This work analyses the determinants of trade credit granted and received and the effect of the 2008 financial crisis on it. Using a sample of 96,417 Portuguese SMEs from the non-financial sector for the period 2010–2019, we found that trade credit plays an important role in firms' financing policies. Firms with better access to the credit market act as financial intermediaries and grant financing to firms that have difficulty accessing credit. Moreover, the use of trade credit seems to be a substitute for bank financing. We also found that firms use trade credit as a marketing tool to increase their sales. Finally, we found a slump in credit granted to customers after the 2008 financial crisis, which seems to mimic the contraction in aggregate bank credit.
{"title":"Os Determinantes do Crédito Comercial Durante e Após a Crise Financeira Internacional de 2008","authors":"C. Carreira, Pedro Silva","doi":"10.14195/2183-203x_56_4","DOIUrl":"https://doi.org/10.14195/2183-203x_56_4","url":null,"abstract":"This work analyses the determinants of trade credit granted and received and the effect of the 2008 financial crisis on it. Using a sample of 96,417 Portuguese SMEs from the non-financial sector for the period 2010–2019, we found that trade credit plays an important role in firms' financing policies. Firms with better access to the credit market act as financial intermediaries and grant financing to firms that have difficulty accessing credit. Moreover, the use of trade credit seems to be a substitute for bank financing. We also found that firms use trade credit as a marketing tool to increase their sales. Finally, we found a slump in credit granted to customers after the 2008 financial crisis, which seems to mimic the contraction in aggregate bank credit.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44663132","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article analyzes the effects of intangible capital on the productivity of Portuguese firms in the last decade. Intangible assets can increase the productivity of labor and productive factors. Although no consensus has been reached on standard principles and uniform methods for measuring intangible assets, the attempts of various investigators, such as those proposed in this research, pave the way for the development of a framework. To achieve this objective, a Cobb-Douglas production function was estimated at the firm level, where intangible capital is assumed as a productive factor. To perform a sectoral analysis, the model was estimated by activity sector. We also estimated the evolution of the contribution of intangible capital in two distinct periods 2010-14 (recession) and 2015-19 (recovery). The results obtained were to some extent expected, confirming the evidence of the positive effect of intangible assets on productivity. The intangible effect is greater in the sectors of Manufacturing and Construction, and inside the Manufacturing sector, the Textile industry is where the effect is larger. For the Trade and Business Services sector the effect is negative or null. Although intangible capital has a strong influence at the aggregate level, it has gradually lost its relevance. This result is understandable, given the low and decreasing levels of intangible investment and the continuous decrease in intangible capital during the decade.
{"title":"Capital Intangível e Produtividade das Empresas Portuguesas na Última Década (2010-2019)","authors":"Nuno Gonçalves, C. Carreira","doi":"10.14195/2183-203x_56_5","DOIUrl":"https://doi.org/10.14195/2183-203x_56_5","url":null,"abstract":"This article analyzes the effects of intangible capital on the productivity of Portuguese firms in the last decade. Intangible assets can increase the productivity of labor and productive factors. Although no consensus has been reached on standard principles and uniform methods for measuring intangible assets, the attempts of various investigators, such as those proposed in this research, pave the way for the development of a framework. To achieve this objective, a Cobb-Douglas production function was estimated at the firm level, where intangible capital is assumed as a productive factor. To perform a sectoral analysis, the model was estimated by activity sector. We also estimated the evolution of the contribution of intangible capital in two distinct periods 2010-14 (recession) and 2015-19 (recovery). The results obtained were to some extent expected, confirming the evidence of the positive effect of intangible assets on productivity. The intangible effect is greater in the sectors of Manufacturing and Construction, and inside the Manufacturing sector, the Textile industry is where the effect is larger. For the Trade and Business Services sector the effect is negative or null. Although intangible capital has a strong influence at the aggregate level, it has gradually lost its relevance. This result is understandable, given the low and decreasing levels of intangible investment and the continuous decrease in intangible capital during the decade.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43738381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The world water crisis is manifest through ‘Too Much, Too Little and Too Dirty’ water at multiple scales from the local to the global. Understanding the key drivers and consequences of this water crisis, and who bears the biggest costs, is necessary to develop appropriate responses, at scale and over time. Using four framings: one, water stocks and limits; two, water rights and responsibilities; three, water values and prices; and four, green and grey water infrastructure, we review the challenges and possible responses. Using a water justice lens, we highlight the transitional and transformational pathways towards a safer and more just water future.
