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31. Inward FDI in Portugal and its policy context, 2011

Author:
Vitor Corado Simões and Rui Manuel Cartaxo
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
Portugal's performance in attracting inward foreign direct investment (IFDI) during the economic and financial crisis in 2009 was poor, below the low figures that it had already recorded in the previous couple of years, although Portugal did not record negative FDI inflows like competing countries such as Ireland (in 2008) and Hungary (in 2009). The country's difficulties in attracting IFDI are, however, structural. The “golden” years of the early 1990s, when Portugal emerged as an attractive and fashionable location, are past. The country's IFDI performance throughout the first decade of the 21st century was, in general, weak. In 2009, Spain, France and Brazil were the main sources of I FDI in Portugal. In spite of the Government's commitment to attracting IFDI, policy design and implementation have fallen short in the increasingly fierce competition for international investment.
Topic:
Economics and Financial Crisis
Political Geography:
Hungary, Portugal, and Ireland

32. Can Europe's Divided House Stand?

Author:
Hugo Nixon
Publication Date:
11-2011
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Conventional wisdom has it that the eurozone cannot have a monetary union without also having a fiscal union. Euro-enthusiasts see the single currency as the first steppingstone toward a broader economic union, which is their dream. Euroskeptics do, too, but they see that endgame as hell -- and would prefer the single currency to be dismantled. The euro crisis has, for many observers, validated these notions. Both camps argue that the eurozone countries' lopsided efforts to construct a monetary union without a fiscal counterpart explain why the union has become such a mess. Many of the enthusiasts say that the way forward is for the 17 eurozone countries to issue euro bonds, which they would all guarantee (one of several variations on the fiscal-union theme). Even the German government, which is reluctant to bail out economies weaker than its own, thinks that some sort of pooling of budgets may be needed once the current debt problems have been solved. A fiscal union would not come anytime soon, and certainly not soon enough to solve the current crisis. It would require a new treaty, and that would require unanimous approval. It is difficult to imagine how such an agreement could be reached quickly given the fierce opposition from politicians and the public in the eurozone's relatively healthy economies (led by Finland, Germany, and the Netherlands) to repeated bailouts of their weaker brethren (Greece, Ireland, Italy, Portugal, and Spain). Moreover, once the crisis is solved, the enthusiasm for a fiscal union may wane. Even if Germany is still prepared to pool some budgetary functions, it will insist on imposing strict discipline on what other countries can spend and borrow. The weaker countries, meanwhile, may not wish to submit to a Teutonic straitjacket once the immediate fear of going bust has passed.
Topic:
Economics and Government
Political Geography:
Europe, Finland, Greece, Germany, Spain, Italy, Netherlands, Portugal, and Ireland

33. Adjustment Difficulties in the GIPSY Club

Author:
Daniel Gros
Publication Date:
03-2010
Content Type:
Working Paper
Institution:
Centre for European Policy Studies
Abstract:
This paper describes the key economic variables and mechanisms that will determine the adjustment process in those euro area countries now under financial market pressure. (Greece, Ireland, Portugal, Spain and Italy = GIPSY) The key finding is that the adjustment will be particularly difficult for Greece (and Portugal) because these are two relatively closed economies with low savings rates. Both of these countries are facing a solvency problem because they combine high debt levels with low growth and high interest rates. Fiscal and external adjustment is thus required for sustainability, not just to satisfy the Stability Pact. By contrast, Ireland and Spain face more of a liquidity than a solvency problem. Italy seems to have a much better starting position on all accounts. Fiscal adjustment alone will not be sufficient to ensure sustainability. Without significant reductions in labour costs, these economies will face years of stagnation at best. Especially in the case of Greece, it is imperative that the cuts in public sector wages are transmitted to the entire economy in order to restore competitiveness, and thus ensure that export growth can become a vital safety valve. Without an adjustment of wages in the private sector, the adjustment will become so difficult that failure cannot be excluded.
Topic:
Debt, Economics, Monetary Policy, and Financial Crisis
Political Geography:
Europe, Greece, Spain, Italy, Portugal, and Ireland

