NSBE - Artigos em revista nacional com arbitragem científica
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- A crise económica em médicos do Serviço Nacional de SaúdePublication . Rego, Inês; Russo, Giuliano; Gonçalves, Luzia; Perelman, Julian; Barros, Pedro Pita; Instituto de Higiene e Medicina Tropical (IHMT); Escola Nacional de Saúde Pública (ENSP); Centro de Investigação em Saúde Pública (CISP/PHRC); NOVA School of Business and Economics (NOVA SBE); Biblioteca Nacional de Portugal, Centro de Estudos Históricos, CELOMIntroduction: In Europe, scant scientific evidence exists on the impact of economic crisis on physicians. This study aims at understanding the adjustments made by public sector physicians to the changing conditions, and their perceptions on the market for medical services in the Lisbon metropolitan area. Material and Methods: A random sample of 484 physicians from São José Hospital and health center groups in Cascais and Amadora, to explore their perceptions of the economic crisis, and the changes brought to their workload. This paper provides a descriptive statistical analysis of physicians’ responses. Results: In connection to the crisis, our surveyed physicians perceived an increase in demand but a decrease of supply of public health services, as well as an increase in the supply of health services by the private sector. Damaging government policies for the public sector, and the rise of private services and insurance providers were identified as game changers for the sector. Physicians reported a decrease in public remuneration (- 30.5%) and a small increase of public sector hours. A general reduction in living standard was identified as the main adaptation strategy to the crisis. Passion for the profession, its independence and flexibility, were the most frequently mentioned compensating factors. A percentage of 15% of physicians declared considering migration as a possibility for the near future. Discussion: The crisis has brought non-negligible changes to physicians’ working conditions and to the wider market for medical services in Portugal. Conclusion: The physicians’ intrinsic motivation for the professions helped counterbalance salary cuts and deteriorating working conditions.
- The political economy of pension systems with low‑skilled labor mobilityPublication . Gouveia, A.F.; NOVA School of Business and Economics (NOVA SBE); Imprensa da Universidade de CoimbraThis paper analyzes the impact of international low -skilled labor mobility on the majority support for a pension system in individual countries and on the welfare of the different agents. The two countries considered differ in the amount of redistribution from the high to the low -skilled population embedded in their pay -as -you -go social security systems, whose size (tax rate) is decided by majority voting, anticipating the impact on mobility. We show that labor mobility can create the conditions for a majority to favor pensions in a Bismarckian country, due to the ageing of the population caused by the departure of the young mobile. In a Beveridgean country, mobility does not necessarily undermine the support for the system, but may make the conditions for its existence more stringent, even if no individual migrates in equilibrium. Finally, we show that while labor mobility is always politically sustainable in the non-redistributive country, its political feasibility is at stake in the country performing income redistribution through the pension system whenever the interest rate is not sufficiently large.
- Welfare costs of inflation with distortionary taxationPublication . Adão, Bernardino; Silva, André C.; NOVA School of Business and Economics (NOVA SBE); Banco de PortugalWe show that the welfare cost of inflation decreases when distortionary taxation is taken into account. The estimates of the welfare cost of inflation usually consider that governments are able to use lump sum taxation to finance their budget. However, governments can only use distortionary taxation, such as labor income taxes. When only distortionary taxation is available, the government can decrease the size of distortionary taxes by compensating the decrease in revenues with the revenues generated by inflation. We compare the case in which the government has access to lump sum taxes with the case in which only distortionary taxes are available. We keep the level of government expenditures as a percentage of output constant. We find that the welfare cost of an increase in inflation from 0 to 10% per year decreases from 1.3% in terms of income to 0.8%.
- Um relógio circular para o ciclo económico em PortugalPublication . Lourenço, Nuno; Rua, António; NOVA School of Business and Economics (NOVA SBE); Banco de PortugalA análise e o acompanhamento dos ciclos económicos sempre desempenharam um papel importante na formulação de políticas e nas decisões económicas em geral. Neste sentido, várias instituições nacionais e internacionais têm usado e desenvolvido relógios de ciclo económico. Com base em estatísticas circulares, propõe-se uma nova abordagem para retratar o posicionamento do ciclo económico em Portugal recorrendo a um conjunto alargado de dados mensais. Em particular, mostra-se que esta abordagem permite acompanhar de forma atempada e fidedigna a evolução do ciclo económico, nomeadamente durante os picos e cavas, que normalmente constituem um desafio para a monitorização económica. Além disso, é proposto um relógio circular para taxa de variação homóloga.
- Social tourism and senior university in PortugalPublication . Dahab, Sónia; Mannebach, Teresa; NOVA School of Business and Economics (NOVA SBE); Instituto para o Desenvolvimento da Gestão Empresarial, Projectoshis paper aims to fill a literature gap and to analyze empirically senior universities in Portugal related to the impact of experimental learning on courses offered. Focus will be given to the elderly population motivations to experiment new cultural expressions and the impact this process may have on their cognitive abilities/culture intelligence. Social tourism becomes increasingly important given the lack of elderly economic means to support travel expenses and ways to save for leisure time after retirement. Senior university and social tourism can together offer this possibility. The first part represents an introduction to the topic of social travel. The second part focuses on the major conceptual aspects – culture, experimental knowledge, cultural intelligence adapted to senior universities courses – to support and justify the hypotheses to be tested.
