Articles de revues sur le sujet « Credit – Portugal »

The article examines how far the key Bologna objective of student mobility has been achieved in Portuguese higher education institutions and the main factors shaping it. It analyzes credit mobility, outgoing and incoming, between Portugal and Europe. Although mobility overall has risen, incoming mobility has grown faster, making Portugal an importer country. Portugal’s attraction power is explained mainly by its location, climate, and leisure opportunities. For outgoing mobility, employability is the main driver, explained by high unemployment and an uncertain home labor market. The main obstacle is financial, so country choice is increasingly based on proximity and living costs. Another important constraint is curricular inflexibility of Portuguese higher education institutions. The findings suggest that mobility in Portugal is far from reflecting Bologna’s policy goals, making the 2020 mobility target of 20% an ideal rather than an achievement.

The literature recognizes that credit cooperatives are the “appropriate technology” for relatively backward economies, but should fade away or disappear altogether as economic development proceeds. However, surprisingly, they are among the fastest growing groups of financial institutions in some advanced economies. Though the credit cooperatives in Portugal and Spain present relatively small market shares, they perform a very important role in the rural economy. Over the last decades, the Iberian credit cooperatives have adopted a process of economic and financial restructuring, through an intensive wave of mergers and the creation of banking networks: Caja Rural Group, in Spain, and Crédito Agrícola Group, in Portugal. Despite that common path, the Iberian reality is still very different. In this paper we describe the historical roots of Portuguese and Spanish cooperative credit, focusing our analysis on the governance structure, especially on the issues arising from the strict application of traditional cooperative rules.

In this study, we assess the main determinants of banks' profitability in Portugal over the period 2015–2018. We divide the factors that can influence bank profitability into several groups: management quality, credit quality, capital adequacy, liquidity (internal bank factors), and GDP growth (an external factor). The panel dataset is composed of annual report data for the 18 major banks operating in Portugal, representing about 98% of the Portuguese banking product. Profitability has been a persistent challenge for banks since the global financial crisis. Moreover, the Portuguese banking system had been facing several structural problems, which makes this topic particularly relevant. The profitability proxy used is the return on equity (ROE). The empirical strategy followed was pooled OLS. Variables relevant for explaining Portuguese banks' profitability are capital adequacy, liquidity and credit risk. As expected, the results show that capital adequacy (TIER 1) and credit quality (CVCT) have a negative and significant impact on banks' profitability, whereas liquidity (RAL) has a positive impact.

Purpose The Great Leveraging was an episode of rapid credit growth and booming housing markets leading up to the global financial crisis. It is important to identify the key drivers of the Great Leveraging and, to this end, the purpose of this paper is to model the relationship between domestic credit and net foreign liabilities in the EU countries most affected by the crisis. Design/methodology/approach The analyses show that domestic credit and net foreign liabilities were cointegrated one-to-one for Greece, Italy, Portugal and Spain, while there was no cointegration for Ireland. Estimation of vector error correction models (VECMs) shows that the adjustment to deviations from the cointegrating relationship took place through changes in domestic credit for Greece and Italy, while the adjustment was bidirectional for Spain and maybe also for Portugal. Findings These results suggest that external factors in the form of foreign capital inflows were important drivers of the pre-crisis leveraging in the southern crisis countries, although to varying degrees across the countries. Originality/value Key novelties include the use of stock variables instead of flow variables and the estimation of VECMs for the countries individually instead of in a panel.

Credit-scoring becomes increasingly important in poor economies and recessions. Decreasing liquidity due to reduced access to both money and debt markets has induced banks to impose restrictions on offering credit, including credit for mortgage loans. In this paper we analyze the internal rating system used by one of the top-five banks in Portugal, and propose a methodological framework which, based on an application of the Delphi technique, allows adjusting trade-offs among evaluation criteria and provides decision makers with a fairer, more accurate and transparent mortgage risk evaluation system.

This study aims to examine the compulsory courses related to the game and game teaching in special education teacher training undergraduate programme in terms of number, term, credit and content. The data in descriptive study have been determined using document analysis technique. It has been stated that pre-service teachers in most of the EU countries such as Belgium, Finland, Hungary, Luxemburg, Malta, Portugal, etc. take the courses related to game teaching in the first, second and third years of their education, and the courses with the lowest credit are included in Greece’s and Holland’s special education teacher training programmes with four ECTS and the highest credits are included in Malta’s special education teacher training programme with 20 ECTS. In Turkey, special education teacher training programme which is updated in 2018 includes two ECTS of ‘Game and Music in Special Education’ course in the sixth term. Keywords: Special education, teacher training programme, game, game teaching.

Mortgage loans for home purchase require careful analysis by all parties involved in the transaction, and credit-scoring is usually adopted to assist the decision process. From a credit institution standpoint, credit-scoring for mortgage loan risk evaluation becomes even more important in scenarios of economic turbulence and recession, primarily because of the severe restrictions imposed on credit availability that result from reduced access to both money and debt markets and subsequent decreasing liquidity. Employing an AHP – Analytic Hierarchy Process – based approach in the creditscoring system used by one of the major banks in Portugal, this study proposes a methodological framework conceived to adjust trade-offs among evaluation criteria and provide decision makers with a more transparent mortgage risk evaluation system. Practical implications of our framework are also discussed.

Purpose The purpose of this paper is to investigate whether the relationship between capital structure and firm performance in small- and medium-sized enterprises (SMEs) is moderated by credit risk. Design/methodology/approach The authors empirically test whether an SME’s credit risk affects the SME’s relationship between capital structure and firm performance by using a 2012 cross-sectional sample of European SMEs from Austria, Belgium, Finland, France, Germany, Italy, Portugal, Spain, Sweden and the UK. Findings The empirical results suggest that in low credit risk SMEs, the debt ratio is negatively related to firm performance; however, this relationship is not present in high credit risk SMEs. Therefore, it is indicated that SME credit risk moderates the relationship between capital structure and firm performance. Practical implications The findings of the paper will enable financial managers to understand the importance of SMEs’ credit risk and will assist them in maximizing firms’ performance. Originality/value This paper extends the findings of previous studies by examining whether credit risk affects the relationship between capital structure and firm performance.

Abstract This article aims to provide a comprehensive review of the empirical literature on irrigation water tariffs in several countries, particularly in Mediterranean European countries, and to offer insights into the Portuguese status quo. We analyze a wide variety of tariffs, and the largest differences among them are discussed. In various countries, in those regions with a higher demand for water, irrigation water tariffs are more complex and higher, varying from country to country and, within the same country, from region to region. Large differences in irrigation water tariffs among different water-use associations were found, mostly because each one has its own objectives. A SWOT analysis was performed for Portuguese irrigation water tariffs. It concludes that there is much to do to enact the proposed strategies, including recovering operation and maintenance costs and promoting the efficient use of water and efficient water allocation. Furthermore, the farmers' position in the value chain must be improved along with their ease of access to credit, thus increasing the added value of the produced goods.

We study the mechanisms through which the entry into the euro delayed, rather than advanced, key economic reforms in the eurozone periphery and led to the deterioration of important institutions in these countries. We show that the abandonment of the reform process and the institutional deterioration, in turn, not only reduced their growth prospects but also fed back into financial conditions, prolonging the credit boom and delaying the response to the bubble when the speculative nature of the cycle was already evident. We analyze empirically the interrelation between the financial boom and the reform process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform process after the creation of the euro.

Research methodology Analysis of public sources. Case overview/synopsis The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements. Complexity academic level Finance Valuation, Strategy

This article presents an integrated vision of the context of the residential real estate market in Portugal. It analyses the evolution of several macroeconomic indicators during the last decade. The article is complemented with the analysis of the house prices, where an evaluation of average prices of apartments in Portugal according to different typologies and regions have been done. Regarding the market environment, several indicators are assessed, such as the evolution of interest rates, the evolution of households? credit, the consumption and construction confidence indexes and the evolution of foreign direct investment in housing. The conclusion is that after a booming period, the future of the real estate market is somehow worrying.

