Electoral opportunism and fiscal policy before and after the EMU

A Masters Thesis, presented as part of the requirements for the award of a Research Masters Degree in Economics from NOVA – School of Business and Economics

Macroeconomic impacts of politics and policy: Applications to financial and real markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Liquidity, business cycles and monetary policy: A simulation

A Masters Thesis, presented as part of the requirements for the award of a Research Masters Degree in Economics from NOVA – School of Business and Economics

A Atividade Comercial em Ambiente de Empresa de Tradução

O presente relatório debruça-se sobre a relevância que têm para o mercado da tradução alguns dos conceitos de marketing, nomeadamente na sua aplicabilidade às atividades de angariação e fidelização de clientes. São tidas em consideração as iniciativas comerciais exercidas quer por parte das empresas de tradução, quer por parte do tradutor em regime freelance. Este trabalho foi concebido com um objetivo essencialmente expositivo, de modo a fornecer indicações úteis aos profissionais de tradução. Contém também uma breve análise das traduções realizadas durante o estágio, feita de uma perspetiva funcionalista.

Heritages, Identities, and Policy in the Metropolitan Area of Lisbon

In a world that has moved away from narratives based on the idea of progress, the past has established itself as a place of reference: confirming to ourselves that what we were is indispensible for sustaining what we think we are. The recovery of the past is thus one of the most common symbolic instruments used in negotiating identities. The cultural practices that have recourse to representation mechanisms that call on the past in order to consider the present always end up translating themselves, insofar as they fragment, reorganize and interpret it in their transformation, or, to use a formula that has become unavoidable, in their “invention”. Patrimonialization is one such practice. It associates the notion of heritage – which is not a given fact, but rather a socially constructed classification, and therefore one that is constantly being negotiated – with specific objects that come to serve as cultural representations of the groups who consider themselves to be their rightful owners. In the Lisbon Metropolitan Area, as in other ethnographic contexts, patrimonialization encompasses things as diverse as landscapes, monuments, popular architecture, handicrafts, local feast days/processions/pilgrimages and people; all things that can, once transformed into material representations of the past, serve as arguments for the identity fictions of the people who inhabit them.

Proposta de Produção de Unidade Didática para Manual de Português Comercial

Num cenário de crescente mobilidade social, cultural e linguística, urge cada vez mais dotar os aprendentes de línguas estrangeiras de competências linguísticas alargadas e, nomeadamente, de competências comunicativas especializadas. Em parte devido à relevância do Brasil no cenário económico mundial, a Língua Portuguesa tem vindo a ganhar importância enquanto língua de transação económica. Assim, a escolha do Português Comercial como tema de trabalho resulta não só da tomada de consciência de novas realidades, mas igualmente da verificação da quase total inexistência de material didático de suporte ao processo ensino-aprendizagem de Português LE, em contexto formal ou informal, de relações comerciais e de negócios.

Technology transition towards electric mobility - technology assessment as a tool for policy design

Paper presented at the Colloquium Gerpisa 2013, Paris (http://gerpisa.org/node/2085), Session n°: 19 New kinds of mobility: old and new business models

Fiscal policy under financial stress: A threshold VAR approach

The purpose of the project is to measure the impact of fiscal policy on the Portuguese GDP and how it may vary according to the state of the financial market. A Threshold VAR model is presented in which the two regimes are found using a financial stress index that divides the economy into a situation of financial stress and financial stability.

L'Oreal acquisition policy: The Body Shop case study

The Work Project I present focuses on the analysis of L’Oréal acquisition policy, trying to outline if the M&A deals it has led over the last 14 years have succeeded in creating value. By replicating the model proposed by Todd Hazelkorn, Marc Zenner and Anil Shivdasani in their paper “Creating Value with Mergers and Acquisitions”, I analyzed the 29 M&A deals that L’Oréal has led worldwide, understanding the common factors able to explain the success of such transactions. Further, I focused on The Body Shop case study, a highly criticized and controversial acquisition that has proved to be profitable and able to create value.