- The relation between PD and LGDPublication . Santos, António R. dos; NOVA School of Business and Economics (NOVA SBE); Banco de PortugalThis article performs a conceptual credit risk exercise for the Portuguese banks’ aggregate loan portfolio of non-financial corporations within the Basel IRB framework and that takes into account that default rates and loss given default rates vary together systematically. The article estimates the loss distribution and several credit risk metrics for each year between 2006 and 2019 using a one-year simulation-based single-factor model. The results suggest that, except for every high LGD values, assuming a constant LGD leads to a significant underestimation of credit risk. This conclusion is in line with the Basel recommendation to use a downturn LGD instead of expected LGD to compensate for not explicitly modeling the PD/LGD relation. In the base case it is found that, in order to account for downturn conditions, expected LGD should have an add-on of approximately 15 percentage points. A sensitivity analysis points to an add-on below 10 percentage points for only high levels of expected LGD. (JEL: G17, G21, G32)
- Firm lifecyclesPublication . Kozeniauskas, Nicholas; Moreira, Pedro; Santos, António R. dos; Tetenyi, Laszlo; NOVA School of Business and Economics (NOVA SBE); Banco de PortugalThe factors determining firm size and growth are central to understanding aggregate economic growth, and the design of firm-level government policies that aim to promote growth, and smooth business cycles. Motivated by this we study the relative importance of initial conditions versus post-entry shocks in etermining firm outcomes, and the relative size of capital and labor market friction that firms face. Using detailed Portuguese firm data and a simple model to aid interpretation, we find that initial conditions play an important role in determining firm outcomes, and that capital market frictions are larger than labor market frictions. (JEL: D24, E22,E23, E24, J23)
- Fiscal instruments, welfare and inflationPublication . da Silva, Daniel Mugeiro; NOVA School of Business and Economics (NOVA SBE); Imprensa da Universidade de CoimbraThis study aims at answering two research questions. Firstly, given a change in the VAT rate and a change in targeted transfers, which would impact inflation the most? Secondly, after a negative supply shock, which measure would be more welfare-friendly? We find that VAT changes generate a greater impact on inflation than changes in transfers, both empiri-cally and within the structural model. Additionally, we find that a decrease in the VAT rate, though it generates more inequalities, is more welfare-friendly if it is measured through a utilitarian approach.
- Matrizes de materialidadePublication . Ferreira, Leonor Fernandes; NOVA School of Business and Economics (NOVA SBE); Editora Universidade LusíadaA materialidade não financeira, ou dupla materialidade, é um conceito recente e ainda impreciso, o que propicia a incerteza na sua aplicação, tornando provável que o relato não financeiro das empresas careça de objetividade, fiabilidade e comparabilidade. Este trabalho investiga as matrizes de materialidade divulgadas nos relatórios integrados e de sustentabilidade de empresas portuguesas cotadas na Euronext Lisbon. Para as sete empresas que em 2018 divulgaram uma matriz de materialidade nos seus relatórios integrados ou de sustentabilidade, todas elas incluídas no PSI 20, é feita uma análise de conteúdo. O estudo abrange o exame do formato das matrizes e as variáveis nelas representadas, que são os temas materiais e a definição de materialidade que lhes subjaz, bem como os stakeholders a quem esses temas interessam e o modo como são consultados e se envolvem no processo de definição da materialidade. As conclusões do estudo revelam a escassez de matrizes de materialidade divulgadas e evidenciam que as divulgações de matrizes de materialidade nos relatórios não financeiros apresentam disparidade. Em todas as matrizes, as empresas divulgam temas ambientais, sociais e de governança corporativa. As matrizes evidenciam stakeholders internos e externos, sendo os ‘Colaboradores’ e o ‘Estado e outras entidades oficiais’ referenciados por todas as empresas, e os clientes e fornecedores pela maioria delas, mas as formas de consulta e envolvimento dos stakeholders variam de empresa para empresa. A investigação contribui, no âmbito limitado das matrizes de materialidade, para o conhecimento do status quo da harmonização do relato não financeiro. As divulgações de materialidade dependem de julgamento e estão associadas às características da empresa. Embora o ambiente legal e a indústria onde cada empresa opera possam influenciar a divulgação da materialidade não financeira, a escolha da abordagem ou quadro de reporte importa. A regulamentação ainda imprecisa e a diversidade nas práticas de divulgação resultam em falta de harmonização e, logo, de comparabilidade. Para aumentar a comparabilidade e a usabilidade dos relatórios, recomenda-se que os reguladores, legisladores e comissões de normalização ponderem a eventual elaboração de diretrizes ou um padrão de relatório comum.
- Intervenções intersectoriais em indicadores de saúde de adolescentesPublication . Corrêa, Rafael; Almeida, Sara Valente de; Almeida, Ana; Matos, Margarida Gaspar de; Barros, Pedro Pita; NOVA School of Business and Economics (NOVA SBE)O objetivo desse artigo é apresentar a avaliação de uma intervenção intersectorial em indicadores de saúde de adolescentes de uma região de fronteira. Estudo multicêntrico de intervenção, realizado em uma região de tríplice fronteira entre Brasil, Paraguai e Argentina. A intervenção da estratégia “Caiu na rede” ocorreu durante o período de 2017 a 2019 com uma amostra de 880 adolescentes. Neste artigo apresentaremos análises que foram realizadas posteriormente para identificar o impacto da estratégia, usando a um modelo de estimativa difference-in-difference (DiD). A avaliação do impacto da intervenção nas variáveis de interesse, demonstraram que a estratégia apresentou resultados significativos nos indicadores de uso de cannabis, uso de álcool, uso de tabaco, conexão parental, regulação parental, atividade física e solidão.