Adjusting to external imbalances within the EMU, the case of Portugal

From 1995 to 2010 Portugal has accumulated a negative international asset position of 110 percent of GDP. In a developed and aging economy the number is astonishing and any argument to consider it sustainable must rely on extremely favorable forecasts on growth. Portuguese policy options are reduced in number: no autonomous monetary policy, no currency to devaluate, and limited discretion in changing fiscal deficits and government debt. To start the necessary deleveraging a remaining possible policy is a budget-neutral change of the tax structure that increases private saving and net exports. An increase in the VAT and a decrease in the employer’s social security contribution tax can achieve the desired outcome in the short run if they are complemented with wage moderation. To obtain a substantial improvement in competitiveness and a large decrease in consumption, the changes in the tax rates have to be large. While a precise quantitative assessment is difficult, the initial increase in the effective VAT rate needed to allow the social security tax to decrease by 16 percentage points (pp) is approximately 10 pp. Such a large increase in the effective VAT rate could be obtained by raising most of the reduced VAT rates to the new general VAT rate of 23 percent. The empirical analysis shows that over time the suggested tax swap could generate surpluses and improve the trade balance. A temporary version of the suggested tax-swap has the attractiveness to achieve a sharper increase in the private saving rate maintaining the short run gains in competitiveness. Finally, the temporary version of the fiscal devaluation could be the basis for an automatic stabilizer to external imbalances within a monetary union.Portugal has been running large current account deficits every year since 1995. These deficits have accumulated to an astonishing 110 percent of GDP negative external asset position. The sustainability of such a large external position is questionable and must rely on fantastic productivity growth expectations. The recent global financial crisis appears to have anticipated the international investors reality check on those future expectations with the result of a large increase in the cost of external financing. Today the rebalancing of the current account through an increase in national savings and an improvement in competitiveness must be at the top of the Portuguese authorities “to do” list as the cost of a pull out from international investors is of the order of 10% of GDP. The external rebalancing is difficult as the degrees of freedom of the Portuguese authorities are limited in number: they have no autonomous monetary policy, no currency to devaluate, and little discretion in fiscal policy as deficit limits and debt targets are set by the Stability Growth Pact and the postcrisis consensus on medium-term fiscal consolidation. One possibility that remains is to change the fiscal policy mix for a given budget deficit. The purpose of this paper is to explore the effects of a “fiscal devaluation”1 obtained through a tax swap between employers’ social security contributions and taxes on consumption2. The paper begins by illustrating Portugal’s current account evolution during the euro period. The second section section lays out a model to offer a qualitative assessment of the dynamic outcomes of the the tax swap. I show that the suggested tax swap can in theory achieve the desired outcomes in terms of competitiveness and consumption if complemented with moderation (stickiness) in wages. I also study the effects of a temporary version of the tax swap and show that it achieves a sharper improvement in the current account that accelerate the rebalancing. The third section moves to the empirical analysis and estimates the likely effects of the tax swap for the Portuguese economy. The fourth section concludes.

Corporate social responsibility: How internal and external CSR perceptions influence employee outcomes

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Laser solar de Nd: YAG bombeado por guias de onda

São propostas novas cavidades de bombeamento para lasers solares do estado sólido de Nd: YAG com o objectivo de melhorar a potência laser de saída e eficiência de bombeamento. São implementados quatro sistemas de guias de onda, um dos sistemas é simétrico e bombeado lateralmente, sendo os restantes três sistemas bombeados lateralmente e pela extremidade. A influência da geometria dos guias de onda no desempenho do bombeamento, o perfil do feixe à saída dos guias e a absorção por parte do cristal de Nd:YAG são optimizados minuciosamente, sendo modelados através do software Zemax. A cavidade de ressonância e as características do feixe são modelados em Lascad. Construíram-se e testaram-se três guias de onda de secção, octogonal, cilíndrica e quadrada. A potência laser multimodo para o sistema ótico bombeado por guia de onda cilíndrica de 20mm de diâmetro e concentrador cónico, foi de 21W, representando uma eficiência de colecção de 11.6W/m2, apresentando um erro de colecção para ΔX=1.3mm de 4.4%.

Characterization of an OPCPA laser amplifier based on the nonlinear crystal YCOB

The work described in this thesis was performed at the Laboratory for Intense Lasers (L2I) of Instituto Superior Técnico, University of Lisbon (IST-UL). Its main contribution consists in the feasibility study of the broadband dispersive stages for an optical parametric chirped pulse amplifier based on the nonlinear crystal yttrium calcium oxi-borate (YCOB). In particular, the main goal of this work consisted in the characterization and implementation of the several optical devices involved in pulse expansion and compression of the amplified pulses to durations of the order of a few optical cycles (20 fs). This type of laser systems find application in fields such as medicine, telecommunications and machining, which require high energy, ultrashort (sub-100 fs) pulses. The main challenges consisted in the preliminary study of the performance of the broadband amplifier, which is essential for successfully handling pulses with bandwidths exceeding 100 nm when amplified from the μJ to 20 mJ per pulse. In general, the control, manipulation and characterization of optical phenomena on the scale of a few tens of fs and powers that can reach the PW level are extremely difficult and challenging due to the complexity of the phenomena of radiation-matter interaction and their nonlinearities, observed at this time scale and power level. For this purpose the main dispersive components were characterized in detail, specifically addressing the demonstration of pulse expansion and compression. The tested bandwidths are narrower than the final ones, in order to confirm the parameters of these elements and predict the performance for the broadband pulses. The work performed led to additional tasks such as a detailed characterization of laser oscillator seeding the laser chain and the detection and cancelling of additional sources of dispersion.

