Growth Performance in Portugal Since the 1960’s: A Simultaneous Equation Approach with Cumulative Causation Characteristics

The aim of this paper is to explain growth performance in Portugal in the last decades through a multi-equation system with cumulative growth characteristics. The model uses a demand-orientated approach to determine the main relationships which explain growth through a virtuous cycle. The idea is to identify the driving forces of growth with causal linkages and feedback tendencies that turn the process self-sustained. The multi-equation growth model is estimated by 3SLS to capture more efficiently the interrelations between the main growth forces and to control for the endogeneity of the regressors. Our evidence shows that the proposed model can successfully be used to explain the Portuguese growth performance, highlighting the importance of exports competitiveness as the key factor in this process. The cumulative growth process can be interrupted at some points mainly due to the incapacity of transferring productivity gains into domestic prices and to turn the economy more competitive. Capital accumulation is also shown not to affect productivity growth and domestic prices not to improve exports competitiveness. These are the main drawbacks of the Portuguese economy that could explain the failure to achieve higher growth rates in the last decades.Cumulative growth, multi-equation system, exports competitiveness, productivity gap, 3SLS regressions

How well the balance-of- payments constraint approach explains the Portuguese growth performance: empirical evidence for the 1965-2008 period

The present study aims to verify whether the balance-of-payments constrained growth approach is suitable for explaining the Portuguese growth performance during the last decades. For that, we adopt “Thirlwall’s Law” that predicts actual growth by the ratio of the exports growth relative to the income-elasticity of the demand for imports. The income-elasticity of imports, essential for the entire analysis, is obtained from the estimation of the imports function by 2SLS, assuming that domestic growth is endogenous. To smooth cyclical variations, 15-year overlapping periods are considered in the computation of “Thirlwall’s Law”, assuming that income-elasticity with respect to imports is either constant or variable over time. It is found that the Law is a good instrument for predicting actual growth in Portugal and this result is reinforced by performing the McCombie test. Our results reveal that Portugal grew slightly higher relatively to the OECD countries in the entire period and this is consistent with the income-elasticity of the demand for exports exceeding that of imports, as “Thirlwall’s Law” implies. Portugal also grew slightly faster than the rate consistent with the balance-of-payments equilibrium, accumulating external deficits over time. Dividing the sample in the pre and post-adhesion period to the EU, it is shown that Portugal grew at a lower rate in the latter, and this is consistent with lower export growth and higher income-elasticity with respect to imports. To overcome this problem, policies are needed to improve the supply characteristics of exports related to non-price competitiveness and reduce the imports sensitivity with respect to domestic income changes.balance-of-payments equilibrium growth rate, income-elasticities with respect to trade, overlapping periods, 2SLS regressions

The evolution of real disparities in Portugal among the NUTS III regions. An empirical analysis based on the convergence approach.

The aim of this paper is to explain regional convergence in Portugal, at Nuts III level, in terms of per capita income and productivity. In doing so, we employ an alternative estimation approach based on panel data analysis that allows for individual differences across regions, avoiding with this way the omitted variable bias occurred in single cross-section regressions. The known concepts of absolute and conditional convergence are tested between the 30 Portuguese regions, as well as, the importance of some conditioning structural factors related to resource allocation and demand conditions. Our evidence shows that convergence among the 30 regions in Portugal is rather conditional than absolute, both, in terms of per capita income and productivity. On the other hand, labour shares in the main economic sectors as measures of resource reallocation are important in explaining convergence in per capita income and productivity. Output growth, reflecting demand conditions and labour composition by sectors are shown to be relevant conditioning factors in explaining the convergence process in productivity and controlling for differences in regional structures. Our evidence shows a more significant shift of labour from the primary to the tertiary sector and when this element is introduced into the convergence equations, convergence is shown to be higher. Keywords: absolute and conditional convergence, per capita income, productivity, labour shares, panel regressions.

Is foreign trade important for regional growth? Empirical evidence from Portugal

he aim of this study is to investigate whether openness, exports shares or trade balances affect regional growth in Portugal. Human capital is also considered as a conditional factor to growth, expressed by the rate of success in high school education. Thus, we analyse whether the combination of international trade and human capital is relevant to explain regional growth in Portugal and how it affects the convergence process between regions. In the empirical analysis, interaction terms are introduced to explore the existence of different performances between regions of the Littoral and the Interior. As an alternative to the traditional approach that considers the population growth rate, we include the share of sectoral employment aiming to capture labour specialisation in the main sectors of economic activity and measure its impact on regional growth. The empirical analysis estimates the conditional convergence model of the Barro’s type, applied to the Portuguese NUTS3 regions for the period 1996-2005. The GMM estimation approach applied to regional panel data reveals that factors associated with external trade, human capital and sectoral labour share (especially of the industrial sector) are relevant to explain regional growth and convergence in Portugal.conditional convergence, human capital, external trade, employment share, GMM regressions, panel data.

