? more controversial were the reductions in tariffs that have occurred over the past thirty years, but here again there are few voices that would wish to turn the clock back. or would we wish to go back to the immigration policy we had during the first half of the twentieth century? the list could go on and on. it is the nature of a first - rate democratic country that it will constantly be involved in economic reforms, or at least constant updating of its economic framework, and that the changes involved will generate political uncertainty and resistance. but that is the price of achieving and maintaining a first - rate set of institutions, and that is an essential condition for our continuing economic prosperity. bibiliography acemoglu, d., johnson, s. and robinson, j., “ reversal of fortune : geography and institutions in the making of the modern world income distribution ”, quarterly journal of economics, november 2002. auty, r., “ the political economy of resource - driven growth ”, european economic review, 45, 2001. baldwin, r. e., “ openness and growth : what ’ s the empirical relationship? ”, nber working paper 9578, 2003. blainey, g., the tyranny of distance, macmillan, revised edition 2001. dowrick, s., “ openness and growth ”, in international integration of the australian economy, reserve bank of australia, july 1994. dowrick ( 1994 ), baldwin ( 2003 ). gylfason, t., “ institutions and economic performance ”, cesifo dice report 2 / 2004. mauro, p., “ corruption and growth ”, quarterly journal of economics, vol. 110, no. 3, 1995. sachs, j. and warner, a., “ the curse of natural resources ”, european economic review, may 2001. sachs, j., “ institutions matter, but not for everything ”, finance and development, june 2003. stoeckel, a., minerals : our wealth down under, canberra, centre for international economics, 1994. wright, g. and czelusta, j., “ the myth of the resource curse ”, challenge, march / april 2004.

carlos da silva costa : sustained growth and development of the portuguese economy address by mr carlos da silva costa, governor of the bank of portugal, at the national congress of economists, lisbon, 8 october 2013. * * * prime minister, president of the portuguese economists ’ association, ambassadors, colleagues : it is a privilege to take part in the opening of this conference for two reasons. first, because it is promoted by the professional association to which i belong. second, due to the close relationship of cooperation that there is between banco de portugal and the association, which involves the co - hosting of conferences, reflecting recognition of the benefits of a shared understanding on topics that concern us. the thoughts i would like to share with you today have the following theme : “ sustained growth and development of the portuguese economy ”. we are now less than a year from the end of the economic and financial assistance programme ( efap ) and it is now important to look to the future. bearing in mind that today the great majority of the colleagues here present work ( and work well ) in roles as company economists, i propose to approach this topic by drawing parallels with corporate management. indeed, the questions that arise in managing a company are the same as those we should ask as a country : where are we? where do we want to go? what is our strategy for getting there? how should we organise ourselves? both at national and at corporate level, collective motivation is always necessary to achieve our goals. my presentation is structured around four points. the first – the macroeconomic adjustment – aims to answer the question : where are we? the second – medium - term challenges for the portuguese economy – approaches the question : where do we want to go? the third and fourth points of the presentation – structural transformation of the portuguese business sector and a demand - led national system of innovation – mainly answer the question : what is our strategy for getting there? the question “ how should we organise ourselves? ” is not explored in this address, as it is a topic i tackled in prior addresses, namely in the sedes conference on 19 march and at the calouste gulbenkian foundation on 24 may. 1 1. the macroeconomic adjustment where are we? we are in the process of adjusting macroeconomic imbalances that led us to an absolute financial restriction, in the form of a situation in which we would have ceased external and address by the governor of banco de portugal, carlos silva costa, at the sedes