Skip to main content
SpringerLink
Log in
Book cover

The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries pp 265–308Cite as

Palgrave Macmillan

The European Period (1986–2017)

  • Chapter
  • First Online:

  • 270 Accesses

Part of the book series: Palgrave Studies in Economic History ((PEHS))

Abstract

This book ends almost in the same manner as it started: with a financial crisis. On 6 April 2011, the Portuguese Government requested international assistance in order to deal with its foreign financial commitments. This was the culmination of a crisis that had started in 2008, accompanying similar events around the world. But in the case of Portugal, this negative cycle was inserted into an already ongoing medium-run trend of mediocre growth. The crisis was not like in many other countries, a negative event (a “black swan”) interrupting a phase of persistent and healthy growth. It was, rather, a sort of coda into an already worrying economic situation.

This is a preview of subscription content, log in via an institution.

Chapter
USD   29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD   59.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD   79.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD   109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Learn about institutional subscriptions

Notes

  1. 1.

    Law 28/84, 14 August 1984.

  2. 2.

    Law 46/86, 14 October 1986.

  3. 3.

    Law 85/2009, 27 August 2009.

  4. 4.

    Decree-law 394/84, 26 December 1984.

  5. 5.

    Decree-law 442-A/88, 30 December 1988.

  6. 6.

    Decree-law 442-B/88, 30 December 1988.

  7. 7.

    Decree-law 406/83, 18 November 1988.

  8. 8.

    Law 11/90, 5 April 1990.

  9. 9.

    Decree-law 65/94, 28 February 1994.

  10. 10.

    Decree-Law 51/84, 11 February 1984.

  11. 11.

    Decree-Law 298/92, 31 December 1992.

  12. 12.

    Directives 77/780/EEC, 12 December 1977, 89/646/EEC, 15 December 1989, and 92/30/EEC, 15 April 1992.

  13. 13.

    Decree-Law 287/93, 20 August 1993.

  14. 14.

    Law 47/2012, 29 August 2012.

References

  • Abreu, Marta. 2001. Da adesão à Comunidade Económica Europeia à participação na União Económica e Monetária: a experiência portuguesa de desinflação no período 1984–1998. Boletim Económico do Banco de Portugal, Vol. 7, nº 4 (December): 17–38.

    Google Scholar 

  • Afonso, Óscar. 1999. Contributo do Comércio Externo para o Crescimento Económico Português, 1960–93. Lisbon: Conselho Económico e Social.

    Google Scholar 

  • Afonso, Óscar, and Álvaro Aguiar. 2005. A internacionalização da economia. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 305–341. Lisbon: ICS.

    Google Scholar 

  • Aguiar, Álvaro, and Manuel M.F. Martins. 2005. A indústria. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 185–226. Lisbon: ICS.

    Google Scholar 

  • Alexandre, Fernando, and Pedro Bação. 2012. Portugal Before and After the European Union: Facts on Nontradables. Núcleo de Investigação em Políticas Económicas, Working Paper, No. 15.

    Google Scholar 

  • ———. 2014. A História de uma economia desequilibrada. In A Economia Portuguesa na União Europeia: 1986–2010, ed. Fernando Alexandre et al. (orgs.), 77–103. Coimbra: Actual.

    Google Scholar 

  • Alexandre, Fernando, Luís Aguiar-Conraria, and Pedro Bação. 2016. Crise e Castigo. Os Desequilíbrios e o Resgate da Economia Portuguesa. Lisbon: Fundação Francisco Manuel dos Santos.

    Google Scholar 

  • Alpalhão, Rui. 2011. SARL, EP, SA. O Percurso das Empresas Portuguesas entre Mercado e Estado. Lisboa: Rei dos Livros.

    Google Scholar 

  • Alves, Ricardo Pinheiro. 2017. Portugal: A Paradox in Productivity. GEE Working Papers, No. 70.

    Google Scholar 

  • Amador, João, and Carlos Coimbra. 2007. Characteristics of the Portuguese Economic Growth: What Has Been Missing? Banco de Portugal Working Paper, No. 8.

    Google Scholar 

  • Amador, João, and Ana Cristina Soares. 2012. A concorrência na economia portuguesa medida através da elasticidade dos lucros. Boletim Económico. Banco de Portugal 18 (3): 95–109.

    Google Scholar 

  • Amador, João, and Manuel Caldeira Cabral. 2014. A economia Portuguesa no contexto global. In A Economia Portuguesa na União Europeia: 1986–2010, orgs. Fernando Alexandre et al., 183–228. Coimbra: Actual.

