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Advisor(s)
Abstract(s)
A Banca nacional, por força da crise financeira internacional e subsequente crise de dívida soberana, atravessa problemas de liquidez e solvabilidade, o que criou a necessidade de implementar um novo paradigma.
A emigração tem vindo a ocupar um lugar de destaque não só em Portugal mas no mundo, tendo-se afirmado como um segmento de mercado com elevado potencial pela sua dimensão mas sobretudo por representar uma fonte de alternativa de financiamento a baixo custo para a banca em Portugal. O “Mercado dos Emigrantes” tem assumido um papel importante no apoio à resolução de problemas de liquidez na banca nacional.
O presente trabalho assume especial pertinência pelo momento actual, na medida em que desde 2011 o fluxo de emigração aumentou significativamente, como consequência das medidas de austeridade impostas por FMI, BCE e Comissão Europeia no âmbito do plano de ajuda financeira a Portugal.
Desenvolveu-se um estudo de caso, centrado no Millennium BCP, através do qual se pretendeu descrever e interpretar as motivações subjacentes ao novo posicionamento da banca em Portugal face a este mercado.
Com o presente trabalho foi possível resposter às três questões, a saber: (i) as principais motivações para a banca investir no mercado dos Emigrantes são a obtenção de liquidez a baixos mais baixos; (ii) este segmento consubstancia-se num importante desafio para a banca Portuguesa pela sua dimensão e localização; e (iii) concluiu-se que a crise financeira de 2007/2008 e a subsequente crise de dívida soberana assumiram um papel preponderante no aumento do número de Emigrantes, bem como das suas transferências para Portugal.
The 2007/2008 financial crisis and the subsequent European sovereign debt crisis led to liquidity and solvency problems in the Portuguese banking systems, creating the need to implement a new paradigm. Emigration has been gaining a prominent role, not only in Portugal but worldwide. It has established itself as a market segment with high potential not only because of its dimension but also because it represents an alternative source of funding for banks in Portugal. The “Emigrant Market” has taken an important role helping to solve liquidity problems in the domestic banking system. This study is particularly relevant nowadays, to the extent that since 2011 the emigration flow has increased significantly as a consequence of the high unemployment rates caused by the austerity measures imposed by the IMF, ECB and European Commission under the financial assistance plan for Portugal. We develop a case study centered on Millennium BCP, through which we intend to describe and interpret the underlying motivations for the new positioning of Portuguese banks facing this market. We conclude that: : (i) the major reasons for banks to invest in the Emigrants’ market are obtaining liquidity and reducing the cost of funding; (ii) this segment constitutes a significant challenge for the portuguese banking system regarding its size and location; and (iii) the 2007/2008 financial crisis and the subsequent European sovereign debt crisis played an important role in increasing the number of emigrants and their transfers to Portugal..
The 2007/2008 financial crisis and the subsequent European sovereign debt crisis led to liquidity and solvency problems in the Portuguese banking systems, creating the need to implement a new paradigm. Emigration has been gaining a prominent role, not only in Portugal but worldwide. It has established itself as a market segment with high potential not only because of its dimension but also because it represents an alternative source of funding for banks in Portugal. The “Emigrant Market” has taken an important role helping to solve liquidity problems in the domestic banking system. This study is particularly relevant nowadays, to the extent that since 2011 the emigration flow has increased significantly as a consequence of the high unemployment rates caused by the austerity measures imposed by the IMF, ECB and European Commission under the financial assistance plan for Portugal. We develop a case study centered on Millennium BCP, through which we intend to describe and interpret the underlying motivations for the new positioning of Portuguese banks facing this market. We conclude that: : (i) the major reasons for banks to invest in the Emigrants’ market are obtaining liquidity and reducing the cost of funding; (ii) this segment constitutes a significant challenge for the portuguese banking system regarding its size and location; and (iii) the 2007/2008 financial crisis and the subsequent European sovereign debt crisis played an important role in increasing the number of emigrants and their transfers to Portugal..
Description
Keywords
Crise Emigração Sistema financeiro Liquidez Crisis Emigration Financial system Liquidity