assistance and its political implementation implications. Portuguese Economic Development and External Funding in the Modern Era provides important insights into economic development, crisis management, financial assistance and European investment funds. While the work is Portuguese-centred, the topics investigated and the means of analysis adopted are applicable to other countries. This is the first book to address economic development and external funding, and it will inevitably be used as a template for future research.
A fascinating exploration of the evolution of the Portuguese economy over the course of eight centuries, from 1143 to 2010.
An empirical investigation of financial crises during the last 800 years.
Foreign policy is one of the most complex policies of every state, and Portugal and Iceland are no exception. The “Small States and Big Powers: Portugal and Iceland’s Foreign Relations” book analyses the importance of relations with big powers or regional and international organisations from a shelter theory perspective, detailing the degree of political, economic and societal shelter that they have provided to Portugal and to Iceland over time. Despite having followed distinct paths, Portugal and Iceland have some important similarities in their foreign policy, namely in relation to the European and the Atlantic dimensions and their participation in regional organisations. The book examines their decisions to join or not to join regional organisations, and both countries’ bilateral relations with other important parts of the world, namely Africa, the Nordic states and China. This book compares the foreign policies of Portugal and Iceland considering their commonly identified status as small states and place them within the shelter theory framework, and its findings indicate that both countries need to balance their international relations with shelter provided by different actors. Their size and political and economic capabilities matter in their bilateral and multilateral relations. It is therefore in both countries’ interest to maintain strong cooperation not only with big powers, but also regional and international organisations, depending on their field of action, in order to flourish politically, economically and socially.
The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.
"In co-operation with the International Economic History Association."
World Development Report 1994 examines the link between infrastructure and development and explores ways in which developing countries can improve both the provision and the quality of infrastructure services. In recent decades, developing countries have made substantial investments in infrastructure, achieving dramatic gains for households and producers by expanding their access to services such as safe water, sanitation, electric power, telecommunications, and transport. Even more infrastructure investment and expansion are needed in order to extend the reach of services - especially to people living in rural areas and to the poor. But as this report shows, the quantity of investment cannot be the exclusive focus of policy. Improving the quality of infrastructure service also is vital. Both quantity and quality improvements are essential to modernize and diversify production, help countries compete internationally, and accommodate rapid urbanization. The report identifies the basic cause of poor past performance as inadequate institutional incentives for improving the provision of infrastructure. To promote more efficient and responsive service delivery, incentives need to be changed through commercial management, competition, and user involvement. Several trends are helping to improve the performance of infrastructure. First, innovation in technology and in the regulatory management of markets makes more diversity possible in the supply of services. Second, an evaluation of the role of government is leading to a shift from direct government provision of services to increasing private sector provision and recent experience in many countries with public-private partnerships is highlighting new ways to increase efficiency and expand services. Third, increased concern about social and environmental sustainability has heightened public interest in infrastructure design and performance.
The third edition of Historical Dictionary of Portugal greatly expands on the second edition through a chronology, an introductory essay, a bibliography, and hundreds of cross-referenced dictionary entries on important persons, places, events, and institutions, as well as on significant political, economic, social, and cultural aspects.
This book tells the inside story of those who played key roles in setting up the organisations and combatting the crisis. In exclusive interviews, global financial leaders and ESM insiders provide a rich stock of perspectives and anecdotes that bring to life the urgency of the crisis as well as the innovative solutions found to resolve it. The European Stability Mechanism and its temporary predecessor the EFSF provided billions of euros in loans to five hard-hit euro area countries during the European financial and sovereign debt crisis of the early 2000s, helping to safeguard the stability of those countries and the euro area as a whole. Initially, the crisis-torn euro area was ill-equipped institutionally, but the rapid establishment of the firewalls, the assistance programmes, deep‐seated country reforms, the strengthening of European institutions, and extraordinary European Central Bank measures shielded Europe from a euro area break-up. With the EFSF/ESM set-up, its managers aspired to create a new, more entrepreneurial international financial institution, one that is agile enough to respond quickly to new challenges, while still ensuring the strict governance befitting an organisation pursuing a public mission. The euro area has emerged from near disaster in more robust shape. As Europe strives to further strengthen its architecture in preparation for any possible future crises, it is important to reflect upon how the euro area reinvigorated its fortunes and draw the relevant lessons for future crisis management in Europe and beyond.
Brilliant and engagingly written, Why Nations Fail answers the question that has stumped the experts for centuries: Why are some nations rich and others poor, divided by wealth and poverty, health and sickness, food and famine? Is it culture, the weather, geography? Perhaps ignorance of what the right policies are? Simply, no. None of these factors is either definitive or destiny. Otherwise, how to explain why Botswana has become one of the fastest growing countries in the world, while other African nations, such as Zimbabwe, the Congo, and Sierra Leone, are mired in poverty and violence? Daron Acemoglu and James Robinson conclusively show that it is man-made political and economic institutions that underlie economic success (or lack of it). Korea, to take just one of their fascinating examples, is a remarkably homogeneous nation, yet the people of North Korea are among the poorest on earth while their brothers and sisters in South Korea are among the richest. The south forged a society that created incentives, rewarded innovation, and allowed everyone to participate in economic opportunities. The economic success thus spurred was sustained because the government became accountable and responsive to citizens and the great mass of people. Sadly, the people of the north have endured decades of famine, political repression, and very different economic institutions—with no end in sight. The differences between the Koreas is due to the politics that created these completely different institutional trajectories. Based on fifteen years of original research Acemoglu and Robinson marshall extraordinary historical evidence from the Roman Empire, the Mayan city-states, medieval Venice, the Soviet Union, Latin America, England, Europe, the United States, and Africa to build a new theory of political economy with great relevance for the big questions of today, including: - China has built an authoritarian growth machine. Will it continue to grow at such high speed and overwhelm the West? - Are America’s best days behind it? Are we moving from a virtuous circle in which efforts by elites to aggrandize power are resisted to a vicious one that enriches and empowers a small minority? - What is the most effective way to help move billions of people from the rut of poverty to prosperity? More philanthropy from the wealthy nations of the West? Or learning the hard-won lessons of Acemoglu and Robinson’s breakthrough ideas on the interplay between inclusive political and economic institutions? Why Nations Fail will change the way you look at—and understand—the world.