🇧🇷 🇵🇹 **The Cross of Gold: Brazilian Treasure and the Decline of Portugal**

"_In this paper, we show that the discovery of massive quantities of gold in Brazil over the eighteenth century played a key role in the long-run development of Portugal. The country suffered from an economic and political resource curse. A counterfactual based on synthetic control methods suggests that by 1800 Portugal’s GDP per capita was 40 percent lower than it would have been without its endowment of Brazilian gold._"

Kedrosky, D. and Palma, N. (2025) ‘The Cross of Gold: Brazilian Treasure and the Decline of Portugal’, The Journal of Economic History, pp. 1–37. doi: https://doi.org/10.1017/S0022050725100764.

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