4th Banco de Portugal Winter Research Workshop

“Portuguese Around the World”

December 19, 2025

Banco de Portugal - Rua do Comércio 148, Lisboa

9:00h-9:10h: Opening Remarks

• Vice-Governor Clara Raposo  (Banco de Portugal)

9:10h-10:40h: Session 1

Chair: Diana Bonfim (Banco de Portugal and Católica Lisbon)

• Nuno Coimbra (Banque de France): Privilege Lost? The Rise and Fall of a Dominant Global Currency

  • • Discussant: Rui Mano (International Monetary Fund)

• Bruno Albuquerque (International Monetary Fund): From Banks to Nonbanks: Macroprudential and Monetary Policy Effects on Corporate Lending

  • • Discussant: Filipe Correia (University of Georgia)

10:40h-11:00h: Break

11:00h-12:30h: Session 2

Chair: Márcia Silva Pereira (Banco de Portugal and Nova SBE)

• Ricardo Marto (Federal Reserve Bank of St. Louis): Shipping to America

• Sofia Amaral (World Bank): Entrepreneurial Mindsets at Scale: Evidence from a Curriculum Expansion in India

• Ricardo Barahona (Banco de España): Mutual Fund Lenders of Last Resort

12:30h-13:30h: Lunch

13:30h-15:00h: Session 3

Chair: Nuno Paixão (Bank of Canada)

• Tiago Bernardino (IIES, Stockholm University): Structural Transformation and the Transmission of Monetary Policy

• Rodrigo Barrela (Nova SBE): The Value of Outside Options: Measurement, Impact and Inequality

• Bernardo Mendes (London Business School): Green Mortgages

15:00h-15:30h: Break

15:30h-17:30h: Session 4

Chair: Gil Nogueira (Banco de Portugal)

• Joana Silva (World Bank and Católica Lisbon): Firm Dynamics and Internal Organization

  • • Discussant: Luca David Opromolla (North Carolina State University)

• André F. Silva (Federal Reserve Board): Finance for All: Experimental Evidence of a Financial Literacy Program

  • • Discussant: Geraldo Cerqueiro (Católica Lisbon)

17:30h-18:30h: Keynote Speech

Chair: Nuno Alves (Banco de Portugal)

• Governor Álvaro Santos Pereira (Banco de Portugal)