DE - Dissertações de Mestrado / Master Thesis
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- The nexus between decentralized finance and the energy transition - literature reviewPublication . Goedecke, Igor; Sousa, Rita Martins deThis dissertation explores the connection of two rapidly emerging and converging technological and societal trends: Decentralized finance (DeFi), exemplified by cryptocurrencies and smart contracts on one hand and decentralized renewable energy systems, such as microgrids on the other. They are linked through the energy consumption of computations necessary to run DeFi, blockchain technology that enables innovative applications such as peer-to-peer energy for renewables, and finally the trend of decentralizing two highly centralized industries. We employ a systematic literature review and conceptual research to explore previously unmapped connections between these two domains. We find that blockchain technology can be a catalyst for fiscal decentralization, which has been proven to increase renewable energy consumption. The findings provide policy recommendations, as well as insights for prosumers.
- Prémio Salarial - Uma Política Pública para a Coesão TerritorialPublication . Morgado, Miguel Augusto Nunes Vicente Passos; Borges, Maria RosaA dimensão territorial na formulação das políticas públicas tem vindo a ganhar uma maior atenção. Esta atenção resulta da constatação da existência de disparidades territoriais não só entre países, mas também dentro de cada país. Associada à dimensão territorial das políticas públicas, aparece o conceito de Coesão Territorial para o qual não foi ainda fixada uma definição definitiva. Portugal tem observado uma preocupante tendência de diminuição e envelhecimento da população nos distritos do interior. Esta tendência compromete não apenas o desenvolvimento socioeconómico dessas regiões, mas também ameaça a coesão territorial e a sustentabilidade do país como um todo. Nesse contexto, a implementação de políticas públicas voltadas para incentivar a fixação de população e o desenvolvimento económico local torna-se uma necessidade premente. O objetivo deste trabalho passa por propor uma política pública, de desenho e implementação muito simples, que permita reverter o êxodo populacional e promover a vitalidade demográfica e económica daquelas regiões do interior historicamente negligenciadas. The territorial dimension in Public Policy formulation has been gaining increased attention. This focus arises from the recognition of territorial disparities not only between countries but also within each country. Linked to the territorial dimension of public policies is the concept of Territorial Cohesion, for which no definitive definition has yet been established. Portugal has seen a worrying trend of population decline and aging in the Interior districts. This trend jeopardizes not only the socioeconomic development of these regions but also threatens territorial cohesion and the sustainability of the country as a whole. In this context, the implementation of public policies aimed at encouraging population retention and local economic development becomes an urgent necessity. The objective of this work is to propose a public policy, with a very simple design and implementation, that can reverse population exodus and promote the demographic and economic vitality of these historically neglected interior regions
- Assentamentos informais de migrantes e refugiados na província de FoggiaPublication . Blasi, Luigi Sebastiano de; Ferreira, Manuel António de Medeiros EnnesO tema em análise são os assentamentos informais de migrantes e refugiados na província italiana de Foggia. Os mesmos são os maiores de toda a Itália e eventualmente da Europa. Nos casos mais relevantes, abrigam mais pessoas do que o total de habitantes de comunas inteiras, com condições higiénicas e sanitárias críticas. O objectivo do trabalho é ilustrar a excepcionalidade dessa situação mesmo tendo em conta a falta de estatísticas comparativas dos assentamentos informais a nível europeu. Serão apresentados os casos de estudo do assentamento do maior deles, o de Borgo Mezzanone e o de uma ONG criada por migrantes "Casa Sankara" que graças à contribuição oficial da Região, fundou uma pousada muito eficaz em San Severo.
- The intricacies of valuing non-publicly traded credit institutions : an equity research on CGDPublication . Gírio, João Pedro Madeira; Gubareva, MariyaThis report was done to find the market value of the Bank “Caixa Geral de Depósitos” (CGD), one of the biggest banks in Portugal and a leader in market shares in commercial and investment banking. The current micro and macroeconomic tendencies were analyzed and predicted the future using coherent assumptions. This report also addresses the differences between evaluating private companies and evaluating those listed on a stock exchange. Considering the main model of this paper, the Flow To Equity, CGD’s market price was forecasted to be €13.4 per outstanding share at the end of 2025. This prediction suggests that the company is undervalued compared to the average values from the different models used: the Dividend Discount Model, the Multiples Valuation, and the Excess Returns Model. It’s important to mention that this recommendation has a medium risk. The valuation is supported by the CGD’s resilience as its capital ratios have significant buffers well above the minimum required by the banking regulatory entities. Moreover, its dominant position in the Portuguese banking sector as one of the biggest banks and the increasing efficiency in its daily operations have enabled CGD to pay consistent dividends to its only shareholder, the Portuguese state. This report is aligned with the guidelines established by the CFA Institute.
