This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset...

This paper discusses structure, impact, costs, and efficiency of renewable energy supply in the eight largest advanced economies (the G-7 plus Spain), with focus on Germany. Renewables production costs are compared to benefits, defined as reductions in net carbon emissions; technological...

The three year Fund-supported program that expired at end-June 2014 succeeded in stabilizing Portugal’s economy and restoring access to sovereign debt markets. Following the deep downturn of 2011–12, the economy has expanded in six of the last seven quarters, albeit at a moderate...

This paper discusses Portugal’s Tenth Review Under the Extended Arrangement. The short-term outlook has improved and program implementation remains on track, notwithstanding another adverse Constitutional Court ruling. Stronger domestic demand is supporting a pick-up in activity and lower...

Explanations of the large current account deficits for the euro area periphery and the Baltics in the run up to the crisis revolve around two main factors: deteriorating export performance or demand driven booms. We add that there were important movements in transfers and net income balances....

Portugal’s economy is in deep recession, and the crisis has opened up a large output gap, with severe consequences for employment and government revenue. While the focus is on the medium- and long-term, this analysis also offers insights on how deep the output gap is. It also highlights...

This paper discusses Portugal’s Eighth and Ninth Reviews Under the Extended Arrangement and Request for Waivers of Applicability of end-September Performance Criteria (PC). Program implementation has remained broadly on track, in spite of a political crisis and significant legal...