Curriculum vitæ
Publications
Research articles
“Up and Away? Inflation and debt consolidation in historical perspective” (with Barry Eichengreen) Oxford Open Economics, Vol. 1, 2022, pp. 1-20. link
VoxEU column link
"Private Benefits, Public Vices: Railways and Logrolling in the 19th Century British Parliament" (with Gabriel Mesevage), Journal of Economic History, Vol. 81 (4), 2021, pp. 975-1014. link
VoxEU column link
"Eurobonds past and present: a comparative review on debt mutualization in Europe" (with Coskun Tunçer) Review of Law & Economics ,Vol. 12(3), 2016, pp. 659-88 link
"Feeling the Blues. Moral Hazard and Debt Dilution in Eurobonds Before 1914" (with Coskun Tunçer) Journal of International Money and Finance, Vol. 65 (July), 2016: 46-68 link
“Like Father like Sons? The Cost of Sovereign Defaults in Reduced Credit to the Private Sector” (with João Jalles) Journal of Money, Credit and Banking, Vol. 48 (7), 2016: 1515-45 link
"Big Push or Big Grab? Railways, Government Activism and Export Growth in Latin America, 1865-1913" (with Vincent Bignon and Alfonso Herranz-Loncán) Economic History Review, Vol. 68(4), 2015: 1277-1305 link
"The First Global Emerging Markets Investor: Foreign & Colonial Investment Trust 1880-1913" (with David Chambers), Explorations in Economic History, Vol. 52, 2014: 1-21, link
Coverage of this article in the Economist
"The Bondholder, the Sovereign and the Banker: Sovereign Debt and Bondholders' Protection Before 1914,” European Review of Economic History, Vol. 17 (4), 2013: 389-407 link
This article received the Figuerola Prize for the best article published in the European Review of Economic History in 2014-15.
"Remittances, Capital Flows and Financial Development during the Mass Migration Period, 1870-1913" (with David Khoudour-Castéras), European Review of Economic History, Vol. 15(3), 2011: 443-74 link
"A Fantastic Rain of Gold. European Migrants' Remittances and Balance of Payments Adjustment During the Gold Standard Period" (with David Khoudour-Castéras), Journal of Economic History, Vol. 69, 2009: 951-85 link
This article received the Arthur H. Cole Prize for the best article published in the Journal of Economic History in 2009"Market Integration in the Golden Periphery. The Lisbon/ London Exchange, 1854-1891" (with Jaime Reis and Fabiano Ferramosca) , Explorations in Economic History, 46 (3), 2009: 324-345 link
"Looking Ahead From The Past: The Intertemporal Sustainability of Portuguese Finances, 1854-1910," European Review of Economic History, Vol. 7 (2), 2003, pp. 239-66 link
“O crowding out em Portugal, 1879-1910: uma abordagem exploratória”, Análise Social, Vol. XXXIV (151-152), 2000, pp. 573-618 link
Book chapters
“The Iberian Economy in Comparative Perspective, 1800-2000” (with Stephen Broadberry) in Pedro Lains, Alfonso Herranz-Loncán and Vicente Pinilla (eds.) An Economic History of the Iberian Peninsula, 700-2000, Cambridge University Press, Vol. III, pp. 648-78, 2024.
“Public Debt Through the Ages” (with Barry Eichengreen and Kris Mitchener) in S. Ali Abbas, Alex Pienkowski and Ken Rogoff, eds., Sovereign Debt: A Guide for Economists and Practitioners, IMF and Oxford University Press.
NBER Working Paper version
VoxEU column link
“International Finance, 1870-2017” (with Barry Eichengreen) in Steve Broadberry and Kyoji Fukao (ed.s) The Cambridge Economic History of the Modern World, Cambridge University Press, Vol. II, 2021, pp. 501-25.
CEPR Discussion Paper version
VoxTalk podcast
“Monetary Systems and the Global Balance of Payments Adjustement in the Pre-Gold Standard Period, 1700-1870” (with Pilar Nogues-Marco) in Steve Broadberry and Kyoji Fukao (ed.s) The Cambridge Economic History of the Modern World, Cambridge University Press, Vol. I, 2021, pp. 438-67.
CEPR Discussion Paper version
"The Political Economy of Global Financial Liberalisation in Historical Perspective," in Gerard Caprio (ed.) Handbook of Key Global Financial Markets, Institutions, and Infrastructure, Oxford: Elsevier, 2013, Vol. 1, pp. 133-150.
Working Paper version link
"Finanças Públicas" in Pedro Lains and Alvaro Silva (eds.), História Económica de Portugal 1700-2000, Lisbon: Imprensa de Ciências Sociais, Vol. II.2005, pp. 305-36.
"Pulsações Financeiras" in Joel Serrão and A. H. Oliveira Marques (eds.), Nova História de Portugal, Lisbon: Editorial Presença, Vol. X ,2004, pp. 110-51.
Books
In Defense of Public Debt (with Barry Eichengreen, Asmaa El-Ganainy, and Kris James Mitchener), Oxford: Oxford University Press, 2021.
Finanças Públicas e Crescimento Económico. O Crowding-out em Portugal, da Regeneração ao final da Monarquia, Lisbon: Banco de Portugal, 2002.
Other publications
Review of Youssef Cassis and Catherine Schenk, eds., Remembering and Learning from Financial Crises, Economic History Review, Vol. 76 (1), 2022, pp. 330-31 link
“The COVID-19 and Bond Spreads” (with Nathan Sussman) The Economists’ Voice, Vol. 17 (1), 2020 link
"Social Networks in Economic History Opportunities and Challenges" (with Gabriel Mesevage), Explorations in Economic History, Vol. 74, 2019 link
"L'ouverture financière dans l'histoire: une approche d'économie politique", Revue d'Économie Financière, December, Vol. 124, 2016, pp. 327-33 link
Review of "Ali Coskun Tuncer, Sovereign Debt and International Financial Control: The Middle East and the Balkans, 1870-1914", EH.net Book Reviews link
"Sovereign Debt: The Assessment" (with Christopher Bowdler), Oxford Review of Economic Policy, Vol. 29 (3), 2013, pp. 463-77 link
Review of "Norbert Gaillard, A Century of Sovereign Ratings", Economic History Review, Vol. 66(1), 2013, pp. 371-72 link
Review of "Leonor Freire, Pedro Lains and Susana Miranda, História Económica de Portugal 1143-2010", Economic History Review, Vol. 66(1), 2013, pp. 376-77 link
Review of "Nathan Marcus, Austrian Reconstruction and the Collapse of Global Finance 1921-1931", Análise Social, Vol. LIV(230), pp. 196-99 link
Professional Service
Editorial Responsibilities
I was an editor of the Financial History Review between 2014 and 2022.
I am also a member of the editorial boards of the Scandinavian Economic History Review and the Review of Iberian and Latin American Economic History.
Professional Affiliations
Centre for Economic Policy Research (Research Fellow)
Economic History Society (Council member)
American Economic Association, Royal Economic Society, Portuguese Association of Economic and Social History, European Historical Economics Society, Cliometric Society.
Doctoral Students
Michele Zampa (ongoing) webpage
Fernanda Conforto (ongoing) webpage
Kilian Rieder (DPhil 2018) webpage
Peter Bent (PhD 2018) webpage
Francis Kim (DPhil 2018)
Kiril Kossev (DPhil 2012) webpage