19 documents found, page 1 of 2
Productive experience and specialization opportunities for Portugal : an empiri...
Freitas, Miguel Lebre de; Nunes, Luis Catela; Neves, Rui Costa; Salvado, SusanaFollowing Hidalgo et al. (Sci Mag 317: 482–487, 2007), we use the structure of international trade to estimate a measure of “revealed relatedness” for each pair of internationally traded products, which intends to capture similarities in terms of the endowments or capabilities they use in production. Our method departs from the original one, in that we run statistical tests of equality in probabilities, instead...
On inflation and money demand in a portfolio model with shopping costs
Freitas, Miguel Lebre deIn this paper, we investigate the conditions under which expected inflation might influence the money demand, using a microeconomic model where the transactions of the representative agent are facilitated by its holdings of money. We assume that the agent holds a real asset, along with a range of nominal assets, that may include domestic money, foreign money, domestic bonds and foreign bonds. In this model, the...
The Portuguese real exchange rate, 1995-2010 : competitiveness or price effects?
Freitas, Miguel Lebre de; Castro, Miguel de Faria eWe disentangle the extent to which the real exchange rate appreciation in Por- tugal during 1995-2010 re ected the emergence of wage-productivity misalignments or, instead, changes in the relative price of tradable and non-tradable goods. The available data suggests that the latter e ect dominated at the aggregate level. The evidence is consistent with the view that the external imbalance that character- ized t...
Structural transformation of portuguese exports and the role of foreign-owned f...
Freitas, Miguel Lebre de; Mamede, Ricardo PaesNeste artigo, utilizamos uma medida de “conteúdo de rendimento das exportações de um país” recentemente proposta por Hausmann e outros (2007) para caracterizar a estrutura das exportações portuguesas, a sua evolução recente e o papel das empresas de capital maioritariamente estrangeiro nessa evolução. Os resultados sugerem que, entre 1995 e 2005, o “conteúdo de rendimento” das exportações portuguesas cresceu ac...
Industry similarities, comparative advantage and structural transformation : th...
Freitas, Miguel Lebre de; Salvado, SusanaThis paper provides an empirical assessment of the “sophistication” of the Portuguese pattern of trade in 2005 and its possible implications for the process of structural transformation. Using trade data at the product (NC4) level for 96 countries in 2005, we first compute a measure of sophistication for each product (PRODY), as a weighted average of the per capita incomes of countries that export it. Following...
Sobre a perda de ímpeto no processo de convergência da economia portuguesa: uma...
Freitas, Miguel Lebre deNeste artigo argumenta-se que a perda progressiva de ímpeto observada na trajectória de convergência da Economia Portuguesa é consistente com a interpretação neo-clássica, segundo a qual as economias crescerão tão mais devagar quanto mais próximas estiverem do seu equilíbrio de longo prazo. Com base num exercício simples de contabilidade de níveis, argumenta-se que o impulso de crescimento observado na segunda ...
Sobre a perda de ímpeto no processo de convergência da economia portuguesa: uma...
Freitas, Miguel Lebre deNeste artigo, argumenta-se que a recente perda de ímpeto em matéria de convergência é consistente com a interpretação neo-clássica, segundo a qual os países crescerão tão mais devagar quanto mais próximos estiverem do seu equilíbrio de longo prazo. Com base num exercício simples de “contabilidade de níveis”, argumenta-se que o movimento de convergência iniciado na segunda metade do século passado terá sido esse...
Portugal–EU convergence revisited : evidence for the period 1960–2003
Freitas, Miguel Lebre deThis paper uses the stochastic approach to convergence to investigate whether real per capita GDP in Portugal has been converging to the EU15 average. The estimation accounts for conditional convergence, transitional dynamics and up to two structural breaks. It is found that per capita GDP in Portugal has indeed converged to the EU15 average, but the pace of convergence has not been uniform along time. In parti...
Currency substitution and money demand in Euroland
Freitas, Miguel Lebre deThis paper tests the stability of the demand for money in the euro-area in the context of an open economy. A sample consisting of quarterly data covering the 1982:2–1999:3 period is considered. The main finding is that the U.S. dollar long-term interest rate plays a significant role in the European money demand relationship. This result holds for different combinations of variables forming the vector auto-regre...
Currency substitution, portfolio diversification and money demand
Freitas, Miguel Lebre de; Veiga, Francisco JoséWe extend the Thomas (1985) dynamic optimising model of money demand and currency substitution to the case in which the individual has restricted or no access to foreign currency denominated bonds. In this case Currency Substitution decisions and Asset Substitution decisions are not separable. The results obtained suggest that the significance of an expected exchange rate depreciation term in the demand for dom...