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A new player in the international bond market: Comparing the macroeconomic determinants of foreign-currency denominated debt before the inclusion of the renminbi in the SDR
No full textWe assess how the main macroeconomic determinants of the Renminbi (CNY) internationalization compare with those of the four Special Drawing Rights (SDR) currencies, by using quarterly data for the shares of international bond issuances between 2009Q3 and 2015Q4, the period after the internationalization of the CNY and until the year before its inclusion in the SDR. We use the system-based model of Seemingly Unrelated Regressions (SUR). Results show that the CNY is the currency most affected by the determinants under study, presenting nonlinearities, indicating that its role in the International Monetary System (IMS) is evolving. Specifically, the CNY is influenced by the bilateral trade share, which exhibits evidence of an evolution from a small to a big currency. Determinants that are proxies for currency stability, such as the inflation rate and volatility against the SDR, show that the CNY has both a financing and an investment purpose, which is corroborated by the spread of government bond yields and FDI flows, which are determinants that influence currency choice in debt issuance. Stock market capitalization, representing financial market development, indicates a complementary relationship between financial assets. Furthermore, despite its growing importance in the IMS, the CNY retains a major role in Asia.info:eu-repo/semantics/acceptedVersio
Exemption or illusion? The impact of a youth tax policy on house asking prices in Portugal
No full textAffordable housing has become an increasing challenge for young individuals in Portugal, where rising house prices and precarious employment conditions hinder homeownership. To address this barrier, the Portuguese Government introduced a tax exemption for individuals under 35 purchasing their first home. However, while the policy aims to improve housing affordability, it may paradoxically drive house prices up by boosting demand and influencing sellers' pricing strategies. This study examines sellers' reactions to the policy announcement using the synthetic difference-in-differences methodology and monthly data on the asking price per square meter growth rate from January 2023 to December 2024, with Spain serving as a natural control. The findings show a significant rise in asking price growth, suggesting sellers priced in the tax exemption. This increase was strongest in Lisbon and Oporto, lower-income areas and where more buyers were eligible, pointing to an uneven market response shaped by local conditions. On average, the tax savings will be offset in 3 to 15 months depending on the housing price range. The unintended consequences of the tax exemption highlight the risks of implementing demand-side measures without corresponding supply-side adjustments.info:eu-repo/semantics/publishedVersio
The impact of ESG scores on corporate bond spreads: An EU analysis
No full textThis study investigates the impact of Environmental, Social, and Governance (ESG) scores
on corporate bond yield spreads in the European Union (EU) market, addressing the question
of whether ESG performance influences borrowing costs. The research analyzes a panel dataset
of 6,818 observations from 678 bonds issued by 207 EU firms between 2020 and 2024, using
fixed-effects regression models. The methodology used controls for bond characteristics, firmspecific
factors, and macroeconomic variables to isolate ESG effects.
Findings indicate that overall ESG scores and the Environmental and Social pillars does not
exhibit a statistically significant relationship with yield spreads. In contrast, the Governance pillar
reveals a significant concave negative effect for below-average scores, with a minor negative
effect on spreads that becomes stronger as the scores moved closer to the average. These results
challenge the assumption that ESG performance consistently lowers borrowing cost. The study
contributes to the literature by addressing a gap in the European context.Este estudo investiga o impacto das pontuações de Environmental, Social e Governance
(ESG) nos spreads das obrigações corporativas no mercado da União Europeia (UE), procurando
responder à questão de se o desempenho de ESG influencia os custos de financiamento.
A investigação analisa um painel de dados composto por 6.818 observações referentes a 678
obrigações emitidas por 207 empresas da UE entre 2020 e 2024, recorrendo a modelos de regressão
com efeitos fixos. A metodologia utilizada controla as características das obrigações,
fatores específicos das empresas e variáveis macroeconómicas, com o objetivo de isolar os
efeitos do ESG.