- Innovation trends in hybrid additive manufacturing : a bibliometric analysisPublication . Magrinho, João Pedro Grosa; Godinho, Manuel MiraThe manufacturing industry is undergoing a significant transformation driven by the increasing demands for efficiency, customisation, and sustainability. Among the emerging technologies, Additive Manufacturing (AM) has been recognised as a revolutionary technology with the potential to disrupt conventional manufacturing processes. However, AM faces challenges related to achieving consistent quality, precision, and productivity, which have hindered its wide adoption. This thesis explores the hybridisation of conventional and AM processes, termed Hybrid Additive Manufacturing (HAM), which combines both technologies' strengths to overcome these limitations. This study examines the current research landscape and development trends in HAM through a bibliometric analysis. The findings reveal that HAM is still in its early stages of development, with a notable surge in research activity observed in recent years. The Technological Life Cycle (TLC) analysis, utilising the Gompertz model, suggests that HAM is in its growth phase, with peak publication activity anticipated around 2030. The bibliometric analysis identifies key trends, influential publications, and leading sources, emphasising HAM research's dynamic and multidisciplinary nature. This research highlights the relevance of international collaboration in enhancing the impact and visibility of HAM studies. It also identifies critical research gaps and emerging topics that warrant further exploration, such as process optimisation and material innovations. This thesis provides a systematic overview of HAM, underscoring its potential to revolutionise manufacturing processes and drive the next wave of industrial innovation. The insights gained from this study serve as a valuable resource for researchers, industry professionals, and policymakers aiming to navigate the complexities of HAM and leverage its capabilities for sustainable manufacturing solutions.
- A interferência da cultura em contextos de cooperação para o desenvolvimento: uma análise a partir da perspetiva de trabalhadoras de organizações europeias em ÁfricaPublication . Falcato, Joana Borralho; Évora, Iolanda Maria AlvesAs organizações não governamentais para o desenvolvimento (ONGD) têm desempenhado um papel crescente na cooperação internacional, contribuindo para a redefinição das relações entre os países do Norte e do Sul Global. Este estudo analisa a influência dos fatores culturais na cooperação para o desenvolvimento, com base nas perspetivas de autores como Felwine Sarr e Gayatri Spivak, que abordam criticamente as dinâmicas de poder entre o Norte e o Sul Global. A principal temática em estudo é a presença dos aspetos culturais no processo da cooperação para o desenvolvimento e o modo como contribuem para a caracterização desse processo. É explorada a perspetiva de trabalhador(e)as de organizações europeias em contexto internacional, nomeadamente, a sua perceção e a relevância que atribuem a esses aspetos, a partir das suas experiências em contextos de cooperação. A metodologia inclui entrevistas semiestruturadas a pessoas vinculadas a ONGD - envolvidas em programas de cooperação para o desenvolvimento, em países africanos - e a voluntárias envolvidas em projetos semelhantes. Os resultados indicam uma crescente consciência da necessidade de mudança no paradigma – historicamente baseado numa visão ocidental do progresso. Ainda se observa uma tendência para identificar na cultura do Outro, os obstáculos na relação que se estabelece. Além disso, nota-se pouca referência aos aspetos próprios da cultura europeia presentes nas interações no terreno, em oposição à maior relevância atribuída às especificidades culturais e sociais dos povos com quem se coopera.
