Patterns of civil society after authoritarianism: a comparison of Portugal and Spain, 1970s-2000s. CES Papers - Open Forum #17, 2013-2014

In this paper we argue that patterns of civil society in post-authoritarian democracies are the result of divergent pathways to democracy. Through a comparison of contemporary Portugal (social revolution) and Spain (reform), we show that revolutionary pathways to democracy have a positive impact on the self-organizing abilities of popular groups, thus also contributing to a higher quality of democracy. There are three mechanisms in social revolutionary processes that contribute to this. The first stems from the fact that the masses are the key actor in the revolutionary transformation process, with the power to shape (at least partially) the new rules and institutions of the emerging democratic regime. This results in greater legal recognition and institutional embeddedness between civil society organizations and the state, making it easier, in turn, for resources to be transferred to those organizations. Secondly, as a result of changes to the social and economic structure, revolutions engender more egalitarian societies. Likewise, citizens are given more resources and capacities for collective action. Finally, revolutions tend to crystalize a political culture between elites and the masses in which the principles of egalitarian participation and social change through the action of the people are accepted. This all leads to greater opportunities, resources and legitimacy for the civic action of the common people during the subsequent democratic regime.

Eurosystem collateral policy and framework: Was it unduly changed? Bruegel Policy Contribution 2014/14, 17 November 2014

All Eurosystem credit operations, including the important open market operations, need to be based on adequate collateral. Liquidity is provided to banks against collateral at market prices subject to a haircut. The Eurosystem adapted its collateral framework during the crisis to accept lower-rated assets as collateral. Higher haircuts are applied to insure against liquidity risk as well as the greater volatility of prices of lower-rated assets. The adaptation of the collateral framework was necessary to provide sufficient liquidity to banks in the euro area periphery in particular. In crisis countries, special emergency liquidity assistance was provided. More than 80 percent of the European Central Bank’s liquidity (Main Refinancing Operations and Long Term Refinancing Operations) is provided to banks in five countries (Greece, Ireland, Italy, Portugal and Spain). The changes in the collateral framework were necessary for the ECB to fulfil its treaty-based mandate of providing liquidity to solvent banks and safeguarding financial stability. The ECB did not take on board excessive risks.

Measuring Returns to Education and Human Capital in the Southern Mediterranean. MEDPRO Technical Report No. 17/September 2012

Measuring human capital has been a significant challenge for economists because the main variable of interest is intangible and not directly observable. In the Middle Eastern and Northern African region the task is further complicated by the general scarcity of comparable and reliable data. This study overcomes these challenges by relying on a unique international survey that covers most of the region and by deriving a market-based measure that uses returns to education and various labour market factors as guidance. The results show that private returns to schooling are relatively low in most southern Mediterranean countries (SMC). Israel and Turkey are clear outliers, surpassing even the EU-MED averages. In Algeria and Jordan, the returns are almost flat, implying that earnings do not respond significantly to education levels. Despite high attainment levels, Greece, Spain and Portugal also perform badly; only marginally surpassing some of the bottom-ranked SMC, providing evidence of problems in absorption capacity. The baseline scenarios for 2030 show substantial sensitivity to current estimates on returns to education. In particular, improving attainment levels can produce measurable gains in the future only when the returns to education are already high. Such is the case for Egypt, Morocco and Turkey, which substantially improve their human capital stocks under the baseline scenarios, surpassing several EU-MED countries with little or no room for improvement.

Information Guide: Portugal. February 2015

Um guia de fontes de informação sobre a República Portuguesa, com hiperlinks de European Source Online e de sites externos (For other language versions of this record click on the original url)