Credit ratings that are transparent, impartial and reliable as well as being up to date, quickly and easily calculated will provide convenience to investors and countries. In this study, sovereign credit rating methodologies of CRAs and studies in relevant literature are examined in detail, and two dynamic methods are proposed. These models classify countries as investable or speculative in the short term. In the first model, we used stock market values and macroeconomic variables with the Normalized Least Mean Square (NLMS) algorithm. Ratings for 15 countries are determined according to the short-term domestic currency. The results that we obtained from this model are fully consistent with those of Fitch. When we compared the results with Standard and Poor’s, we obtained different results for Turkey and Portugal. In the second model, we used only stock market closing data from 40 composite indexes with the Artificial Neural Networks (ANNs). Ratings are determined according to short-term foreign currency. The results that we acquired from these two models are fully compliant with Standard and Poor's. However, when compared to the ratings of Fitch, the results differed in the case of Russia. It has been shown that contrary to standard approaches, high predictability is achievable for countries using short-term data. The suggested models are more objective and dynamic due to only short-term data being required.

Abstract This paper is a contribution to the body of research examining the impact of macroprudential policy instruments on financial stability. The following hypothesis was tested (H1): Macroprudential policy instruments (household borrowing costs; interbank loans as a percentage of total loans; loan to deposit ratio; leverage ratio; and solvency ratio) enhance financial stability, as measured by credit growth, in four southern European economies (Greece, Italy, Portugal and Spain) from Q4 2010 to Q4 2018. The empirical results of this study suggest that, of the investigated macroprudential policy instruments, household borrowing costs, interbank loans as a percentage of total loans and loan to deposit ratio exhibit the predicted impact on credit growth rate. Leverage ratio and solvency ratio do not exhibit the expected impact on the response variable. Moreover, only three out of the five explanatory variables are statistically significant in the model. Consequently, it is not possible to confirm or reject the hypothesis based on the available data and results.

Purpose – Considered the largest investment for most households, buying a house requires careful and transparent analysis by all parties involved in the transaction. The aim of this paper is to propose a methodological framework allowing for the readjustment of trade-offs among risk evaluation criteria, considered of extreme importance in the lending decision process of mortgage loans. Design/methodology/approach – Multiple criteria decision analysis (MCDA) has proved over the years to be effective and versatile in handling compensations among criteria. Measuring attractiveness is applied by a categorical based evaluation technique (MACBETH) to a pre-established structure of credit-scoring criteria for mortgage lending risk evaluation. This pre-established structure is currently used by one of the largest banks in Portugal. Findings – The framework allowed the authors to provide the credit experts who participated in the study with a more informed, transparent and accurate mortgage-lending risk-evaluation system. The sensitivity and robustness analyses carried out also helped in promoting discussion and supporting the readjustments made. Research limitations/implications – The study shows the usefulness of using the MACBETH approach to assist credit analysts in making better informed decisions, and opens avenues for further research. However, due to the dependence on the participants involved, extrapolations without proper caution are discouraged. Practical implications – The credit analysts who participated in this study considered the framework more discerning in terms of Basel directives. Originality/value – The integration of MACBETH and credit-scoring mechanisms holds great potential for risk assessment and decision support. No prior work reporting the application of MACBETH in terms of mortgage-lending risk-evaluation is known.

Abstract In January 1531, the Tagus River Estuary was hit by a strong earthquake, the intensity of which in Lisbon was, according to relevant authors, greater than that of the 1755 earthquake. It was cited by most of the European annalists of the time and was responsible for the destruction of structures, the loss of lives, and enormous panic, thus making it one of the most disastrous earthquakes in the history of Portugal. If we give credit to the detailed descriptions, the maximum intensity was probably X MSK. According to our study, the seismic event was probably caused by the Lower Tagus fault zone (LTFZ). A critical review of reports from the time has allowed us to discredit the claims of the earthquake's effects quite far away from the epicenter. Thanks to this the magnitude remains within moderate limits. On the other hand, the study of the earthquake's effects outside Portugal and the consideration of geological factors have allowed us to produce a reliable isoseismal map. Study of this historical earthquake may greatly influence the design of structures in the rapidly developing area of the Tagus estuary.

We study the cash-CDS basis and its implication for market strategies and price discovery, together with the role of credit risk common factors. A positive net income is derived with a negative basis, once funding costs are considered. There exists an arbitrage opportunity for Greece in 2010, with a negative basis of more than 100 bp. Our comparison with three different basis shows that while converging markets seem adopt the same strategy, in particular for Portugal, Ireland and Greece. Results for price discovery show that the CDS market moves ahead the bond market. Finally, our empirical analysis shows that the global risk factor contributes to increase the basis, while the banking sector vulnerability proxy offers a negative contribution.

The paper aims to analyze whether if, there is a correlation relationship between Credit Rating Agencies’ (CRAs) watch announcements on EU sovereign bond yields and EU sovereign bond yields after the implementation of CRA II regulation. In theory, the role of rating agencies is to provide key information to investors regarding the risk associated with in investing in sovereign bonds. . . However, it remains unclear whether CRAs influence EU sovereign bond yields. Sovereign bond yields are collected for Austria, Germany, Belgium, Finland, France, the Netherlands, Ireland, Italy, Spain and Portugal. This country sample represents the empirical analysis of our study. Data used for this analysis includes information on European sovereign bond yields, credit watch announcements from Standard & Poor’s Financial Services, Moody’s Investors Service and Fitch Ratings and interest rate volatility are all extrapolated from Bloomberg Database. European sovereign bond yields are collected from 1940 until 2015. Our study conducted multiple linear regressions tests in order to determine if evidence exists whether there a change in yield is determined by a watch announcement made by the big three credit rating agencies before and after the introduction of the CRA II Regulation and hence, whether CRAs do influence yields with their watch announcements. According to the F-test and p-value results, the study of sovereign bonds with ten and five-year maturities shows statistical significance in both situations at a 95% and 99% confidence level.With 0 for all regression analyses, interest rate volatility is also statistically significant.

Theoretical debates about the efficiency of sharecropping discuss risk-sharing in relation to farmers' wealth and credit, as one explanatory factor. This perspective is explored here in the southern Portuguese province of Alentejo, from the seventeenth to the mid-nineteenth century. Three points are made: (1) leasing and sharecropping coexisted on the same land; (2) there was no unequivocal relationship between risk sharing, on the one hand, and the contractual mode of tenancy (fixed-rent or sharecropping), on the other; and (3) relating risk-sharing, defined as a continuous variable, with social differentiation of demand for tenancies provides a rationale for a hypothetical long-term shift in contracts, from medieval sharecropping to fixed-rent tenancies with sharecrop subletting in the nineteenth century.

Effective corporate governance practices are essential to achieving and maintaining societal trust in the banking system, which is essential for the smooth functioning of the financial sector and the economy.<br /> Much of the literature associated with Corporate Governance considers, in addition to concepts, the implementation cycle and the corresponding models. Corporate Governance cycles are related to corporate bankruptcies and the negligence of the board of directors, which are more common when a long period of economic expansion is followed by a period of crisis, which demonstrates failures in Corporate Governance. The main objective of the research is to analyze the impact of variables associated with governance, structure, and economy on the economic and financial performance of banking institutions in Portugal. In the model, a risk measure is used to determine whether Corporate Governance has an impact on a bank's risk-taking, the Impairment Ratio for Credit to Customers in relation to Assets.<br /> After performing the significance test for each of the variables (student t test), it is possible to determine that the following variables will be excluded: Bank Size (LNAT), Customer Deposits (LNDEP), Interest Rate (TXJUR). We accept the following variables Corporate Governance (CG); Financial Autonomy (CPAT); Return on Average Assets (ROAA); GDP Rate Variation (TXPIB) and Inflation Rate (TXINF).