34. Broken Promises, Postponed Commitments

Author:
Rui Graça Feijó
Publication Date:
05-2010
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
The First Republic was a short period in Portuguese History which, nevertheless, left deep marks on the social and political tissue of the country. It was marred by instability. The political elite of the time recanted on their defense of "universal suffrage" and thus deprived the regime of a much needed popular base of support. The Second Republic that emerged from the Carnation Revolution instituted a democratic regime based on universal suffrage, and enshrined in its Constitution provisions for popular participation in a much wider scale than it has effectively offered up to the present. This manifests itself in the absence of an effective Regional level of power as well as in poorly endowed municipalities, and is reflected in the lowering of popular confidence in Portuguese Democracy shown in consecutive surveys. The capacity of the Second Republic to develop the principles of democratic participation granted in the Constitution is a test to the present decade, failing what a Third Republic may be looming in the horizon.
Topic:
Economics, Political Economy, and Politics
Political Geography:
Europe, Dominican Republic, and Portugal

35. EU-India strategic partnership: Taking the stock

Author:
Alok Rashmi Mukhopadhyay
Publication Date:
08-2010
Content Type:
Working Paper
Institution:
Institute of Foreign Policy Studies, University of Calcutta
Abstract:
The prevalent perception of the European Union (EU) in India is predominantly constructed by the British and American media. At the time of a global economic downturn, its ripple effects on the continent especially on the 'PIIGS' (Portugal, Ireland, Italy, Greece and Spain) and an imminent crack in the Eurozone have been the debate of the day. In a recent article in The National Interest, James Joyner, has however examined this genre of 'Europe's obituary'. Making a comparison with EU's transatlantic sibling, he identifies three errors in this type of analyses, 'treating the EU as if it were a nation-state, regarding anything less than utopia as a failure, and projecting short-term trends long into the future'. However Joyner is also right when he describes the EU as 'a confusing array of overlapping treaty commitments'.
Topic:
Foreign Policy, Diplomacy, Economics, International Trade and Finance, and Bilateral Relations
Political Geography:
United Kingdom, America, Europe, India, Greece, Spain, Italy, Portugal, and Ireland

36. Justice in Times of Transition: Lessons from the Iberian Experience

Author:
Omar G. Encarnación
Publication Date:
10-2009
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
A key contention of the transitional justice movement is that the more comprehensive and vigorous the effort to bring justice to a departed authoritarian regime the better the democratizing outcome will be. This essay challenges this view with empirical evidence from the Iberian Peninsula. In Portugal, a sweeping policy of purges intended to cleanse the state and society of the authoritarian past nearly derailed the transition to democracy by descending into a veritable witch-hunt. In Spain, by contrast, letting bygones be bygones, became a foundation for democratic consolidation. These counter-intuitive examples suggest that there is no pre-ordained outcome to transitional justice, and that confronting an evil past is neither a requirement nor a pre-condition for democratization. This is primarily because the principal factors driving the impulse toward justice against the old regime are political rather than ethical or moral. In Portugal, the rise of transitional justice mirrored the anarchic politics of the revolution that lunched the transition to democracy. In Spain, the absence of transitional justice reflected the pragmatism of a democratic transition anchored on compromise and consensus.
Topic:
Human Rights, Politics, International Affairs, and Law
Political Geography:
Europe, Spain, Portugal, and Iberia Peninsula

37. Crown, Empire and Nation (1807-1834)

Author:
Miriam H. Pereira
Publication Date:
03-2008
Content Type:
Working Paper
Institution:
Institute of European Studies
Abstract:
Before 1807, in Portugal the new liberal ideals had mainly an indirect influence, reflected in the enlightened elite. The wave of a more profound political change came about only in the beginning of the nineteenth century, when the whole Iberian area was involved in the European wide struggle between old regime and the new liberal society and state, that was enhanced by the Napoleonic wars. Between 1807 and 1820, Portugal went through one of the most complex period of its whole History, when the British informal occupation of twelve years, followed the French invasion, short but very destructive. The Crown survived in the hands of the House of Bragança and kept Brazil and the rest of the its colonial territories for over a decade. This makes the Portuguese and Brazilian history of this period somewhat different from that of both Spain and its American colonies. It provides an interesting case for the study of the evolution of three main institutions and political concepts involved in the end of the Old Regime: the Crown, the Empire and the Nation, whose changes during this period are analysed in this paper..
Topic:
Civil Society and History
Political Geography:
United Kingdom, America, Europe, Brazil, South America, and Portugal

