Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation: = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux
Low growth and huge current account deficits have characterised the Portuguese economy over the past decade. Easy credit in global markets, combined with the absence of incentives to limit loan-to-deposit ratios until recently, made it possible to finance internationally high levels of consumption a...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Weitere Verfasser: | |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2012
|
| Schriftenreihe: | OECD Economics Department Working Papers
no.994 |
| Schlagworte: | |
| Online-Zugang: | DE-862 DE-863 |
| Zusammenfassung: | Low growth and huge current account deficits have characterised the Portuguese economy over the past decade. Easy credit in global markets, combined with the absence of incentives to limit loan-to-deposit ratios until recently, made it possible to finance internationally high levels of consumption and investment relative to gross domestic product (GDP) through over reliance of the banking sector on wholesale funding. This led to high households' and firms' indebtedness and made banks vulnerable to shifts in investor sentiment. However, investment and credit were mostly directed to sheltered sectors, giving rise to an oversized road infrastructure, electricity generation capacity and housing stock. Weaknesses in labour market institutions further held back productivity and hampered wage adjustment, making it harder to gain cost competitiveness. The deleveraging process set in motion by the loss of access to foreign financing is helping to rapidly reduce external deficits, but also has the potential to generate a damaging credit contraction, which enhances the importance of alternative financing strategies for firms, such as greater reliance on equity. To restore growth, Portugal needs to foster the reallocation of both labour and capital, essentially towards the tradable sector. Building on recent policy initiatives or commitments, this will require reforming public policies that have long distorted investment allocation, ensuring that banks adequately recognise and provision problematic loans and, on the employment front, reducing labour market segmentation and increasing targeted training. Reforms in wage setting, labour taxation, unemployment benefits and activation policies will foster job creation, thus enhancing output growth while avoiding high unemployment becoming entrenched and threatening social cohesion. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). |
| Beschreibung: | 1 Online-Ressource (35 Seiten) 21 x 29.7cm. |
Internformat
MARC
| LEADER | 00000cam a22000002 4500 | ||
|---|---|---|---|
| 001 | ZDB-13-SOC-061328200 | ||
| 003 | DE-627-1 | ||
| 005 | 20241028114053.0 | ||
| 007 | cr uuu---uuuuu | ||
| 008 | 210204s2012 xx |||||o 00| ||eng c | ||
| 024 | 7 | |a 10.1787/5k918xjjzs9q-en |2 doi | |
| 035 | |a (DE-627-1)061328200 | ||
| 035 | |a (DE-599)KEP061328200 | ||
| 035 | |a (FR-PaOEC)5k918xjjzs9q-en | ||
| 035 | |a (DE-627-1)061328200 | ||
| 040 | |a DE-627 |b ger |c DE-627 |e rda | ||
| 041 | |a eng | ||
| 084 | |a G28 |2 jelc | ||
| 084 | |a G21 |2 jelc | ||
| 084 | |a F32 |2 jelc | ||
| 084 | |a J52 |2 jelc | ||
| 084 | |a J65 |2 jelc | ||
| 084 | |a J64 |2 jelc | ||
| 084 | |a R31 |2 jelc | ||
| 084 | |a L94 |2 jelc | ||
| 100 | 1 | |a Pina, Álvaro |e VerfasserIn |4 aut | |
| 245 | 1 | 0 | |a Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation |b = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |c Álvaro, Pina and Ildeberta, Abreu |
| 246 | 3 | 1 | |a Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| 264 | 1 | |a Paris |b OECD Publishing |c 2012 | |
| 300 | |a 1 Online-Ressource (35 Seiten) |c 21 x 29.7cm. | ||
| 336 | |a Text |b txt |2 rdacontent | ||
| 337 | |a Computermedien |b c |2 rdamedia | ||
| 338 | |a Online-Ressource |b cr |2 rdacarrier | ||
| 490 | 0 | |a OECD Economics Department Working Papers |v no.994 | |
| 520 | |a Low growth and huge current account deficits have characterised the Portuguese economy over the past decade. Easy credit in global markets, combined with the absence of incentives to limit loan-to-deposit ratios until recently, made it possible to finance internationally high levels of consumption and investment relative to gross domestic product (GDP) through over reliance of the banking sector on wholesale funding. This led to high households' and firms' indebtedness and made banks vulnerable to shifts in investor sentiment. However, investment and credit were mostly directed to sheltered sectors, giving rise to an oversized road infrastructure, electricity generation capacity and housing stock. Weaknesses in labour market institutions further held back productivity and hampered wage adjustment, making it harder to gain cost competitiveness. The deleveraging process set in motion by the loss of access to foreign financing is helping to rapidly reduce external deficits, but also has the potential to generate a damaging credit contraction, which enhances the importance of alternative financing strategies for firms, such as greater reliance on equity. To restore growth, Portugal needs to foster the reallocation of both labour and capital, essentially towards the tradable sector. Building on recent policy initiatives or commitments, this will require reforming public policies that have long distorted investment allocation, ensuring that banks adequately recognise and provision problematic loans and, on the employment front, reducing labour market segmentation and increasing targeted training. Reforms in wage setting, labour taxation, unemployment benefits and activation policies will foster job creation, thus enhancing output growth while avoiding high unemployment becoming entrenched and threatening social cohesion. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). | ||