PurposeThe purpose of this paper is to analyze the importance of information asymmetry in the relationships between Portuguese SME's capital structure decisions and creditors, comparing the results of service SME with those found in manufacturing SMEs.Design/methodology/approachTwo samples of Portuguese SMEs are considered: one sample is composed by 610 unlisted service SMEs; and, the other sample is made up by 381 unlisted SMEs in manufacturing industry, for the period 1999‐2006. To estimate the results, the two‐step estimation method is used, to control possible bias arising from data selection. In the first step, probit regression is used. In the second step, after the control for possible data bias, dynamic panel estimators are used.FindingsThe results obtained suggest that information asymmetry in the relationships between SMEs and creditors has a greater relative influence on capital structure decisions of service SMEs than on those of manufacturing SMEs.Practical implicationsGiven the increasing importance of service SMEs in the Portuguese economy for stimulating employment, business volume, and consequently economic growth, it would be advisable for policy makers to create special long‐term lines of credit, with advantageous terms, so that Portuguese service SMEs, when internal finance is insufficient, can finance more efficiently the growth opportunities and the strategies for diversification. In addition, since SMEs' capital structure decisions present differences, both concerning the sector of industry and over time, the measures adopted by policy makers should differentiate their measures between industry sectors and over time.Originality/valueFirst, this paper is pioneering in comparing the adjustment of actual short‐ and long‐term debts, in service and manufacturing SMEs, towards the respective target ratios. Second, it is pioneering in using dynamic estimators and in using the two‐step estimation method, in studies of determinants of capital structure decisions of service and manufacturing SMEs.

The main objective of this research is to assess the impact of energy certificate ratings (EPCs) on the value per m2 of Portuguese housing sales. Data from 289 Portuguese municipalities between 2014 and 2019, analysed with a fixed effects panel and method of moments quantile regression, were used. EPCs with high energy efficiency ratings (e.g., A+, A, B, and B-) are used as a proxy for dwellings with “green” or “environmentally friendly” certificates. On the other hand, ratings with a low energy efficiency (e.g., C, D, E, and F) are used as a proxy for dwellings with “non-green” or “not environmentally friendly” certificates. The results support that EPCs associated with green housing increase the value per m2 of housing sales, and those associated with non-green housing decrease the sales value. It was also found that municipal GDP, tax/financial incentive policies for energy efficiency, and the number of completed dwellings in new constructions for family housing will increase sales value. On the other hand, credit agreements and completed reconstructions reduce sales value. Lastly, the results and outgrowths of this study will support the policymakers and governments in developing consistent policies and initiatives that promote the “green” or “eco-friendly” dwellings in Portugal or in similar economies.

This study aims to establish which sources of financing were used and the relevance of different banking products for Portuguese companies during the pandemic. We also intend to understand the determinants of companies’ financing options and what lies behind their decisions concerning the appropriate level of debt. A quantitative methodology was used, based on a questionnaire given to Portuguese companies to analyse different financing issues. The sample was composed of 1957 companies with a business volume of more than EUR 500,000 per year. The results show that Portuguese companies focused on managing liquidity and corporate risk. We found evidence that companies kept financing themselves by banking products such as in the pre-pandemic period, although 29.6% resorted to the LAE-COVID economy support line. Companies decide on the appropriate amount of debt based on the nature of the business, the phase of the life cycle in which the company is, the cash flows’ volatility, accounting results, credit rating, and fiscal benefits. Academicians and companies should master the concept of company financing and adopt strategies to consider the level of debt and refine the banking products to be used. Although the literature on business financial management usually claims that all crises are the same, the COVID-19 pandemic not only caused a recession but also forced people and companies to adapt to a new environment. Portuguese companies have shown resilience and focus on their adoption of good financing practices.

This article investigates the impact of fiscal and financial incentives for energy efficiency labels on eco-friendly houses (houses with high energy efficiency certificates, such as A+, A, B, and B−) in 18 municipalities in the Lisbon metropolitan region during the period 2014–2020. The empirical results indicate that the variables of fiscal incentive policies for energy efficiency labels, income per capita, credit agreements for the purchase or construction of a house, and the number of completed dwellings in new constructions for family housing encourage eco-friendly houses. In contrast, the variable number of completed reconstructions per 100 completed new constructions has a negative impact. Although this study is constrained by data limitations resulting from the short period under analysis and the moderate number of municipalities available, it advances the discussions around energy efficiency in residential properties in Portugal. Furthermore, it investigates the effectiveness of tax incentive policies for energy efficiency seals as an instrument for promoting ecological houses in the municipalities of the Lisbon metropolitan area. Thus, the need to study the Portuguese capital stands out as it is the most populous city in the country and concentrates a large part of the economic activity.

The global economic recession in 2008 triggered an eruption of Europe sovereign debt defaults in Portugal, Italy, Ireland, Greece, and Spain (PIIGS), and these defaults originated from a social welfare expense burden and sovereign debt rollover. In this paper, we detect methods for eliminating the European sovereign debt crisis via the Delphi technique and the Analytic Hierarchy Process. Suggestions from experts include, respectively, “actively lessening government fiscal deficit,” ”lowering the sovereign debt of PIIGS,” and “strengthening the fiscal structure of Eurozone countries.” The empirical results correspond with the actual actions of the EMU, especially the reimbursement constraints on PIIGS by the European Central Bank. It is concluded that improving the nation’s fiscal structure is important, and the feasible ways to do so include reducing social welfare expense, levying more taxes on the middle class, and improving the quality of labor. Especially, enhancing a nation’s debt-credit ratio could increase solvency.

This study analyses the tone and information content of the IMF Article IV Staff Reports during the Eurozone crisis. Researchers create a tone measure denoted WARNING, based on the existing DICTION 7.1 Hardship dictionary. Researchers find that in the run-up to the current credit crises the warnings by the IMF were issued to Luxembourg, Malta, Portugal, and Slovenia. In contrast, the more severely hit countries were not warned by the tone of the IMF Article IV Staff Reports. Researchers also conclude that the IMF interactions were more effective with low-income countries and with other emerging economies than they were with advanced and large emerging economies. Individual countries Article IV Staff assessments for Ireland and Spain indicated the warnings by the IMF were only in the years when the countries were deeply in recession and it was too late to provide any policy guidance.

This article aims to examine the attitudes of friar Masseu de São Francisco, of the Order of Friars Minor of Portugal, before the Holy Office of Lisbon between 1700 and 1701. He was prosecuted for obstructing the work of the court and for continuing to give credit and making public the visions and revelations of the recently deceased Maria de Jesus, who had been previously convicted for fraud by the Holy Office. Friar Masseu opted for a line of argument that linked his defense to the defense of the memory of that beata. To this end, instead of answering the questions given by the inquisitors, he turned over notebooks in which he described and justified Maria de Jesus’ virtues. By doing so, he continued his old plan of writing the life of Maria de Jesus, in which the visions that for decades she said she had received from Heaven would be recognized as true.

The effect of energy policies on the energy performance of residential properties/houses in nineteen Portuguese districts from 2014 to 2021 was investigated. A linear random-effects model regression was used as the method in this empirical investigation. The empirical results indicated that the income per capita has a negative effect on residential properties with high energy efficiency certificates (e.g., A+, A, and B) and a positive impact on residential properties with low energy efficiency certificates (e.g., C, D, E, and F); the codes and standards energy policies for energy efficiency have a positive effect on residential properties with high energy efficiency certificates (e.g., A, B, and B−) and residential properties with low energy efficiency certificates (e.g., C, D, E, and F); the fiscal and financial incentive policies for energy efficiency have a positive effect on residential properties with high energy efficiency certificates (e.g., A+, A, and B) and a negative effect on residential properties with B− energy certificate, and also a negative effect on residential properties with low energy efficiency certificates (e.g., C and D) and a positive effect on residential properties with an F energy certificate; the information and education policies of energy efficiency have a positive effect on residential properties with high energy efficiency certificates (e.g., A+, A, and B) and residential properties with low energy efficiency certificates (e.g., C, D, and E); and, finally, the consumer credit per capita has a positive effect on residential properties with high energy efficiency certificates (e.g., A+, A, and B) and a negative effect on residential properties with low energy efficiency certificates (e.g., C, D, and F), as well as a positive effect on residential properties with an F energy certificate.

