Portugal's economic crisis: overheating without accelerating

Dooley, Neil (2018) Portugal's economic crisis: overheating without accelerating. In: Parker, Owen and Tsarouhas, Dimitris (eds.) Crisis in the Eurozone Periphery The Political Economies of Greece, Spain, Ireland and Portugal. Building a Sustainable Political Economy: SPERI Research & Policy . Palgrave Macmillan, London, pp. 73-91. ISBN 9783319697208

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Portugal’s economic crisis was characterised by the experience of ‘all of the signs of overheating … without any acceleration of GDP’ (Deutsche Bank 2010). This chapter traces how the introduction of European Community/European Union (EU) facilitated ‘structural reforms’ throughout the 1980s and 1990s contributed to the development of new and dangerous patterns of debt-led growth. In the 1990s, a rejuvenated private banking sector drove the expansion of economic growth in Portugal’s non-tradable sector, damaging the country’s competitiveness and creating some of the highest levels of private debt in the EU. This trajectory of economic growth contributed to a decade of recession in the 2000s, ensuring that Portugal was particularly vulnerable to contagion from the Greek and Irish crises from 2010 onwards.

Item Type: Book Section
Keywords: Portugal; Eurozone; Crisis; European Periphery; Europeanisation; Comparative Political Economy; European Union
Schools and Departments: School of Law, Politics and Sociology > Politics
Research Centres and Groups: Sussex European Institute
Subjects: J Political Science > JN Political institutions (Europe) > JN0030 European Union. European Community. European communities
J Political Science > JN Political institutions (Europe) > JN8423 Portugal
Depositing User: Neil Dooley
Date Deposited: 23 Jan 2018 12:21
Last Modified: 20 Aug 2020 01:00
URI: http://sro.sussex.ac.uk/id/eprint/73091

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