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)
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Working Paper: The Economic Effects of Improving Investor Rights in Portugal (2009)
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Persistent link: http://EconPapers.repec.org/RePEc:mtl:montde:2009-07
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