Affiliation:
1. GEMF and Faculty of Economics, University of Coimbra, Portugal
Abstract
This paper analyses the fundamentals of the Portuguese crisis. The financial
crisis of 2007 worsened and triggered the current Portuguese crisis. We argue
that the main problem the economy is facing is its output stagnation due to a
kind of Dutch disease that has created high and increasing levels of
indebtedness, low and decreasing levels of saving and has reduced Portuguese
competitiveness. Moreover, the existence of a dualist labour market and a new
wave of emigration produce inefficiency, increasing unemployment of younger
workers and the supply of human capital abroad funded by the Portuguese
taxpayers. Governance problems such as poor public budget governance and lack
of transparency and accountability are also at stake. These governance
problems must be solved to allow the economy to return to its long-run growth
path.
Publisher
National Library of Serbia
Subject
General Economics, Econometrics and Finance
Cited by
26 articles.
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