The dilemmas of the monetary management: the Portuguese case (1974-1984)

Abstract

According to the regulation theory, this article deals with the monetary management in Portugal, between 1974 and 1984. This was connected with a double goal: the weakening of the social and economical changes which occurred in that period, namely through the enlargement of the pseudovalidation; and the balance of the external accounts. However, the dilemmas went on pilling up. The performance of the monetary policy seems to have consumed its own bases, the restrictions increasing. So, the hypothesis of irreversibility of the monetary policy is admitted after having defined the periods of the structures that supported it (financial system). At last, it tries to evaluate the consequences of this policy over the procedures of formation of capital and productive reconverting.