Neil Dooley - Portugal's Economic Crisis.pdf (789.61 kB)
Portugal's economic crisis: overheating without accelerating
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.
History
Publication status
- Published
File Version
- Accepted version
Publisher
Palgrave MacmillanExternal DOI
Page range
73-91Pages
219.0Book title
Crisis in the Eurozone Periphery The Political Economies of Greece, Spain, Ireland and PortugalPlace of publication
LondonISBN
9783319697208Series
Building a Sustainable Political Economy: SPERI Research & PolicyDepartment affiliated with
- Politics Publications
Research groups affiliated with
- Sussex European Institute Publications
Full text available
- Yes
Peer reviewed?
- No
Editors
Owen Parker, Dimitris TsarouhasLegacy Posted Date
2018-01-23First Open Access (FOA) Date
2020-08-20First Compliant Deposit (FCD) Date
2018-01-23Usage metrics
Categories
No categories selectedLicence
Exports
RefWorks
BibTeX
Ref. manager
Endnote
DataCite
NLM
DC