{"title":"Responding to the global challenges of ‘Too Much, Too Little and Too Dirty’ Water: Towards a Safer and More Just Water Future","authors":"R. Grafton, S. Fanaian, Julia Schaef","doi":"10.14195/2183-203x_56_3","DOIUrl":"https://doi.org/10.14195/2183-203x_56_3","url":null,"abstract":"The world water crisis is manifest through ‘Too Much, Too Little and Too Dirty’ water at multiple scales from the local to the global. Understanding the key drivers and consequences of this water crisis, and who bears the biggest costs, is necessary to develop appropriate responses, at scale and over time. Using four framings: one, water stocks and limits; two, water rights and responsibilities; three, water values and prices; and four, green and grey water infrastructure, we review the challenges and possible responses. Using a water justice lens, we highlight the transitional and transformational pathways towards a safer and more just water future.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44873122","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While several economic studies have looked into the role of REDD in climate policy, the interlinks between climate policy, international trade and agricultural markets have been only marginally considered. This paper adds to that discussion by developing a policy simulation exercise in which REDD credits can be traded in an international carbon market using a recursive dynamic computable general equilibrium model. The model was extended to incorporate abatement cost curves of avoided deforestation from a partial equilibrium study, and to account for the corresponding induced effects on land and timber markets. We conclude that REDD may significantly reduce policy costs. A large number of REDD credits entering the carbon market would allow regions pertaining to the climate policy agreement to systematically emit above their targets. These results confirm that policy design may require limits to the use of REDD credits along with the creation of long-term incentives to promote a greener economy. Finally, when international competitiveness effects are taken into account, we show that the use of REDD as a means to foster developing countries’ participation in climate policy may not be sufficient.
{"title":"Transação de Créditos REDD em Mercados Internacionais de Carbono","authors":"R. Rosa, Ramiro Parrado, Francesco Bosello","doi":"10.14195/2183-203x_56_2","DOIUrl":"https://doi.org/10.14195/2183-203x_56_2","url":null,"abstract":"While several economic studies have looked into the role of REDD in climate policy, the interlinks between climate policy, international trade and agricultural markets have been only marginally considered. This paper adds to that discussion by developing a policy simulation exercise in which REDD credits can be traded in an international carbon market using a recursive dynamic computable general equilibrium model. The model was extended to incorporate abatement cost curves of avoided deforestation from a partial equilibrium study, and to account for the corresponding induced effects on land and timber markets. We conclude that REDD may significantly reduce policy costs. A large number of REDD credits entering the carbon market would allow regions pertaining to the climate policy agreement to systematically emit above their targets. These results confirm that policy design may require limits to the use of REDD credits along with the creation of long-term incentives to promote a greener economy. Finally, when international competitiveness effects are taken into account, we show that the use of REDD as a means to foster developing countries’ participation in climate policy may not be sufficient.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43459065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Sustainability policy evaluation and assessment seeks to answer the key question, sustainability of what and whom? Consequently, sustainability issues are multidimensional in nature and feature a high degree of conflict, uncertainty and complexity. Social multi-criteria evaluation (SMCE) has been explicitly designed for public policies; it builds on formal modelling techniques whose main achievement is the fact that the use of different evaluation criteria translates directly into plurality of values and dimensions underpinning a policy process. SMCE aims at being inter/multi-disciplinary (with respect to the technical team), participatory (with respect to the community) and transparent. SMCE can help deal with three different types of sustainability-related policy issues: 1) epistemological uncertainty (human representation of a given policy problem necessarily reflects perceptions, values and interests of those structuring the problem); 2) complexity (the existence of different levels and scales at which a hierarchical system can be analyzed implies the unavoidable existence of non-equivalent descriptions of it both in space and time); and 3) mathematical manipulation rules of relevant information (compensability versus non-compensability, preference modelling of intensities of preference, mixed information on criterion scores, weights as trade-offs versus weights as importance coefficients, choice of a proper ranking algorithm). This paper focuses on the these three issues and provides an overview of the SMCE approaches to them.
