For Portugal, the transition to the Euro began in September 1989 and featured three successive institutional arrangements related to the Exchange Rate Mechanism of the European Monetary System: shadowing it, belonging to it with 6% and then with 15% fluctuation bands. Using daily data, we study...

Two hypotheses are usually advanced to explain the East Asian twin financial and exchange rate crises in 1990's. The first, stresses market failure, namely the sudden shift in market sentiment that rapidly propagated itself regionally and which lead to financial turmoil. According to this view,...

In this paper, we show that, when combining revealed (RP) and stated (SP) data, for marginal changes in quality of environmental goods, rationality implies consistency, as the consistency conditions coincide with a subset of the conditions for rationality

This paper is an empirical application that combines averting behavior with contingent valuation data. Consistency tests are performed incorporating alternative heteroscedastic structures in the bivariate probit models by taking advantage of the different information content that characterizes...

The purpose of this paper is to contribute to the discussion of the effects of published school rankings based on average scores obtained by students on national exams. We study the effectiveness of this (low-stakes) accountability mechanism; we analyze whether students react to these rankings,...

Portuguese Abstract: A morte súbita de José Mariano Gago aos 66 anos gerou consternação nos seus numerosos amigos e admiradores em Portugal e no estrangeiro. Governante mais durável do regime, a sua obra recebeu tributos unânimes cá dentro, sendo amplamente creditado lá fora por ter...

This paper discusses the design of structural policies by relating second-best results and the complementarity of reforms. It computes a complementarity index based on structural reform indicators compiled by the EBRD for transition countries, assuming that the run-up to EU integration...