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Please use this identifier to cite or link to this item: http://hdl.handle.net/10400.5/828

Title: The portuguese capital market during World War II
Authors: Valério, Nuno
Issue Date: 2005
Publisher: ISEG - GHES
Citation: Valério, Nuno. 2005. "The portuguese capital market during World War II". Instituto Superior de Economia e Gestão – GHES Documento de Trabalho/Working Paper nº 25-2005
Series/Report no.: Documento de Trabalho/Working Paper;25
Abstract: During the Second World War, the Portuguese capital market was characterized by a glut of savings opportunities and a shortage of investment opportunities. The glut of savings opportunities was caused by surpluses in the balance of payments, which resulted from Portugal's neutrality and its capacity to supply valuable commodities. The shortage of investment opportunities derived from the economy's overall stagnant performance and the lack of adequate supplies from abroad. As a consequence, there was a downward trend in interest rates, despite the increase in price levels, and investors concentrated on public bonds and construction. It may, however, be argued that this process acted as a kind of prior accumulation of funds before the take-off of modern economic growth that was to occur in the Portuguese economy during the post¬war years.
URI: http://hdl.handle.net/10400.5/828
Appears in Collections:DCS - Documentos de trabalho / Working Papers
GHES - Documentos de Trabalho / GHES - Working papers

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