AbstractAmong the solutions devised by early modern Western European states to engage with the private sector in the governance of their overseas empires, the adjudication of revenue farms and colonial monopolies was often dismissed by historians on the grounds of being coercive, inefficient, and risk-exempt for the contractors. In reality, however, the threat of financial hardship and insolvency was very real, and not infrequently led to contractual removal, the seizure of collateralized assets, and even the imprisonment of the concessionaires.This article approaches the neglected topic of failure in big business in early seventeenth-century Portugal, an overlooked case of a contractor state that relied extensively on the adjudication of government contracts to finance and rule its overseas empire. By looking into the downward trajectories of two tax-farmers and the collapse of their contractual dealings, light will be shed on how the Crown and private entrepreneurs reacted to the repercussions of failure in these early modern public-private partnerships. It will also be shown how the road leading to termination was very much shaped by the political relationships between the Crown and its contractors and can only be understood in the context of wider relationships of brokerage, credit, and service between the two.

The article deals with the main R&D expenditure based tax incentives such as tax credit and enhanced allowances in the context of the development of fiscal space due to their impact on innovative activities of loss-making, small and medium enterprises as well as startups. The author disclosed basic features of R&D expenditure based tax incentives in comparison with tax exemptions and accelerated depreciation. Cross-country comparisons in OECD revealed that it is often a case when SMEs and startups enjoy R&D tax credit and enhanced allowance with higher rates. In addition, they can also claim full reimbursement of unused tax benefits for R&D while large companies can only count on partial or even non-reimbursement of unused tax benefits and limited carry over period. Implied tax subsidy rates on R&D are analyzed through different OECD countries, as well as through enterprises different in size and profitability. In 2019 the largest R&D tax benefits were offered to profitable SMEs in France (ITSR was 43%) and Portugal (ITSR was 39%). The ITSR methodology is used to work out scenarios of introduction of R&D expenditure -based tax incentives in Ukraine. Calculation results are presented. The state of R&D tax incentives in Ukraine in the case of aircraft industry is analyzed. The introduction R&D expenditure -based tax incentives is argued as a replacement of tax exemptions which are currently used as a measure for R&D promotion in the aircraft industry in Ukraine in terms of improvement of R&D tax support efficiency and spur successful development of high value-added industries as an important prerequisite for the development of fiscal space in Ukraine.

The existence of a “young farmer problem” in Europe has been recognized by scientists and policy-makers and is based on the widespread acknowledgement of the poor generational renewal rates in the farming sector and in particular in farmland management across the European Union. Despite existing support policy measures, young farmers (YF) face barriers which hamper the establishment and consolidation of their farming enterprises. Focusing on Alentejo (NUTS II), in Portugal, this paper identifies the difficulties YF face to accessing land, the high investment costs required to set up a farming unit, and the insufficient access to credit as the main reasons why young people are prevented from setting up their farming enterprises. Existing policy support measures targeting YF are widely perceived as inefficient with regard to triggering generational renewal. Hence, our findings suggest that not only is it necessary to pay greater attention to the complex question of land tenure, but that also the impact of policies implemented in the past should be examined in detail in order to develop and implement more effective measures that are sensitive to the different national and regional contexts.

Purpose – The purpose of this paper is to analyse the effects of some political measures on entrepreneurship to promote economic growth and employment, specifically, R & D policies, training, elimination of administrative barriers, access to finance support and promotion of entrepreneurial culture. Design/methodology/approach – Seven hypotheses are tested developing a latent variables model with data from 13 European countries (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal, Spain, Sweden and UK) in 2012, using partial least squares estimation method. Findings – Greater expenditure on R & D by governments and universities, public investment in education and measures to stimulate entrepreneurial culture have a positive effect on entrepreneurship. Furthermore, countries with complex legal systems which regulate the start-up of an economic activity and where access to credit is complicated, present lower levels of entrepreneurship. Societies with a greater number of innovative entrepreneurs present higher levels of entrepreneurial activity and economic performance. Finally, human capital and entrepreneurial activity positively affect economic performance in the case of the European countries studied in the sample. Practical implications – The results obtained in the paper would facilitate the design of measures to stimulate to entrepreneurs and improve economic performance. Originality/value – Several factors, qualitative and quantitative, have been considered in the analysis that they have not traditionally included in the analysis of the entrepreneurship behaviour taking into account the role played by the policy makers measures to improve such behaviour.

Since the fourteenth century, when Inês de Castro was laid to rest in her magnificent tomb in the Monastery of Alcobaça, artists have told the tragic story of the Galician noblewoman who was assassinated for political reasons and became Queen of Portugal after her death. Inês embodies beauty, love, innocence, and saudade, and figures prominently in the lusophone cultural imaginary. Plays, novels, poetry and feature films offer representations of the Dead Queen that range from tragic and defiant to sentimental and trite. In new media, the moving im- ages that currently vie with iconic figurations of the legendary colo de garça are YouTube videos about the love of Inês and Pedro. Responding to homework assignments in Portuguese history or literature courses, primary and secondary school students engage with the love story and create new narratives – plays, animation, and videos – that attract thousands of viewers. In this paper, I consider a selection of YouTube videos made by Portuguese and Brazilian students that tell the familiar love story in a unique way, taking varying degrees of poetic license with their sources, the medieval period and the medieval woman. Some are original and irreverent while others simply glorify dead poets. Through a feminist lens, I analyze the mediated embodiment of Inês de Castro and interrogate the inflexible and hierarchical binary dualisms of man/woman, masculine/feminine, and public/private to posit a fluid conception of historical adaptation and the gendered representation of iconic figures. Image Credit: Still of Encenação D. Pedro e D. Inês

The current problems on the aftermath of the global credit crunch left the weakest Euro countries in the turbulence of a debt crisis, which has been spread in five countries (Greece, Ireland, Portugal, Italy and Spain respectively) and raised the question of a Euro zone future survival. The surviving barriers have to do with limitations and restrictions on the single market, the lack of political union and different monetary policy targets. Incentives to secede are also present. However, a possible withdraw of a country would have high cost for all the participants and it could lead to monetary union’s demolition. The costs related with a possible withdraw are high, thus it is difficult for a country to leave a union. In the recent debt crisis, the countries accepted bailouts from their counterparts and international organizations in order to prevent the Euro zone collapse spreading the crisis further. Three possible Euro zone future scenarios are analyzed. The volunteer or not breakup of the union and reintroducing of national currencies, the breakup of the Euro zone to two currencies consisting Optimal Currency Areas (OCAs)is analyzed by using thirteen equally weighted optimum area criteria and the imposition of an interest equalization tax(IET) in order to make the Euro zone a single OCA. The results show that the asymmetries lead to the crisis persists in a possible two Euros area and this scenario cost is higher than union dissolution’s. An IET can help Euro zone in the short time to develop sustainable characteristics.

