The predictions made by economists of the value of the euro prior to its introduction were essentially based on the expected portfolio adjustment resulting from the role that it might play as an international currency. As a result, most analysts agreed that the euro would be a strong currency,...

This paper aims to examine whether the economic and political reasoning behind Maastricht is consistent with earlier approaches to monetary integration. In doing so, it revisits the intellectual debate on monetary integration in Europe at different stages. It concludes that Economic and Monetary...

This paper investigates the potential impact of increased R&D efforts and structural changes in Portugal on labour productivity. The paper addresses Portugal’s ambition, expressed in the 2005 Technological Plan. Based on existing literature on the relation between R&D expenditures, structural...

Innovation at firm level is understood to be a cumulative learning process, whereby the firm complements its internal knowledge with knowledge and competencies available externally. This view calls for a deeper understanding of the interactions within the innovation system, namely between firms...

We show how in a Blanchard-Yaari, overlapping generations framework, perfect substitutability of government bonds in Monetary Union tempts governments to exploit the enlarged common pool of savings. In Nash equilibrium all governments increase their bond financed transfers to current generations...

Ever since its inception EMU has been subject to controversy. The fiscal policy rules embedded in the Treaty on European Union, and clarified in the Stability and Growth Pact (SGP), are probably the most contentious. The SGP is being accused of being too rigid and of forcing pro-cyclicality in...

This paper discusses a model where consumers simultaneously differ according to one unobservable (preference for quality) and one observable characteristic (location). In these circumstances nonlinear prices arise in equilibrium. The main question addressed in this work is whether firms should...

This paper argues that a shift from an intergovernmental form of governance to a supranational regulation form of governance, as is the case of EMU, may not only do away with the efficiencylegitimacy trade-off but also enhance the democratic quality and effectiveness of European governance in...

A constant feature of the politics of European integration in Portugal has been the reactive position of negotiators supported by reactive political parties that resist any substantial institutional changes until policy makers at the top political level decide to adapt to the new rules. The fear...

Neste artigo, procuramos descrever a evolução do stock de capital físico em Portugal ao longo do Século XX, tendo em conta alguns dos seus determinantes, nomeadamente, a envolvente económica e institucional, a propensão a poupar e os preços relativos. Os cálculos efectuados revelam...