Portugal
Banks should offer ‘equal service’ when facing a run, research finds
Working paper published by the Bank of Portugal analyses models of bank runs, and finds equal service leads to a faster recovery
European economists analyse global value chains
Bank of Portugal working paper analyses the global value chains in the eurozone and underlines the core role of Germany in production linkages
Portuguese research examines decline in allocative efficiency
Bank of Portugal working paper finds service sector the ‘main driver’ of decline in allocative efficiency between 1996 and 2011, which the authors say nearly halved GDP growth
Portuguese central banker warns new €10 banknote may not be accepted by all vending machines
Bank of Portugal board member says he cannot guarantee the note will be accepted by all machines, as owners are responsible for making necessary software changes
Bank of Portugal appoints new CEO to Novo Banco
Bank of Portugal appoints Lloyds director Eduardo Stock da Cunha as the new CEO of Novo Banco, the good bank that resulted from the intervention in BES
Bank of Portugal's Varela calls for ‘impeccable' banking ethics
António Varela, recently appointed to the board of Bank of Portugal, argues the banking system needs a ’demanding diagnostic of the capabilities of each institution’
Portuguese central bank reshuffles board responsibilities
The appointment of two new board members sees vice-governor Pedro Duarte Neves lose responsibility for prudential supervision in the wake of the central bank’s intervention in BES
Bank of Portugal initiates administrative proceedings against 14 banks in first half of 2014
Throughout the period the Portuguese central bank also issued 357 recommendations 'to require the correction of irregularities and infringements detected'
Bank of Portugal splits failed bank BES in 'clean’ resolution
Portuguese central bank splits troubled lender Banco Espírito Santo into good and bad bank as part of a €4.9 billion rescue
European researchers examine impact of capital inflows on long-term interest rates
Bank of Portugal working paper says the foreign accumulation of eurozone bonds may have led to “excessive risk-taking” at a global level by depressing interest rates
Bank of Portugal shifts research focus after Gaspar review
Portuguese central bank sets new research priorities following a strategic review; internal commission places emphasis on quarterly publication and career development
Robert Pringle's Viewpoint: The eurozone’s unfinished business
Economic adjustment and financial sector reform must go hand in hand – with the ECB due to play a central role
Portuguese paper finds banks lend to riskier borrowers when policy rates are low
Researchers find evidence supporting the existence of the ‘risk-taking channel’ of monetary policy; banks will grant more loans to companies with recent defaults when rates are lower
People: Bank of Portugal appoints ‘temporary’ chief economist; Bank of Spain reveals pride in ECB hire
Isabel Horta Correia named head of economics and research ‘under temporary assignment’ at Bank of Portugal; Ramón Quintana praised by Bank of Spain for ECB success
Bank of Portugal fails to fill chief economist vacancy
Board of directors calls off search for a new head of economics and research due to dearth of quality applicants; initiates review for a 'strategic repositioning' of the department
Portugal governor: banks are stronger now than pre-crisis
Bank of Portugal's Carlos da Silva Costa argues stringent capital requirements 'well above the EU 8% benchmark' are starting to pay off; banks' average loan-to-deposit ratio was 123% in June
Portuguese paper presents macroeconomic model for small economies
Researchers at the Bank of Portugal detail the features and applications of the Portuguese Economy Structural Small Open Analytical (Pessoa) model, which they say is useful for small economies in monetary union
Demand for Bank of Portugal online stats grew 51% in 2012
The central bank’s website received more than 55,000 visits last year, with the statistical service offered online and on mobile devices the most popular feature
Portuguese paper questions efficacy of fiscal policy at zero lower bound
Working paper finds that government and private consumption are substitutes when the nominal interest rate is at the zero lower bound; this reduces impact of fiscal policy on output by a third
Portuguese central bank says austerity has hit long-term economic potential
Bank of Portugal annual report finds economy has contracted 7.2% since 2010, thanks to pro-cyclical fiscal contraction that 'may have a long-lasting negative impact on potential growth'
Bundesbank research says sovereign default can be the best option
Discussion paper finds it may be optimal to choose a costly default over legal repayment, but only when a country is facing disaster
Portugal must strengthen institutions to attract foreign direct investment - working paper
Bank of Portugal researchers call for a focus on corruption and strengthening the independence of the financial system to increase attractiveness for FDI
Bank of Portugal distances itself from anti-trust investigation
Portuguese central bank says investigation into banks' anti-competitive practices will not undermine the stability of the financial sector
IMF sees southern European free-fall begin to slow
Mission chief for Greece says painful adjustment proceeding ‘apace’, although questions raised over potential €9.5 billion funding gap; Fund praises ‘impressive policy effort’ in Portugal