In this paper we develop a multiple equilibria one-sector R&D-based growth model, in which the key aspects are the assumption of complementarities between capital goods in the production function and the assumption of costly investment in capital. This second assumption is new to the R&D-based...

We propose a theoretical growth model with which to frame analytically the Quadruple Helix Innovation Theory (QHIT). The aim is to emphasise the investment in innovation transmission mechanisms in terms of economic growth and productivity gains, in one-high-technology sector, by stressing the...

We examine the behaviour of the skill premium in a two-country general equilibrium growth model assuming (i) technological-knowledge diffusion; (ii) internal costly investment in both physical capital and R&D; and (iii) complementarities between intermediate goods in production. We find that...

In most instances of collective decision-making, it cannot be expected that all persons who are entitled to vote will end up doing so. This has led institutional designers, out of concerns with the “legitimacy” of decisions, to introduce quorum requirements. A prominent example of this can...

We study the effects of a hospital merger using a spatial competition framework with semialtruistic hospitals that invest in quality and expend cost-containment effort facing regulated prices. We find that the merging hospitals always reduce quality, whereas non-merging hospitals respond by...

Using a panel of 62 countries for 1973-2005, we assess the impact of financial reforms on income inequality. We find that removal of policies towards directed credit and excessively high reserve requirements, and improvements in the securities market reduce inequality.

We examine how changes in the information environment can affect real investment decisions. Using the events surrounding mandatory adoption of IFRS as exogenous shocks in information asymmetry, we find a significant increase in firms’ investment-to-price sensitivity following IFRS adoption...

O propósito deste artigo é compreender se a existência de um ambiente político-legal favorável pode influenciar o lançamento de novas iniciativas de empreendedorismo social em Portugal. A investigação adota uma metodologia quantitativa. Os dados primários foram recolhidos através de um...

O desafio colocado pelos organizadores não podia deixar de ser respondido afirmativamente, tanto por causa do autor da apresentação como pela relevância social e a oportunidade do tema. Com Orlando Caliço apreendi, na fase inicial da minha carreira, a utilidade de pôr as mãos na...

Using an extensive dataset covering all Portuguese local governments (308), this paper analyzes the determinants of municipal deficits and debt. The results clearly indicate the existence of a political budget cycle, but there is no evidence that fiscal policy is used strategically to condition...