Suchergebnisse

This paper provides an empirical analysis of the relationship between the labour income share and financialisation, as well as other related variables in Portugal from 1978 to 2012. We estimate an equation for the labour share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectoral composition of the economy (due to both the increase in the weight of financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that the financialisation process has an indirect long-term effect on the labour share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle. ; info:eu-repo/semantics/acceptedVersion

This work aims to analyze the co-movements between the Portuguese, Greek, Irish and German government bond markets after the subprime crisis (2007 to 2013). Additionally, it aims to test the existence of contagion between the Portuguese, Greece and Irish bond markets, and to explore the phenomenon of flight-to-quality from the Portuguese and Greek bond markets to the German market. The analysis is undertaken using a DCC-IGARCH model with daily data for the 10 year yields government bonds. Results suggest the existence of contagion between the Greek and the Portuguese markets, and to a lesser extent between the Irish and the Portuguese markets. The correlation between the Portuguese and Greek yields at the end of the analyzed period indicates the non-existence of decoupling between the two countries. During most of the identified crisis periods, flight-to-quality flows are evident from the Portuguese and Greek bond markets to the German market. ; FCT

JEL CLASSIFICATION C22, D33, E25 and E44 ; This paper makes an empirical analysis of the relationship between financialisation and the evolution of labour income share in Portugal from 1978 to 2012. We estimate an equation for the labour income share that includes standard variables (technological progress, globalisation, education and business cycle) and variables to capture the effect of financialisation. We formulate the hypothesis that the financialisation process may lead to a rise in the inequality of functional income distribution through three channels: the change in the sectorial composition of the economy (due to the increase in the weight of the financial activity and the decrease in government activity), the diffusion of shareholder value governance practices and the weakening of trade unions. Our results show that there is a long-term relationship between all variables and that the financialisation process indirectly affects the labour income share through its impact on government activity and trade union density. The paper also finds evidence supporting the traditional explanations for functional income distribution, namely globalisation, education and business cycle. ; FCT

The paper reflects on the role played by human capital in the continued diversity of growth dynamics in Europe. Given the increasing convergence in terms of the average years of schooling, we claim that it is the quality more than the quantity of education that matters for economic growth in advanced countries. Using EU27 country data to estimate a growth regression model, we test for the significance of several human capital measures drawing on education level and quality. Average years of schooling and the percentage of labour force with tertiary education are used to measure education stock. For education quality we use the share of graduates in higher education by educational field and the PISA mean scores in reading, maths and science. Our research findings indicate that particular kinds of human capital seem to be more important than others in explaining the growth rates of EU countries from 2000 to 2010. Although positively related to GDP per capita growth, higher education levels were not statistically significant. Specific kinds of higher education, such as science, maths and computers, appear to be more relevant; on the other hand, PISA scores do not seem to have a significant impact on growth. These results suggest relevant policy implications as research, innovation and education are core elements of the European growth strategy. A larger proportion of the workforce with tertiary education and also a diversified pool of qualifications could be of benefit to Europe's economic performance. In particular, high qualifications in science and technology appear as very relevant for innovative performance. The quality of education systems, measured by PISA scores, may have a delayed and indirect effect on economic growth. Progress can be made in higher education, and especially in science and technology, by systematically improving cognitive skills at school, notably mathematics and science literacy. ; info:eu-repo/semantics/publishedVersion

Based on European Working Conditions Survey (EWCS) micro-data, we show that, on average, work autonomy has declined and work pressure has increased in most European Union countries since 1995. Since such evolution is substantially detrimental for workers, we examine whether workers of varied skill levels in different countries have been equally impacted. Descriptive analysis shows that low-skill clerical workers are the most affected and that Scandinavian countries fare better. Econometric results show that the decline in job satisfaction is due mainly to the increase in work pressure—which might be reaching a limit for high-skill workers—and that job satisfaction is most affected by an increase in work pressure when this is not accompanied by greater work autonomy.

This paper analyses the evolution of the notion of territorial cohesion in the European Union, with an emphasis on the importance given to the processes of participation and to the specificities of local realities. Despite space and territory has always received attention from the economic theories of development, only recently the territorial dimension was considered fundamental by the European Union. Even though the European Rural Development Policy has always had a greater territorial focus than other European policies, the real relevance of participatory models and the involvement of local actors within this policy has been questioned and must be scrutinized. The reference to a Portuguese cooperative financial institution illustrates this assessment by providing evidence on the role that a local institution can play in rural development. ; FCT

The aim of this paper is to show that social benefits may accrue from work environments that support autonomous forms of work. Based on social psychology, economics and philosophy approaches, we argue that autonomy is a basic human need which, when satisfied, enhances civic behavior. Using individual data from the EWCS, we find evidence of the positive effect of work autonomy on volunteer work and political/trade union activities. Overall, work autonomy has decreased over the last fifteen years for all skill levels in the EU, though there are substantial differences between countries. Organizational practices that promote autonomy should be deliberately stimulated if civic participation is to be furthered. ; FCT