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Awards and Distinctions

Paper by Professor Ana Venâncio selected for publishing

The paper “Collateral Value and Entrepreneurship: Evidence from Property Tax Reform”, by Professor Ana Venâncio and co-authored by João Pereira dos Santos and Miguel Ferreira is one of the three articles that has been chosen in the Call for Papers on Savings and the Financing of the Portuguese Economy. The three winning papers will be presented at a Conference on December 10, which will be attended by Pedro Siza Vieira, the Minister of State for the Economy and Digital Transition.

>> Link to the conference programme (PDF)

This study examines whether an unexpected fall in Municipal Real Estate Tax (IMI) facilitates the creation of new businesses, thus enabling entrepreneurs to provide higher value real estate collateral to obtain a greater level of financing from credit institutions.


In July, 2008, the reduction in the maximum rate of IMI from 0.5% to 0.4% forced some municipalities to reduce the rate of this tax. The authors of this study assessed the impact of this reform on business dynamics, notably on the rate of start-up (and closure) of new businesses and concluded that those municipalities that were forced to lower IMI show an increase in the rate of creation of new businesses, albeit only in the secondary sector (manufacturing). In the tertiary sector (services), there was no significant increase in the rate of creation of new companies. In addition, industrial start-ups located in these municipalities show an increase in short-term bank financing.


Promoted by the Strategy and Studies Office of the Ministry of Economy and the Portuguese Association of Insurers, this Call for Papers aims to encourage studies that allow the identification of problems and the implementation of economic policy solutions in Portugal in this area.