    Google Scholar 

  • Amaral, João Ferreira do. 2006. O impacto económico da integração de Portugal na Europa. Nação e Defesa, 3rd Series (115): 113–128.

    Google Scholar 

  • Amaral, Luciano. 2005. O trabalho. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 65–90. Lisbon: ICS.

    Google Scholar 

  • ———. 2009. Portuguese Population and Employment, 1950–2007: Implications for GDP Per Capita and Labor Productivity. Análise Social (193): 767–791.

    Google Scholar 

  • ———. 2010. Economia Portuguesa – As Últimas Décadas. Lisbon: Relógio d’Água/FFMS.

    Google Scholar 

  • ———. 2015. Em Nome do Pai e do Filho… Lisbon: Publicações D. Quixote.

    Google Scholar 

  • Amaral, Luciano, and Dulce Freire. 2017. Economic Policy, Growth and the Demise, 1929–2000. In An Agrarian History of Portugal, 1000–2000: Economic Development on the European Frontier, ed. Dulce Freire and Pedro Lains, 245–276. Leiden: Brill.

    Google Scholar 

  • Amaral, Luciano, and Filipa Santos Machado. 2019. Institutional Shocks and Competition in Portuguese Commercial Banking in the Long Run, 1960–2015. Dactil.

    Google Scholar 

  • AMECO. http://ec.europa.eu/economy_finance/ameco/user/serie/SelectSerie.cfm.

  • Avillez, Francisco, M.N. Jorge, C.P. Trindade, N. Pereira, P. Serrano, and I. Ribeiro. 2004. Rendimento e Competitividade Agrícolas em Portugal. Evolução Recente. Situação Actual e Perspectivas Futuras. Lisbon: Almedina.

    Google Scholar 

  • Bação, Pedro, and António Portugal Duarte. 2014. Taxas de inflação, de juro e de câmbio e o processo de convergência nominal. In A Economia Portuguesa na União Europeia: 1986–2010, ed. Fernando Alexandre et al. (orgs.), 155–172. Coimbra: Actual.

    Google Scholar 

  • Baklanoff, Eric N. 1996. Breve experiência de socialismo em Portugal: o sector das empresas estatais. Análise Social XXXI (138): 925–947.

    Google Scholar 

  • Baptista, Fernando Oliveira. 1994. A agricultura e a questão da terra – do Estado Novo à Comunidade Europeia. Análise Social XXIX (128): 907–921.

    Google Scholar 

  • Batista, Dina, et al. 1997. New Estimates of Portugal’s GDP: 1910–1958. Lisbon: Banco de Portugal.

    Google Scholar 

  • Bento, Vítor. 2009. Perceber a Crise para Encontrar o Caminho. Lisbon: Bnomics.

    Google Scholar 

  • Blanchard, Olivier. 2007. Adjustment Within the Euro: The Difficult Case of Portugal. Portuguese Economic Journal 6 (1): 1–21.

    Article  Google Scholar 

  • Blanchard, Olivier, and Francesco Giavazzi. 2002. Current Account Deficits in the Euro Area: The End of the Feldstein-Horioka Puzzle? Brookings Papers on Economic Activity 2: 147–209.

    Article  Google Scholar 

  • Blanchard, Olivier, and Pedro Portugal. 2001. What Hides Behind an Unemployment Rate: Comparing Portuguese and U.S. Labor Markets. American Economic Review 91 (1): 187–207.

    Article  Google Scholar 

  • Braz, Cláudia et al. 2009. Finanças públicas em Portugal: tendências e desafios. In A Economia Portuguesa no Contexto da Integração Económica, Financeira e Monetária, ed. AAVV. Lisbon: Bank of Portugal.

    Google Scholar 

  • Campos, António Correia de, and Jorge Simões. 2011. O Percurso da Saúde: Portugal na Europa. Coimbra: Almedina.

    Google Scholar 

  • Carreira, Henrique Medina. 1996. As políticas sociais em Portugal. In A Situação Social em Portugal, 1960–1995, ed. António Barreto, 365–498. Lisbon: ICS.

    Google Scholar 

  • Cecchini, Paolo, Michel Cainat, and Alexis Jacquemin. 1988. The European Challenge 1992: The Benefits of a Single Market. Aldershot: Wildwood House.

    Google Scholar 

  • The Conference Board. https://www.conference-board.org/data/economydatabase/index.cfm?id=27762.

  • Costa, Sílvio Domingues. 2014. Concentração Bancária em Portugal, Uma Análise de Performance do Sector Bancário. Masters dissertation at Faculdade de Economia—Universidade de Coimbra, Coimbra.

