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The Long-Run Behaviour of the Income Velocity of Money in Portugal: 1854-1992

Author

Listed:
  • Ana Bela Nunes
  • Nuno Valerio
  • Rita Martins de Sousa

Abstract

This paper analyses the behaviour of the Portuguese income velocity of money from 1854, when Portugal precociously accepted the rules of the gold exchange standard and the eve of the European Economic Union. The long run behaviour of income velocity of money in Portugal displays, throughout the entire period, a pattern in line with its relative economic and institutional backwardness. Only from the 1950s on, did a general process of modernization of the Portuguese economy take place. Economic growth was sustained and important institutional aspects related to monetary and financial factors were developed up to 1973. Portuguese income velocity of money displays the U-shaped pattern, which is also apparent in several case-studies concerning developed economies. However, the inflexion point of the trend is delayed to 1973 as a consequence of Portuguese relative economic and institutional backwardness and in line with the Spanish case.

Suggested Citation

  • Ana Bela Nunes & Nuno Valerio & Rita Martins de Sousa, 2005. "The Long-Run Behaviour of the Income Velocity of Money in Portugal: 1854-1992," Working Papers GHES - Office of Economic and Social History 2005/23, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    • Handle: RePEc:ise:gheswp:wp232005
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    File URL: https://ghes.rc.iseg.ulisboa.pt/wp/wp232005.pdf
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    Cited by:

    1. Leonor Freire Costa & Jaime Reis, 2016. "The chronic food deficit of early modern Portugal: curse or myth?," Working Papers GHES - Office of Economic and Social History 2016/58, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    2. Ana Bela Nunes, 2015. "The Portuguese economy in the 1980s: structural change and short-term upheavals," Working Papers GHES - Office of Economic and Social History 2015/55, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.
    3. Amélia Branco & Francisco M. Parejo, 2010. "The Creation of a Competitive Advantage in the Portuguese Cork Industry: The Contribution of an Industrial District," Working Papers GHES - Office of Economic and Social History 2010/43, ISEG - Lisbon School of Economics and Management, GHES - Social and Economic History Research Unit, Universidade de Lisboa.

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