Imperfect But Hard Competition: The Portuguese Banking Sector in the Golden Age (1950-1973)

@article{Amaral2013ImperfectBH,
  title={Imperfect But Hard Competition: The Portuguese Banking Sector in the Golden Age (1950-1973)},
  author={Luciano Amaral},
  journal={European Finance eJournal},
  year={2013}
}
The institutional environment of Portuguese banking during the Golden Age years of economic growth (1950-1973) has been criticized in many instances, at the time and in recent literature. Direct observers of the period as well as historians have stressed two main aspects of that environment: on the one hand, it would have granted excessive protection to existing banks, allowing them to obtain high rents, a disincentive for them to compete and innovate; on the other, it would have forced banks… 

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