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War, Confidence, and Expectations. Adjusting the Rules of the Escudo Monetary Zone

In: The Portuguese Escudo Monetary Zone

Author

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  • Maria Eugénia Mata

    (Universidade Nova de Lisboa)

Abstract

Payment arrears resulting from the implementation of the Escudo Monetary Zone were unavoidable, as demand for transfers toward the Mainland increased. Loans from the Escudo Monetary Zone Fund increased colonial indebtedness toward the Metropolis and led to great entropy in the Escudo monetary Zone. Payment arrears became a problem, both for Portuguese exporters to the colonies and for colonial firms wanting to distribute dividends to residents in the Metropolis. Colonial guerrilla and international support to Decolonization continued to afflict the three largest colonial territories, and a legislation package was issued in 1967 to impose austerity in reducing imports from the Metropolis (with colonial claims from the Angolan general government).

Suggested Citation

  • Maria Eugénia Mata, 2020. "War, Confidence, and Expectations. Adjusting the Rules of the Escudo Monetary Zone," Palgrave Studies in Economic History, in: The Portuguese Escudo Monetary Zone, chapter 0, pages 51-67, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-030-33857-2_4
    DOI: 10.1007/978-3-030-33857-2_4
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