- A relação entre direitos humanos e políticas públicasPublication . Gomes, Eduarda Ribeiro; Fontainha, ElsaNotwithstanding the social, political and economic progress that has been made and the improvement of global development indices, the economy has not always been consistent with the effective realisation of human rights. The United Nations Report on the 2024 Sustainable Development Goals estimates that, if current trends continue, approximately 590 million people will continue to live in extreme poverty. Considering the right of all persons to an adequate standard of living for themselves and their families, enshrined by the United Nations in the International Covenant on Economic, Social and Cultural Rights, this research starts from the premise that human rights and economic science should be complementary and not opposed. The aim of the research is to analyse, based on the United Nations Human Rights Indicators, the evolution of public policies and human rights, in particular the rights to an adequate standard of living, education and health, over the last decade in the EU, with Portugal and Germany selected as case studies. Another objective of the empirical analysis is to assess the perception of the citizens of these countries in relation to the public policies implemented to combat inequalities and promote education and health, using data collected by the European Social Survey (10 rounds; 2011-2020). The results of the empirical analyses are compared in order to verify citizens' understanding and recognition of the policies adopted in these areas, as well as to investigate whether this perception varies according to the positive or negative evolution of human rights. Among the conclusions is that the full realisation of human rights at the current conjuncture requires the transformation of the prevailing economic system through the integration of a human rights perspective in decision-making processes, thus ensuring the achievement of the Sustainable Development Goals.
- Measuring sentiment: the impact on financial markets volatilityPublication . Carvalho, Carolina e Silva Correia de; Garcia, Maria Teresa MedeirosThis dissertation provides insights into the impact of sentiment factors on stock market volatility using monthly panel data from Germany, the UK and the US from 2002-2022. The main objective is to understand how the consumer confidence index, the trading volume, the put/call ratio, and the number of IPOs - components of the sentiment index used in this research - affect the volatility of the DAX 40, FTSE 100, and S&P 500 indices, respectively. The results suggest that investor sentiment has impact on market volatility in all three indices. In particular, a higher consumer confidence index correlates with lower volatility, suggesting that positive sentiment stabilizes markets. Conversely, increased trading volume and a higher put/call ratio are associated with increased volatility, reflecting greater market activity and investor uncertainty. In addition, the number of IPOs serves as a sentiment gauge, with increased IPO activity corresponding to a more optimistic market outlook and contributing to lower volatility. Overall, the results underscore the importance of integrating sentiment measures into financial analysis and provide valuable insights for investors and policymakers seeking to understand and manage market fluctuations. This research contributes to the behavioural finance literature by elucidating the complex interplay between investor sentiment and stock market behaviour.
- Central bank independence as a fiscal commitment to price stabilityPublication . Schöffthaler, Christof; Adão, Bernardino Miguel PereiraThis dissertation examines Central Bank Independence from the perspective of the Fiscal Theory of the Price Level, an expansion of Monetarism which emphasizes inflationary consequences of unsustainable public finances. Outsourcing monetary policy to a technocratic institution free of political considerations is thereby understood as a fiscal commitment to price stability, but not a guarantee thereof as it can still be undermined by excessive government spending. By employing a new dataset on legal Central Bank Independence, I estimate its impact on annual inflation with a panel data approach for 190 countries between 1970 and 2020, while also incorporating different measures on Fiscal Sustainability. The existence of fiscal policy rules as well as Monetary Dominance are found to be of dis-inflationary effect, whereas legal Central Bank Independence remains statistically significant throughout. In fact, my findings suggest that operational and political autonomy of the monetary authority is crucial for price stability under almost all circumstances.
- Pobreza infantil e sua relação com o rendimento social de inserçãoPublication . Rodrigues, Carolina Lopes; Bastos, AméliaEsta dissertação tem como objetivo analisar a pobreza infantil em Portugal e a sua relação com o Rendimento Social de Inserção. Para que seja feita esta análise irão ser utilizados os dados do European Statistics on Income and Living Conditions (EU-SILC), assim como estatísticas da Segurança Social, entre os períodos de 2015-2023. Irão ser analisados os diversos indicadores de pobreza infantil assim como as estatísticas referentes ao escalão dos beneficiários do Rendimento Social de Inserção em Portugal, e o seu impacto na redução da taxa da pobreza infantil. A pobreza infantil apresenta características específicas que a pobreza para a população no geral não inclui, logo o estudo das suas especificidades é relevante para analisar a forma como as políticas públicas destinadas a combater a pobreza na generalidade conseguem ajudar as crianças. Em Portugal, as crianças são o grupo etário mais afetado pela pobreza, sendo que dentro deste grupo etário existem crianças com uma vulnerabilidade acrescida, sendo estas as que se inserem em famílias numerosas e as que se inserem em agregados familiares com baixos níveis de educação.