Os resultados revelam que a pontuação global de ESG, bem como os pilares Ambiental e
Social, não apresentam uma relação estatisticamente significativa com os spreads das yields.
Em contraste, o pilar da Governação revela um efeito negativo significativo e côncavo para
pontuações abaixo da média, com um pequeno impacto negativo nos spreads, que se torna
mais forte à medida que as pontuações se aproximam da média. Estes resultados desafiam a
suposição de que o desempenho em ESG reduz consistentemente os custos de financiamento.
O estudo contribui para a literatura ao preencher uma lacuna existente no contexto europeu
Transportation infrastructure planning: Balance between regional vision and the megaproject in the case of the Mexico-Toluca interurban train
No full textEste artículo reflexiona sobre la importancia de la visión regional, muchas veces minusvalorada, en los megaproyectos. En concreto lo hace a propósito del el megaproyecto del Tren Interurbano México Toluca. A tal objeto, se analiza su planeación a fin de reconocer la presencia o no de la visión regional en su desarrollo. El foco de este trabajo esta en la vinculación de la planeación con este tipo de proyectos, así como sus objetivos y procesos, suscribiéndose en la discusión teórica sobre el tema. A través de tres etapas, apoyado del análisis histórico y cartográfico, se aborda la técnica documental, la metodología SALSA y el método de análisis de contenido, esto considerando el marco institucional, la escala de análisis y la estrategia de integración, así como cinco dimensiones y seis categorías mediante las cuales se concluyó que es un megaproyecto infraestructural y no de un enfoque regionalThis article reflects on the importance of the regional vision, often undervalued, in megaprojects. Specifically, it does so regarding the megaproject of the Mexico Toluca Interurban Train. For this purpose, its planning is analyzed in order to recognize the presence or not of the regional vision in its development The focus of this work is on the link between planning and this type of projects, as well as its objectives and processes, subscribing to the theoretical discussion on the topic. Through three stages, supported by historical and cartographic analysis, the documentary technique and the SALSA methodology are addressed and the content analysis method, considering the institutional framework, the scale of analysis and the integration strategy, as well as five dimensions and six categories through which it was concluded that it is an infrastructural megaproject and not a regional approach.publicad
Relación entre el modelo de computación en la nube y la Biblioteca de Infraestructura de Tecnologías de la Información (ITIL) desde la perspectiva de expertos
No full textCloud Computing is widely recognized as a recent computing paradigm of digital transformation, in which scalable and elastic computational resources are delivered as a service through internet technologies. Understanding the impacts of the Cloud model on how companies organize their processes is essential. This study aims to investigate the main impacts of the Cloud Computing model on the processes within the Information Technology Infrastructure Library (ITIL) framework. A systematic literature review (SLR) was conducted, whose results suggest that certain aspects may be underexplored in the traditional academic literature. Consequently, we conducted qualitative research using semi-structured interviews with ITIL-certified professionals from nine countries. This approach allowed us to collect valuable and in-depth insights, contributing to a better understanding of the subject. Our analysis of the SLR results indicates that several ITIL framework processes have been affected, which may lead to a re-evaluation of the framework. We identified benefits, constraints to innovation, and strategies for creating a sustainable environment when implementing these processes. The findings revealed a scarcity of studies on the relationship between Cloud Computing and ITIL. Perspectives from ITIL professionals provided useful insights into the benefits, constraints, impacts, and affected processes. This study may serve as a valuable resource for ITIL clients, decision-makers, and developers.info:eu-repo/semantics/publishedVersio
Oportunidades de participação do jardim de infância ao 1.º ciclo : Uma investigação participativa
No full textA presente dissertação teve como objetivo identificar as prioridades das crianças relativamente
à participação nos seus contextos educativos (jardim de infância e 1.º ciclo), bem como explorar
as experiências de participação no contexto de um projeto de investigação. O projeto está
ancorado nos princípios da Convenção dos Direitos das Crianças (Nações Unidas, 1989) e
adotou uma abordagem qualitativa e participativa. A recolha de dados incluiu o uso de
observação e grupos de discussão bem como as ferramentas da abordagem mosaico (Clark &
Moss, 2011) para o envolvimento das crianças. Os resultados indicam que as crianças
experienciam os seus direitos de participação primariamente através de escolhas individuais.
