Functional income distriibution in a small European country: the role of financialisation and other determinants

Working papers com arbitragem científicaThis 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/publishedVersio

Biodiversidade, as Biotecnologias e a procura de uma nova Bioeconomia

info:eu-repo/semantics/publishedVersio

Financialisation and the financial and economic crises: the case of Portugal

Documento elaborado e integrado no Projecto FESSUD, University of Leeds, projecto fundado pela União EuropeiaThe notion of 'financialisation' broadly refers to the growing weight of finance in contemporary economies. Taking this into account, the present study focus on the long-run macroeconomic development and recent financial and economic crisis of the Portuguese economy. Contrary to Greece, Ireland, and Spain, the dismal performance of the Portuguese economy is not solely a post-subprime crisis phenomenon. The sharp discontinuity in GDP growth around the turn of the century is a distinctive feature of Portugal in the EU context and, although several factors account for this discontinuity, the process of financialisation of the Portuguese economy is an essential part of the explanation. This process in Portugal was essentially characterised by a large increase in bank credit to the private sector, resulting from a combination of demand- and supply-side factors that produced a wide availability of credit at historically low interest rates. Thus, we suggest that the Portuguese experience can be labelled a ‘debt-led domestic demand growth’ model. However, after 2000 the Portuguese economy experienced a succession of shocks, and an exhaustion of the domestic debt-led growth at a much earlier stage than other countries, resulting in a sharp economic slowdown, with negative consequences for public finances. The high levels of public and private indebtedness were a decisive factor behind the steep rise in the Portuguese sovereign bonds interest rates between 2010 and 2012. Finally, we assess the impact of financialisation in the current account, investment, consumption, and inequality; articulating these domains with the general growth model. Our conclusion is that the increase in the importance of finance ended having a clear negative impact on the three former domains, while the negative impact on income inequality was less pronounced.info:eu-repo/semantics/publishedVersio

Financialisation in the european periphery and the sovereign debt crisis: the portuguese case

Working papers com arbitragem científicaThe financial sector has acquired great prominence in most developed economies. However, some authors argue that the growth of finance is at the root of the current financial and economic difficulties. This paper aims to analyse this claim by looking at financialisation in the European periphery, focusing on the Portuguese case. The emergence of this phenomenon is contextualised from a historical, economic and international perspective. Based on the analysis of several indicators, the paper concludes that the Portuguese economy exhibits symptoms of financialisation, and that this has not only revealed the structural weaknesses of the Portuguese economy but also played an important role in the emergence of the recent Portuguese sovereign debt crisis.info:eu-repo/semantics/publishedVersio

Financialisation in the european periphery and the sovereign debt crisis: the portuguese case

Working papers com arbitragem científicaThe financial sector has acquired great prominence in most developed economies. However, some authors argue that the growth of finance is at the root of the current financial and economic difficulties. This paper aims to analyse this claim by looking at financialisation in the European periphery, focusing on the Portuguese case. The emergence of this phenomenon is contextualised from a historical, economic and international perspective. Based on the analysis of several indicators, the paper concludes that the Portuguese economy exhibits symptoms of financialisation, and that this has not only revealed the structural weaknesses of the Portuguese economy but also played an important role in the emergence of the recent Portuguese sovereign debt crisis.info:eu-repo/semantics/publishedVersio

Report on the financial system in Portugal

Documento elaborado e integrado no Projecto FESSUD, University of Leeds, projecto fundado pela União EuropeiaThis Report assesses the extent, nature, and effects of financialisation in Portugal. It also discusses the contribution of financialisation for the crisis that presently affects the Portuguese economy. The liberalization of the banking sector, the easier access to international financial markets, and the growth of credit fostered the development of the Portuguese financial sector.info:eu-repo/semantics/publishedVersio

Risk management, the subprime crisis and financialisation: the role of risk management in the generation and transmission of the subprime crisis

Documento elaborado e integrado no Projecto FESSUD, University of Leeds, projecto fundado pela União EuropeiaOver time the financial sector has gained greater relevance in the economy, a phenomenon that some call financialisation. Contrary to the mainstream view, financialisation literature emphasises that risk management by financial corporations will not be socially efficient in a context of deregulated markets and will ultimately lead to an increase of aggregate risk and crises. To assess the validity of such claim, in this paper we review the literature on risk management during the Subprime crisis. These failures fall into three categories: technique and methodology, corporate governance and strategy, and regulation and external factors. These failures can be interpreted in the light of the financialisation perspective, which is therefore a valuable approach when addressing regulatory changes in the financial system.info:eu-repo/semantics/publishedVersio

