The Economic Effects of Improving Investor Rights in Portugal
Rui Castro () and
Gian Luca Clementi ()
Cahiers de recherche from Universite de Montreal, Departement de sciences economiques
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.
Keywords: Macroeconomics; Investment Rate; Relative Prices; Resource Misallocation; Investor Protection; Optimal Contracts; Portugal (search for similar items in EconPapers)
JEL-codes: E22 F43 G32 G38 O16 O17 O41 (search for similar items in EconPapers)
References: View complete reference list from CitEc
Citations View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Journal Article: The economic effects of improving investor rights in Portugal (2009)
Working Paper: The Economic Effects of Improving Investor Rights in Portugal (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:mtl:montde:2009-07
Access Statistics for this paper
More papers in Cahiers de recherche from Universite de Montreal, Departement de sciences economiques Contact information at EDIRC.
Series data maintained by Sharon BREWER ().