Estas parecem ser guiadas pelas preferências das crianças, algo que sugere que estas devem ser
entendidas como formas válidas de comunicação e participação, mesmo que não expressadas
verbalmente. As crianças consideraram o brincar como a atividade através da qual experienciam
maior grau de participação. Além disso, as crianças do jardim de infância referiram restrições
à participação relacionadas com os espaços a que podem aceder, enquanto as crianças do 1.º
ciclo mencionaram regras relacionadas com a disciplina e a gestão de comportamento. Esta
dissertação contribui para o campo da investigação participativa ao ilustrar complexidades no
desenho de estudos com base em princípios éticos e adequados ao desenvolvimento das
crianças.This dissertation aimed to identify children's perspectives regarding participation in their
educational contexts (kindergarten and primary school), as well as explore the participation
experiences within the context of a research project. The project is anchored in the principles
of the Convention on the Rights of the Child (United Nations, 1989) and adopted a qualitative
and participatory approach. Data collection included the use of observation and focus groups,
as well as the tools from the mosaic approach (Clark & Moss, 2011) for child engagement. The
results show that children experience their rights to participate primarily through individual
choices. These seem to be guided by children's preferences, suggesting that these should be
understood as valid forms of communication and participation, even if not verbally expressed.
Children considered play as the activity through which they experience the greatest degree of
participation. Furthermore, kindergarten children reported restrictions on participation related
to the spaces they could access, while primary school children mentioned rules related to
discipline and behavior management. This dissertation contributes to the field of participatory
research by illustrating the complexities in designing studies based on ethical principles that are
appropriate for child development
Unveiling the far-right’s political ascent in Portugal: An NLP and AI approach
No full textThis study analyzes the social media discourse of prominent figures from the Portuguese
far-right party CHEGA, examining 10,323 posts on X (formerly Twitter) between late
2019 and mid-2024. By combining BERTopic with zero-shot text classification using
LLMs, 59 latent topics were identified and organized into two main dynamics: (1) political,
electoral, and parliamentary; and (2) ideological and public.
The results suggest a discourse that privileges institutional confrontation, anti-elitist
rhetoric, and campaign strategies, articulated through narratives on identity, immigration,
security, and moral values. Emotions such as anger, hate, and disgust predominate, associated
with rhetorical devices such as irony, hyperbole, and calls to action, which function
as mechanisms of mobilization, provocation, and polarization. The use of indirect and
offensive forms of hate, such as symbolic threats, stereotyping, and denial, contributes to
normalizing exclusionary narratives while mitigating reputational risks, reflecting broader
patterns in far-right communication across Europe.
Despite limitations such as data selection bias, the absence of engagement metrics,
and 23% of the content categorized as outliers, the study highlights the potential of
computational approaches to understand discursive strategies. It also shows how these
figures use social media to spread and normalize radical ideas, reinforcing the central role
of digital communication in the rise of the far right in Portugal.Este estudo analisa o discurso nas redes sociais de figuras de destaque do partido de
extrema-direita português CHEGA, examinando 10.323 publicações no X (antigo Twitter)
entre o final de 2019 e meados de 2024. Combinando BERTopic e classificação zero-shot
com Large Language Models (LLMs), foram identificados 59 tópicos latentes, organizados
em duas grandes dinâmicas: (1) política, eleitoral e parlamentar; e (2) ideológica e pública.