| 650 | 4 | |a Economics | |
| 650 | 4 | |a Portugal | |
| 700 | 1 | |a Abreu, Ildeberta |e MitwirkendeR |4 ctb | |
| 966 | 4 | 0 | |l DE-862 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k918xjjzs9q-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 966 | 4 | 0 | |l DE-863 |p ZDB-13-SOC |q FWS_PDA_SOC |u https://doi.org/10.1787/5k918xjjzs9q-en |m X:OECD |x Resolving-System |z lizenzpflichtig |3 Volltext |
| 912 | |a ZDB-13-SOC | ||
| 912 | |a ZDB-13-SOC-ebook | ||
| 912 | |a ZDB-13-SOC | ||
| 951 | |a BO | ||
| 912 | |a ZDB-13-SOC | ||
| 049 | |a DE-862 | ||
| 049 | |a DE-863 | ||
Datensatz im Suchindex
| DE-BY-FWS_katkey | ZDB-13-SOC-061328200 |
|---|---|
| _version_ | 1826942518574448640 |
| adam_text | |
| any_adam_object | |
| author | Pina, Álvaro |
| author2 | Abreu, Ildeberta |
| author2_role | ctb |
| author2_variant | i a ia |
| author_facet | Pina, Álvaro Abreu, Ildeberta |
| author_role | aut |
| author_sort | Pina, Álvaro |
| author_variant | a p ap |
| building | Verbundindex |
| bvnumber | localFWS |
| collection | ZDB-13-SOC ZDB-13-SOC-ebook |
| ctrlnum | (DE-627-1)061328200 (DE-599)KEP061328200 (FR-PaOEC)5k918xjjzs9q-en |
| discipline | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>03736cam a22004812 4500</leader><controlfield tag="001">ZDB-13-SOC-061328200</controlfield><controlfield tag="003">DE-627-1</controlfield><controlfield tag="005">20241028114053.0</controlfield><controlfield tag="007">cr uuu---uuuuu</controlfield><controlfield tag="008">210204s2012 xx |||||o 00| ||eng c</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1787/5k918xjjzs9q-en</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061328200</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)KEP061328200</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(FR-PaOEC)5k918xjjzs9q-en</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-627-1)061328200</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-627</subfield><subfield code="b">ger</subfield><subfield code="c">DE-627</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1=" " ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G28</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">G21</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">F32</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">J52</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">J65</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">J64</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">R31</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">L94</subfield><subfield code="2">jelc</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Pina, Álvaro</subfield><subfield code="e">VerfasserIn</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation</subfield><subfield code="b"> = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux</subfield><subfield code="c">Álvaro, Pina and Ildeberta, Abreu</subfield></datafield><datafield tag="246" ind1="3" ind2="1"><subfield code="a">Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Paris</subfield><subfield code="b">OECD Publishing</subfield><subfield code="c">2012</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (35 Seiten)</subfield><subfield code="c">21 x 29.7cm.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">OECD Economics Department Working Papers</subfield><subfield code="v">no.994</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Low growth and huge current account deficits have characterised the Portuguese economy over the past decade. Easy credit in global markets, combined with the absence of incentives to limit loan-to-deposit ratios until recently, made it possible to finance internationally high levels of consumption and investment relative to gross domestic product (GDP) through over reliance of the banking sector on wholesale funding. This led to high households' and firms' indebtedness and made banks vulnerable to shifts in investor sentiment. However, investment and credit were mostly directed to sheltered sectors, giving rise to an oversized road infrastructure, electricity generation capacity and housing stock. Weaknesses in labour market institutions further held back productivity and hampered wage adjustment, making it harder to gain cost competitiveness. The deleveraging process set in motion by the loss of access to foreign financing is helping to rapidly reduce external deficits, but also has the potential to generate a damaging credit contraction, which enhances the importance of alternative financing strategies for firms, such as greater reliance on equity. To restore growth, Portugal needs to foster the reallocation of both labour and capital, essentially towards the tradable sector. Building on recent policy initiatives or commitments, this will require reforming public policies that have long distorted investment allocation, ensuring that banks adequately recognise and provision problematic loans and, on the employment front, reducing labour market segmentation and increasing targeted training. Reforms in wage setting, labour taxation, unemployment benefits and activation policies will foster job creation, thus enhancing output growth while avoiding high unemployment becoming entrenched and threatening social cohesion. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal).</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Portugal</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Abreu, Ildeberta</subfield><subfield code="e">MitwirkendeR</subfield><subfield code="4">ctb</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-862</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k918xjjzs9q-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="4" ind2="0"><subfield code="l">DE-863</subfield><subfield code="p">ZDB-13-SOC</subfield><subfield code="q">FWS_PDA_SOC</subfield><subfield code="u">https://doi.org/10.1787/5k918xjjzs9q-en</subfield><subfield code="m">X:OECD</subfield><subfield code="x">Resolving-System</subfield><subfield code="z">lizenzpflichtig</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC-ebook</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">BO</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-13-SOC</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-862</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-863</subfield></datafield></record></collection> |
