This paper describes the cointegration-based technologies commonly used to assess the relative price discovery across markets, namely the Hasbrouck information shares and Gonzalo-Granger long memory common factor weights, and presents a new metric denominated contemporaneous information...

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...

Project volatility is an essential parameter for real options analysis, and it may also be useful for risk analysis. Many volatility estimation procedures only consider the volatility in the first year of the project. Others consider that different years may have different values of the project...

The effect of collective bargaining on innovation has long been in dispute. At the level of theory, the hold-up problem has been used to justify positive as well as negative effects of unionism. At the empirical level, although some would consider the North American evidence as cut and dried,...

Recessions and financial crisis increase financial constraints and disproportionally affect constrained firms. This paper investigates the differences in firms’ financial constraints between sectors using a cash to cash-flow rationale (Almeida et al., 2004) and a firm specific index of...

The persistence of relative low aggregate income and productivity levels and performance in Portugal might be linked to the strong weight of services, and especially traditional stagnant personal services, which have fewer opportunities for enhancing its productivity. The so-called modern...

In this study, features of financial returns of PSI20 index, related to market efficiency, are captured using wavelet and entropy based techniques. This characterization includes the following points. First, the detection of long memory, associated to low frequencies, and a global measure of the...

This paper analyses the architecture of the International Monetary System (IMS) and the role of reserve currencies in it. We begin by describing the evolution of the IMS from the Gold Standard to the Bretton Woods system and the European integration process that led to the creation of the euro....

This paper analyses the impact on firm-level total factor productivity of both agglomeration economies and regional knowledge, using an unbalanced panel of Portuguese manufacturing firms covering the period 1996–2004. Controlling for the endogeneity problem using the Arellano and Bond (1991)...

Recent research has shown that the likelihood of fiscal consolidations ending is dependent on its age. Whether its behaviour is smooth or bumpy is an issue that deserves further attention. In this paper, we start by building on a narrative approach to identify episodes of fiscal consolidation....