Os resultados sugerem um discurso privilegiando a confrontação institucional, a retórica
anti-elitista e estratégias de campanha, articuladas com narrativas sobre identidade, imigração,
segurança e valores morais. Predominam emoções de raiva, ódio e repulsa, associadas
a dispositivos retóricos como ironia, hipérbole e apelos à ação, que funcionam
como mecanismos de mobilização, provocação e polarização. O recurso a formas indiretas
e ofensivas de ódio, como ameaças simbólicas, estereótipos e negação, contribui para normalizar
narrativas excludentes ao mesmo tempo que mitiga riscos reputacionais, refletindo
padrões da comunicação da extrema-direita europeia.
Apesar de limitações como viés de seleção de dados, ausência de métricas de engajamento
e 23% do conteúdo categorizado como outliers, o estudo evidencia o potencial das
abordagens computacionais para compreender as estratégias discursivas. Mostra ainda
como estas figuras recorrem às redes sociais para difundir e normalizar ideias radicais,
reforçando o papel central da comunicação digital na ascensão da extrema-direita em
Portugal
Mobility effect on city pollution: A case study
No full textThe present work reports the impacts on urban mobility and air quality in Lisbon, Portugal, of the imposed restrictions to curb the transmission of SARS-CoV-2 virus, which causes COVID-19 disease. We performed a data-driven approach over Lisbon Smart cities data, collected from several sources, such as traffic and pollution. During the first Portuguese emergency period (18-03-2020 to 03-05-2020) the sharp reductions in anthropogenic activities, most importantly road traffic, resulted in generally reduced criteria air pollutant concentration compared to an homologous baseline from 2013–2019 measured in the six air quality monitoring stations throughout the city. The most negatively impacted air pollutants were NO2, with a reduction of 54.35% in traffic stations and 28.62% in background stations. Google mobility indicator for local commerce was found to be the main anthropogenic activity indicator for Lisbon, with a moderate and positive correlation with NO2 concentration (r=+0.54). A regressor ML pipeline was trained to predict NO2 concentration with the available anthropogenic activity, weather, and air pollutant inputs from March/2020 to March/2021, achieving R2 = 0.925 on the test set.info:eu-repo/semantics/publishedVersio
A dimensão ausente da cooperação entre Brasil, Portugal e África do Sul (1964-1979): A Guerra Fria no Atlântico Sul e o combate ao "inimigo interno"
No full textEsta tese, pela primeira vez, investiga de forma aprofundada a cooperação sigilosa entre as Forças Armadas e de segurança do Brasil, Portugal e África do Sul, tendo como base arquivos e fontes orais dos três países. Adotando a perspectiva brasileira, a análise abrange o período de 1964, início da ditadura militar, até 1979, ano da Lei da Anistia. O estudo demonstra que, sob a influência da doutrina francesa da guerra revolucionária, setores da linha dura do regime militar brasileiro desafiaram as diretrizes do Ministério das Relações Exteriores, estabelecendo uma “diplomacia paralela” com agentes do Estado Novo português e do "apartheid" sul-africano. Focada na proteção do Atlântico Sul e no combate ao "inimigo interno", essa rede permaneceu ativa mesmo após a democratização em Portugal, estabelecendo canais de troca de informações, exercícios conjuntos, intercâmbios técnicos e vigilância cruzada de dissidentes. A análise articula a perspectiva da Guerra Fria Global com o fenômeno das descolonizações para examinar episódios como as negociações para um pacto naval e o envolvimento brasileiro no processo de independência de Angola. Ao explorar essas alianças informais, o estudo revela como disputas internas moldaram as políticas externas dos três regimes, questionando as abordagens tradicionais da história diplomática ao demonstrar a importância de se investigar atores e fontes alternativas para uma melhor compreensão da própria diplomacia.This thesis, for the first time, conducts an in-depth investigation into the clandestine cooperation among the Armed Forces and security communities of Brazil, Portugal, and South Africa, drawing on archival and oral sources from all three countries. Adopting a Brazilian perspective, the analysis spans the period from 1964, marking the onset of the military dictatorship, to 1979, the year of the Amnesty Law. The study demonstrates that, under the influence of the French doctrine of revolutionary warfare, hardline