Fiscal adjustments and sovereign default in different government systems

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

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

Double Degree. 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 and a Masters Degree in Finance from Louvain School of Management

Fiscal adjustments and sovereign default in different government systems

This paper extends the model of Spolaore (2004) about adjustments in di erent government systems for the context of scal adjustments and sovereign default. We introduce asymmetry between groups in income and preferences towards scal reforms. Default a ects di erently each group and becomes a possibility if reforms are not enacted after public nance solvency shocks, in uencing the political game according to its likelihood. With the extensions, new situations which were not possible with the previous framework arise. After the exposition of the model, the Argentine default in 2001 provides an example of the political con icts addressed by the model.

Wage adjustments under extreme downward nominal wage rigidity

Using a rich and highly accurate dataset for Portugal spanning from 1986 to 2013, this paper analyzes the determinants of downward nominal wage rigidity, mainly focusing on macroeconomic factors. The data supports the hypothesis that recessionary periods alongside with low in ation contribute to a higher degree of wage rigidity, as measured by the incidence of nominal wage freezes. It is further highlighted how this lack of wage adjustments con- tributed to an increase in labor costs which culminated in a wage markup of 6-7%. This paper, thus seems to corroborate the argument that low in ation did exacerbated the downward in exibility of (real) wages after the Great Recession.

Protecção radiológica do doente em tomografia computorizada

RESUMO - A preocupação com os conhecimentos, atitudes, crenças e práticas, no que concerne à utilização de radiações ionizantes para fins de diagnóstico, e a sensibilização de todos os agentes envolvidos, médicos, técnicos, físicos, utentes e responsáveis pela Saúde Publica, relativamente aos níveis de radiação emitida nos exames de Tomografia Computorizada (TC), assume particular importância no domínio da Saúde Pública, na medida em que é necessário influenciar o desenvolvimento de práticas que promovam, auditem e garantam a prestação do controlo da qualidade radiológica e dosimétrica nos serviços de Radiologia a nível Nacional. Para tal, e no âmbito da publicação de estudos já realizados ao nível da União Europeia, ―Orientações Europeias dos Critérios de Qualidade para a Tomografia Computorizada (1999) ‖, é proposto estabelecer orientações na realização de estudos que permitam, numa primeira fase, estabelecer a comparação com os resultados obtidos pelos mecanismos de Controlo da Qualidade (CQ), analisar e proceder aos ajustes (se necessário) e, numa segunda fase, implementar uma moldura sistemática de avaliação periódica dos níveis de dose de radiação por exame TC e que permita a monitorização dos dados. Nesse sentido, propõe-se a realização de um Estudo Nacional que envolva a rede hospitalar pública, privada e universitária, partindo da metodologia utilizada em estudos prévios noutros países da Europa, como seja, selecção do equipamento de TC existente na Instituição Hospitalar, onde serão reunidas informações através do preenchimento de questionários relativos ao equipamento a utilizar. Serão recolhidos dados relativos ao utente, ao equipamento e parâmetros de aquisição de imagem, que permitam identificar os níveis de referência de diagnóstico (NRD) em TC, na realidade Portuguesa. Foi efectuado um estudo piloto numa instituição EPE e os valores obtidos não são significativos, nem podem assumir valor preditivo dado o reduzido tamanho da amostra. Apesar disso, sugerem a existência de parâmetros que podem ser alterados e com isso podem fazer variar a dose de radiação utilizada. ENSP/UNL Maria de Fátima Vaz de Carvalho 5 Espera-se obter com este estudo, como foi referido, a base do estabelecimento dos NRD em TC em Portugal. ----------------- ABSTRACT - The purpose of this study, in an empirical point of view, emerges from concern with the knowledge, attitudes, beliefs and practices regarding the use of ionizing radiation for diagnostic purposes and awareness of all actors involved, medical physical, technical, and responsible public health for the development of practices that promote, audited and ensure the provision of radiological quality control and dosing in radiology service at national level. In view of the complexity and characteristics involved in relation to ionizing radiation, all assume their part in protecting the physical integrity of each user and a global perspective, to ensure the safeguarding of public health, while global and globalizing factor. To this end, and in the context of the publication of studies already carried out at European Union level, "European guidelines for quality criteria for computed tomography", it is proposed to establish guidelines in conducting studies to initially establish the comparison with the results obtained by QC and make adjustments if necessary, and subsequently implement a systematic periodic assessment frame that allows monitoring of data. Accordingly, it is proposed to conduct a national study involving the public network, private and University hospitals, that extends from the methodology used in previous studies in other countries of Europe, as is, selection of equipment of existing CT in Hospital Institution, where information will be gathered by filling out questionnaires concerning the equipment to be used. Data will be collected for the wearer, equipment and parameters of image acquisition, identifying diagnostic reference levels (NRD) in CT in Portuguese fact. A pilot study was carried out in an institution EPE and the values obtained are not significant, nor can they take predictive value given the small sample size. Despite this, suggest the existence of parameters that can be changed and this can vary the dose of radiation used It is hoped to get with this study, as mentioned, the basis of the establishment of NRD in CT in Portugal.

