Economia
Opponents of austerity may cite Portugal as a country that could benefit from economic stimulus and kinder budget cuts. But Mr. Gaspar, speaking to the New York Times last week, has a message for observers who say Europe needs to substantially relax its austerity approach: We tried stimulus and it backfired.
Portugal attempted what he calls “a Keynesian style expansion” in 2008, referring to a theory by economist John Maynard Keynes . But it didn’t turn things around, and may have made things worse.
“My country definitely provides a cautionary tale that shows that, in some instances, short-run expansionary policies can be counterproductive,” Mr. Gaspar said. “There are some limitations to the intuitions from Keynes,” arguing that the economist himself saw instances when demand-stoking policies might not lead to growth.
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Economia
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Portugal’s Finance Minister: We Tried Stimulus and It Didn’t Work
by PETER EAVIS
Defending austerity is not getting any easier for Europe’s politicians. And Vitor Gaspar, Portugal’s finance minister, has it harder than others. The country’s unemployment rate is 14 percent, and its its economy, which has been stagnant for years, is expected to shrink another 3.3 percent in 2012.Opponents of austerity may cite Portugal as a country that could benefit from economic stimulus and kinder budget cuts. But Mr. Gaspar, speaking to the New York Times last week, has a message for observers who say Europe needs to substantially relax its austerity approach: We tried stimulus and it backfired.
Portugal attempted what he calls “a Keynesian style expansion” in 2008, referring to a theory by economist John Maynard Keynes . But it didn’t turn things around, and may have made things worse.
“My country definitely provides a cautionary tale that shows that, in some instances, short-run expansionary policies can be counterproductive,” Mr. Gaspar said. “There are some limitations to the intuitions from Keynes,” arguing that the economist himself saw instances when demand-stoking policies might not lead to growth.
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"Eles vão rebentar. Reconheçam" "(...) These economies [Greece, Ireland and Portugal] are on an unsustainable course, but not for lack of effort by their governments. Greece and Ireland have made heroic budget cuts. Greece is trying hard to free up...
- O Caminho Sueco
Reforma do estado de bem-estar Under Borg, Sweden handled the downturn in the most un-European way. "While most countries in Europe borrowed massively, Borg did not. Since becoming Sweden's finance minister, his mission has been to pare back government....
- A Orígem Da Crise Europeia
To Thrive, Euro Countries Must Cut Welfare State By Fredrik Erixon "...Take the four countries at the epicenter of the euro-area crisis: Greece, Ireland, Portugal and Spain. They are in many ways different, but they have three important characteristics...
- Multiplicador De Zero
Debating economic policy Stimulus, austerity and the weltgeist Mike Grabell is out with a book-length investigation of the stimulus, titled "Money Well Spent?" In an interview last week on NPR's Fresh Air, Mr Grabell said the stimulus effort had...
- Políticas Contra A Crise
SINGAPORE (Reuters) - Japan and China on Friday backed government spending to fight the global financial crisis, ahead of a G20 meeting at which the United States and Europe are split over the need for more aggressive stimulus measures. Japanese Finance...