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Abstract(s)
O objetivo do estudo é analisar a evolução da fragilidade financeira do setor da
Construção Civil durante a década de 2002-2012 e particularmente na consequência da
crise do imobiliário e da crise internacional de 2008 e a subsequente crise da dívida
soberana do Estado Português, que desde maio de 2011 se viu sujeitado a um programa
de ajuda financeira internacional. Particularmente, pretende-se averiguar se a
degradação deste setor se deve fundamentalmente às condições criadas pelos
acontecimentos mencionados, ou se pelo contrário, a crise do setor é anterior e resultado
de uma sobreprodução alavancada pelas instituições bancárias portuguesas. A
observação empírica permite verificar que apesar de alguns indicadores só sofrerem um
revés após o impacto da crise internacional, outros, como os indicadores produtivos ou
o indicador de probabilidade global de insolvência (Pindado, Rodrigues e de la Torre,
2008), demonstram que o setor já se encontrava debilitado desde 2004, apenas
sustentado pelos recursos financeiros entretanto captados ou refinanciados.
ABSTRACT: The aim of the study is to analyze the evolution of the financial fragility of the Construction Industry during the decade of 2002-2012 and particularly in consequence of the real estate crisis and the 2008 international crisis and the subsequent Portuguese State sovereign debt crisis, which since May 2011, has been subjected to a financial aid international program. In particular, try to establish whether the degradation of this sector is mainly due to the conditions created by the mentioned events, or rather, the sector crisis is a result of an overproduction leveraged by Portuguese banks. The empirical observation shows that although some indicators only suffered a setback after the impact of the international crisis, others, like the production indicators or the financial distress likelihood (Pindado, Rodrigues & de la Torre, 2008), shows that the sector was already weakened since 2004, only supported by the funds raised and their rollover.
ABSTRACT: The aim of the study is to analyze the evolution of the financial fragility of the Construction Industry during the decade of 2002-2012 and particularly in consequence of the real estate crisis and the 2008 international crisis and the subsequent Portuguese State sovereign debt crisis, which since May 2011, has been subjected to a financial aid international program. In particular, try to establish whether the degradation of this sector is mainly due to the conditions created by the mentioned events, or rather, the sector crisis is a result of an overproduction leveraged by Portuguese banks. The empirical observation shows that although some indicators only suffered a setback after the impact of the international crisis, others, like the production indicators or the financial distress likelihood (Pindado, Rodrigues & de la Torre, 2008), shows that the sector was already weakened since 2004, only supported by the funds raised and their rollover.
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Keywords
Construção Civil Crise Financeira Endividamento Restrições de Crédito Insolvência