Evolution in public procurement and the impact of e-procurement platforms: A case study

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

Portuguese average cost of capital

The oldest Portuguese share index still being calculated is the BVL/PSI-General, one which started the daily series on 5/Jan/1988 with a base value of 1000 points. Everyday a single value is computed based on the closing prices of all the shares included in the sample. Also, all corporate events affecting the price of any share beyond market sentiment are taken into account through proper adjustments, either in the numerator or the denominator of the formula. However, for dates before January 1988, there is nothing comparable to this index since the two different series known either never disclosed the methodology adopted to calculate the index or followed solutions not compatible with the above index. The present paper explains the solutions adopted to replicate as closely as possible the methodology of the BVL-General index to the main market of the Lisbon Exchange for the period 1978 – 1987. This is the first estimate of the historical Equity Risk Premium in Portugal above short-term risk-free rate from the re-opening of the market following the Carnation Revolution (and the accompanying nationalizations), to the present. In showing a value of the same order of magnitude found in other countries, the paper invites further studies on the effects of political decisions such as privatizations and joining the European Union.

Learnings from real cases route-to-market redesign within the Portuguese lubricants sector

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

Majoritarian delays

This paper illustrates how delayed debt stabilizations can arise in a society without any emerging conflict of interests among its members. We argue that, under a majority voting rule, the economy may generate excessive levels of government spending and larger debts over time, and that this delay is increasing in income inequality. The intuition for this result is simple: a majority of citizens may find in delaying stabilizations a way to increase government expenditures, transferring in this way resources from the richest to the poorest citizens in the economy. This process may explain the upward trend and the difficulty to reduce public expenditures, the so called "ratchet effect."

Predisposition assessment modelling

Dissertation submitted for obtaining the degree of Master in Environmental Engineering

Caracterização dos beneficiários do Programa De volta para casa de Belo Horizonte/MG/Brasil quanto à autonomia e comportamento social