factions within the Brazilian military regime challenged the directives of the Ministry of Foreign Affairs, establishing a "parallel diplomacy" with agents of Portugal's Estado Novo and South Africa's apartheid regime. Focused on securing the South Atlantic and combating the "internal enemy", this network remained active even after Portugal's democratization, facilitating information exchange, joint exercises, technical cooperation, and mutual surveillance of dissidents. The analysis integrates the framework of Global Cold War studies with the phenomenon of decolonization to examine episodes such as negotiations for a naval pact and Brazil's involvement in Angola's independence process. By exploring these informal alliances, the study reveals how internal disputes shaped the foreign policies of the three regimes, challenging traditional approaches to diplomatic history and underscoring the importance of investigating alternative actors and sources for a more comprehensive understanding of diplomacy itself
Caminhos divergentes? Uma comparação da administração pública em Guiné-Bissau e Cabo Verde (1973-2023)
No full textEsta dissertação de mestrado analisa, sob a perspetiva da Administração Pública comparada, as divergências e convergências entre as Administrações Públicas da Guiné-Bissau e de Cabo Verde. Historicamente, durante o período colonial, ambos países partilharam a mesma liderança política através de Amílcar Cabral, fundador do PAIGC - partido que conduziu a luta pela independência das duas nações, alcançada em 1973 e 1975 - e que inspirou uma ideologia político-administrativa comum.
O estudo procura compreender, após a rutura política entre os dois países em 1980, as diferenças e semelhanças na implementação dessa ideologia e a sua eficácia na vida dos cidadãos. Para tal, recorreu-se a uma metodologia mista (qualitativa e quantitativa), complementada com a aplicação de questionário a investigadores, docentes e especialistas conhecedores das duas realidades administrativas.
Os resultados evidenciam que a Administração Pública de Cabo Verde responde de forma mais eficaz às necessidades dos cidadãos, enquanto a da Guiné-Bissau permanece, em termos operacionais, ancorada num modelo tradicional, considerado ultrapassado e inadequado face às exigências sociais contemporâneas, que requerem maior flexibilidade e capacidade de resposta.
Conclui-se que a Administração Pública da Guiné-Bissau enfrenta desafios estruturais em quase todos os setores, exigindo uma reforma que se inicie no próprio Estado, com uma clara separação entre as funções políticas e administrativas, bem como a implementação de mecanismos anticorrupção capazes de combater a estagnação institucional. Em Cabo Verde, apesar dos avanços registados, persistem entraves burocráticos que continuam a tornar a prestação de serviços administrativos lenta.This master's dissertation addresses, from the perspective of comparative Public Administration, the divergences and convergences between the Public Administrations of Guinea-Bissau and Cape Verde. Historically, during the colonial period, both countries shared the same political leadership through Amílcar Cabral, founder of the PAIGC, the party that led the fight for independence of both nations, achieved in 1973 and 1975, with a common political-administrative ideology. The study seeks to understand, after the political rupture between the two countries in 1980, the differences and similarities in the implementation of this ideology and its effectiveness in the lives of citizens. A mixed methodology (qualitative and quantitative) was used, complemented by the administration of a questionnaire to researchers, teachers, and experts familiar with both administrative realities. The results show that the Public Administration of Cape Verde responds more effectively to the needs of citizens, while that of Guinea-Bissau remains, in operational terms, anchored in a traditional model, considered outdated and inadequate in the face of contemporary social demands, which require greater flexibility and responsiveness. It was concluded that the Public Administration of Guinea-Bissau faces structural challenges in almost all sectors, requiring a reform that begins within the State itself and clearly separates political and administrative functions, as well as the implementation of anti-corruption mechanisms that combat institutional stagnation. In Cape Verde, despite progress, bureaucratic obstacles persist, slowing the delivery of administrative services