Introduction Although there is a growing number of scientific publications on financial monitoring, combating money laundering, the shadow economy, and the impact of corruption on economic development, further research needs to determine the stability of the national financial system in dynamics. The dynamic stability of the national financial monitoring system subjects will allow to adequately assess the effectiveness of the existing national financial monitoring system in each country and determine the influential factors. Materials and methods The article investigates an approach to identifying the dynamic stability of the national financial monitoring system subjects based on the calculation of the integrated indicator of the country’s financial system propensity to ALM, vector autoregression (VAR) model taking into account time lag. The proposed integrated indicator allowed to adequately assess the existing financial monitoring systems of the countries (15 countries of the European Union for 2000–2020: Austria, Belgium, Cyprus, Estonia, Finland, France, Greece, Ireland, Italy, Latvia, Malta, Netherlands, Portugal, Slovak Republic, Spain). In addition, vector autoregression models (VAR) of the dependence of the country’s financial system propensity to ALM on the regressors Government Integrity, Index of economic freedom, Monetary Sector credit to the private sector (% GDP), were built, taking into account time lags in general and for each studied country. Results According to the modeling results, the national financial monitoring systems in Austria, Belgium, Estonia, Finland, France, Ireland, Netherlands, Slovak Republic, Spain were resistant to money laundering. It is vice versa in Malta, Greece, Cyprus, Portugal, Italy, Latvia. These conclusions are also confirmed based on a binary approach. Such exogenous variables as Government Integrity (with a lag of 2 years) and the Index of economic freedom (taking into account the time delays of the regression reflection under the influence of this regressor for 1 and 2 years) have a statistically significant effect on the country’s financial system. Conclusion The general vector autoregression (VAR) model shows that the current value of the country’s financial system propensity to ALM by 92.78% is determined by its previous value. With an increase of Government Integrity by 1%, the country’s financial system’s propensity to ALM will decrease by 0.000616 units with a lag of two years. The nature of the impact made by the Index of economic freedom on the performance feature was specific—when this indicator increases by 1% for a lag delay in one year, the PFSALM value will decrease by 0.001997 units, and for a lag delay of two years it will change the trend and increase by 0.003076 units per unit, respectively.

RESUMO A alteração do quadro legal de formação de professores e educadores ocorreu num contexto de desenvolvimento de dinâmicas de globalização hegemónica (Santos, 2001). Neste contexto o Estado-nação tem perdido centralidade, emergindo entidades económico-políticas regionais de natureza supranacional na tentativa de os estados ampliarem a sua influência nas dinâmicas de globalização (Jessop, 2005). A União Europeia, forma avançada de “Estado em rede” (Castells, 2007), apresenta-se como a configuração institucional mais desenvolvida e tem afirmado um papel crescente nas políticas sociais, e. g., a educação (Moutsios, 2009). No processo de transnacionalização da educação certas organizações internacionais e supranacionais têm ganho crescente relevo, e. g. Organização Mundial do Comércio (OMC) ou a Organização para a Cooperação e Desenvolvimento Económico (OCDE). Neste âmbito, e cujo mandato contempla funções regulatórias, destaca-se a União Europeia (UE). No seio da UE os programas de educação e formação incluem as iniciativas no contexto da plataforma intergovernamental Processo de Bolonha (Conselho da União Europeia, 2009a). Neste contexto têm vindo a ser adotadas medidas consideradas chave para estruturar o Espaço Europeu de Educação Superior (EEES) (Bergen, 2005), como a definição do Sistema Europeu de Acumulação e Transferência de Créditos (ECTS), acompanhada da adoção de um sistema único de graus, com a (sugestão de) adoção do modelo anglo-saxónico, na modalidade 3 + 2 anos, i. é, 180 + 120 ects, nos dois primeiros ciclos, e a implementação de um sistema de avaliação garantidor de qualidade e acreditação, com base em entidades e procedimentos que se desejam articulados nacional e transnacionalmente (Antunes, 2008). Centramo-nos na discussão das opções de política educativa para a formação de professores de crianças dos 3 aos 12 anos de idade, em Portugal, aferindo o grau de autonomia nas vias de consecução do processo de europeização pela evolução das soluções implementadas ao nível das condições de acesso, dos objetivos e da estrutura da formação – duração, vertentes e pesos dos domínios do saber específico dos professores, do saber psicopedagógico e da prática educativa – no âmbito da oferta formativa de 1º e 2º ciclo. Para o efeito, para além da revisão bibliográfica considerada pertinente, procedemos à análise documental de um conjunto diversificado de fontes entre os documentos dimanados das instituições internacionais e supranacionais, de grupos de trabalho e plataformas intergovernamentais – estudos, relatórios, inquéritos e seus resultados, programas, projetos, tratados, etc. –, bem como a produção legislativa sobre problemática, dos últimos governos de Portugal, no sentido de clarificar princípios e opções de política educativa no domínio da formação de professores, nomeadamente ao nível do recrutamento, do perfil profissional e da organização dos planos de estudo e da oferta educativa. Genericamente, o processo de europeização tem contribuído para uma certa convergência das políticas educativas, com impacto no ensino superior português e ao nível da formação inicial de professores. As alterações políticas geraram cambiantes nos regimes jurídicos de formação inicial de educadores e professores ilustrando a permanência do Estado como regulador, no plano nacional, como contraponto a uma regulação transnacional da educação. Uma perspetiva do professor como profissional autónomo dotado de atitude crítica, capaz de avaliar a sua atuação, que investiga e constrói reflexivamente o seu saber profissional, aparenta deslizar para uma visão mais técnica do trabalho do professor, orientada para e pelos resultados. A formação apresenta uma estrutura bietápica, mas com inegável integração das dimensões de formação prevalecendo, no entanto, a tradição portuguesa de modelos estruturais em detrimento dos concetuais (Ferreira e Mota, 2013). Desde novembro de 2015 que o contexto político, em Portugal, se alterou e, na educação, diversas medidas têm sido revertidas. Contudo, a formação de professores permanece inalterável. PALAVRAS-CHAVE: Processo de Bolonha; Espaço europeu de educação superior; Formação de professores. ABSTRACT The change of the legal framework for the training of teachers and educators occurred within a context of development of hegemonic globalisation dynamics (Santos, 2001). In this context, the nation-state has lost its centrality, and regional economic-political entities of a supranational nature have emerged in an attempt for states to increase their influence on globalisation dynamics (Jessop, 2005). The European Union, an advanced form of ‘Network State’ (Castells, 2007), presents itself as the most developed institutional configuration and has affirmed an increasing role in social policies, e.g., in education (Moutsios, 2009). Within the process of transnationalisation of education, certain international and supranational organisations have gained increasing importance, including the World Trade Organisation (WTO) or the Organisation for Economic Cooperation and Development (OECD). In this context, the European Union (EU) stands out with a mandate that includes regulatory functions. Within the EU, education and training programs include initiatives in the context of the intergovernmental Bologna Process (Council of the European Union, 2009a). In this framework, key measures have been taken to structure the European Higher Education Area (EHEA) (Bergen, 2005), such as the definition of the European Credit Transfer and Accumulation System (ECTS), with the adoption of a single system of degrees, with the (suggestion of) adoption of the Anglo-Saxon model, in the modality 3 + 2 years, in other words 180 + 120 ects, in the first two cycles, and the implementation of a quality assurance and accreditation system, based on entities and procedures that are coordinated nationally and transnationally (Antunes, 2008). We focus on the discussion of educational policy options for the training of teachers of children aged 3 to 12 years in Portugal, assessing the degree of autonomy in the ways of achieving the process of Europeanisation by the evolution of solutions implemented at the level of conditions of access, objectives and structure of the training - duration, fields and weights of the areas of specific knowledge of teachers, psycho-pedagogical knowledge and educational practice - within the scope of the 1st and 2nd cycle training offer. To this end, in addition to the bibliographic review considered relevant, we engaged in the documentary analysis of a broad range of sources among the documents originating from international and supranational institutions, working groups and intergovernmental platforms - studies, reports, surveys and their results, programs, projects, treaties, etc. - as well as of the legislative production on this matter by the last Portuguese governments, in order to clarify education policy principles and options in the field of teacher education, including recruitment, professional profile and the organisation of study plans and educational offer. In global terms, the process of Europeanisation has contributed to a certain convergence of educational policies, with an impact on Portuguese higher education and at the level of initial teacher training. The political changes generated variations in the legal regimes of initial training of educators and teachers illustrating the permanence of the State as a regulator at the national level and as a counterpoint to a transnational regulation of education. A perspective of the teacher as an autonomous professional with a critical attitude, capable of evaluating his/her work, who investigates and constructively reflects his/her professional knowledge, seems to give way to a more technical view of the teacher's work, oriented towards and for results. Teacher training presents a two-stage structure, but with undeniable integration of the training dimensions, with the Portuguese tradition of structural models still prevailing to the detriment of the conceptual ones (Ferreira e Mota, 2013). Since November 2015, the political context in Portugal has changed and several education measures have been reversed. However, teacher training remains unchanged. KEYWORDS: Bologna Process; European Higher Education Area; Teacher training RÉSUMÉ La modification du cadre juridique de la formation des enseignants et des éducateurs est advenue dans un contexte de développement de dynamiques de globalisation hégémonique (Santos, 2001). Dans ce contexte, l’Etat-nation a perdu de sa centralité, faisant émerger des entités économico-politiques régionales de nature supranationale dans une tentative, de la part des états, d’élargissement de leur influence dans les dynamiques de globalisation (Jessop, 2005). L’Union Européenne, forme avancée d’«Etat en réseau» (Castells, 2007), se présente en tant que configuration institutionnelle la plus développée et a affirmé progressivement un rôle croissant au niveau des politiques sociales, notamment l’éducation (Moutsios, 2009). Dans le processus de transnationalisation de l’éducation, certaines organisations internationales et supranationales ont gagné une croissante notoriété, par exemple, l’Organisation Mondiale du Commerce (OMC) ou l’Organisation pour la Coopération et le Développement Economique (OCDE). Dans ce contexte, on peut mettre en exergue l’Union Européenne (UE), dont le mandat contient des fonctions de régulation. Au sein de l’UE, les programmes d’éducation et de formation incluent les initiatives dans le contexte de la plateforme intergouvernementale Processus de Bologne (Conseil de l’Union Européenne, 2009a). Dans ce contexte aussi, ont été adoptées des mesures considérées cruciales afin de structurer l’Espace Européen de l’Enseignement Supérieur (EEES) (Bergen, 2005), comme la définition du Système Européen d’Accumulation et de Transfert de Crédits (ECTS), accompagnée de l’adoption d’un système unique de degrés, avec l’ (suggestion de) adoption du modèle anglo-saxon, dans la modalité 3 + 2 ans, c’est-à-dire 180 + 120 ects, lors des deux premiers cycles, et la mise en œuvre d’un système d’évaluation qui assure la qualité et l’accréditation, sur la base d’entités et de procédures qui se veulent articulées au niveau national e transnational (Antunes, 2008). Nous nous centrons sur la discussion des options de la politique éducative pour la formation des enseignants d’enfants de 3 à 12 ans d’âge, au Portugal, conférant le degré d’autonomie dans les voies d’exécution du processus d’européisation à travers l’évolution des solutions mises en œuvre au niveau des conditions d’accès, des objectifs et de la structure de la formation – durée, volets et poids des domaines du savoir spécifique des enseignants, du savoir psychopédagogique et de la pratique éducative – dans le cadre de l’offre formative du 1er et du 2d cycles. À cet effet, outre la révision bibliographique considérée pertinente, nous procédons à l’analyse documentaire d’un ensemble diversifié de sources parmi les documents émanant des institutions internationales et supranationales, de groupes de travail et de plateformes intergouvernementales – études, rapports, enquêtes et leurs résultats, programmes, projets, traités, etc. –, ainsi que la production législative sur la problématique, des derniers gouvernements du Portugal, dans le but de clarifier des principes et des options de politique éducative dans le domaine de la formation d’enseignants, surtout au niveau du recrutement, du profil professionnel et de l’organisation des plans d’étude et de l’offre éducative. Globalement, le processus d’européisation a contribué à une certaine convergence des politiques éducatives, avec un impact dans l’enseignement supérieur portugais et au niveau de la formation initiale d’enseignants. Les modifications politiques ont engendré des changements dans les régimes juridiques de formation initiale d’éducateurs et d’enseignants démontrant bien la permanence de l’Etat en tant que régulateur, sur le plan national, comme contrepoids à une régulation transnationale de l’éducation. Une perspective de l’enseignant en tant que professionnel doté d’une attitude critique, capable d’évaluer son action, qui recherche et construit de façon réfléchie son savoir professionnel, semble glisser vers une vision plus technique du travail d’enseignant, orienté par et vers ses résultats. La formation présente une structure en deux étapes, mais avec une indéniable intégration des dimensions de formation; cependant, ce qui prévaut c’est la tradition portugaise de modèles structuraux au détriment des modèles conceptuels (Ferreira e Mota, 2013). Depuis novembre 2015 que le contexte politique, au Portugal, s’est modifié et, dans l’éducation, différentes mesures ont été inversées. Toutefois, la formation d’enseignants est maintenue inchangée. MOTS-CLÉS: Processus de Bologne; Espace européen de l’enseignement supérieur; Formation des enseignants.