Causes of the Decline of Economic Growth in Italy and the Responsibility of EURO. A Balance-of-Payments Approach.

Some countries of the Euro-zone have experienced a declining economic growth more pronounced in the last recent years, like Italy. The aim of this paper is to investigate the causes of the poor growth performance in Italy and the responsibility of the Euro for this crisis. The theoretical approach applied is based on the balance-of-payments constraint hypothesis (known as Thirlwall’s Law) adapted to include internal and external imbalances. Our empirical analysis shows that both the extended model and the original Thirlwall’s Law over-predict the actual growth in Italy suggesting that there are supply constraints that encumber the economy from growing faster. Another conclusion is that part of the decline in economic growth is explained by the loss of competiveness during the Euro period. A scenarios analysis shows that a budget deficit and public debt discipline aiming at achieving the goals of the Stability Pact are not significant stimulus for faster growth. On the other hand, reducing the import dependence of the components of demand, or reducing the import and increasing the export shares in the economy are the most effective policies for fostering growth in Italy.Internal and External Imbalances, Import Elasticities of the Components of Demand, Equilibrium Growth Rates, 3SLS System Regressions.

Growth rates constrained by internal and external imbalances: a demand orientated approach.

Thirlwall’s Law considers that growth can be constrained by the balance-of-payments when the current account is in permanent deficit. The Law focuses on external imbalances as impediments to growth and does not consider the case where internal imbalances (budget deficits or public debt) can also constrain growth. The recent European public debt crisis shows that when internal imbalances are out of control they can constrain growth and domestic demand in a severe way. The aim of this paper is to fill this gap by developing a growth model in line with Thirlwall’s Law that takes into account both internal and external imbalances. The model is tested for Portugal that recently fell into a public debt crisis with serious negative consequences on growth. The empirical analysis shows that the growth rate in Portugal is in fact balance-of-payments constrained and the main drawback is the high import elasticity of the components of demand and in particular that of exports.internal and external imbalances, import elasticities of the components of demand, equilibrium growth rates, 3SLS system regressions.

How well the balance-of-payments constraint approach explains the Portuguese growth performance. Empirical evidence for the 1965-2008 period

The present study aims to verify whether the balance-of-payments constrained growth approach is suitable for explaining the Portuguese growth performance during the last decades. For that, we adopt “Thirlwall’s Law” that predicts actual growth by the ratio of the exports growth relative to the income-elasticity of the demand for imports. The income-elasticity of imports, essential for the entire analysis, is obtained from the estimation of the imports function by 2SLS, assuming that domestic growth is endogenous. To smooth cyclical variations, 15-year overlapping periods are considered in the computation of “Thirlwall’s Law”, assuming that income-elasticity with respect to imports is either constant or variable over time. It is found that the Law is a good instrument for predicting actual growth in Portugal and this result is reinforced by performing the McCombie test. Our results reveal that Portugal grew slightly higher relatively to the OECD countries in the entire period and this is consistent with the income-elasticity of the demand for exports exceeding that of imports, as “Thirlwall’s Law” implies. Portugal also grew slightly faster than the rate consistent with the balance-of-payments equilibrium, accumulating external deficits over time. Dividing the sample in the pre and post-adhesion period to the EU, it is shown that Portugal grew at a lower rate in the latter, and this is consistent with lower export growth and higher income-elasticity with respect to imports. To overcome this problem, policies are needed to improve the supply characteristics of exports related to non-price competitiveness and reduce the imports sensitivity with respect to domestic income changesPublicação co-financiada pela Fundação para a Ciência e Tecnologi

