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Economie


  • 8-July-2021

    English

    Financial distress and the role of management in micro and small-sized firms

    In this paper, we focus on the managerial characteristics of micro and small-sized firms. Using linked employer-employee data on the Portuguese economy for the 2010-2018 period, we estimate the impact of management teams’ human capital on the probability of firms becoming financially distressed and their subsequent recovery. Our estimates show that the relevance of management teams’ formal education on the probability of firms becoming financially distressed depends on firms’ size and the type of education. We show that management teams’ formal education and tenure reduce the probability of micro and small-sized firms becoming financially distressed and increases the probability of their subsequent recovery. The estimates also suggest that those impacts are stronger for micro and small-sized firms. Additionally, our results show that functional experience previously acquired in other firms, namely in foreign-owned and in exporting firms and in the area of finance, may reduce the probability of micro firms becoming financially distressed. On the other hand, previous functional experience in other firms seems to have a strong and highly significant impact on increasing the odds of recovery of financially distressed firms. We conclude that policies that induce an improvement in the managerial human capital of micro and small-sized firms have significant scope to improve their financial condition, enhancing the economy’s resilience against shocks.
  • 17-novembre-2020

    Français

    Le financement des PME et des entrepreneurs. Tableau de bord de l’OCDE - Édition spéciale : les conséquences du COVID-19

    Ce rapport est une édition spéciale du Tableau de bord de l’OCDE sur le financement des PME et des entrepreneurs, publication phare de l’OCDE. Il examine en détail les conséquences du COVID-19 sur l’accès des PME au financement, ainsi que les mesures prises en conséquence par les pouvoirs publics. Il apparaît qu’avant la crise, les conditions de financement étaient globalement favorables pour les PME et les entrepreneurs, qui bénéficiaient de faibles taux d’intérêt, de critères accommodants d’octroi des crédits et d’une offre de plus en plus diversifiée d’instruments de financement. Mais la crise du COVID‑19 a profondément bouleversé l’accès des PME au financement. Plus particulièrement, l’effondrement brutal du chiffre d’affaires des entreprises a provoqué de graves pénuries de liquidités qui ont mis en danger la survie de bon nombre d’entreprises viables. Ce rapport fait état d’une augmentation de la demande de prêts bancaires au cours du premier semestre de 2020, et d’une stabilité de l’offre de crédit grâce à l’action des pouvoirs publics. Parallèlement, on a observé un recul d’autres sources de financement, en particulier l’apport de fonds propres au stade du démarrage. Le rapport réunit des données sur le périmètre et l’ampleur des mesures prises par les gouvernements dans le monde, et en précise les principales caractéristiques. Il décrit les principaux enjeux stratégiques du financement des PME qui se poseront au cours des prochaines phases de la pandémie ; il s’agira en effet d’éviter le surendettement des PME, de promouvoir une gamme diversifiée d’instruments de financement, de stimuler la création d’entreprises et de renforcer la résilience des PME par des mesures structurelles.
  • 14-September-2020

    English

    Unpicking Portugal’s export performance: A microdata analysis

    Portugal has notably increased its international openness over recent decades, with exports’ share of GDP rising by 20 percentage points since 1993. This analysis couples microdata with panel regression techniques to investigate the drivers of Portuguese export growth over the 1995-2016 period. The results highlight that there was no one single factor behind the export expansion. While an improvement in price competitiveness played a significant role, the majority of the increase in exports was explained by other factors. These include increases in the quality of export products and weak domestic demand that prompted firms to increase their focus on foreign markets. The empirical results also suggest that the restoration of the health of the Portuguese financial sector and its further development is beneficial for export growth.
  • 20-March-2019

    English

    OECD Reviews of Pension Systems: Portugal

    This review provides policy recommendations on how to improve the Portuguese pension system, building on the OECD’s best practices in pension design. It details the Portuguese pension system and identifies its strengths and weaknesses based on cross-country comparisons. The Portuguese pension system consists of an old-age safety net, a pay-as-you-go defined benefit scheme and voluntary private savings. The safety net includes an old-age social pension and a complement (the so-called Complemento Solidário para Idosos or CSI), both of which pursue similar objectives but have different eligibility criteria. The defined benefit scheme has two main components: the general social security scheme (regime geral da Segurança Social) and the civil-servant pension scheme (Caixa Geral de Aposentações or CGA). The latter has been closed to new entrants since 2006 with new civil servants contributing to the general scheme. Funded voluntary pensions make up a very small share of total pension entitlements. The OECD Reviews of Pension Systems: Portugal is the fourth in the series, after Ireland (2014), Mexico (2016) and Latvia (2018), with a fifth review on Peru under preparation. 
  • 18-février-2019

    Français

    Le Portugal peut mettre à profit sa reprise économique pour améliorer sa résilience

    La reprise économique du Portugal repose maintenant sur une assise solide : le PIB a retrouvé ses niveaux d’avant la crise, le taux de chômage a baissé considérablement et la reprise de l’investissement et de la consommation intérieure se conjugue à la robustesse des exportations pour soutenir l’économie.

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  • 18-February-2019

    English

    Launch of the 2019 Economic Survey of Portugal

    I am happy to start with some good news. Portugal’s economic recovery is now well established, with GDP back to its pre-crisis level.

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  • 4-May-2018

    English

    Skills Strategy Implementation Guidance for Portugal - Strengthening the Adult-Learning System

    Raising skills is critical to Portugal’s economic success and social well-being. As globalisation and digitalisation are transforming how people work, how societies function and how individuals interact, Portugal needs to equip its entire population with strong skills so that they can benefit from new opportunities. Portugal has put education and skills at the forefront of the political agenda for many years, but more than half of adults have not completed upper secondary education. With the population ageing rapidly and a growing skills divide between generations, Portugal needs to further strengthen its adult-learning system. To make change happen, Portugal will need a clear vision for the adult-learning system and a strong partnership between all stakeholders – all levels of government, education and training providers, employers, trade unions, the non-profit sector and learners. This report outlines areas where the accessibility, flexibility and quality of the adult-learning system can be improved, where governance and financing mechanisms can be strengthened, and provides examples of international and national good practice to help achieve these objectives. The report provides a series of concrete actions to help Portugal improve the adult-learning system and in turn enhance economic growth and social cohesion.
  • 28-August-2017

    Portuguese

    Aumentar as qualificaçŏes em Portugal

    Não obstante o progresso significativo conseguido, melhorar as competências e as qualificações continua a ser um dos principais desafios que Portugal enfrenta para aumentar o crescimento, os níveis de vida e o bem-estar.

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  • 28-août-2017

    Français

    Renforcer les compétences au Portugal

    Malgré de réels progrès, le renforcement des compétences reste l’un des principaux défis que le Portugal doit relever s’il veut améliorer la croissance, les niveaux de vie et le bien-être.

  • 6-February-2017

    English

    Launch of the 2017 OECD Economic Survey of Portugal

    Portugal has carved the way to a brighter future with its reform agenda. It now needs to sustain this momentum. Please count on the OECD to continue working with Portugal and for Portugal in order to design, develop and deliver better policies for better lives.

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