Purpose This paper aims to analyse the Portuguese companies’ determinants of capital structure. To reach this objective, the authors used data from 37 non-financial Portuguese large enterprises and from 4,233 non-financial small and medium enterprises for the period 2010-2016. Additionally, the authors selected a sub-period from 2010 to 2014 for a deeper understanding of the impact of the sovereign debt crisis and the Economic Adjustment Programme of Troika on the capital structure of those companies. Design/methodology/approach Three dependent variables were tested according to debt maturity, and a dynamic panel data model, namely, the generalised method of moments system estimator, was used to test the formulated research hypotheses following Arellano and Bover (1995) and Blundell and Bond (1998) to capture the dynamic nature of the firm’s capital structure decisions. Findings In general, the results point out that the capital structure decisions depend on a set of firm-specific factors, and that the effects of the determinants of the debt maturity ratios differ according to the type of firm, i.e. large/small firms, and the economic cycle. Originality/value To the best of the authors’ knowledge, this is the first study that has been carried out in Portugal by using two samples of large and small companies for analysing the effects of the Economic Adjustment Programme of Troika on the capital structure of companies. The authors seek to understand which type of companies suffered more because of the effects of the Economic Adjustment Programme of Troika during this period, and which are the capital structure determinants that present greater change. Contrary to what might be expected, large companies are the firms that suffer most from the Economic Adjustment Programme. Probably, because these companies are the most immediate, most scrutinised and those that must show abroad that the bank did not fund them in the long term, because of the imposition and limits to grant credit faced by the banks themselves.

Dear friends, In this issue, we have ten articles with authors from Brazil, New Zealand, Australia, Sweden, Germany, the Republic of Korea, Portugal, the Czech Republic, Spain, Greece, Tunisia and Chile. The articles cover psychology, sport training, anthropometric characteristics, motor learning, kinesiology, and biomechanics. Among gymnastics disciplines, most are dealing with the man and the women artistic gymnastics, but we also have an article on the rhythmic, acrobatic and the general gymnastics. Our last issue had the Olympic Games as its theme. If there is interest among researchers, we would be open to preparing another special issue on a theme e.g. motor control in gymnastics, motor learning in gymnastics, etc. Anton Gajdoš prepared another article related to the history of gymnastics, refreshing our knowledge of 100 years since the Czechoslovakian Gymnastics Federation was established. Last year was special as we published a record number of articles, 34 in total. After evaluation, some articles were unfortunately rejected, mostly due to their non-gymnastics content and, in a few cases, extremely poor language. However, last year our journal saw an improvement in the h-index: in SCOPUS it is 7 and in WoS 4. As we haven’t been present in WoS for long, it will take some time to gain the same h-index in both. If we manage to publish more than 25 articles by October, we will fulfil the criteria in PUBMED to have 50 articles in a two year-span and will start the evaluation process to be included in the PUBMED. We need to emphasis diligent work of reviewers and give them credit to have quality articles. All reviewers in year 2018 are listed. Just to remind you, if you quote the Journal: its abbreviation on the Web of Knowledge is SCI GYMN J. I wish you pleasant reading and a lot of inspiration for new research projects and articles,

