The peculiar first semester of 2012

Antonio Barbosa () and Luis Nunes

Nova SBE Working Paper Series from Universidade Nova de Lisboa, Nova School of Business and Economics

Abstract: Portugal was subjected in 2011 to one of the most stringent austerity packages implemented during the crisis, a package known as the troika program. The interpretation of the effects of this program gave space to a vivid confrontation between two opposing views. The Keynesian view stressed the contractionary effect on the economy and is well documented in the data that show a deterioration in the basic macro indicators. We believe, however, that the austerity package might have simultaneously provided an important and less often acknowledged ingredient to the recovery of the economy, namely an increase in the investors' confidence as expressed by a sustained decline in the yields in financial markets. This German view seems, therefore and to some extent, also present in the portuguese macro adjustment.

Pages: 10 pages
Date: 2018
New Economics Papers: this item is included in nep-eec
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