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The economic effects of improving investor rights in Portugal

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  • Rui Castro

    ()

  • Gian Clementi

    ()

Abstract

The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Article provided by Springer in its journal Portuguese Economic Journal.

Volume (Year): 8 (2009)
Issue (Month): 2 (August)
Pages: 59-97

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Handle: RePEc:spr:portec:v:8:y:2009:i:2:p:59-97

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Keywords: Macroeconomics; Investment rate; Relative prices; Resource misallocation; Investor protection; Optimal contracts; Portugal; E22; F43; G32; G38; O16; O17; O41;

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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Attracting FDI to Portugal
    by Rui L Castro in The Portuguese Economy on 2010-03-04 17:20:00
  2. Attracting FDI to Portugal
    by Rui L Castro in The Portuguese Economy on 2010-03-04 17:20:00
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Cited by:
  1. Francisco J. Buera & Yongseok Shin, 2009. "Productivity Growth and Capital Flows: The Dynamics of Reforms," NBER Working Papers 15268, National Bureau of Economic Research, Inc.
  2. Pedro Mazeda Gil & Fernanda Figueiredo, 2011. "Firm Size Distribution under Horizontal and Vertical Innovation," DEGIT Conference Papers c016_065, DEGIT, Dynamics, Economic Growth, and International Trade.

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