The non-for-profit banks in Portugal: specificities, social role and evolution

Colecção DINÂMIA'CET-RN - Artigo em revista científica nacional com arbitragem científicaEste artigo procura definir as principais diferenças entre a generalidade dos bancos e os dois bancos com atitude não lucrativa que operam no mercado bancário português (Caixa Agrícola e Caixa Económica-Montepio Geral). Encontramos diferenças em termos da forma de captar fundos; em termos dos critérios de governação; do regime fiscal; da aplicação dos lucros; e da atitude em relação ao lucro. A Caixa Agrícola opera de forma mais próxima dos bancos cooperativos do que a Caixa Económica-Montepio Geral. Ambos os bancos têm vindo a modernizar-se e construir grupos financeiros modernos que oferecem uma enorme variedade de produtos e serviços financeiros, semelhantes à generalidade dos bancos. Contudo, isto não foi suficiente para evitar alguma erosão das suas posições no mercado bancário (quer em termos de crédito concedido quer em termos de depósitos recebidos). O impacto da crise financeira de 2008 na rendibilidade da Caixa Agrícola foi semelhante à média do sector bancário. No caso da Caixa Económica-Montepio Geral, o impacto foi menos grave que na média do sector.This paper establishes the main differences between standard commercial banks and the two non-for-profit banks operating in Portugal (Caixa Agrícola – CA – and Caixa Económica Montepio Geral – CE-MG). In particular, we find differences in the way funds are raised, governance criteria, tax regime, application of profits and attitude towards profit. However, CA is more similar to a typical co-operative/mutual bank than CE-MG. Both banks have modernized and transformed into modern financial groups offering a wide variety of financial products similar to any commercial bank. However, this was not enough to avoid an erosion of their market position in terms of credit and deposits. The 2008 financial crisis’ impact on the profitability of CA was similar to the impact on the industry average, whereas on CE-MG the impact was milder.info:eu-repo/semantics/publishedVersio

Modelos de organização e desafios dos sistemas de pensões em Portugal numa perspetiva Europeia

O objetivo principal deste trabalho é analisar e comparar os modelos de organização dos sistemas de pensões mais comuns na Europa, bem como as reformas que têm sofrido, e daí retirar conclusões para Portugal. Nos países europeus têm-se verificado alterações demográficas e económicas que comprometem a sustentabilidade dos sistemas de pensões e, em resposta, têm sido encetadas reformas diversificadas. Usualmente, sugere-se que os sistemas de capitalização virtual ou real são superiores ao sistema de repartição de benefício definido a enfrentar os desafios demográficos, económicos e sociais, assim como são, em geral, mais eficientes. Após discutir as vantagens e desvantagens de cada um dos modelos do ponto de vista conceptual, concluímos que não existe um que seja inequivocamente superior. A análise de dados demonstra que o sistema de benefício definido português apresenta uma boa eficiência na substituição de rendimento, no emprego entre os mais idosos e na evolução da despesa, mas não no combate à pobreza. Em geral, os modelos de capitalização virtual são os que reagem melhor à evolução demográfica, enquanto os de benefício definido combinado com flat rate são eficazes na redução da pobreza.FC

Registered human trials addressing environmental and occupational toxicant exposures: Scoping review of immunological markers and protective strategies

Exposure to pollution is a worldwide societal challenge participating in the etiology and progression of different diseases. However, the scarce information hinders our understanding of the actual level of human exposure and its specific effects. Inadequate and excessive immune responses underlie diverse chronic diseases. Yet, it is unclear which and how toxicant exposures affect the immune system functions. There is a multiplicity of immunological outcomes and biomarkers being studied in human trials related to exposure to different toxicants but still without clear evidence of their value as biomarkers of exposure or effect. The main aim of this study was to collect scientific evidence and identify relevant immunological biomarkers used at the clinical level for toxicant exposures. We used the platform clinical trials.gov as a database tool. First, we performed a search combining research items related to toxicants and immunological parameters. The resulting117 clinical trials were examined for immune-related outcomes and specific biomarkers evaluated in subjects exposed to occupational and environmental toxicants. After categorization, relevant immunological outcomes and biomarkers were identified related to systemic and airway inflammation, modulation of immune cells, allergy and autoimmunity. In general, the immune markers related to inflammation are more frequently investigated for exposure to pollutants, namely IL-6, C-reactive protein (CRP) and nitric oxide (NO). Nevertheless, the data also indicated that prospective biomarkers of effect are gaining ground and a guiding representation of the established and novel biomarkers is suggested for upcoming trials. Finally, potential protective strategies to mitigate the adverse effects of specific toxicants are underlined for future studies.info:eu-repo/semantics/publishedVersio