ABSTRACTIn September 1939, Portugal made a realist strategic choice to preserve the Portuguese Empire maintaining by its neutrality and also remaining an ally of Great Britain. While the Portuguese could rely largely on their colonies for raw materials to sustain the mainland, the country had long depended on British transportation for these goods and the Portuguese military. With the British priority now given to war transportation, Portugal's economy and Empire were particularly vulnerable. The Portuguese dictator Antonio Salazar sought to mitigate this damage by maintaining particularly friendly financial relations with the British government, including increased exports of Portuguese merchandise and services and permission to accumulate credits in Sterling to cover deficits in the balance of payments. This paper gives an improved set of comprehensive statistics for the Anglo-Portuguese and German–Portuguese relationships, reported in Pounds and according to international standards. The reported statistics include the trade in merchandise, services, capital flows, loans and third-party transfers of funds in favour of the British account. When compared with the German statistics, the Anglo-Portuguese figures show the Portuguese government favoured the British in financial relations, an active choice by Salazar to maintain the Portuguese Empire.

Every country has objectives for climate change, and public policies are implemented to achieve those commitments. This paper aims to review the different public policies used to promote the integration of photovoltaic technology into smart grids, taking the case of Portugal as reference. An analysis of previous supporting policies is performed both in Portugal and some European countries; these policies consist of feed-in tariffs, feed-in premiums, green certificates, electricity compensation, direct capital subsidies, and tax credits. The policies currently in force in Portugal no longer aim to support the technology; instead, they intend to promote it. Energy communities, local markets, and solar auctions are examples of public policies that are currently being used, not only to promote PV power but also the development of microgrids. Finally, the Portuguese solar auctions of 2019 and 2020 are analyzed and compared. It is concluded that auctions are a very effective way of expanding the installed capacity of the PV technology in the country and have more weight on promoting the technology than other promoting policies currently being used.

Purpose – The purpose of this study is to identify the main drivers which can explain the relative success of BRIC countries (i.e. Brazil, Russia, India and China), collectively and individually, in attracting foreign direct investment (FDIs). Unlike previous studies that have identified gross domestic product (GDP) as a major determinant, we find that for the sampling period 1980-2008, social variables (namely, high population growth and educated labor) and political variables account for 40 and 7 per cent of the variance in net inward FDI, respectively, and no importance for economic variables. Interestingly, for a sub-period (1999-2008), we observe the salience of financial (namely, sizable GDP economy, favorable net trade balance and controlled currency risk and sovereign debt risk) determinants of inward FDI (R2 is 44 per cent). On the other hand, when testing individual countries, it seems that FDI determinants are not universal as each country enjoys different characteristics and sources of strengths that attract FDIs. The implication is to focus more on those incentives that the host country is weak in to be able to optimize the amount of FDI flowing in from foreign investors. Design/methodology/approach – Three blocks of variables were examined: economic/financial, social and political variables. The economic/financial variable set expands on a prototype developed by Dunning (1981), which distinguishes three types of influences on inward FDI. First, it suggests some domestic market characteristics to influence FDI. They include the market size and the direction of trade flows. Another set of economic/financial factors includes measure of the host country’s overall financial performance such as the inflation rate and the effectiveness of the service sector. Social factors of the host country are considered an important determinant of FDI. Our social model included: the degree of human capital development, the extent of urbanization, the quality of life and the adequacy of the health-care system. Political factors were also considered. Using the STATA statistical package, we run a regression analysis on our transformed data twice: once over the full sampling period (1980-2008), and a second time using a partial data set covering the past 10 years (1999-2008), after controlling for multicollinearity and other econometric problems. Findings – Regressing net FDI inflows on all financial, social and political variables during the full data series (1980-2008), and after controlling for severe econometric problems, the nested block regression concludes that the social variables account for 40 per cent of the change in net inward FDI, followed by political variables (7 per cent). The nested regression for the past 10-year data series (1999-2008), however, shows the economic/financial variables block and social variables blocks contribute the most to FDI variations (R2 is 44 and 7 per cent, respectively), while political variables appear insignificant. The findings for each individual country show that the four countries have few common determinants. Research limitations/implications – Our results are not without limitations. Our sample is limited to BRIC countries that had attracted significant FDIs in the past two decades. Testing for a larger set of countries with smaller or less attractive countries included could be useful before any final conclusions can be drawn. Also, this research can be extended to cover the busted 2008-2010 years. It would be interesting if our results still hold in recent down market conditions. For example, in early 2008, there was a big credit crisis in the USA, followed by a universal market crash in September and October due to large financial institutions collapsing, which resulted in the recent bubble explosion. More recently, we witnessed the European financial crisis beginning with the Greece debt default (followed by fears in Spain, Portugal and potentially others). Practical implications – Overall, our findings suggest that individual countries enjoy different levels of strengths in economic/financial, social and political variables. A country that strives to attract more inward FDI may consider focusing more on those unique country-specific incentives that it is weak in to be able to optimize its intake of FDIs. Originality/value – The main goal of our paper is to bring updated evidence on the relevant set of incentives which have made the BRIC block the penchant for FDI, and whether these incentives are the same for each of the BRIC countries. Our paper makes three major contributions. First, it expands Mathur and Singh’s (2007) set of explanatory variables, especially to reflect the effect of financial markets and economic conditions (such as currency exchange rate risk, level of real interest rate, size of national debt, sovereign credit rating risk and inflation), new social variables (such as life expectancy at birth, people receptivity to foreign investors and the number of graduate degree holders) and new political variables (host country’s level of restriction on capital repatriation). Second, it brings more updated evidence by using a longer sampling period (1980-2008). Third, we test BRIC as a group and we retest individual BRIC countries. We also ensure that our results are free from econometric (autocorrelation and heteroskedasticity) problems.

This work explores how data can influence the design of logotypes and how they can convey information. The authors use the University of Coimbra, in Portugal, as a case study to develop data-driven logotypes for its faculties and, subsequently, for its students. The proposed logotypes are influenced by the current number of students in each faculty, the number of male and female students, and the nationality of the students. The resulting logotypes are able to portray the diversity of students in each faculty. The authors also test this design approach in the creation of logotypes for the students according to their academic information, namely the course and number of credits done. The resulting logotypes are able to adapt to the current students, evolving over time with the departure of students and admission of new ones.