    Google Scholar 

  • Cunha, João Correia da, and Cláudia Braz. 2006. Public Expenditure and Fiscal Consolidation in Portugal. OECD Journal on Budgeting 6 (4): 103–121.

    Article  Google Scholar 

  • ———. 2009. The Main Trends in Public Finance Developments in Portugal: 1986–2008. Banco de Portugal Occasional Papers, No. 1.

    Google Scholar 

  • Detragiache, Enrica, and Alfonso J. Hamann. 1997. Exchange-Rate Based Stabilization in Western Europe: Greece, Ireland, Italy and Portugal. IMF Working Papers, No. 97/75.

    Article  Google Scholar 

  • Dinan, Desmond. 2004. Europe Recast: A History of the European Union. Basingstoke: Palgrave Macmillan.

    Google Scholar 

  • Dür, Andreas. 2008. Bargaining Power and Trade Liberalization: European External Trade Policies in the 1960s. European Journal of International Relations 14 (4): 645–669.

    Article  Google Scholar 

  • Eichengreen, Barry. 1996. Globalizing Capital: A History of the International Monetary System. Princeton, NJ: Princeton University Press.

    Google Scholar 

  • Eurostat. https://ec.europa.eu/eurostat/home?.

  • Fankel, Jeffrey A., and Andrew K. Rose. 1998. The Endogeneity of the Optimum Currency Criteria. Economic Journal 108: 1009–1025.

    Article  Google Scholar 

  • Franco, António de Sousa. 1994. A economia. In Portugal, 20 Anos de Democracia, coord. António Reis, 170–293. Lisbon: Círculo de Leitores.

    Google Scholar 

  • Franco, Francesco (org.). 2008. Challenges Ahead for the Portuguese Economy. Lisbon: ICS.

    Google Scholar 

  • Freitas, Miguel Lebre de. 2005. O Capital. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 91–124. Lisbon: ICS.

    Google Scholar 

  • Fontoura, Ana Paula, and Nuno Valério. 2001. Relações económicas externas. In Estatísticas Históricas Portuguesas, ed. Nuno Valério, 713–739. Lisbon: INE.

    Google Scholar 

  • Gros, Daniel. 2012. Macroeconomic Imbalances in the Euro Area: Symptom or Cause of the Crisis? CEPS Policy Brief, No. 266, April.

    Google Scholar 

  • Guilera, Jordi. 2010. The Evolution of Top Income and Wealth Shares in Portugal Since 1936. Revista Historia Economica—Journal of Iberian and Latin American Economic History 28: 139–171.

    Article  Google Scholar 

  • Holinski, Nils,Clemens Kool, and Joan Muysken. 2012. Persistent Macroeconomic Imbalances in the Euro Area: Causes and Consequences. Federal Reserve Bank of St. Louis Review 94 (1): 1–20.

    Google Scholar 

  • INE (Instituto Nacional de Estatística). https://ine.pt/xportal/xmain?xpgid=ine_main&xpid=INE.

  • James, Harold. 2012. Making the European Monetary Union: The Role of the Committee of Central Bank Governors and the Origins of the European Central Bank. Cambridge, MA: The Belknap Press of Harvard University Press.

    Google Scholar 

  • Lains, Pedro. 2003. Catching Up to the European Core: Portuguese Economic Growth, 1910–1990. Explorations in Economic History 40: 369–386.

    Article  Google Scholar 

  • Lindert Data Sets for Growing Public Book. http://economics.ucdavis.edu/people/fzlinder/peter-linderts-webpage/data-and-estimates/lindert-data-for-cup-book.

  • Lopes, José da Silva. 1996. A Economia Portuguesa desde 1960. Lisbon: Gradiva.

    Google Scholar 

  • ———. 2005. Finanças Públicas. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 265–304. Lisbon: ICS.

    Google Scholar 

  • Magnusson, Lars, and Bo Stråth (eds.). 2002. From the Werner Plan to the EMU: In search of a Political Economy for Europe. Brussels: Peter Lang.

    Google Scholar 

  • Mata, Maria Eugénia. 2001. Finanças públicas e dívida pública. In Estatísticas Históricas Portuguesas, ed. Nuno Valério, 657–712. Lisbon: INE.

    Google Scholar 

  • Mateus, Abel. 2005. A tecnologia. In História Económica de Portugal, 1700–2000, Vol. III, O Século XX, ed. Pedro Lains and Álvaro Ferreira da Silva, 125–156. Lisbon: ICS.

    Google Scholar 

  • ———. 2013. Economia Portuguesa: Evolução no Contexto Internacional (1910–2013). Lisbon: Principia.

    Google Scholar 

  • Moravksic, Andrew. 1991. Negotiating the Single European Act: National Interests and Conventional Statecraft in the European Community. International Organization 45 (1): 20–56.

