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Bastos, Paulo; Silva, Joana; Verhoogen, Eric A - C.E.P.R. Discussion Papers - 2014

detailed customs and firm-product-level data from Portugal. We use exchange-rate movements as a source of variation in export …

Persistent link: https://www.econbiz.de/10011083348

Portugal and Europe: The Longest Transition

Braga de Macedo, Jorge - C.E.P.R. Discussion Papers - 1987

two "integration episodes", the development of an economic union between Portugal and its African colonies and the … establishment of democratic socialism since then. The paper contrasts the recent economic experience of Portugal with its neighbour … Spain. The view that EC membership is desirable because it ensures Portugal against dictatorship is also examined and …

Persistent link: https://www.econbiz.de/10005792495

Moving the Escudo into the Euro

Braga de Macedo, Jorge; Catela Nunes, Luís; Covas, … - C.E.P.R. Discussion Papers - 1999

When the 1987 general elections brought a durable government to Portugal, the national environment was still …

Persistent link: https://www.econbiz.de/10005123635

External Liberalization with Ambiguous Public Response: The Experience of Portugal

Braga de Macedo, Jorge - C.E.P.R. Discussion Papers - 1990

This paper reviews the traditional ambiguity of Portuguese policy towards external liberalization. Product and labour markets have become segmented as a result of the soft budget constraint faced by large corporations and job protection in the public sector. Relaxation of entry requirements into...

Persistent link: https://www.econbiz.de/10005281308

Portuguese Industry and the Effect of EC Membership

Corado, Cristina - C.E.P.R. Discussion Papers - 1990

, economies of scale, and have been heavily protected from international competition in Portugal and Spain. The `costs of non …

Persistent link: https://www.econbiz.de/10005281309

Competition Policy in Portugal

Barros, Pedro Luis Pita; Mata, José - C.E.P.R. Discussion Papers - 1996

economic agents, competition policies are usually included in the legal framework that regulates economic activities. Portugal …

Persistent link: https://www.econbiz.de/10005114491

Optimal Bank Capital

Marcheggiano, Gilberto; Miles, David K; Yang, Jing - C.E.P.R. Discussion Papers - 2011

This paper reports estimates of the long-run costs and benefits of banks funding more of their assets with loss-absorbing capital, or equity. Measuring those costs requires careful consideration of a wide range of issues about how shifts in funding affect required rates of return and on how...

Persistent link: https://www.econbiz.de/10008915802

Have Rating Agencies Become More Conservative? Implications for Capital Structure and Debt Pricing

Baghai, Ramin; Servaes, Henri; Tamayo, Ane - C.E.P.R. Discussion Papers - 2011

We document that rating agencies have become more conservative in assigning ratings to corporate bonds over the period 1985 to 2009. Holding firm characteristics constant, average ratings have dropped by 3 notches (e.g., from A+ to BBB+) over time. This increased stringency has affected both...

Persistent link: https://www.econbiz.de/10009147400

Bank Capital, Liquid Reserves, and Insolvency Risk

Hugonnier, Julien; Morellec, Erwan - C.E.P.R. Discussion Papers - 2015

We develop a dynamic model to assess the effects of liquidity and leverage requirements on banks' insolvency risk. The model features endogenous capital structure, liquid asset holdings, payout, and default decisions. In the model, banks face taxation, flotation costs of securities, and default...

Persistent link: https://www.econbiz.de/10011165669

Preserving "Debt Capacity" or "Equity Capacity": A Dynamic Theory of Security Design under Asymmetric Information

Inderst, Roman; Vladimirov, Vladimir - C.E.P.R. Discussion Papers - 2014

In a dynamic model of optimal security design, we show when firms should preserve "equity capacity" through choosing high target leverage or "debt capacity" through choosing low target leverage. Thereby, firms reduce a problem of underinvestment or overinvestment when they must raise future...

Persistent link: https://www.econbiz.de/10011084368