Back to external pressure: policy responses to the financial crisis in Portugal

Francisco Torres

Back to external pressure: policy responses to the financial crisis in Portugal

Francisco Torres^*

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

1 Citation (Scopus)

Abstract

The financial crisis caught Portugal in the midst of its long-protracted and slow fiscal consolidation process, which brought the budget deficit down to 2.2 per cent of GDP in 2008. The crisis was not a bursting bubble type of shock but it brought back the long-forgotten external (liquidity) constraints. Given Portugal's accumulated external imbalances, it is argued that the government should credibly pre-commit to medium-term budgetary objectives with accelerated corrective measures to the 2009 fiscal overrun. Also, it should actively promote sustainable consumption patterns and a leap forward to a new 'green competitive basis for sustainable development, thereby increasing the country's general creditworthiness.

Original language	English
Title of host publication	Southern Europe and the financial earthquake
Subtitle of host publication	coping with the first phase of the international crisis
Editors	Susannah Verney, Anna Bosco, Marina Costa Lobo
Place of Publication	London
Publisher	Taylor and Francis Inc.
Chapter	5
Pages	55-70
Number of pages	16
Edition	1
ISBN (Electronic)	9781317622352
ISBN (Print)	9781138803107
Publication status	Published - 2016

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This output contributes to the following UN Sustainable Development Goals (SDGs)

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title = "Back to external pressure: policy responses to the financial crisis in Portugal",

abstract = "The financial crisis caught Portugal in the midst of its long-protracted and slow fiscal consolidation process, which brought the budget deficit down to 2.2 per cent of GDP in 2008. The crisis was not a bursting bubble type of shock but it brought back the long-forgotten external (liquidity) constraints. Given Portugal's accumulated external imbalances, it is argued that the government should credibly pre-commit to medium-term budgetary objectives with accelerated corrective measures to the 2009 fiscal overrun. Also, it should actively promote sustainable consumption patterns and a leap forward to a new 'green competitive basis for sustainable development, thereby increasing the country's general creditworthiness.",

author = "Francisco Torres",

note = "Funding Information: This paper is based on ongoing research at IEE, Universidade Cat{\'o}lica, on {\textquoteleft}The Political Economy of European Monetary Governance: the Role of Preferences, Policies and Strategies{\textquoteright} and is part of an FCT project on Economic Growth, Convergence and Institutions (research grant POCI/EGE/55423/2004, partially funded by FEDER). Comments and guidelines provided by an anonymous referee and the editors are gratefully acknowledged. Publisher Copyright: {\textcopyright} 2014 Taylor & Francis. All rights reserved. Copyright: Copyright 2016 Elsevier B.V., All rights reserved.",

year = "2016",

language = "English",

isbn = "9781138803107",

pages = "55--70",

editor = "Susannah Verney and Anna Bosco and Lobo, {Marina Costa}",

booktitle = "Southern Europe and the financial earthquake",

publisher = "Taylor and Francis Inc.",

address = "United States",

edition = "1",

}

Back to external pressure: policy responses to the financial crisis in Portugal. / Torres, Francisco.
Southern Europe and the financial earthquake: coping with the first phase of the international crisis. ed. / Susannah Verney; Anna Bosco; Marina Costa Lobo. 1. ed. London: Taylor and Francis Inc., 2016. p. 55-70.

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

TY - CHAP

T1 - Back to external pressure

T2 - policy responses to the financial crisis in Portugal

AU - Torres, Francisco

N1 - Funding Information: This paper is based on ongoing research at IEE, Universidade Católica, on ‘The Political Economy of European Monetary Governance: the Role of Preferences, Policies and Strategies’ and is part of an FCT project on Economic Growth, Convergence and Institutions (research grant POCI/EGE/55423/2004, partially funded by FEDER). Comments and guidelines provided by an anonymous referee and the editors are gratefully acknowledged. Publisher Copyright: © 2014 Taylor & Francis. All rights reserved. Copyright: Copyright 2016 Elsevier B.V., All rights reserved.

PY - 2016

Y1 - 2016

N2 - The financial crisis caught Portugal in the midst of its long-protracted and slow fiscal consolidation process, which brought the budget deficit down to 2.2 per cent of GDP in 2008. The crisis was not a bursting bubble type of shock but it brought back the long-forgotten external (liquidity) constraints. Given Portugal's accumulated external imbalances, it is argued that the government should credibly pre-commit to medium-term budgetary objectives with accelerated corrective measures to the 2009 fiscal overrun. Also, it should actively promote sustainable consumption patterns and a leap forward to a new 'green competitive basis for sustainable development, thereby increasing the country's general creditworthiness.

AB - The financial crisis caught Portugal in the midst of its long-protracted and slow fiscal consolidation process, which brought the budget deficit down to 2.2 per cent of GDP in 2008. The crisis was not a bursting bubble type of shock but it brought back the long-forgotten external (liquidity) constraints. Given Portugal's accumulated external imbalances, it is argued that the government should credibly pre-commit to medium-term budgetary objectives with accelerated corrective measures to the 2009 fiscal overrun. Also, it should actively promote sustainable consumption patterns and a leap forward to a new 'green competitive basis for sustainable development, thereby increasing the country's general creditworthiness.

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AN - SCOPUS:84979074713

SN - 9781138803107

SP - 55

EP - 70

BT - Southern Europe and the financial earthquake

A2 - Verney, Susannah

A2 - Bosco, Anna

A2 - Lobo, Marina Costa

PB - Taylor and Francis Inc.

CY - London

ER -

Back to external pressure: policy responses to the financial crisis in Portugal

Abstract

UN SDGs

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