{"title":"Avaliação de Políticas Sustentáveis","authors":"Giuseppe Munda","doi":"10.14195/2183-203x_56_1","DOIUrl":"https://doi.org/10.14195/2183-203x_56_1","url":null,"abstract":"Sustainability policy evaluation and assessment seeks to answer the key question, sustainability of what and whom? Consequently, sustainability issues are multidimensional in nature and feature a high degree of conflict, uncertainty and complexity. Social multi-criteria evaluation (SMCE) has been explicitly designed for public policies; it builds on formal modelling techniques whose main achievement is the fact that the use of different evaluation criteria translates directly into plurality of values and dimensions underpinning a policy process. SMCE aims at being inter/multi-disciplinary (with respect to the technical team), participatory (with respect to the community) and transparent. SMCE can help deal with three different types of sustainability-related policy issues: 1) epistemological uncertainty (human representation of a given policy problem necessarily reflects perceptions, values and interests of those structuring the problem); 2) complexity (the existence of different levels and scales at which a hierarchical system can be analyzed implies the unavoidable existence of non-equivalent descriptions of it both in space and time); and 3) mathematical manipulation rules of relevant information (compensability versus non-compensability, preference modelling of intensities of preference, mixed information on criterion scores, weights as trade-offs versus weights as importance coefficients, choice of a proper ranking algorithm). This paper focuses on the these three issues and provides an overview of the SMCE approaches to them.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42694304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We apply the Business Cycle Accounting framework to the COVID-19 recession in the Euro Area and the United States. We conclude that the efficiency wedge had the most important role in the Euro Area, followed by the labor and investment wedges. In the United States, the labor wedge was the most crucial, with the investment wedge taking a second place. We present hypotheses, supported by our theoretical framework, for the dichotomy of the role of the efficiency wedge between the studied regions.
{"title":"Business Cycle Accounting for the COVID-19 Recession","authors":"Daniel Fernandes","doi":"10.14195/2183-203x_55_2","DOIUrl":"https://doi.org/10.14195/2183-203x_55_2","url":null,"abstract":"We apply the Business Cycle Accounting framework to the COVID-19 recession in the Euro Area and the United States. We conclude that the efficiency wedge had the most important role in the Euro Area, followed by the labor and investment wedges. In the United States, the labor wedge was the most crucial, with the investment wedge taking a second place. We present hypotheses, supported by our theoretical framework, for the dichotomy of the role of the efficiency wedge between the studied regions.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46547636","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Despite the key role of trade creditors as sources of finance, the literature on their impact on the proliferation of zombie firms is rare. This study examines whether suppliers, such as banks, engage in “evergreen” lending to zombie firms and whether their behavior differs from that of banks. We found that highly productive, larger and younger firms are less likely to become zombie firms. The behavior of suppliers is, in fact, different from that of banks; they are indeed more cautious in lending to zombie firms. Unlike suppliers, banks seem to have contributed to the rise of resource misallocation, a key explanation for the productivity slowdown in the new century.
{"title":"The Role of Different Types of Creditors on Zombie Firm Creation","authors":"Carlos Carreira, J. Lopes","doi":"10.14195/2183-203x_55_6","DOIUrl":"https://doi.org/10.14195/2183-203x_55_6","url":null,"abstract":"Despite the key role of trade creditors as sources of finance, the literature on their impact on the proliferation of zombie firms is rare. This study examines whether suppliers, such as banks, engage in “evergreen” lending to zombie firms and whether their behavior differs from that of banks. We found that highly productive, larger and younger firms are less likely to become zombie firms. The behavior of suppliers is, in fact, different from that of banks; they are indeed more cautious in lending to zombie firms. Unlike suppliers, banks seem to have contributed to the rise of resource misallocation, a key explanation for the productivity slowdown in the new century.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47764377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyzes the relationship between innovation and financial constraints. To this end, a database extracted from the Community Innovation Survey (CIS) and the System of Business Accounts (SCIE) was used. The sample consisted of 24,679 active companies operating in Portugal in the manufacturing and service industry between 2008 and 2016. A Recursive Bivariate Probit Model (RPBM) was used for making estimates. When analyzing the relationship between innovation and financial constraints, the results reveal a negative relationship between the two, confirming that firms that are financially constrained are more limited in their investments in R&D, and innovation is less accessible to them. The severity of the effects of financial constraints is heterogeneous across economic activities, strongly affecting innovative industries, while service industries appear to be the least affected. It was also observed that larger companies are better able to innovate. There was a positive relationship between innovation and the variables sales and exports, indicating that innovation will positively affect the financial results of companies.