RESUMO: INTRODUÇÃO E OBJETIVOS: Trata-se de estudo transversal descritivo, em etapa única, cujo objetivo foi traçar o perfil dos beneficiários do Programa De volta para casa (PVC), munícipes de Belo Horizonte / Minas Gerais / Brasil, quanto ás habilidades de vida independente (autonomia) e comportamento social. MÉTODO: O universo inicial de beneficiários era de 210, em julho de 2013, data de aprovação do protocolo. Por questões operacionais, o público-alvo considerado e estudado foi de 121 beneficiários. Foram utilizados como instrumentos as escalas Independent Living Skills Survey (ILSS) e Social Behavior Scale (SBS). Foi feita a análise estatística dos dados e os resultados foram analisados à luz do paradigma emergente de produção social da saúde. RESULTADOS: Considerando o total válido estudado de 121 beneficiários, os resultados revelaram que 82,4% apresentam diagnóstico de esquizofrenia e 62% eram do sexo masculino. Apresentaram média de idade de 57,9 anos e tempo médio de internação psiquiátrica antes de inserção no programa de 30,9 anos. Quanto à autonomia, os resultados da ILSS revelaram uma média global de 1,6 sendo que os melhores índices foram alcançados nos subitens Cuidados pessoais (2,69), Alimentação (2,53), Saúde (2,07) e os piores índices foram encontrados nos subitens Emprego (0,47), Lazer (0,86) e Preparo e armazenamento de alimentos (0,98). Quanto aos problemas no comportamento social, os resultados da SBS revelaram uma média global de 0,69 sendo que as áreas de maiores dificuldade foram: Rir ou falar sozinho (40,5%), Incoerência da fala (29%), Auto-cuidado precário e Pouca atividade (ambas com 25,6% cada). As áreas de menores dificuldades, ainda quanto à SBS, foram: Idéias suicidas 92,4%), Comportamento sexual inapropriado (7,4%) e Depressão (9,9%). CONCLUSÃO: Concluiu-se que o perfil dos beneficiários do PVC, quanto à autonomia e aos problemas de comportamento social, aponta para médias relativamente baixas. O desafio para o enfrentamento desta questão deverá considerar estratégias múltiplas de ação à luz do paradigma emergente de saúde e da reabilitação psicossocial que priorize o empoderamento e protagonismo do beneficiário. É necessário o desenvolvimento de outros estudos que ampliem o evidenciamento desta clientela no que tange às suas reais necessidades e potencialidades para que se possa efetivar o ajuste necessário para a legitimação do programa enquanto ação efetivo-eficaz de promoção de saúde.-------------ABSTRACT: descriptive cross-sectional study in a single stage was conducted to investigate independent living skills and social behavior profile of beneficiaries of Programa De Volta para casa (PVC) who live in Belo Horizonte/Minas Gerais/Brazil. METHODS: The target population included a total of 210 individuals in july 2013, when the study was approved by the ethics committees. Because of operational reasons only 121 individuals were evaluated. Data were collected using the Independent Living Skills Survey (ILSS) and the Social Behavior Scale (SBS). Statistical results were analyzed considering as a reference framework both the emerging paradigm of social health production. RESULTS: Considering a sample of 121 individuals, results revealed that 82.4% were diagnosed with schizophrenia, and 62% were male. The mean age was 57.9 years and the mean stay in the psychiatric hospital prior to PVC was 30.9 years. Independent living skills measured by ILSS revealed a global mean of 1.6, and the best scores were in the following subscales: personal care (2.69), feeding (2.53) and health (2.07). On the other hand, the worst scores were in the following subscales: employment (0.47), leisure (0.86) and food preparation (0.98). Impairment of social functioning measured by SBS revealed a global mean of 0.69, and the best scores were in the following subscales: laughing and talking by itself (40.5%), conversation: incoherence (29%), appearance and personal hygiene (25.6%), and idleness (25.6%). The worst scores were in the following subscales: suicidal ideations (92.4%), improper sexual behavior (7.4%), and depression (9.9%). CONCLUSION: It was concluded that the profile of PVC beneficiaries, regarding their autonomy and their problems of social behavior, points to a relatively low average. The challenge of facing this issue should consider multiple strategies of intervention that prioritizes the empowerment and leadership of the beneficiaries, based on the emerging paradigm of health and psychosocial rehabilitation as a reference framework. The development of other studies that expand the evidencing of this target population with respect to their real needs and capabilities in order to carry out the necessary adjustments for the legitimacy of the program as effective health promotion action is required.

Health systems efficiency after the crisis in the OECD

This work evaluates the efficiency position of the health system of each OECD country. It identifies whether, or not, health systems changed in terms of quality and performance after the financial crisis. The health systems performance was calculated by fixed-effects estimator and by stochastic frontier analysis. The results suggest that many of those countries that the crisis affected the most are more efficient than the OECD average. In addition, some of those countries even managed to reach the top decile in the efficiency ranking. Finally, we analyze the stochastic frontier efficiency scores together with other health indicators to evaluate the health systems’ overall adjustments derived from the crisis.

