University of Sussex
Browse
Neil Dooley - Portugal's Economic Crisis.pdf (789.61 kB)

Portugal's economic crisis: overheating without accelerating

Download (789.61 kB)
chapter
posted on 2023-06-21, 06:02 authored by Neil DooleyNeil Dooley
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 Macmillan

Page range

73-91

Pages

219.0

Book title

Crisis in the Eurozone Periphery The Political Economies of Greece, Spain, Ireland and Portugal

Place of publication

London

ISBN

9783319697208

Series

Building a Sustainable Political Economy: SPERI Research & Policy

Department affiliated with

  • Politics Publications

Research groups affiliated with

  • Sussex European Institute Publications

Full text available

  • Yes

Peer reviewed?

  • No

Editors

Owen Parker, Dimitris Tsarouhas

Legacy Posted Date

2018-01-23

First Open Access (FOA) Date

2020-08-20

First Compliant Deposit (FCD) Date

2018-01-23

Usage metrics

    University of Sussex (Publications)

    Categories

    No categories selected

    Exports

    RefWorks
    BibTeX
    Ref. manager
    Endnote
    DataCite
    NLM
    DC