Product relatedness role on driving industrial policy success

This thesis aims to study how product relatedness to the current pattern of specialization influences the success of industrial policies in underdeveloped sectors. Drawing from Hausmann and Klinger (2006), this work extends the existing literature on the importance of proximity spillovers to explain economic development by focusing on underdeveloped sectors. We find that investment's success in an underdeveloped sector is more likely if it is highly related to the current pattern of specialization. However, heterogeneity amongst sectors is remarkable. Moreover, industrial policy cases are sometimes successful despite the bad odds provided by this criterion, suggesting further factors should be considered.

Macroeconomic effects of monetary policy in the Eurozone

To study the macroeconomic effects of unconventional monetary policy across the different countries of the eurozone, I develop an identification scheme to disentangle conventional from non-conventional policy shocks, using futures contracts on overnight interest rates and the size of the European Central Bank balance sheet. Setting these shocks as endogenous variables in a structural vector autoregressive (SVAR) model, along with the CPI and the employment rate, estimated impulse response functions of policy to macroeconomic variables are studied. I find that unconventional policy shocks generated mixed effects in inflation but had a positive impact on employment, with the exception of Portugal, Spain, Greece and Italy where the employment response is close to zero or negative. The heterogeneity that characterizes the responses shows that the monetary policy measures taken in recent years were not sufficient to stabilize the economies of the eurozone countries under more severe economic conditions.

Relatório de estágio no Centro de Arbitragem Comercial na Câmara de Comércio e Indústria Portuguesa

O presente relatório é o resultado do estágio de seis meses efetuado entre setembro de 2014 e fevereiro de 2015 no Centro de Arbitragem Comercial da Câmara de Comércio e Indústria Portuguesa. O presente texto descreve as diversas atividades desenvolvidas durante o período do estágio, assim como uma análise teórica do instituto de arbitragens paralelas. Foi também efetuada uma atualização de dados recolhidos sobre processos arbitrais do Centro de Arbitragem já terminados, entre os anos 1990 e 2015, e adicionados dados novos, sobre as diferentes pessoas jurídicas que recorrem ao CAC, tanto em arbitragens institucionalizadas como arbitragens ad hoc.

Relatório de estágio no Centro de Arbitragem Comercial da Câmara de Comércio e Indústria Portuguesa

This report is the outcome of an internship that took place in Centro de Arbitragem Comercial da Câmara de Comércio e Indústria Portuguesa and its completion is an essential part of the path towards obtaining the Master’s Degree in Faculdade de Direito da Universidade Nova de Lisboa. This report has been structured in two stages – firstly, the presentation of the Centro de Arbitragem Comercial, focusing on its field of expertise, organic structure, principles and advantages. Then, the description of the activities developed within the Secretariat over the several stages of the arbitration procedure – since the reception of the arbitration requirement in institutional proceedings, terms of reference in ad hoc procedures, through the monitoring of the arbitral tribunal sessions (preliminary hearings, submission of evidence and final allegations) and the notification of the arbitration award. The second stage of this report is related to the description of the functions and powers of the President of Centro de Arbitragem Comercial. Firstly, it defines those powers by analyzing the statutes and rules of proceedings of the Centro de Arbitragem, drawing comparisons between the above mention and the rules of proceedings of others arbitral institutional centres, some of them are international references. The report assesses and describes the presidential powers, such as: configuration and composition of the arbitral tribunal (including arbitrator’s replacements, excuses and refusals); deadline extensions; determination of procedural rules and decision-making on any procedural incidents which arise before the constitution of the arbitral tribunal; definition of arbitration costs and fees; joinder of parties and consolidation of proceedings admission; and appointment of an emergency arbitrator. Lastly, this report analyzes some decisions delivered by the President in the respective institutional procedures which took place in the Centre.

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.