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Economic Stabilization and Growth in Portugal

Economic Stabilization and Growth in Portugal »

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

DOI: http://dx.doi.org/10.5089/9781557750617.084

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

This paper reviews economic stabilization and growth in Portugal during the 1970s. Following a decade of rapid growth with external equilibrium, the Portuguese economy in the early 1970s suffered a series of major...

I Introduction

I Introduction »

Source: Economic Stabilization and Growth in Portugal

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

Following a decade of rapid growth with external equilibrium the Portuguese economy in the early 1970s suffered a series of major shocks. Even before the Revolution of April 1974 the increase in world petrol...

II Economic Background

II Economic Background »

Source: Economic Stabilization and Growth in Portugal

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

Beginning in 1974 Portugal’s balance of payments, which had traditionally been in surplus, moved into substantial deficit. An external current account surplus equivalent to 3 per cent of gross domestic produ...

III Issues and Actions

III Issues and Actions »

Source: Economic Stabilization and Growth in Portugal

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

In March 1977 Portugal applied for full membership in the European Community. The prospect of full membership by 1983 raised the premium on Portugal’s capacity to sustain high rates of growth in an open econ...

IV Economic Outturn

IV Economic Outturn »

Source: Economic Stabilization and Growth in Portugal

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

The recovery of the Portuguese balance of payments, once the stabilization program was fully in place, turned out to be as rapid as its previous deterioration had been. An external deficit on current account...

V Conclusion

V Conclusion »

Source: Economic Stabilization and Growth in Portugal

Series: Occasional Papers

Author(s): Hans Schmitt

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 April 1981

ISBN: 9781557750617

Keywords: Economic growth, balance of payments, domestic credit, wages, credit expansion, domestic credit expansion

The Portuguese balance of payments, after recording substantial deficits for a number of years, swung back into surplus with the implementation of a comprehensive stabilization program in 1978. The program i...

Adopting Currency Convertibility

Adopting Currency Convertibility »

Source: Adopting Currency Convertibility : Experiences and Monetary Policy Considerations for Advanced Developing Countries

Volume/Issue: 1994/96

Series: IMF Working Papers

Author(s): Peter Quirk

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1994

ISBN: 9781451950052

Keywords: exchange rate, capital inflows, foreign exchange, domestic credit, capital movements

This paper analyses issues for developing countries with structurally sound balance of payments that are considering a move to full currency convertibility. The main experiences of industrial countries in their dec...

Speculative Attacks*

Speculative Attacks* »

Source: Speculative Attacks

Volume/Issue: 1991/10

Series: IMF Working Papers

Author(s): Pablo Guidotti , and Guillermo Calvo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1991

ISBN: 9781451926514

Keywords: exchange rate, speculative attack, domestic credit, speculative attacks, exchange rate regime

A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the behavior of the current account and the real exchange rate are disc...

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint »

Source: Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint

Volume/Issue: 1991/42

Series: IMF Working Papers

Author(s): Miguel Savastano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1991

ISBN: 9781451846140

Keywords: exchange rate, domestic credit, exchange rate regime, speculative attack, exchange rate policies

This study extends the research on balance-of-payments crises by investigating the dynamics of the collapse of a crawling exchange rate in the presence of an explicit link between the fiscal deficit and domestic cr...

Perspectiveson the Recent Currency Crisis Literature

Perspectiveson the Recent Currency Crisis Literature »

Source: Perspectiveson the Recent Currency Crisis Literature

Volume/Issue: 1998/130

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

ISBN: 9781451855166

Keywords: Speculative attack, currency crisis, exchange rate, fixed exchange rate, speculative attacks, domestic credit

In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and...