António Mendonça
Lições de macroeconomia: uma introdução
Abstract:
The book that is now being published, in the form of lessons in macroeconomics, is the result of 3 years of work in teaching the discipline of Economics II, of the degrees in Economics, Mathematics Applied to Economics and Management and General Studies, at the Instituto Superior of Economics and Management at the University of Lisbon. These Macroeconomics Lessons are the result of a pedagogical experience of teaching an introductory-level subject and the objective is to facilitate the transmission of knowledge in a subject that is nonetheless complex, but which is indispensable in the training of any economist or manager. The approach presented in this book reflects three methodological options that aim to make it more attractive and user-friendly for its readers. The first is the search for the greatest possible clarity and simplification in the presentation of concepts and theories. The second is the purpose of making the distinction between the model of reality and reality understood. The third is the inclusion of the Portuguese economic reality in virtually all chapters, either as a reference for the discussion of concepts, which acquire a concrete and quantified dimension in this way, or as a specific object of macroeconomic analysis. Aimed primarily at students starting their university education, these Lessons do not fail to go further in dealing with the issues, and may be useful to all those who, regardless of their motives, wish to acquire an introductory vision of contemporary macroeconomic analysis.
Quotation:
Mendonça, António (Coordenador) e Vitor Magriço … [et al.] .(2021) . “Lições de macroeconomia: uma introdução”. Edições Silabo, Lisboa: p. 451.
Coronacrise 2020: que crise?
Abstract:
The forecasts already published by national and international institutions on the impact of Covid-19 on economies confirm what had already been anticipated: deep falls in product and employment, fuelled by the joint reduction in consumption, investment and international trade, with consequent effects on deficits and public debt. Coronacrise 2020: que crise? discusses the economic crisis triggered by Covid-19, namely in its particularities and in the common elements with the economic crisis that preceded it. In particular, the elements of connection with the 2008-2009 crisis are discussed, with emphasis on the comparison between the responses that were given at that time and the responses that are currently being given, seeking to highlight the differences between the more active intervention of the European Central Bank and the hesitant and contradictory intervention of national and European institutions with responsibility for fiscal policy. We highlight the need for an economic recovery plan, with a European dimension and integrating national specificities, as well as the need for a change in attitude regarding the role of economic policy, that should favor a long-term expansionist perspective instead of the contractionary perspective which has conditioned European macroeconomic management in recent years.
Quotation:
Mendonça, A. (2020). “Coronacrise 2020: que crise?”. Lusíada. Economia & Empresa, nº 28 (2020), pp. 11-41. https://doi.org/10.34628/gp7b-es79
Europe at the crossroads of the COVID-19 crisis: integrated macroeconomic policy solutions for an asymmetric area
Abstract:
The economic crisis triggered by the COVID–19 pandemic once again raises doubts about the eurozone’s ability to deal with joint economic problems given its dissimilar dynamics and asymmetries. Europe at the crossroads of the COVID-19 crisis: integrated macroeconomic policy solutions for an asymmetric area contributes to a paradigm shift in the governance of the euro area towards a more comprehensive and integrated approach. Two dimensions of this paradigm are considered. First, the need for a change in the economic policy concerning the recovery, from a supply-push to a demand-pull orientation, supported on a fiscal and monetary policy mix, integrated within a comprehensive macroeconomic approach. Second, we examine the need for a shift in external relations towards a more global integration-oriented policy, with the euro area positioning itself as an alternative to the current polarization between the United States and China. Our conclusions point to: (i) giving priority to growth and employment; (ii) promoting long-term economic sustainability based on integrated macroeconomic policies, the reduction of income concentration, and the reconstitution of strong middle classes; (iii) reorientating international relations into a perspective of cooperation; (iv) reinforcing regulation and global governance; and (v) eliminating exceptional situations and ways to evade economic controls.
Quotation:
“Mendonça, A. and Vale, S. (forthcoming). “Europe at the crossroads of the COVID-19 crisis: integrated macroeconomic policy solutions for an asymmetric area”, (co-autoria com Vale, S.), in New challenges for Eurozone Governance: Are there joint solutions for common threats? (Edit. José Caetano, Isabel Vieira, and António Caleiro), London: Springer. ISBN-10:3030623718″
A Caminho de uma Recaída da Economia Mundial? Ainda Algumas Notas sobre a Natureza da Crise Económica e Financeira de 2008-2009 e os seus Impactos na Economia Europeia
Abstract:
Based on the analysis of the latest data on the evolution of the world economy, the reasons that may underlie the persistence of the difficulties in recovering, in a sustained manner, the rates of growth, particularly in the euro zone, more than a decade after the outbreak of the crisis of 2008-2009, are discussed. The nature of this global economic crisis is discussed in A caminho de uma recaída da economia mundial? : Ainda algumas notas sobre a natureza mundial? : Ainda algumas notas sobre a natureza da crise económica e financeira de 2008-2009 e os seus impactos na economia europeia, its impacts at the European regional level, the emergence of what has been called an identity crisis of the European integration project, the inefficiency of the euro system as an adjustment mechanism, internal and external, and the role of unconventional monetary policy. The conclusion is that Europe needs to undertake a profound redefinition of its integration project, including the redesign of the euro system in light of the recent experience of unconventional monetary policy. In this process, it is considered that there is an important place for Portugal, as an Atlantic European country, whose identity was formed and consolidated in the process of constitution of the global economy.