38. Foreign Trade Specialization and International Competitiveness Of Greece, Portugal, Spain, Turkey and the EU 12

Author:
Bahri Yilmaz
Publication Date:
01-2008
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
The main purpose of this paper is to examine the foreign trade patterns and/or specialization in foreign trade of three EU member countries – namely, Greece, Portugal, Spain, and candidate country Turkey – and to compare the foreign trade patterns with the EU/12 in the period 1995- 2005. The paper is divided into seven main sections. The first section summarizes the export and import developments of the countries in question between the years 1995 and 2005. The second section describes the methodology and data sets. Empirical analysis is found in the third section, where in five subsections we investigate international competitiveness and trade specialization using different indices. In the fourth part of the research we compare the dynamic products in world exports with dynamic products in the exports of the four countries. The final section gives brief conclusions drawn from the results and considers the future position of Turkey within the enlarged EU. In this research we do not intend to explain why the foreign trade patterns are different in the considered countries. We simply try to show whether and where there are any differences in foreign trade specialisation among the four countries and EU/12.
Topic:
International Relations, Emerging Markets, International Trade and Finance, Markets, Regional Cooperation, and Treaties and Agreements
Political Geography:
Europe, Turkey, Spain, Portugal, and South Sudan

39. The 1998 and 2007 Referenda on Abortion in Portugal: Roman Catholicism, Secularization and the Recovery of Traditional Communal Values

Author:
Paul Christopher Manuel and Maurya N. Tollefsen
Publication Date:
01-2007
Content Type:
Working Paper
Institution:
Minda de Gunzburg Center for European Studies, Harvard University
Abstract:
In the thirty-three years since the April 25, 1974, Carnation Revolution, there have been sporadic efforts by progressive forces to legalize abortion in Portugal. This activity has intensified over the past nine years, culminating with two national referenda on the subject, one in 1998 which narrowly affirmed the ban on abortion, and the second in 2007 which allowed for the procedure during the first ten weeks of pregnancy. One reason that the abortion debate in Portugal attracted much interest in the world press was what it would potentially teach about the Roman Catholic Church's contemporary role in Portuguese society. That is, would the Church maintain its traditional influential role over public policy formation in a secularizing Portugal, especially related to its moral teaching? There is some controversy about the type of secularization which is taking place (i.e., Portuguese-style secularization may be of a different sort than that of Northern European countries), but there is little doubt that the Church's ability to define morality for its members has been reduced in recent years. The Church now competes with many secular voices to frame issues such as sexuality, marriage, divorce and abortion. The recent vote to legalize abortion—a move bitterly opposed by the Church—is but one of many examples symbolizing a drift in Portuguese society toward secularization. There was another dimension to the national debate over abortion as well: the pro-choice side successfully harmonized its rhetoric to certain traditional communal values found in Portuguese society—namely compassion, solidarity and support—and, in so doing, forged a recovery of those values.
Topic:
Civil Society and Religion
Political Geography:
Europe and Portugal

40. Economic Survey of Portugal, 2006

Publication Date:
03-2006
Content Type:
Policy Brief
Institution:
The Organisation for Economic Co-operation and Development
Abstract:
Portugal's economic performance has deteriorated markedly since 2000, with the slowdown turning out to be more severe and prolonged than in most other OECD countries. This lack of resilience reveals structural weaknesses. Meanwhile, with low growth and weak control of public expenditure, the fiscal deficit has remained at unsustainably high levels, reaching close to 6% of GDP in 2005. Despite the existence of a large output gap, the high fiscal deficit leaves no room to stimulate demand. The government has embarked on a strategy that aims at consolidating public finances and enhancing growth and it is important to strengthen these efforts. Without more wage restraint and higher productivity growth, there is a clear risk that Portugal's competitiveness continues to deteriorate and the income gap vis-à-vis the OECD average widens further.
Topic:
Development, Economics, International Organization, and International Trade and Finance
Political Geography:
Portugal