voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2020-3-115-128voprecotest-2745Research Article_______________________________________________Сектор нефинансовых частных фирм Португалии в 2001—2017 годах: анализ на основе гипотезы финансовой хрупкостиThe non-financial private firms’ sector of Portugal in 2001–2017: The financial fragility hypothesis-based analysishttps://orcid.org/0000-0002-3639-7885НовиковаА. Ю.NovikovaAlexandra Yu.

Новикова Александра Юрьевна, магистр программы «Прикладная экономика и математические методы» департамента экономики Санкт-Петербургской школы экономики и менеджмента НИУ ВШЭ

Санкт-Петербург

St. Petersburg

novikova.a.y@mail.ruhttps://orcid.org/0000-0003-1321-2718РозмаинскийИ. В.RozmainskyIvan V.

Розмаинский Иван Вадимович, доцент департамента экономики Санкт-Петербургской школы экономики и менеджмента НИУ ВШЭ, доцент факультета свободных искусств и наук СПбГУ

Санкт-Петербург

St. Petersburg

irozmain@yandex.ruНациональный исследовательский университет «Высшая школа экономики»РоссияNational Research Higher School of EconomicsRussian FederationНациональный исследовательский университет «Высшая школа экономики»; Санкт-Петербургский государственный университетРоссияNational Research Higher School of Economics; Saint Petersburg State UniversityRussian Federation20201003202003115128Copyright © Voprosy Ekonomiki, NP, 20202020Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2745

В статье сделана попытка проанализировать долговой кризис в Португалии — как важнейший компонент Великой рецессии в этой стране — при помощи гипотезы финансовой хрупкости, разработанной Х. Мински. Исследуется выборка из 42 ведущих португальских нефинансовых частных компаний и применявшиеся этими компаниями режимы финансирования в 2001—2017 гг. Показано, что до и в разгар Великой рецессии доля фирм с хеджевым режимом финансирования уменьшалась, а с хрупкими режимами финансирования — увеличивалась. Особое внимание уделено тому, как португальские власти применяли политику строгой экономии для борьбы с долговым кризисом и как впоследствии отошли от принципов этой политики. Показано, что именно после отхода от доктрины строгой экономии португальским нефинансовым частным фирмам удалось в значительной мере стать менее финансово хрупкими.

The article attempts to analyze the debt crisis in Portugal — as an essential component of the Great Recession in this country — using the financial fragility hypothesis developed by H. P. Minsky. Using a sample of 42 leading Portuguese non-financial private companies, the paper analyzes how the financing regimes used by these companies changed from 2001 to 2017. Before and at the height of the Great Recession, the share of firms with hedge financing mode was decreasing, while the share of firms with fragile financing regimes was increasing. Special attention is paid to how the Portuguese authorities applied austerity policies to deal with the debt crisis, and how they subsequently departed from the principles of this policy. The paper demonstrates that it was precisely after departing from the austerity doctrine that Portuguese non-financial private firms largely managed to get rid of financial fragility.

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The authors declare that there are no conflicts of interest present.