Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies

1997 - 2025

From Banco de Portugal, Economics and Research Department
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2021

Revisiting Portuguese banks’ efficiency and productivity

Nuno Ribeiro and Inês Tavares

Household wealth in Portugal and the euro area

Luís Martins, Renata Mesquita, Sónia Costa and Luísa Farinha

Consumption expenditure during the COVID-19 pandemic: an analysis based on Portuguese card transaction data

Sonia Cabral, Cristina Manteu, Sara Serra and Cátia Silva

Euro area inflation expectations during the COVID-19 pandemic

Sandra Gomes, Nikolay Iskrev and Pedro Pires Ribeiro

Simple guidelines for the taxation of housing

Pedro Teles

Heterogeneity in loan pricing: the role of bank capital

Diana Bonfim, Leonor Queiró and Luísa Farinha

Unveiling the real contribution of final demand to GDP growth

Fátima Cardoso and António Rua

Challenges in measuring fiscal effects

Cláudia Braz and Maria Campos

Curb your enthusiasm: the aggregate short-run effects of a borrower-based measure

Daniel Abreu and Joana Passinhas

Bank pricing of corporate loans

Márcio Mateus and Tiago Pinheiro

Cyclical outputs and structural budget balances

Cláudia Duarte, José Maria and Sharmin Sazedj

Lessons from a finitely-lived agents structural model

Paulo Júlio and José Maria

Portuguese firms’ financial vulnerability and excess debt in the context of the COVID-19 shock

Francisco Augusto and Márcio Mateus

On the measurement of Portuguese firms’ fixed operating costs

Sónia Félix, Pedro Dias Moreira and Nuno Silva

Indicators of monetary policy stance and financial conditions: an overview

Nikolay Iskrev, Rita Fradique Lourenço and Carla Soares

2020

Inputs, technology and efficiency: The Portuguese economy in the last three decades

João Amador and António R. dos Santos

House price forecasting and uncertainty: Examining Portugal and Spain

Paulo M.M. Rodrigues, Rita Fradique Lourenço and Robert Hill

Rise and fall of the largest firms in Portugal

Ana Catarina Pimenta, João Amador, Mário Lourenço and Cloé Magalhães

Business owners in Portugal and the euro area: characteristics and exposure to the pandemic

Luís Martins, Renata Mesquita, Sónia Costa and Luísa Farinha

Deposit interest rate ceilings

Paulo Esteves and Maximiano Pinheiro

The capital surcharge on banks offering ‘superdeposits’: An early example of macroprudential policy measure in Portugal

Paulo Esteves and Maximiano Pinheiro

The relation between PD and LGD: an application to a corporate loan portfolio

António R. dos Santos

The effect of corporate bond purchases by the ECB on firms’ borrowing costs

Diana Bonfim and André Capela

The sources of wage variability in Portugal: a binge reading survey

Pedro Portugal

The measurement of labour market slack: An empirical analysis for Portugal

Fernando Martins and Domingos Seward

The granularity of Portuguese firm-level exports

Sonia Cabral, Carlos Melo Gouveia and Cristina Manteu

Exchange Rate Cooperation Agreement between Portugal and Cabo Verde: characterisation, developments and challenges after 20 years

Ana Filipa Correia, José Maria, Vanda G. Cunha, Fernando Heitor and Luís Saramago

Non-performing loans and bank lending: Evidence for Portugal

Carla Marques, Ricardo Martinho and Rui Silva

Portuguese Household Finance and Consumption Survey: results for 2017 and comparison with the previous waves

Luís Martins, Renata Mesquita, Sónia Costa and Luísa Farinha

A characterization of income and consumption inequality in Portugal

Nuno Alves, Fátima Cardoso and Nuno Monteiro

2019

Business models and firm performance

Luca David Opromolla

The import content of final demand in Portugal: Nominal and real evolution

Fátima Cardoso and António Rua

Euro area credit market: who contributed to the recent recovery?

Carla Soares

Regulatory costs and performance of Portuguese firms

João Amador, Sonia Cabral and Birgitte Ringstad

Credit and the economy: lessons from a decade of research at Banco de Portugal

Diana Bonfim, Sónia Félix and Luísa Farinha

Inflation expectations in the Survey of Professional Forecasters: An exploratory analysis

Joana Garcia and Nikolay Iskrev

The new ESCB methodology for the calculation of cyclically adjusted budget balances: an application to the Portuguese case

Cláudia Braz, Maria Campos and Sharmin Sazedj

Potential output: How does Portugal compare with the euro area over the last 40 years?

Cláudia Duarte, José Maria and Sharmin Sazedj

Why is price stability a key goal of central banks?

Bernardino Adão

Aggregate educational mismatches in the Portuguese labour market

Ana Catarina Pimenta and Manuel Coutinho Pereira

Cyclically-adjusted current account balances in Portugal

João Amador and João Falcão Silva

Sectoral concentration risk in Portuguese banks’ loan exposures to non-financial firms

Nuno Silva and António Santos

2018

Financial situation indicators of Portuguese firms: Do size, age and sector matter?

Paulo Esteves, Fábio Albuquerque and Cloé Magalhães

Monitoring the equity risk premium in the S&P500

Nuno Silva

Interest rate spreads hikes: What lies behind them?

Paulo Júlio and José Maria

From unconventional monetary to unconventional fiscal policies

Isabel Horta Correia

Borrowing constraints and firm dynamics

Sónia Félix

A portrait of Portuguese international traders of non-tourism services

João Amador, Sonia Cabral and Birgitte Ringstad

The Maturity Rat Race and Short-Termism

Joana F. Pimentel and Sujiao Zhao

Forecasting exports with targeted predictors

Nuno Lourenço, Francisco Dias and António Rua

Is the Phillips curve dead? - results for Portugal

Sara Serra

How long does it take to enforce a debt in the Portuguese judicial system?

Manuel Coutinho Pereira and Lara Wemans

Term premia dynamics in the US and Euro Area: who is leading whom?

Nikolay Iskrev

GDP-linked bonds: design, effects, and way forward

Diana Bonfim and David Pereira

The distribution of wages and wage inequality

Pedro Portugal, Hugo Reis and Pedro Raposo