Constrangimentos à recolha seletiva de resíduos alimentares

Sendo a gestão de resíduos um tema em desenvolvimento e com necessidade de maior análise a nível nacional, o desenvolvimento desta dissertação teve por finalidade determinar indicadores e constrangimentos que, atualmente, existem numa área especifica do distrito de Lisboa em que a recolha de resíduos alimentares é realizada em sistema Porta-a-Porta e onde os valores das taxas de recolha e dos níveis de contaminação não atingem valores satisfatórios e expectáveis num sistema desta tipologia. A partir de dados de experiências realizadas em cidades europeias cujas características climatéricas são semelhantes às nacionais, que têm sistemas de recolha idênticos ao da União de Freguesias de Moscavide e Portela e onde se verificou que a gestão de resíduos urbanos biodegradáveis é possível, elaborou-se uma metodologia de estudo baseada na realização de inquéritos por questionário à população da área habitacional do Bairro da Portela, e à população comercial da freguesia de Moscavide, por forma a determinar os principais constrangimentos à recolha de resíduos alimentares, tanto a nível habitacional como em estabelecimentos comerciais. Numa semana específica e integrada no âmbito deste estudo, foram ainda realizadas campanhas de caracterização dos resíduos recolhidos. Com os resultados obtidos nesta caracterização, desejou-se obter uma melhor percepção dos níveis de contaminação existentes, e da taxa de captura de bio-resíduos. Os resultados obtidos permitiram elaborar três matrizes SWOT, uma para cada procedimento (análise do questionário aplicado aos moradores do bairro da Portela, análise do questionário aplicado na freguesia de Moscavide e análise do acompanhamento e dos boletins obtidos nas campanhas de caracterização realizadas) e, no fim, com recurso a estas, duas matrizes finais referentes aos resíduos orgânicos domésticos e resíduos orgânicos não domésticos, onde se revela a postura da maioria dos cidadãos perante a separação deste fluxo. Deste modo, assinalaram-se vários constrangimentos a este processo, nomeadamente, o odor, a percepção de que a separação é confusa, a ineficiência da recolha, a contaminação, a irregularidade das campanhas de informação e incentivo, entre outros. Alguns dos inquiridos referiram desconhecer, por completo, a existência do sistema de recolha de orgânicos. Por fim, determinou-se o valor previsto para a produção de resíduos, para o presente ano, tendo-se concluído que o fluxo de recolha de resíduos orgânicos não domésticos é o que apresenta menor produção de resíduos e menor grau de contaminação. Também se concluiu que, no procedimento da separação dos resíduos, os alimentares, são encaminhados para o fluxo dos resíduos indiferenciados havendo, deste modo, um elevado potencial de reciclagem no peso total deste fluxo

Experiência profissionalizante na vertente de Investigação e Farmácia Comunitária

O presente relatório encontra-se dividido em dois capítulos: o Capítulo 1 versa sobre a vertente de Investigação e o Capítulo 2 aborda a experiência profissionalizante em Farmácia Comunitária. Relativamente ao primeiro capítulo, este é composto por uma revisão da literatura intitulada “Atividade anticancerígena do gengibre”. Esta revisão tem por base a análise de artigos científicos relacionados com o gengibre e o cancro. Na parte introdutória do capítulo é referida a importância das plantas medicinais, ao longo da história, na vida do Homem, como meio de prevenção e/ou tratamento de doenças. De seguida, são abordados os temas fitoterapia e plantas medicinais. Posteriormente, apresenta-se a história, a caracterização botânica, a composição química e as propriedades farmacológicas do gengibre (Zingiber officinale Roscoe), dando especial enfoque às suas propriedades anticancerígenas. O interesse em aprofundar o estudo destas propriedades prende-se com o facto do cancro ser uma das principais patologias do século XXI. Também é descrito a posteriori a farmacocinética e os efeitos adversos do gengibre. Por outro lado, o segundo capítulo visa descrever as atividades desenvolvidas por mim, enquanto estagiária, em Farmácia Comunitária. O estágio decorreu na Farmácia da Estação, na cidade da Guarda, entre os dias 7 de fevereiro e 17 de junho de 2022. Esta experiência permitiu-me adquirir competências práticas e consolidar conhecimentos teóricos.This report is divided into two chapters: Chapter 1 concerns the research project and Chapter 2 describes the professional experience in the area of Community Pharmacy. Regarding the first chapter, this consists of a literature review entitled "Anti-cancer activity of ginger". This review is based on the analysis of scientific articles related to ginger and cancer. In the introductory part of the chapter, the importance of medicinal plants throughout history in the scope of prevention and/or treatment of human diseases is approached. Then, the topics of phytotherapy and medicinal plants are addressed. Subsequently, the history, botanical characterisation, chemical composition and pharmacological properties of ginger (Zingiber officinale Roscoe) are presented, with a special focus on its anticancer properties. The interest in furthering the study of these properties relates to the fact that cancer is one of the major pathologies of the 21st century. The pharmacokinetics and adverse effects of ginger are also described in hindsight. On the other hand, the second chapter aims to describe the activities developed by myself, as an intern, in the area of Community Pharmacy. The internship took place at Farmácia da Estação, in the city of Guarda, between 7th February and 17th June 2022. This experience allowed me to acquire practical skills and consolidate theoretical knowledge