Recursos de colección

UTL Repository Universidade Técnica de Lisboa (32.727 recursos)

O Repositório Institucional da Universidade Técnica de Lisboa desenvolvido no âmbito do projecto RCAAP. Este repositório destina-se a recolher, preservar e disponibilizar o acesso às publicações científicas e didácticas de seis: Escolas da UTL: Faculdade de Medicina Veterinária, Instituto Superior de Agronomia, Instituto Superior de Economia e Gestão, Instituto Superior de Ciências Sociais e Políticas , Faculdade de Motricidade Humana, Faculdade de Arquitectura. O Instituto Superior Técnico, igualmente Escola Da UTL, tem repositório independente.

UECE - Unidade de Estudos sobre a Complexidade na Economia / UECE - Research Unit on Complexity and Economics

Mostrando recursos 1 - 12 de 12

  1. How biased is the behavior of the individual investor in warrants?

    Abreu, Margarida
    Based on the actual trading behavior of individual investors in the Portuguese financial market during almost ten years this paper examines the socio‐demographic characteristics of retail investors in warrants, and discusses the hypothesis that some behavioral biases do have an impact on the investors’ predisposition to invest and trade in warrants, a complex financial instrument. One finds that there is a profile of investors in warrants: younger and less educated men are more likely to invest in warrants and that overconfident, disposition‐prone and investors exhibiting a gambling attitude are more likely to invest and trade in warrants. Secondly, the gambling...

  2. Labour content of international trade in intermediates : the case of Portugal

    Martínez-Galán, Enrique; Fontoura, Maria Paula
    This paper addresses the relation between international trade and employment in Portugal with regard to the labour content of trade in intermediates. It considers both the overall level of employment and labour disaggregated by skills (high-skill, medium-skill and low-skill). The assessment makes use of the newly developed internationally linked inputoutput (IO) database named World Input-Output Database (WIOD), complemented with the Socio-Economic Accounts (SEA) for skill-types of labour. The period analysed – 1995-2009 - is the longest possible taking into account the two databases used. The amount of labour required to produce imported intermediates (exported intermediates) is taken as a proxy...

  3. Effects of euro area monetary policy on institutional sectors : the case of Portugal

    Afonso, António; Silva, Jorge
    We study the effects of the euro area monetary policy on the institutional sectors in Portugal during the period 2000:4-2015:4. Our results show that the single monetary policy affected some variables that are proxies for the funding of each institutional sector of the economy: general government, other monetary financial institutions, non-financial corporations, households and the external sector. The period of the economic and financial adjustment programme influenced all institutional sectors, and financial integration in the euro area had an effect on the funding for the economy: there was a reduction of long term-to-GDP ratio, external funding to the Portuguese other...

  4. Fiscal sustainability analysis : the case of PALOP economies

    Afonso, António; Leão, Emanuel Reis; Tiny, Dilson; Bhimjee, Diptes C. P.
    The Global Financial Crisis has typically led to a significant widening of fiscal positions (i.e., higher budget deficits and public debt). We address the sustainability of public finances in Portuguese-speaking African countries (PALOP), through adequate econometric testing. Our findings for the period 1975-2015 suggest that most of the PALOP have compromised the sustainability of their corresponding fiscal positions, leading these economies to be set on unsustainable public finance trajectories.

  5. The impact of investment in Public Private Partnerships on Public, Private investment and GDP in Portugal

    Pimentel, Inácia; St.Aubyn, Miguel; Ribeiro, Nuno
    In this paper we test the macroeconomic impact of investment in public-private partnerships, public and private investment in Portugal through a VAR model with four variables: public and private investment, PPP investment and GDP, to the period 1998- 2013. An assessment of crowding-in / crowding-out effects of investment in PPPs is carried out. We also proceed to the calculation of macroeconomic rates of return on investment in PPP, public investment and private investment. The results show that public and private investment has a positive effect in GDP while investment in PPP reduces the Portuguese GDP. In what concerns to crowding-in/crowding-out effects an increase in PPP investment crowds-out both...

