The European Crisis: Repercussions on the Portuguese Economy

Correia, Leonida

doi:10.30958/ajms.2-2-1

Cited by 16 publications

(14 citation statements)

References 16 publications

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“…Several authors (Gibson et al, 2014;Moro, 2014;Zestos, 2016) have addressed the topics related to the economic and European sovereign debt crisis, including their theoretical and empirical explanations, the policy options for dealing with the related problems and also lessons for the future. Overall, there seems to be a consensual conclusion that the European countries were affected to different degrees depending on their economic structure and vulnerability to shocks and that the peripheral countries have become the most vulnerable to the vicissitudes of the crisis (Correia, 2016).…”

Section: Figure 1 Gdp Growth Rate In the World Europe And The Unitementioning

confidence: 99%

The European crisis: Analysis of the macroeconomic imbalances in the rescued euro area countries

Correia¹

2019

Journal of International Studies

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Macroeconomic imbalances are considered as one of the most important causes of European crisis. The crisis has significantly aggravated these imbalances, and some euro area countries-Greece, Ireland, Portugal, Spain and Cyprus-have had to request economic and/or financial assistance. Using the scoreboard of headline indicators of the Macroeconomic Imbalance Procedure as reference and applying statistical analysis methods, this paper provides new evidence on the role played by the assistance programmes in these five rescued countries and analyses their patterns of divergence/convergence relative to the euro area aggregate since 2007. The evidence indicates that the values of the net international investment position, private and public debt and the unemployment rates have diverged considerably from the thresholds and the euro area averages. A decade after the start of European crisis, although the economic situation has improved, the effects of the crisis and of the austerity policies continue to be felt and the macroeconomic imbalances persist in the rescued countries.

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Section: Figure 1 Gdp Growth Rate In the World Europe And The Unitementioning

confidence: 99%

The European crisis: Analysis of the macroeconomic imbalances in the rescued euro area countries

Correia¹

2019

Journal of International Studies

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“…Private consumption growth decreased, and public spending increased, partially to offset the former, and the cyclically adjusted deficit increased to 3% of GDP (Blanchard & Portugal, 2017 By 2008By -2009 Portugal, as most of the developed world, was facing the consequences of the GFC, and stumbled into a recession; even though the effects were not as pronounced, the Portuguese economy shrank less than the euro zone in these years (Reis, 2013). Portuguese exports decreased by 10.2%, mainly due to a reduction of the output of the trading partners (Blanchard & Portugal, 2017); while imports decreased by 9.9% in 2009 (Correira, 2016).…”

Section: Portugalmentioning

confidence: 99%

Sovereign Debt Crisis in Portugal and in Spain

Afonso

Verdial²

2019

SSRN Journal

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The 2007-2008 financial crisis and the European sovereign debt crisis effects rippled through the financial system, banks and sovereign states. We analyze these events, focusing on the Portuguese and Spanish case after providing an insight into the Eurozone. We assessed the pricing of sovereign risk by performing an OLS/2SLS fixed effects panel analysis on a pool of Eurozone countries and a SUR regression with Portugal and Spain covering the period 1999:11 until 2019:6. Our results show that the pricing of sovereign risk changed with the crisis and the "whatever it takes" speech of Mario Draghi. Specifically, market pricing of the Eurozone credit risk, liquidity risk and the risk appetite increased after the crisis and it relaxed afterwards. We did not find evidence of specific pricing regime changes after the speech in the Portuguese and Spanish case.

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“…From another perspective, Portugal felt a strong impact of the sovereign debt crisis that began to plague Europe in early 2010, but which had its strongest impact in Portugal between mid-2011 and the end of 2013. This period was particularly critical for southern European countries like Greece and Portugal, with high levels of unemployment, wage losses, and significant contraction in purchasing power (Correia, 2016). In this sense, the effects of COVID-19 on the Portuguese economy are felt above all in a period of economic recovery that is still quite fragile.…”

Section: Introductionmentioning

confidence: 99%

The Response of National and Local Portuguese Government Authorities to COVID-19

Almeida

Monteiro

2020

HOLISTICA – Journal of Business and Public Administration

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COVID-19 has caused in Portugal an enormous economic, financial, and social challenge that must be answered by the national and local Portuguese government authorities. Several support measures have been launched to protect businesses, economic sustainability, and employment levels. At the national level, projects with greater economic emphasis are highlighted, which aim to support companies and their workers. The most noteworthy are measures relegated to simplified lay-off, social protection for individuals in isolation or with illness, and support for the payment of basic expenses such as electricity, water, and gas. Also, on this level, measures concerning teleworking and school at home through television have changed the daily lives of families. At the local level, there was a greater emphasis on the social dimension. The role played by local authorities and local councils in stimulating the local business community and supporting the creation of volunteer banks, the delivery of food and medicines, and the production of goods for individual protection was highlighted.

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The European Crisis: Repercussions on the Portuguese Economy

Cited by 16 publications

References 16 publications

The European crisis: Analysis of the macroeconomic imbalances in the rescued euro area countries

The European crisis: Analysis of the macroeconomic imbalances in the rescued euro area countries

Sovereign Debt Crisis in Portugal and in Spain

The Response of National and Local Portuguese Government Authorities to COVID-19

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