Suchergebnisse

Chapter 1: Introduction -- Chapter 2: The 1891-92 Crisis and Beyond -- Chapter 3: World War I and the 1920s Financial Crisis -- Chapter 4: The Estado Novo period: The 1930s and World War II -- Chapter 5: The Estado Novo period after World War II: The golden age of economic growth (1946-1973) -- Chapter 6: The 1973 crisis, the 1974 revolution and their effects on the Portuguese economy (1973-1985) -- Chapter 7: The European period (1986-2017) -- Chapter 8: Conclusion: Some general topics – Government, openness and external imbalance

AbstractUntil the Second World War the Bank of Portugal (BoP) was a long way from possessing the features normally associated with a central bank. It was still a commercial bank, albeit one that had acquired some central bank functions. The war period was decisive in removing this ambiguity. The change was caused mostly by an unusually large influx of international means of payment (gold and foreign exchange) as a consequence of Portugal's neutrality during the war. However, all of this happened during a very troubled period for the BoP, thanks to the collapse of the gold‐exchange standard. The BoP adapted quickly to the new environment of discretion, government interference, and nationalism, although in a relatively original way: it followed the trend but at the same time retained certain features of a central bank still committed to gold standard principles. The two essential objectives of the BoP were to keep the value of the Portuguese currency stable and to keep interest rates low in order to encourage economic growth. The bank was successful on both counts during the war and the postwar period using a series of non‐conventional instruments.

The linkage between the Portuguese economy & the 2007 international crisis -- which has been named as Great Depression -- is not clear. The major problem of the Portuguese economy is not born in recent years, since the beginning of the 21st century that we assist to the lower development rates, which has contributing to deepener the gap with the developed countries. In this article we will examine the outcomes of the Portuguese economy evolution that extrapolate the economic sphere, reaching the European Union project & the Portuguese insertion on it. Adapted from the source document.

As permanent features of History, financial crises have preceded & will therefore also outlive capitalism. Nevertheless, there are types of credit, debt & crisis that are specific to the capitalist system. Even before large capitalist companies started to borrow large amounts of credit, states felt this necessity. As in past cases, the present crisis results from a combination of legislative changes, monetary policies, relaxation of supervision as well as of credit concession criteria, & credit growth through the adoption of new instruments. Adapted from the source document.

Portugal financed the extraordinary expenditures of the First World War in the same way as many other countries, i.e. running budgetary deficits, issuing debt, and printing money. By the end of the war, all nations were facing the same dilemma - they could either adopt a deflationary monetary policy or embark on a fairly aggressive policy of currency devaluation. Due to political weakness, successive Portuguese governments accepted the latter. This inflationary policy penalized mostly private savings and the share of the population relying on fixed incomes, but it also slowed down the contraction of the economy. ; publishersversion ; published