Corporate social reponsability strategic corporate social responsability: External and internal outcomes

This study investigates the importance and benefits of having a strategic Corporate Social Responsibility (CSR) program by testing the interrelationships between strategic CSR with three external (reputation, corporate image, and customer loyalty) and four internal (organizational commitment, job satisfaction, performance, and organizational deviance) variables. 269 clients and non-clients along with 190 employees and their direct supervisors completed the survey. Strategic CSR has shown to have a positive impact on all the variables studied with the exception of organizational deviance. Practical implications and suggestions for future research are discussed.

Recuperação renovável de Mg a partir de MgO através da utilização concertada de laser solar e de concentrador solar

Apesar do elevado potencial do metal magnésio como material útil em várias áreas cien-tíficas e tecnológicas, os seus métodos de produção tradicionais têm um impacto fortemente prejudicial no ambiente e um custo elevado. Este facto é um incentivo à procura de novas so-luções, nomeadamente as que recorrem à utilização da radiação solar partindo do óxido de magnésio. Alguns estudos têm já sido feitos nesse sentido, utilizando laser solar ou radiação solar concentrada mas a utilização concertada dos dois não tinha sido feita até ao momento. Neste trabalho, a exequibilidade da utilização concertada destes dois métodos será avaliada e será estudado o comportamento do óxido de magnésio face à radiação que nele incide.

Melhoramento e automatização de um sistema de revestimento com laser

O revestimento com laser permite criar revestimentos localizados pela adição de uma liga similar ou dissimilar. O revestimento visa melhorar as características da superfície metálica, tais como a dureza, a resistência ao desgaste por atrito, à corrosão e à fadiga térmica dos componentes sujeitos a condições adversas de trabalho por prolongados períodos de tempo. Esta dissertação tem como objetivo o melhoramento da configuração, a automatização do sistema de revestimento com laser do Laboratório de Laser do Instituto Superior Técnico (IST) da Universidade de Lisboa, utilizado pelo Centro de Física e Engenharia de Materiais Avançados do Instituto Superior Técnico – CeFEMA e a realização de ensaios de deposições com o fim de validação. Foram estudadas as configurações possíveis para o sistema de posicionamento da amostra, do laser e a configuração para o posicionamento com precisão do bocal de adição de pós ao banho de fusão. Após este estudo foram apresentadas e implementadas as propostas de melhoria do sistema inicial. Para tornar o sistema funcional, foi desenvolvido um controlador para comandar as três guias motorizadas de movimento linear OWIS, o laser IPG YLR e o alimentador de pós PLASMA-TECHNIK. Para simplificar a utilização aos investigadores do CeFEMA foi ainda desenvolvida uma interface gráfica que permite ao utilizador definir os principais parâmetros do processo Para a validação do trabalho desenvolvido foram realizados diversos ensaios de deposição da liga Ti52Ta num substrato de titânio. Através dos ensaios de deposição foi estudada a influência de alguns parâmetros do processo na geometria do revestimento obtido, como a altura, a profundidade, o ângulo do cordão, a diluição entre o material de adição e o substrato, tendo ainda sido estudada a influência dos parâmetros do processo na eficiência de deposição.

Spray coating of oxide and chalcogenide semiconductor layers for TFT application

This work documents the deposition and optimization of semiconductor thin films using chemical spray coating technique (CSC) for application on thin-film transistors (TFTs), with a low-cost, simple method. CSC setup was implemented and explored for industrial application, within Holst Centre, an R&D center in the Netherlands. As zinc oxide had already been studied within the organization, it was used as a standard material in the initial experiments, obtaining typical mobility values of 0.14 cm2/(V.s) for unpatterned TFTs. Then, oxide X layer characteristics were compared for films deposited with CSC at 40°C and spin-coating. The mobility of the spin-coated TFTs was 103 cm2/(V.s) higher, presumably due to the lack of uniformity of spray-coated film at such low temperatures. Lastly, tin sulfide, a relatively unexplored material, was deposited by CSC in order to obtain functional TFTs and explore the device’s potential for working as a phototransistor. Despite the low mobilities of the devices, a sensitive photodetector was made, showing drain current variation of nearly one order of magnitude under yellow light. CSC technique’s simplicity and versatility was confirmed, as three different semiconductors were successfully implemented into functional devices.

Welle tecnologia laser internationalization analysis US market

Welle Laser is a Brazilian company that manufactures marking and engraving machines mainly for large-scale industry segments providing solutions that help increase productivity. Welle laser has 60% market share in Brazil and decided to go internationally in 2015, mainly to increase revenues and diversify business risks. Welle opened an office in Switzerland and celebrated a contract with a Mexican company to distribute their machines in Mexico. The next step for Welle is expanding its operation to USA. In my project I accessed the viability and reasons to enter the US market, the region where Welle should start its operation, and the best entry mode strategy.