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Proceedings of a Conference Sponsored by Junta Nacional de Investigação Cientifica and Banco de Portugal
A fascinating exploration of the evolution of the Portuguese economy over the course of eight centuries, from 1143 to 2010.
OECD's 1992 Economic Survey of Portugal examiens Portugal's integration into the European Community, recent economic policies, and recent economic trends and the short-term outlook.
The transformation from a closed and inward-looking economy to an active integration into the European Union is one which a number of countries are facing. This book examines the experience of southern European countries where such transformation has occurred within a short space of time and has been accompanied by important socio-political developments including the consolidation of democracy. The various contributors focus on the motivation for economic change, the problems encountered and the lessons to be learnt.
The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.
This volume provides a significant contribution to the understanding of the effects of foreign direct investment on trade. Through an investigation of the pattern and determinants of trade in Portuguese manufacturing, it demonstrates FDI's long term transforming effect and how it has the potential to transfer and embed knowledge within the EU through upgrading host economies. The volume will be of interest to academics, postgraduate students, researchers and policy makers.
This Selected Issues paper on Portugal reviews a set of issues of relevance to the regime change implied by European Monetary Union participation. It presents an empirical investigation of the business cycle in Portugal. The paper attempts to obtain a quantitative sense of the impact of monetary policy on the Portuguese economy, utilizing an unrestricted vector autoregression methodology to characterize the monetary transmission mechanism. It also examines some key forces at work in Portugal’s external sector from different vantage points.
"After decades of isolation and a turbulent transition to democracy, Portugal's integration into the European Union has given political, economic, social, and cultural stability to a country that had to overcome the trauma of losing an empire. This volume clearly is a major contribution to the study of how Portugal became part of the European Union as a political system and its development towards Europeanization and domestication.Magone first lays a theoretical framework for the study of Europeanization and discusses political parties, the political system, and Portuguese society in terms of Europeanization. He then examines public administration, how the European Union and the OECD impacted on the modernization agenda, and includes a discussion of the national EU policy coordination. Magone also considers the Portuguese Euro-elite and how they interacted with the Portuguese presidency and the processes of decision-making going on among the different levels of the governance system of the European Union. He highlights a case study of the Portuguese presidency of the European Union, which took place in the first half of 2003. In addition, Magone discusses the impact of the EU structural funds on Portugal, and scrutinizes Portuguese foreign and defense policies, in particular its reconstructed foreign policy, which was clearly instrumental in achieving the independence of East Timor. He reviews the growing integration of Portugal into the emerging structures of the Common Foreign and Security Policy (CFSP), concluding with the challenges that Portugal will face in the future in the education, health, and business sectors.An interesting finding is the growing alienation of the population from the political class, who clearly make all the decisions in relation to the European Union without proper consultation of the population through referenda. In sum, this book is vital to understand one of the oldest nation-states of the world.JosÚ M. Magone is senior lecturer"