Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

Stabilization constraints from different-average public debt levels in a Monetary Union with country-size asymmetry

In the sequence of the recent financial and economic crisis, the recent public debt accumulation is expected to hamper considerably business cycle stabilization, by enlarging the budgetary consequences of the shocks. This paper analyses how the average level of public debt in a monetary union shapes optimal discretionary fiscal and monetary stabilization policies and affects stabilization welfare. We use a two-country micro-founded New-Keynesian model, where a benevolent central bank and the fiscal authorities play discretionary policy games under different union-average debt-constrained scenarios. We find that high debt levels shift monetary policy assignment from inflation to debt stabilization, making cooperation welfare superior to noncooperation. Moreover, when average debt is too high, welfare moves directly (inversely) with debt-to-output ratios for the union and the large country (small country) under cooperation. However, under non-cooperation, higher average debt levels benefit only the large country.

Futebol: o caminho de África até à Europa

Similarly to its past, Africa plays a similar role in the football world as it did during History, if we look at the creation of some of the most powerful empires in the world (the Portuguese, French or English, for example) – as an almost unlimited workforce ‘supplier’. Africa is still searching for its own place in the football world map. With a recent history filled with social conflicts, civil wars and racial discrimination, it was possibly in this continent that the sport was first seen as a means towards social evolution and as ‘peacemaker’. Although these problems also exist in African stadiums, supporters all over the continent go to matches to celebrate and socialize; in a reality constantly shrouded in conflicts and oppression, football is like a ‘light at the end of the tunnel’ to those who believe in a continent sustained by healthy political relations between countries, democratic values and a socially fair ‘use’ of a country’s potential – and always for the profit of its own people. But while see the attempt to use football with that objective, others see it as their ticket out of their country, to avoid getting involved in military conflicts and seek better life conditions for themselves and their families (both those who accompany them and those who remain in Africa). Others, still, try to make the most of others’ will to leave a less favourable social reality; Portugal, for its past as a colonizing country, also saw in the African players a way to develop the football phenomenon in its European territory. This article attempts to analyze the influence of Portuguese colonialism in the emigration of African players to Europe, since Portugal presents itself as one of the biggest ‘importers’ of these players.

Shane Meadows’ country: analysis of the film this is England (2006)

This Is England is social realist film portraying racism and poverty in 1980s Britain through the eyes of Shaun, a 12 year old boy, who has lost his father in the Falklands war and as to come to terms with his own identity, the difficult transition from childhood to adolescence and the need to fit in a determined group/tribe/gang. The following article aims at analysing relevant aspects depicted from the film emphasizing the so much debated reality of life during 80s. In This is England Shane Meadows manages to rediscover his own self geography, by revisiting his adolescent years. It is a biographical film about the importance of peer pressure and the results of an excess of nationalism, at the same time it typifies some issues related to the 80s youth culture.

Multidimensional scaling analysis of the dynamics of a country economy

This paper analyzes the Portuguese short-run business cycles over the last 150 years and presents the multidimensional scaling (MDS) for visualizing the results. The analytical and numerical assessment of this long-run perspective reveals periods with close connections between the macroeconomic variables related to government accounts equilibrium, balance of payments equilibrium, and economic growth. The MDS method is adopted for a quantitative statistical analysis. In this way, similarity clusters of several historical periods emerge in the MDS maps, namely, in identifying similarities and dissimilarities that identify periods of prosperity and crises, growth, and stagnation. Such features are major aspects of collective national achievement, to which can be associated the impact of international problems such as the World Wars, the Great Depression, or the current global financial crisis, as well as national events in the context of broad political blueprints for the Portuguese society in the rising globalization process.

Wuthering heights on the screen: exploring the relations between film adaptation and subtitling

This essay aims to confront the literary text Wuthering Heights by Emily Brontë with five of its screen adaptations and Portuguese subtitles. Owing to the scope of the study, it will necessarily afford merely a bird‘s eye view of the issues and serve as a starting point for further research. Accordingly, the following questions are used as guidelines: What transformations occur in the process of adapting the original text to the screen? Do subtitles update the film dialogues to the target audience‘s cultural and linguistic context? Are subtitles influenced more by oral speech than by written literary discourse? Shouldn‘t subtitles in fact reflect the poetic function prevalent in screen adaptations of literary texts? Rather than attempt to answer these questions, we focus on the objects as phenomena. Our interdisciplinary undertaking clearly involves a semio-pragmatic stance, at this stage trying to avoid theoretical backdrops that may affect our apprehension of the objects as to their qualities, singularities, and conventional traits, based on Lucia Santaella‘s interpretation of Charles S. Peirce‘s phaneroscopy. From an empirical standpoint, we gather features and describe peculiarities, under the presumption that there are substrata in subtitling that point or should point to the literary source text, albeit through the mediation of a film script and a particular cinematic style. Therefore, we consider how the subtitling process may be influenced by the literary intertext, the idiosyncrasies of a particular film adaptation, as well as the socio-cultural context of the subtitler and target audience. First, we isolate one of the novel‘s most poignant scenes – ‗I am Heathcliff‘ – taking into account its symbolic play and significance in relation to character and plot construction. Secondly, we study American, English, French, and Mexican adaptations of the excerpt into film in terms of intersemiotic transformations. Then we analyze differences between the film dialogues and their Portuguese subtitles.

A tradução de texto filosófico

A tradução tem sido tendenciosamente categorizada em dois grupos: a tradução de texto técnico e a tradução de texto literário. Contudo um determinado tipo de texto vem questionar essa separação sistemática: o texto filosófico. Apresentando tanto características de texto literário, devido ao seu estilo discursivo, como características de texto técnico, com uma forte presença de vocabulário técnico e específico, o texto filosófico apresenta-se como um híbrido entre texto literário e texto técnico. O que torna, portanto, este texto diferente das tipologias de tradução geralmente identificadas? Quais serão as implicações da tradução de um texto desse cariz? Quais serão os processos e metodologias subjacentes a essa tradução? A tradução para francês da obra Filosofia do Ritmo Portuguesa de Rodrigo Sobral Cunha, realizada no âmbito de um estágio na Editora e Livraria Portuguesa e Galega Orfeu, teve como principal objectivo responder a todas essas perguntas. Com base numa breve incursão teórica relativa ao texto filosófico, às suas características, à forma como diverge da separação clássica de texto técnico ou literário, sendo uma junção de ambos, e às implicações que essas características têm no processo de tradução, a tradução da obra de Rodrigo Sobral Cunha, em si, permitiu destacar uns processos e metodologias de tradução e de resolução de problemas ligados à mesma, adaptados à especificidade deste tipo de texto.