Asset Returns
Economic Integration and the Co-movement of Stock Returns (with Pedro Morgado) (2007)
In this paper we analyze the determinants of co-movements in stock returns among 40 developed...
Fiscal Policy and Asset Returns (with Rossen Valkanov) (2005)
We analyze the effect of taxes and government spending on quarterly market returns of stocks,...
Causes and Consequences of Openness
Trade, Factor Proportions and Politics, Review of Economics and Statistics (2008)
This paper tests the implication in Mayer (1984) that capital-poor individuals prefer more trade openness...
Can Openness Deter Corruption? (with Felipe Larraìn B.) (2007)
The economics literature provides ample evidence that higher corruption levels discourage FDI inflows. In this...
Does Foreign Direct Investment Decrease Corruption? (with Felipe Larraìn B.), Cuadernos de Economia (2004)
This paper assesses the effect of openness on corruption, using foreign direct investment (FDI) inflows...
Does Foreign Aid Corrupt?, Economics Letters (2003)
We estimate the impact of foreign aid on corruption using geographical and cultural distance to...
Economic History
Democracy and Business Cycles: Evidence from Portuguese Economic History (with Miguel Costa-Gomes), European Review of Economic History (1999)
The Portuguese Republic of 1910-1926 was characterized by extreme instability in the political and economic...
Female Labor Force Participation and the Macroeconomy
Assessing the "Engines of Liberation": Home Appliances and Female Labor Force Participation (with Tiago Cavalcanti), Review of Economics and Statistics (2008)
The recent literature on the macroeconomics of structural change has highlighted the importance of the...
The Output Cost of Gender Discrimination: A Model-Based Macroeconomic Estimate (with Tiago Cavalcanti) (2007)
Gender-based discrimination is a pervasive and costly phenomenon. To a greater or lesser extent, all...
Women Prefer Larger Governments: Female Labour Supply and Public Spending (with Tiago Cavalcanti) (2007)
The increase in income per capita is accompanied, in virtually all countries, by two changes...
Fiscal Policy
Exchange Rates and Fiscal Adjustments: Evidence from the OECD and Implications for the EMU (with Luisa Lambertini), Contributions in Macroeconomics (2007)
This paper investigates whether monetary and exchange rate policies are important for the success of...
Budget Deficits and Reelection Prospects: Voters as Fiscal Conservatives in a New Democracy (with Paulo Arvate and George Avelino) (2007)
State elections in Brazil are an excellent laboratory to test the fiscal preferences of voters...
Fiscal Policy and Asset Returns (with Rossen Valkanov) (2005)
We analyze the effect of taxes and government spending on quarterly market returns of stocks,...
Partisanship and Government Size (with Ricardo Vicente) (2005)
Political factors have been put forward as explanations for business cycles since the 1970’s. Opportunistic...
Does Right or Left Matter? Cabinets, Credibility and Fiscal Adjustments, Journal of Public Economics (2004)
This paper tests the widely held assumption that left-wing cabinets favor higher public spending and...
The Political Economy of Fiscal Adjustments (with Alberto Alesina and Roberto Perotti), Brookings Papers in Economic Activity - Macroeconomics (1998)
From the introduction: In this paper we reexamine the research on the economic effects of...
Income Distribution
The Distribution of Household Income and Expenditure in Portugal: 1980 and 1990 (with Miguel Gouveia), Review of Income and Wealth (1995)
From 1980 to 1990 Portugal experienced a generalized liberalization of economic activity, due in large...
Institutions and Economic Growth
Government Size versus Government Efficiency in a Model of Economic Growth (with Francisca Guedes de Oliveira) (2007)
Institutions and Economic Development in Brazil (with Tiago Cavalcanti and André Magalhães), Quarterly Review of Economic and Finance (2007)
This paper investigates the effects of institutional reforms in Brazil. It first provides a comparative...
The Economics of Terrorism: What We Know, What We Should Know and the Data We Need (with Fernanda Llussá) (2007)
Probably, and unfortunately also for the worst reasons, terrorism will be high on the political...
Institutions and Economic Growth in Portugal: A Quantitative Exploration, Portuguese Economic Journal (2004)
This paper presents a broad diagnostic of the level of institutional development in Portugal in...
The Open Society Assesses Its Enemies: Shocks, Disasters and Terrorist Attacks, Journal of Monetary Economics (2004)
This paper conducts a systematic investigation of the incidence and economic costs of terrorist attacks...
How Democracy Affects Growth (with Romain Wacziarg), European Economic Review (2001)
This paper introduces a new methodology to examine the empirical relationship between democracy and economic...
Monetary Policy
Exchange Rates and Fiscal Adjustments: Evidence from the OECD and Implications for the EMU (with Luisa Lambertini), Contributions in Macroeconomics (2007)
This paper investigates whether monetary and exchange rate policies are important for the success of...
Regional Currencies versus Dollarization: Options for Asia and the Americas (with Felipe Larraìn B.), Journal of Policy Reform (2003)
This paper undertakes an empirical assessment of Dollarization versus regional currency union as options for...
Natural Disasters, Terrorism and Economic Performance
The Economics of Terrorism: What We Know, What We Should Know and the Data We Need (with Fernanda Llussá) (2007)
Probably, and unfortunately also for the worst reasons, terrorism will be high on the political...
The Open Society Assesses Its Enemies: Shocks, Disasters and Terrorist Attacks, Journal of Monetary Economics (2004)
This paper conducts a systematic investigation of the incidence and economic costs of terrorist attacks...
No subject area
Investir no Futuro - Colaborações Universidade Indústria em Portugal e nos EUA (with Francisco Veloso, Nuno Vasconcelos, Paulo Ferreira, and Pedro Conceição) (2003)