| id | ZDB-13-SOC-061328200 |
| illustrated | Not Illustrated |
| indexdate | 2025-03-18T14:29:17Z |
| institution | BVB |
| language | English |
| open_access_boolean | |
| owner | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| owner_facet | DE-862 DE-BY-FWS DE-863 DE-BY-FWS |
| physical | 1 Online-Ressource (35 Seiten) 21 x 29.7cm. |
| psigel | ZDB-13-SOC FWS_PDA_SOC ZDB-13-SOC ZDB-13-SOC-ebook |
| publishDate | 2012 |
| publishDateSearch | 2012 |
| publishDateSort | 2012 |
| publisher | OECD Publishing |
| record_format | marc |
| series2 | OECD Economics Department Working Papers |
| spelling | Pina, Álvaro VerfasserIn aut Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Álvaro, Pina and Ildeberta, Abreu Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Paris OECD Publishing 2012 1 Online-Ressource (35 Seiten) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.994 Low growth and huge current account deficits have characterised the Portuguese economy over the past decade. Easy credit in global markets, combined with the absence of incentives to limit loan-to-deposit ratios until recently, made it possible to finance internationally high levels of consumption and investment relative to gross domestic product (GDP) through over reliance of the banking sector on wholesale funding. This led to high households' and firms' indebtedness and made banks vulnerable to shifts in investor sentiment. However, investment and credit were mostly directed to sheltered sectors, giving rise to an oversized road infrastructure, electricity generation capacity and housing stock. Weaknesses in labour market institutions further held back productivity and hampered wage adjustment, making it harder to gain cost competitiveness. The deleveraging process set in motion by the loss of access to foreign financing is helping to rapidly reduce external deficits, but also has the potential to generate a damaging credit contraction, which enhances the importance of alternative financing strategies for firms, such as greater reliance on equity. To restore growth, Portugal needs to foster the reallocation of both labour and capital, essentially towards the tradable sector. Building on recent policy initiatives or commitments, this will require reforming public policies that have long distorted investment allocation, ensuring that banks adequately recognise and provision problematic loans and, on the employment front, reducing labour market segmentation and increasing targeted training. Reforms in wage setting, labour taxation, unemployment benefits and activation policies will foster job creation, thus enhancing output growth while avoiding high unemployment becoming entrenched and threatening social cohesion. This Working Paper relates to the 2012 OECD Economic Survey of Portugal (www.oecd.org/eco/surveys/portugal). Economics Portugal Abreu, Ildeberta MitwirkendeR ctb |
| spellingShingle | Pina, Álvaro Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Economics Portugal |
| title | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| title_alt | Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| title_auth | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| title_exact_search | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| title_full | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Álvaro, Pina and Ildeberta, Abreu |
| title_fullStr | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Álvaro, Pina and Ildeberta, Abreu |
| title_full_unstemmed | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux Álvaro, Pina and Ildeberta, Abreu |
| title_short | Portugal: Rebalancing the Economy and Returning to Growth Through Job Creation and Better Capital Allocation |
| title_sort | portugal rebalancing the economy and returning to growth through job creation and better capital allocation portugal reequilibrer l economie et renouer avec la croissance par la creation d emplois et une meilleure affectation des capitaux |
| title_sub | = Portugal: Rééquilibrer l'économie et renouer avec la croissance par la création d'emplois et une meilleure affectation des capitaux |
| topic | Economics Portugal |
| topic_facet | Economics Portugal |
| work_keys_str_mv | AT pinaalvaro portugalrebalancingtheeconomyandreturningtogrowththroughjobcreationandbettercapitalallocationportugalreequilibrerleconomieetrenoueraveclacroissanceparlacreationdemploisetunemeilleureaffectationdescapitaux AT abreuildeberta portugalrebalancingtheeconomyandreturningtogrowththroughjobcreationandbettercapitalallocationportugalreequilibrerleconomieetrenoueraveclacroissanceparlacreationdemploisetunemeilleureaffectationdescapitaux AT pinaalvaro portugalreequilibrerleconomieetrenoueraveclacroissanceparlacreationdemploisetunemeilleureaffectationdescapitaux AT abreuildeberta portugalreequilibrerleconomieetrenoueraveclacroissanceparlacreationdemploisetunemeilleureaffectationdescapitaux |