The Public Finance and the Economic Growth in the First Portuguese Republic

Nuno Ferraz () and António Portugal Duarte
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Nuno Ferraz: Economic Advisor at the Portuguese Parliament and PhD Student at ISEG, Portugal

No 2014-18, GEMF Working Papers from GEMF, Faculty of Economics, University of Coimbra

Abstract: The end of the 19th century was marked by several events which were extremely important to Portugal. The consequences of these events would later be responsible for the fall of the Monarchy and, thus, for the birth of the Republic. The first Republic was officially proclaimed on the 5th October 1910, and had a relatively short lifetime. This regime was later abolished by a military dictatorship. During most of its duration, the First Republic was marked by economic, financial, political and social instability. However, the Portuguese economic scenario started to change and improved by the end of this regime and, consequently, before the beginning of the Military Dictatorship, which ended up taking advantage of the ‘new’ and more favourable economic situation of the country. Additionally we find evidence that in the first two civil years of the Military Dictatorship, the real GDP grew sharply and above our prediction, and the public debt as percentage of GDP, had a more significant reduction then predicted.

Keywords: Economic growth; First Republic; Public finance; Portugal. (search for similar items in EconPapers)
JEL-codes: C01 H63 N13 O11 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2014-09
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Published in Economic Analysis 47(1-2): 59-75, 2014)

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Journal Article: The Public Finance and the Economic Growth in the First Portuguese Republic (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:gmf:wpaper:2014-18

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