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Lessons from the Portuguese Political-Economic Transition to the Euro (1986-1999)

Author

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  • Miguel Rocha de Sousa

    () (Department of Economics, University of Évora; NICPRI-UE)

Abstract

We show the Portuguese transition to the euro, in the framework of political economics, by constructing a bivariate confidence index, based upon Rocha de Sousa (1998, 1999a,b, 2001). Besides we try to understand if the euro functioned as an instrument of politico-economic integration. The article has the following structure: section 1 shows the process of monetary European construction, section two illustrates the need for budget consolidation before the euro, section three illustrates the notion of monetary credibility and the construction of a bivariate politico-economic index, section four illustrates the role of ECB and of the SECB, section 5 assesses the study of euro impact on Portugal and, section 6 evaluates EMU after 10 years based upon EC (2008) and, finnally, section 7 concludes.

Suggested Citation

  • Miguel Rocha de Sousa, 2009. "Lessons from the Portuguese Political-Economic Transition to the Euro (1986-1999)," Economics Working Papers 11_2009, University of Évora, Department of Economics (Portugal).
  • Handle: RePEc:evo:wpecon:11_2009
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    References listed on IDEAS

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    1. Demertzis, Maria & Hughes Hallett, Andrew, 2007. "Central Bank transparency in theory and practice," Journal of Macroeconomics, Elsevier, vol. 29(4), pages 760-789, December.
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    4. Issing,Otmar & Gaspar,Vitor & Angeloni,Ignazio & Tristani,Oreste, 2001. "Monetary Policy in the Euro Area," Cambridge Books, Cambridge University Press, number 9780521783248.
    5. Buiter,Willem H. & Corsetti,Giancarlo & Pesenti,Paolo A., 2001. "Financial Markets and European Monetary Cooperation," Cambridge Books, Cambridge University Press, number 9780521794404.
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    7. Alberto Alesina & Nouriel Roubini & Gerald D. Cohen, 1997. "Political Cycles and the Macroeconomy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510944, January.
    8. Herrendorf, Berthold, 1999. "Transparency, reputation, and credibility under floating and pegged exchange rates," Journal of International Economics, Elsevier, vol. 49(1), pages 31-50, October.
    9. Berthold Herrendorf & Manfred J.M. Neumann, 2003. "The Political Economy of Inflation, Labour Market Distortions and Central Bank Independence," Economic Journal, Royal Economic Society, vol. 113(484), pages 43-64, January.
    10. Alan S. Blinder, 2000. "Central-Bank Credibility: Why Do We Care? How Do We Build It?," American Economic Review, American Economic Association, vol. 90(5), pages 1421-1431, December.
    11. Martin Feldstein, 1997. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 23-42, Fall.
    12. Olivier Blanchard, 2007. "Adjustment within the euro. The difficult case of Portugal," Portuguese Economic Journal, Springer;Instituto Superior de Economia e Gestao, vol. 6(1), pages 1-21, April.
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    Keywords

    Credibility; Euro; Europe; ECB; European Integration; EMU; Pair Minister of Finance / Governor; Portugal;

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