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

Francisco Torres

doi:10.1080/13608740902995851

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

Francisco Torres^*

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

25 Citations (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 mediumterm 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
Pages (from-to)	55-70
Number of pages	16
Journal	South European Society and Politics
Volume	14
Issue number	1
DOIs	https://doi.org/10.1080/13608740902995851
Publication status	Published - Mar 2009

UN SDGs

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

SDG 8 Decent Work and Economic Growth
SDG 10 Reduced Inequalities
SDG 12 Responsible Consumption and Production
SDG 17 Partnerships for the Goals

Keywords

Eurozone
Financial crisis
Portugal
Structural fiscal consolidation
Sustainable development

Access to Document

10.1080/13608740902995851Licence: Other

Cite this

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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 mediumterm 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.",

keywords = "Eurozone, Financial crisis, Portugal, Structural fiscal consolidation, Sustainable development",

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. Copyright: Copyright 2009 Elsevier B.V., All rights reserved.",

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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. Copyright: Copyright 2009 Elsevier B.V., All rights reserved.

PY - 2009/3

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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 mediumterm 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 mediumterm 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.

KW - Eurozone

KW - Financial crisis

KW - Portugal

KW - Structural fiscal consolidation

KW - Sustainable development

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DO - 10.1080/13608740902995851

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EP - 70

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IS - 1

ER -

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

Abstract

UN SDGs

Keywords

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