Portugal's export-led growth debunked: Reverse causality revealed in historic data.
The study looked at the relationship between cointegration and causality in Portugal from 1865 to 1985. They used tests to see if two variables move together in the long run and then tested if one variable causes changes in the other. The results showed that the idea that exports drive economic growth in Portugal was not supported, instead, it was found that the relationship goes the other way around.