Quotation:
Mendonça, António .2019. A caminho de uma recaída da economia mundial?: Ainda algumas notas sobre a natureza mundial?: Ainda algumas notas sobre a natureza da crise económica e financeira de 2008-2009 e os seus impactos na economia europeia”, Lusíada – Economia & Empresa, nº 26, p. 31-66
Brief Paper 1/2008: A Gestão do Fundo Petrolífero de Timor Leste: Alguns aspectos
Abstract:
The Article 11 of the Petroleum Fund Law (Law 9/2005 of 3 August) deduces that the Government, through the Ministry of Finance – formerly the Ministry of Planning and Finance – is responsible for deciding on the fundamental lines of the investment policy of the Petroleum Fund (PF) after receiving the opinion of the Investment Advisory Committee – to which, as it appears to be, the Minister is not bound to follow, but since it is a body made up of technical experts, it should not be dismissed without strong reasons to do so, and even if this is not required by law, without full public justification. As indicated by the characteristics of the series of CEsA texts in which it is published – its Brief Papers – A gestão do fundo petrolífero de Timor Leste: alguns aspectos should be understood as corresponding to a (little more than) initial phase of research on the topic we have proposed to study. Therefore, its conclusions – if we can speak of true conclusions or even lessons – are merely provisional and subject to some modification as a result of the continued research we have been doing on the subject. For this reason, and as much or more than in other circumstances, an appeal to the reader to let us know his opinions on what has been written, including possible inaccuracies in the approach to the subject, makes sense.
Quotation:
Serra, António M. de Almeida. 2008. “A gestão do fundo petrolífero de Timor Leste: alguns aspectos”. Instituto Superior de Economia e Gestão – CEsA Brief papers nº 1-2008.
Brief Paper 1/1994: O(s) Modelo(s) de Desenvolvimento da Ásia Oriental e a África Subsaariana
Abstract:
The fact that the economies of East Asia and Southeast Asia have emerged as an example of relatively successful economic and social development has led many authors and, in particular, international economic institutions such as the “sisters in the woods” (the felicitous name given to the World Bank and the IMF by a survey in The Economist), to see the model of extroverted growth adopted by the countries of those regions as a real horizon and “manual for action” for the countries of Sub-Saharan Africa. The relative success of Mauritius in pursuing a strategy similar to this model has reinforced the idea that it is possible (and even desirable) to apply the Asian growth model to Black Africa. O(s) modelo(s) de desenvolvimento da Ásia Oriental e a África Subsaariana aims to discuss this “transferability”. To this end, we shall begin by summarising the characteristics of the Asian model(s), and then move on to confront the East Asian reality with that of Africa in order to determine whether the elements that proved fundamental to the success of the Far Eastern countries are present to the south of the Sahara.
Quotation:
Serra, António M. de Almeida. 1994. “O(s) modelo(s) de desenvolvimento da Ásia Oriental e a África Subsaariana”. Instituto Superior de Economia e Gestão – CEsA Brief papers nº 1-1994.
Working Paper 166/2018: Portugal and the Euro
Abstract:
Portugal and the Euro is divided in two parts. In the first part, we present some data of the Portuguese economy aiming to capture some of its main long trends and the way it reacts to the introduction of the single currency in Europe. Since Portugal follow a similar path with Spain in what concerns the European economic integration process, we developed a comparative analysis between the two Iberian countries trying to capture some dynamics that can aid to understand the different ways how the two economies reacted to the introduction of the euro and, in this phase of the economic integration in Europe, how they suffered the 2007-2008 international crisis and reacted to its effects. To evaluate and compare the two countries paths we use some fundamental macroeconomic indicators as, output and employment, investment, external accounts, budget balances and government debts. The comparison with Europe’s average economic performance is also present, trying to understand which country follow a more “European path”. In the second part, we concentrate on the euro system crisis trying to give some contributes to the ongoing discussion about the role and effectiveness of the euro as an internal adjustment variable. Not only in terms of the pre-creation of the better conditions for the European economy to respond to cyclical and structural crisis processes, but also in terms of dealing with the developments of the real crisis process that explode in Europe in 2007-2008 and gave origin to what was called the “sovereign debt crisis” that deeply harmed the most week economies, like Portugal but also like Spain. In particular, we discuss the issue of the effectiveness versus the exhaustion of monetary policy followed by the ECB in response to the Eurozone effects of the global economic and financial crisis.
Quotation:
Mendonça, António (2018). “Portugal and the Euro”. Instituto Superior de Economia e Gestão – CEsA/ CSG – Documentos de Trabalho nº 166/2018.