A publicidade na advocacia

The aim of this dissertation is the analysis of the rules on advertising in advocacy. Presently this is a controversial issue that is far from being consensual. As we will demonstrate through the text, the arguments presented are, one the one hand, a safeguard of the deontological values of the profession that govern this professional class and, on the other hand, the interests of the legal service providers, in the current context. Opinions differ substantially among professionals who exercise the profession in individual practice, that defend balanced and fair rules to assert the true brightness of the professional lawyer, and those who work in an organized structure, such as the law firms, who defend more flexible rules in advertising and promoting the offices. Currently the rules of advertising for lawyers are provided by article 89º of the Statue of the Portuguese Bar Association. However, these rules will soon suffer adjustments that will take into consideration the Law no. 2/2013 of january 10, which will extend the scope of advertising for public associations, in order to increase the competition among these, at national or European level. Following this logic, arguments such as unequal access to available means of advertising for financial reasons or that the better publicized service is not always the most advantageous to the costumer will be analyzed and criticized.

Rating corporate groups a modelling experience

This paper aims to provide a model that allows BPI to measure the credit risk, through its rating scale, of the subsidiaries included in the corporate groups who are their clients. This model should be simple enough to be applied in practice, accurate, and must give consistent results in comparison to what have been the ratings given by the bank. The model proposed includes operational, strategic, and financial factors and ends up giving one of three results: no support, partial support, or full support from the holding to the subsidiary, and each of them translates in adjustments in each subsidiary’s credit rating. As it would be expectable, most of the subsidiaries should have the same credit rating of its parent company.

Funcionalidade e qualidade de vida : um estudo no processo de envelhecimento em portadores e não portadores da diabetes tipo 2

