How bank business models relate with risk?: The case of Portugal in times of financial crisis

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

How to attract central and Northeneuropeans to a rural tourism establishment in the center of Portugal

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

A conquista de Arzila pelos Portugueses : 1471

Em 1471 D. Afonso V (1432-1481), rei de Portugal, decidiu voltar ao Norte de África para dar continuidade à política de expansão africana da Coroa. O alvo escolhido foi Arzila e, em Agosto de 1471, a vila foi conquistada por uma hoste portuguesa que contou com 23.000 homens de combate. Pouco estudada pela historiografia, a conquista de Arzila é meritória de um lugar de destaque fruto da sua singularidade. Foi uma campanha meticulosamente planeada que incluiu a compra de toneladas de mantimentos e armas e o recrutamento da maior hoste até então levantada em Portugal. As consequências da queda de Arzila perduraram no tempo: Tânger foi abandonada dias depois e o tratado de tréguas assinado com o sultanato de Fez consolidou presença portuguesa na região, tendo esta permanecido imperturbável até ao início do século XVI, e permitiu a D. Afonso V abandonar de vez os campos de batalha norte-africanos e dar azo às suas ambições castelhanas. O presente estudo insere-se numa lacuna historiográfica face à pouca atenção que a conquista de Arzila granjeou, até ao momento, por parte dos historiadores portugueses. Assim sendo, é estudada não apenas a conquista de Arzila, enquanto acontecimento limitado ao mês de Agosto de 1471, mas também todos os preparativos que foram levados a cabo para permitirem o sucesso da campanha, bem como as consequências da queda de Arzila, mais prolongadas no tempo. Esse estudo é escorado não só nos relatos cronísticos mas também noutras fontes de tipo narrativo e na documentação de chancelaria. É através do cruzamento das várias fontes que é possível detectar e corrigir determinadas lacunas dos cronistas e dos historiadores que os seguiram.

A "Portrait" of Book XII of the Æneid: the Mosaic of the «House of the Medusa» (Alter do Chão, Portugal)

This paper addresses the study of a mosaic discovered in 2007 at the archaeological site of Alter do Chão, Portugal, whose central panel represents the penultimate scene narrated in the last Book of the Æneid – a Roman epic composed by the poet Publius Vergilius Maro (70 BC – AD 19), at the request of Gaius Julius Cæsar Octavianus Augustus (63 BC – AD 14): it shows the very moment when Turnus, the Latin king of the Rutuli, kneels before Æneas, considered the precursor to the foundation of Rome (Virgil, Æneid, XII, 926-950).

Políticas da memória da I Guerra Mundial em Portugal 1918-1933. Entre a experiência e o mito

Dissertação apresentada para cumprimento dos requisitos necessários à obtenção do grau de Doutor em História

Res Publica: Citizenship and Political Representation in Portugal, 1820-1926

The term res publica (literally “thing of the people”) was coined by the Romans to translate the Greek word politeia, which, as we know, referred to a political community organised in accordance with certain principles, amongst which the notion of the “good life” (as against exclusively private interests) was paramount. This ideal also came to be known as political virtue. To achieve it, it was necessary to combine the best of each “constitutional” type and avoid their worst aspects (tyranny, oligarchy and ochlocracy). Hence, the term acquired from the Greeks a sense of being a “mixed” and “balanced” system. Anyone that was entitled to citizenship could participate in the governance of the “public thing”. This implied the institutionalization of open debate and confrontation between interested parties as a way of achieving the consensus necessary to ensure that man the political animal, who fought with words and reason, prevailed over his “natural” counterpart. These premises lie at the heart of the project which is now being presented under the title of Res Publica: Citizenship and Political Representation in Portugal, 1820-1926. The fact that it is integrated into the centenary commemorations of the establishment of the Republic in Portugal is significant, as it was the idea of revolution – with its promise of rupture and change – that inspired it. However, it has also sought to explore events that could be considered the precursor of democratization in the history of Portugal, namely the vintista, setembrista and patuleia revolutions. It is true that the republican regime was opposed to the monarchic. However, although the thesis that monarchy would inevitably lead to tyranny had held sway for centuries, it had also been long believed that the monarchic system could be as “politically virtuous” as a republic (in the strict sense of the word) provided that power was not concentrated in the hands of a single individual. Moreover, various historical experiments had shown that republics could also degenerate into Caesarism and different kinds of despotism. Thus, when absolutism began to be overturned in continental Europe in the name of the natural rights of man and the new social pact theories, initiating the difficult process of (written) constitutionalization, the monarchic principle began to be qualified as a “monarchy hedged by republican institutions”, a situation in which not even the king was exempt from isonomy. This context justifies the time frame chosen here, as it captures the various changes and continuities that run through it. Having rejected the imperative mandate and the reinstatement of the model of corporative representation (which did not mean that, in new contexts, this might not be revived, or that the second chamber established by the Constitutional Charter of 1826 might not be given another lease of life), a new power base was convened: national sovereignty, a precept that would be shared by the monarchic constitutions of 1822 and 1838, and by the republican one of 1911. This followed the French example (manifested in the monarchic constitution of 1791 and in the Spanish constitution of 1812), as not even republicans entertained a tradition of republicanism based upon popular sovereignty. This enables us to better understand the rejection of direct democracy and universal suffrage, and also the long incapacitation (concerning voting and standing for office) of the vast body of “passive” citizens, justified by “enlightened”, property- and gender-based criteria. Although the republicans had promised in the propaganda phase to alter this situation, they ultimately failed to do so. Indeed, throughout the whole period under analysis, the realisation of the potential of national sovereignty was mediated above all by the individual citizen through his choice of representatives. However, this representation was indirect and took place at national level, in the hope that action would be motivated not by particular local interests but by the common good, as dictated by reason. This was considered the only way for the law to be virtuous, a requirement that was also manifested in the separation and balance of powers. As sovereignty was postulated as single and indivisible, so would be the nation that gave it soul and the State that embodied it. Although these characteristics were common to foreign paradigms of reference, in Portugal, the constitutionalization process also sought to nationalise the idea of Empire. Indeed, this had been the overriding purpose of the 1822 Constitution, and it persisted, even after the loss of Brazil, until decolonization. Then, the dream of a single nation stretching from the Minho to Timor finally came to an end.

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.