AbstractThe introduction and diffusion of Italian Renaissance forms in sixteenth-century Netherlandish art has usually been described as a process initiated by artists who travelled south, adopted the new style and reaped success after their return to the Netherlands. In giving full credit to the artists and considering this phcnomenon to be a process of artistic exchange in the modern sense, art historians have wrongly disregarded the historical circumstances that caused patrons' preference for the new style. The earliest use of Renaissance forms in the Low Countries on a large scale may be observed in the triumphal decorations of the 1515 Joyeuse Entrée of Charles of Hapsburg, the future emperor, in the town of Bruges. From that moment on, Renaissance forms were used abundantly in objects which served as a kind of propaganda for Hapsburg policy, such as church windows and chimney-pieces glorifying Charles v and the Hapsburg dynasty. Antique motifs fitted well in the imperialist visual language favoured by the Hapsburg dynasty and the Dutch nobles who supported its power politics. Derived from imperial Roman monuments, these forms unequivocally alluded to the absolute power of the ancient ancestors of the Holy Roman Emperor, thus legitimizing his authority. In the author's opinion this functional aspect is one of the main reasons for the ready acceptance and diffusion of the Renaissance style in the Low Countries. One of the first artists to travel from the Netherlands to Italy was the painter Michiel Coxcie (Malines 1499-1592). He stayed in Rome from about 1530 to 1538, painting several frescoes in Roman churches which brought him recognition among Italian colleagues. Only one example has survived: the fresco cycle in the chapel of St. Barbara in S. Maria dell'Anima, which he painted between 1532 and 1534. His mastery of the 'maniera italiana', which is evident in these paintings, is highly praised by Vasari, who met Coxcie in Rome in 1532. Vasari also states that Coxcie transferred the 'maniera italiana' to the Netherlands. Upon his return to Malines in 1539, Coxcie received several prestigious commissions, of which perhaps the most outstanding was to paint cartoons for the stained glass windows in the church of St. Gudule in Brussels, with its decoration of triumphal arches glorifying the Hapsburg dynasty. His ability to work in the high Renaissance style gained him the favour of Charles v and his sister, Mary of Hungary, governess of the Netherlands, who engaged him as a court painter. In the said series of Brussels windows, a remarkable change of style regarding the use of Renaissance forms is to be observed after Coxcie started supplying the cartoons in 1541. The windows completed between 1537 and 1540 had been made under the supervision of Bernard van Orley, allegedly Coxcie's teacher. They were rendered in an early Renaissance style characterized by the hybrid Italianate motifs that were in fashion during the 1520S and 1530s. Upon Orley's death in 1541, Coxcie was appointed his successor as cartoon painter for St. Gudule. The first window for which he was responsible, the window of John III of Portugal in the Chapel of the Holy Sacrament, exhibits a distinct caesura: the architectural decoration is high Renaissance in the Vitruvian or Serlian sense and the human faces and postures are derived directly from the examples of Raphael, Leonardo and Michelangelo. After careful perusal of the documents concerning the production of the windows and study of the stylistic differences between the windows made before and after 1541 (and the related preparatory drawings), one cannot but conclude that Michiel Coxcie was the initiator of the use of the high Renaissance style in the Brussels windows. Hitherto Bernard van Orley has been credited for this, on the assumption that he designed the whole cycle, including all its ornamental details and stylistic features. Although his contribution to the diffusion of the high Renaissance style in Netherlandish art was decisive, Michiel Coxcie's return to the Low Countries should not be regarded as the principal incentive for this process. The general predilection for this style to be found after 1540 could be a consequence of the impressive presence of Charles v and his retinue in the Netherlands during that year. The emperor, who came to quell the Ghent resurrection against the central government, brought with him the style that had been used in the triumphal decorations which accompanied his entries to Italian towns during the 1530S. The influence exercised on prevailing taste by the ephemeral monuments erected on the occasion of imperial entries must have been considerable, as the Brussels windows clearly show.

In 2008 the world faced a powerful economic crisis, which led to significant problems in the EU. Some states, such us Portugal, Italy, Ireland, Greece and Spain, were on the verge of default. In such conditions the EU had to take appropriate measures to save European countries. The author reviewed the measures which concerned Ireland. At the beginning of the century Irish economy showed rapid growth. But in 2010 the default threatened “The Celtic tiger”. It was conditioned by the collapse of mortgage landing system and the rapid outflow of foreign capital. As far as Ireland participates in the euro zone the other European countries are interested in the stabilization of Ireland’s economy. All measures of saving Ireland’s economy could be divided to two groups. The first group includes the measures taken by the government of Ireland. This is state financing of bank sphere, which was done without being agreed with the EU (moreover, the European council reacted negatively), and changing of tax rate approved by the EU. The second group is represented by the measures of European institutes. It includes preferential credits and suppression of sanctions for violation of Maastricht criterion in exchange for austerity budget. In Ireland’s case such policy doesn’t seem really effective. The level of Ireland’s budget deficit is more than 3 % of GDP and its current economic growth does not permit to redeem the loans. Economic problems provide political instability, that’s why Ireland’s government cannot elaborate long-term financial policy. Though European institutes managed to find consensus between different national interests, the EU needs no less than 15 years to return to pre-depression economic level.

<p>I Magazzini Generali, creati su modello dei <em>docks</em> inglesi e dei magazzini francesi -e regolamentati da una legge del 1871- si diffusero nelle maggiori città italiane, con alterna fortuna: comune era lo scopo di provvedere alla custodia delle merci, rilasciando speciali titoli di commercio, e di agevolare l’incontro tra produttore e acquirente, riducendo i tempi di negoziazione.</p> <p>Essi sono, dunque, da annoverare fra gli strumenti commerciali con cui si intendeva intensificare e favorire i traffici di merci nel periodo in cui il commercio internazionale su larga scala andava riducendo le barriere tra paesi, accompagnato dallo sviluppo e ammodernamento delle infrastrutture.</p> <p>Nell’ambito del dibattito sul tentativo italiano di ritagliarsi un ruolo durante la prima globalizzazione -con la crescita della liberalizzazione del commercio internazionale e, nello stesso tempo, lo sviluppo del protezionismo moderno- la presente ricerca mette a fuoco l’esperienza della costituzione dei Magazzini Generali di Napoli, per alcuni decenni i più importanti d’Italia. La Società Meridionale dei Magazzini Generali ne assunse la gestione nel 1874 e -attraverso lo studio di testimonianze dell’epoca, degli Atti del Consiglio Comunale e della Camera di Commercio, di dati di bilancio presenti nell’Archivio di Stato di Napoli- questo saggio ne ripercorre l’iter costitutivo e le vicende dei primi anni. Oltre a offrire un quadro della situazione politica ed economica del Mezzogiorno d’Italia, ed in particolare di Napoli, nella congiuntura economica tra fine ‘800 e inizio ‘900, emergono spunti interessanti relativi all’ammodernamento delle infrastrutture portuali cittadine, e alla questione della creazione di un punto franco (uno degli ipotetici cardini dello sviluppo industriale della città): in un quadro di occasioni mancate ed ostacoli legati alle caratteristiche del processo storico, dal confronto con economie di differenti realtà europee.</p><p>The <em>Magazzini Generali</em>, created on the model of the British docks and of the French <em>magasins généraux</em> -and regulated by an Act of 1871- became widespread in major Italian cities, with varying success: common purpose was to provide for the custody of the goods, issuing special bonds trade, and to facilitate the meeting between producer and buyer, reducing the time of negotiation. They are -therefore- to be counted among the commercial tools with which it was intended to intensify and facilitate the traffic of goods in the period in which international trade -on a large scale- was reducing the barriers between countries, accompanied by the development and modernization of infrastructure. In the debate on the Italian attempt to carve out a role during the first globalization -with the growth of international trade liberalization and, at the same time, the development of modern protectionism- the present research focuses on the experience of the constitution of Magazzini Generali of Naples, for several decades the most important ones in Italy. The <em>Società Meridionale of Magazzini Generali</em> took over the management in 1874 and -through the study of contemporary testimonies, of the Acts of the City Council and of the Chamber of Commerce, of balance sheet data present in the State Archives of Naples- this essay traces its incorporation process and the events of the early years. In addition to providing an overview of the political and economic situation of Southern Italy, especially in Naples, during the economic situation between the end of '800 and '900, interesting ideas emerge relating to the modernization of port infrastructure, and about the question of creating a free point (one of the hypothetical cornerstones of the industrial development of the city): in a framework of missed opportunities and of obstacles related to the characteristics of the historical process, by comparing with the economies of different European realities.</p>

After a strong performance in 2017, economic activity has moderated. The second half of 2018 was marked by a deceleration, coinciding with weaker economic activity in Europe. The headline fiscal balance improved, with a small increase in the structural primary balance reflecting a strict budget execution. The current account turned negative in 2018 in conjunction with a deterioration of the balance of trade in goods and services. Total credit to the nonfinancial private sector continued to decline in 2018. Nevertheless, over the last 4 years the Portuguese banking system has been strengthening its balance sheet and its performance.