  6. Euro area sovereign yields and the power of QE

    Afonso, António; Kazemi, Mina
    We assess the determinants of long-term sovereign yield spreads using a panel of 10 Euro area countries over the period 1999.01–2016.07 notably regarding the ECB (standard and non-standard) quantitative easing measures. Our findings indicate that the international risk, the bid-ask spread and real effective exchange rate increased the 10-year sovereign bond yield spreads. Moreover, quantitative easing, notably Longer-term Refinancing Operations (LTROs), Targeted LTROs and the Securities Market Program decreased the yield spreads.

  7. Transparency, quality of institutions and performance in the Italian Municipalities

    Galli, Emma; Rizzo, Ilde; Scaglioni, Carla
    In this paper, we aim at evaluating from an economic perspective the recent Italian legislation on transparency to investigate whether the potentialities of transparency as a tool to improve performance and integrity are fully exploited. We first construct a synthetic indicator (CTI) consisting of two sub-indicators, CTI Integrity and CTI Performance, which are able to describe in numerical terms the overall degree of transparency of Italian public administrations as well as the two different aspects of the public activity’s transparency. Then, using as a sample of Italian municipalities, we address the question whether there is a relation between the fulfillment of transparency obligations and both the institutional...

  8. Assessing the sustainability of external imbalances in the European Union

    Afonso, António; Huart, Florence; Jalles, João Tovar; Stanek, Piotr
    We assess the sustainability of the current account (CA) balance, net international investment position (NIIP) and net external debt (NED) in a sample of EU countries using two complementary approaches. First, we employ both time-series and panel-data stationarity tests of current account balance-to-GDP ratios as well as cointegration tests of exports and imports of goods and services. Second, we assess the level of trade balance that stabilizes the NIIP and the NED. We find that there is sustainability of the CA balance mainly in a few surplus countries whereas there is more concern about the sustainability of the NIIP or NED in countries with a credit position...

  9. A SAM-based Model, constructed from the SNA, to be used for studying the distributional impacts of government policies in Portugal

    Santos, Susana
    An attempt will be made to study the impacts of government policies on the distribution of income, paying close attention to the corresponding response of the different macroeconomic aggregates and balances. The Social Accounting Matrix (SAM) will be chosen as the working instrument. A numerical version of the SAM, constructed from the System of National Accounts (SNA), will serve as the basis for the construction of an algebraic version of the same matrix for Portugal. This methodological choice was linked to the fact that, underlying the SAM, there are interrelated subsystems that, in the numerical version of the matrix, provide...

  10. Constructing a database for economic modelling from the System of National Accounts: a Social Accounting Matrix for Portugal

    Santos, Susana
    Based on the country's National Accounts, an aggregate Social Accounting Matrix (SAM) will be constructed for the Portuguese economy. The full consonance between the two will be demonstrated by identifying both the items and balances of the various internal accounts of the System of National Accounts in the constructed SAM. The balance of the government budget and the balance of payments will also be identified. Blocks of sub-matrices with common characteristics will be identified and described in terms of the national accounting transactions that are included in each of them. The SAM will be shown as a complete account of...

  11. Distribution of aggregate income in Portugal within the framework of a Social Accounting Matrix. Modelling the household sector

    Santos, Susana
    Based on the principle that the study of a sector should be carried out under a general equilibrium approach, and moving beyond the context of partial equilibrium, the Social Accounting Matrix, usually referred to as SAM, is one possibility for meeting such needs, in that it provides a complete account of the circular flows in the economy. The economic flows associated with households, enterprises, government and other institutions from 1995 to 2000 will be analysed from aggregated SAMs, based on the country's national accounts statistics. Accounting multipliers will be calculated to facilitate the study of the effects resulting from changes...

  12. Distribution of aggregate income in Portugal from 1995 to 2000 within a SAM (Social Accounting Matrix) framework. Modelling the household sector

    Santos, Susana
    Aggregated Social Accounting Matrices (SAMs) will be constructed for the Portuguese economy from 1995 to 2000, based on the country's national accounts statistics. The economic flows associated with households, enterprises, government and other institutions will be analysed, as well as their evolution, whilst accounting multipliers will be calculated to facilitate the study of the effects resulting from changes in household income. Therefore, SAMs are modelled and structural path analysis will be used for the decomposition of the calculated multipliers. At the end, the general guidelines will be established for following the study of income distribution and poverty in Portugal.

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