The effects of cultural heritage on residential property values: evidence from Lisbon, Portugal

Historic cities are identifiable through their iconic monuments and buildings. Location relative to these structures generate premiums in the housing market. We examine the impact of such historic amenities on housing prices in Lisbon, Portugal. Results reveal heterogeneous impacts from different types of monuments. Churches, palaces and stone architecture have their own unique impact on… Continue reading The effects of cultural heritage on residential property values: evidence from Lisbon, Portugal

Portuguese external imbalances: driven by demand rather than price competitiveness

Large current account deficits in European economies, among them Portugal, have been a decisive feature of the European banking and sovereign debt crisis. While the Portuguese current account has undergone a severe adjustment, the level of external debt remains among the highest in Europe and reducing it down to the threshold defined by the EU-Commission’s… Continue reading Portuguese external imbalances: driven by demand rather than price competitiveness

The Portuguese interbank money market during the subprime crisis and sovereign debt crisis

Money markets were severely impaired by the financial crisis and subsequent sovereign debt crisis. During the summer of 2007, BNP Paribas suspended redemptions for three investment funds due to the uncertainty regarding structured products. This event triggered the first stage of the financial crises in the euro area and linked it to the subprime mortgage… Continue reading The Portuguese interbank money market during the subprime crisis and sovereign debt crisis