    Google Scholar 

  • Mundell, Robert. 1961. A Theory of Optimum Currency Areas. American Economic Review 51 (4): 657–665.

    Google Scholar 

  • OECD. 2017. Economic Survey of Portugal. Paris: OECD.

    Google Scholar 

  • OECD Social Expenditure Database. http://www.oecd.org/social/expenditure.htm.

  • Pinheiro, Maximiano (ed.). 1997. Séries Longas para a Economia Portuguesa, Pós-II Guerra Mundial, Vol. I - Séries Estatísticas. Lisbon: Banco de Portugal.

    Google Scholar 

  • Reis, Ricardo. 2013. The Portuguese Slump and Crash and the Euro Crisis. Brookings Papers on Economic Activity 1: 143–210.

    Article  Google Scholar 

  • Rodrigues, Carlos Farinha, Rita Figueiras, and Vítor Junqueira. 2012. Desigualdade Económica em Portugal. Lisbon: Fundação Francisco Manuel dos Santos.

    Google Scholar 

  • ———. 2016. Desigualdade do Rendimento e Pobreza em Portugal. As Consequências Sociais do Programa de Ajustamento. Lisbon: Fundação Francisco Manuel dos Santos.

    Google Scholar 

  • Rose, Andrew K. 2000. One Money, One Market: The Effect of Common Currencies on Trade. Economic Policy 30: 7–45.

    Google Scholar 

  • Rose, Andrew K., and Eric van Wincoop. 2001. National Money as a Barrier to International Trade: The Real Case for Currency Union. American Economic Review 91 (2): 386–390.

    Article  Google Scholar 

  • Silva, Álvaro Ferreira da. 2016. Multinationals and Foreign Direct Investment: the Portuguese Experience (1900–2010). Journal of Evolutionary Studies in Business II (1): 40–68.

    Google Scholar 

  • Silva, Ester Gomes da, and Pedro Lains. 2013. Capital Formation and Long-Run Growth: Evidence from Portuguese Data, 1910–2011. Paper Presented at Iberometrics III, Zaragoza University.

    Google Scholar 

  • Silva, Pedro Adão, Sílvia Sousa, and Mariana Trigo Pereira. 2014. Maturação e convergência: a evolução da proteção social. In A Economia Portuguesa na União Europeia: 1986–2010, orgs. Fernando Alexandre et al., 375–419. Coimbra: Actual.

    Google Scholar 

  • Simões, Marta, João Sousa Andrade, and Adelaide Duarte. 2014. Crescimento e convergência. In A Economia Portuguesa na União Europeia: 1986–2010, orgs. Fernando Alexandre et al., 105–123. Coimbra: Actual.

    Google Scholar 

  • Teixeira, Pedro, João Cerejeira, Marta Simões, Carla Sá, and Miguel Portela. 2014. Educação, economia e capital humano – notas sobre um paradoxo. In A Economia Portuguesa na União Europeia: 1986–2010, orgs. Fernando Alexandre et al., 329–355. Coimbra: Actual.

    Google Scholar 

  • Valério, Nuno, Ana Bela Nunes, Carlos Bastien, Rita Martins de Sousa, and Sandra Domingos Costa. 2010. História do Sistema Bancário Português, Vol. II, Da Assunção pelo Banco de Portugal das Funções de Banco Central à União Monetária Europeia. Lisbon: Banco de Portugal.

    Google Scholar 

  • Varejão, João Cerejeira, and Miguel Portela. 2014. O mercado de trabalho. In A Economia Portuguesa na União Europeia: 1986–2010, orgs. Fernando Alexandre et al., 233–268. Coimbra: Actual.

    Google Scholar 

  • Vetter, Stefan. 2013. The Single European Market 20 Years On. Deutsche Bank Research—EU Monitor, 1–20. European Integration, October.

    Google Scholar 

  • World Development Indicators. http://datatopics.worldbank.org/world-development-indicators/.

Download references

Author information

Authors and Affiliations

  1. Nova School of Business and Economics, Lisbon, Portugal

    Luciano Amaral

Authors
  1. Luciano Amaral
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Luciano Amaral .

Rights and permissions

Reprints and permissions

Copyright information

© 2019 The Author(s)

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Amaral, L. (2019). The European Period (1986–2017). In: The Modern Portuguese Economy in the Twentieth and Twenty-First Centuries. Palgrave Studies in Economic History. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-24548-1_7

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-24548-1_7

  • Published:

  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-24547-4

  • Online ISBN: 978-3-030-24548-1

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

Publish with us

Policies and ethics

Search

Navigation