RESUMO: Introdução: A diabetes é uma patologia crônica que vêm crescendo exponencialmente em países desenvolvidos e, principalmente, naqueles em desenvolvimento, como é o caso do Brasil. Além de gerar importante custo aos sistemas públicos de saúde, sabe-se que as consequências do mau controle da diabetes tem impacto importante na vida de indivíduos que apresentam a doença, como a perda precoce da funcionalidade e a reduzida qualidade de vida. Nesse sentido, o governo federal brasileiro estabelece em 2002 o Programa Hiperdia, que prevê educação terapêutica e a assistência multiprofissional como estratégias na prevenção e controle das consequências geradas pelo mau controle da diabetes. Objetivo: O estudo aqui proposto tem como objetivo avaliar de que modo a presença e o tempo de diagnóstico da diabetes do tipo 2 (DM2) estão associados à funcionalidade e qualidade de vida de indivíduos assistidos pelo Programa Hiperdia. Metodologia: Foram avaliados indivíduos com idade igual ou superior a 40 anos, residentes na cidade de Viçosa-Minas Gerais/Brasil, distribuídos em diferentes grupos conforme as perspectivas de análise 1 (estudo da presença da DM2) e 2 (estudo do tempo de diagnóstico da patologia). Para a perspectiva 1 dois diferentes grupos foram comparados: controle (CTL), indivíduos sem DM2 ou qualquer patologia em órgãos alvo da doença; e DM2, indivíduos diagnosticados com diabetes do tipo 2. Já para a perspectiva 2 de análise pessoas diagnosticadas com DM2 foram distribuídas em dois diferentes grupos: G1, indivíduos com tempo de diagnóstico da DM2 ≥ 1 ano e ≤ 5 anos; e G2, indivíduos com tempo de diagnóstico da DM2 ≥ 10 anos. Previamente, avaliamos o estado cognitivo dos participantes por meio do Mini Mental State Exam. Dados sociodemográficos e clínicos (rastreio de sintomas depressivos, sonolência diurna excessiva e antropometria) também foram avaliados, além da verificação do perfil bioquímico por meio de informações provenientes de prontuários médicos. Para o estudo da funcionalidade, os instrumentos Activities of Daily Living, Instrumental Activities of Daily Living e o Life Style Questionnaire foram utilizados, assim como o SF-36v2 para a avaliação da qualidade de vida. Por fim, outras variáveis como conhecimento sobre a DM2 e gestão da patologia também foram investigadas. 10 Resultados: 198 indivíduos (CTL: 81; DM2: 117) com idade ≥ 40 anos foram avaliados, dos quais 55,5% apresentaram idade igual ou superior a 60 anos. A maioria corresponderam ao sexo feminino (62,6%). Foram verificados similares resultados para o estado cognitivo em ambas as perspectivas de análise. Pode-se dizer que, para a perspectiva 1 (CTL vs. DM2), os grupos apresentaram diferenças estatísticas significantes para a maioria das variáveis estudadas e tendência para a variável estilo de vida, com resultados desfavorecedores ao grupo DM2. Para a perspectiva 2 (G1 vs. G2), nossos resultados não evidenciam diferenças significantes para o tempo de diagnóstico em nenhuma das variáveis estudadas. Conclusões: Os resultados do estudo mostram que a presença da DM2 em situação de inadequado controle, bem como o insuficiente conhecimento sobre a patologia entre os indivíduos assistidos pelo Centro Hiperdia podem representar um importante fator para a verificação da reduzida funcionalidade e qualidade de vida. Isto sugere a necessidade de ajustes na execução do Programa, de modo a tornar possível o alcance dos objetivos propostos pelo mesmo. Referente ao tempo de diagnóstico da DM2, em nossa amostra, os resultados indicam que este parece não representar um fator desfavorecedor da funcionalidade e qualidade de vida.---------------------------ABSTRACT: Introduction: Type 2 diabetes (DM2) is a chronic disease that has been growing exponentially in developed countries, and even more so in developing countries such as Brazil. In addition, the pathology generates a significant cost to public healthcare systems. It is well known that the poor control of diabetes has important consequences on the lives of individuals diagnosed with the disease, such as the early loss of functionality and a reduced quality of life. In this sense, the Brazilian federal government established the Programa Hiperdia in 2002, a program that provides therapeutic education and multidisciplinary care in order to prevent and control the consequences of diabetes. Objective: The aim of this study is to evaluate how the presence and the diagnosis time of DM2 are associated with the functionality and quality of life of individuals assisted by the Programa Hiperdia. Methodology: We evaluated individuals aged 40 years or older living in Viçosa, Minas Gerais/Brazil, and divided them into different groups according to the analytical perspectives 1 (the study of the presence of DM2) and 2 (the study of the diagnosis time of DM2). For perspective 1, two different groups were compared: the DM2 group, which consisted of individuals diagnosed with type 2 diabetes, and the control group (CTL), which consisted of individuals without type 2 diabetes or any disease in the target organs. For perspective 2, people diagnosed with type 2 diabetes were divided into two different groups: G1, individuals with diagnosis time ≥ 1 year and ≤ 5 years; and G2, individuals with diagnosis time ≥ 10 years. Prior to group assignment, we assessed the cognitive status of all participants with the Mini Mental State Exam (MMSE). Sociodemographic and clinical data (i.e. screening of depressive symptoms, excessive daytime sleepiness and anthropometry) were also evaluated, as well as the biochemical profile based on information from the local Hiperdia center. To study functionality, Activities of Daily Living, Instrumental Activities of Daily Living and Life Style Questionnaire were administered. Quality of life was assessed via the SF-36v2 Health Survey. Finally, variables such as knowledge about DM2 and disease management were also verified. Results: 198 subjects (CTL: 81; DM2: 117) aged ≥ 40 years were evaluated, of whom 55.5% were aged 60 years or older. The majority of subjects were women (62,6%). Cognitive status scores were similar amongst both analytical perspectives. In terms of perspective 1 (DM2. vs. CTL), it showed statistically significant differences between the groups for the most part of the variables studied, and poorer results in the DM2 group. Regarding perspective 2 (G1 vs. G2), our results did not show significant differences for the diagnosis time in any of the variables studied. Conclusions: Our findings show that the presence of DM2 with inadequate control of the condition, as well as lack of knowledge about the disease among individuals assisted by the Hiperdia center may represent an important factor in the poor functionality and reduced quality of life when compared to the control group. This suggests that the Program likely needs some adjustments on its implementation in order to make possible the achievement of the objectives proposed. With respect to the diagnosis time for DM2 in our sample, the results indicate that it does not seem to be a factor in poor functionality nor quality of life.