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The Portuguese Capital Market During World War II

Nuno Valerio

No 2005/25, Working Papers GHES - Office of Economic and Social History from ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa

Abstract: During the Second World War, the Portuguese capital market was characterized by a glut of savings opportunities and a shortage of investment opportunities. The glut of savings opportunities was caused by surpluses in the balance of payments, which resulted from Portugal's neutrality and its capacity to supply valuable commodities. The shortage of investment opportunities derived from the economy's overall stagnant performance and the lack of adequate supplies from abroad. As a consequence, there was a downward trend in interest rates, despite the increase in price levels, and investors concentrated on public bonds and construction. It may, however, be argued that this process acted as a kind of prior accumulation of funds before the take-off of modem economic growth that was to occur in the Portuguese economy during the postwar years.

Date: 2005
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