{"title":"Innovation and the Financial Performance of Firms during the Great Recession and Recovery Period","authors":"N. Gomes, Nuno Gonçalves","doi":"10.14195/2183-203x_55_5","DOIUrl":"https://doi.org/10.14195/2183-203x_55_5","url":null,"abstract":"This study analyzes the relationship between innovation and financial constraints. To this end, a database extracted from the Community Innovation Survey (CIS) and the System of Business Accounts (SCIE) was used. The sample consisted of 24,679 active companies operating in Portugal in the manufacturing and service industry between 2008 and 2016. A Recursive Bivariate Probit Model (RPBM) was used for making estimates. When analyzing the relationship between innovation and financial constraints, the results reveal a negative relationship between the two, confirming that firms that are financially constrained are more limited in their investments in R&D, and innovation is less accessible to them. The severity of the effects of financial constraints is heterogeneous across economic activities, strongly affecting innovative industries, while service industries appear to be the least affected. It was also observed that larger companies are better able to innovate. There was a positive relationship between innovation and the variables sales and exports, indicating that innovation will positively affect the financial results of companies.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46394982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study analyzes the extent of the market power of the manufacturing and services industries in Portugal over the last decade. The results show that Portuguese industries are mostly operating under imperfect competition. Mark-ups are heterogeneous across industries, with services having higher mark-ups on average than manufacturing. The apparel and the administrative activities industries have the highest mark-ups; in turn, the food and the beverages industries have the lowest mark-ups, while the rubber and plastics industry seems to operate under competitive conditions. There is therefore room for improving product market competition in Portugal.
{"title":"Market Power in Manufacturing and Services Industries","authors":"Leonor Mesquita, Carlos Carreira, R. Martins","doi":"10.14195/2183-203x_55_4","DOIUrl":"https://doi.org/10.14195/2183-203x_55_4","url":null,"abstract":"This study analyzes the extent of the market power of the manufacturing and services industries in Portugal over the last decade. The results show that Portuguese industries are mostly operating under imperfect competition. Mark-ups are heterogeneous across industries, with services having higher mark-ups on average than manufacturing. The apparel and the administrative activities industries have the highest mark-ups; in turn, the food and the beverages industries have the lowest mark-ups, while the rubber and plastics industry seems to operate under competitive conditions. There is therefore room for improving product market competition in Portugal.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42907175","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Before the Great Recession, young single women in Jordan, like those in other Middle Eastern and North African countries with a strong Islamic cultural tradition, experienced important changes in social roles. In this paper, we claim that economic theory may help to understand some of these changing patterns. It is argued that liberalization in the Jordanian economy resulted in important changes in the Jordanian social contract regarding gender roles, school enrollment, labor participation, marriage, and fertility. In particular, three apparently disconnected contemporaneous developments may be interrelated: the increase in women's marriage age, the growth of young single women's participation in the labor market, and the increase in the young male unemployment rate. This process stopped in the late 2000s, both due to exogenous (the Great Recession after 2008 and the Syrian civil war in 2011) and endogenous (existing attitudes towards working women) reasons. We argue that economic conditions may play a role as the driving forces for social transformation, and opens a window for women's opportunities and empowerness.
{"title":"The Changing Roles of young single women in Jordan before the Great Recession","authors":"Ignacio Conde-Ruiz, E. Giménez","doi":"10.14195/2183-203x_55_1","DOIUrl":"https://doi.org/10.14195/2183-203x_55_1","url":null,"abstract":"Before the Great Recession, young single women in Jordan, like those in other Middle Eastern and North African countries with a strong Islamic cultural tradition, experienced important changes in social roles. In this paper, we claim that economic theory may help to understand some of these changing patterns. It is argued that liberalization in the Jordanian economy resulted in important changes in the Jordanian social contract regarding gender roles, school enrollment, labor participation, marriage, and fertility. In particular, three apparently disconnected contemporaneous developments may be interrelated: the increase in women's marriage age, the growth of young single women's participation in the labor market, and the increase in the young male unemployment rate. This process stopped in the late 2000s, both due to exogenous (the Great Recession after 2008 and the Syrian civil war in 2011) and endogenous (existing attitudes towards working women) reasons. We argue that economic conditions may play a role as the driving forces for social transformation, and opens a window for women's opportunities and empowerness.","PeriodicalId":33953,"journal":{"name":"Notas Economicas","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47425783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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