The paper investigates the impact of ownership concentration on GDP growth, for a sample of 18 OECD countries over the period 1980 to 2004. The econometric analysis shows that more concentrated ownership can speed up growth, for countries approaching the technological frontier, provided that...

In currency crises, unlike in orderly devaluations, the financial markets dominateevents. It is shown that currency collapses (crises followed by depreciations) have hada much greater adverse impact in emerging markets (defined as relatively highincomedeveloping countries exposed to...

Endlich! Die Krise ist vorbei. Die Auftragsbücher der Unternehmensind voll wie lange nicht mehr, und die Konjunkturforschungsinstituteüberbieten sich mit optimistischen Prognosen.Deutschland hat im letzten Jahr mit einem Wachstum des Bruttoinlandsproduktsum 2,7 Prozent zu seiner Rolle als...

Diese Arbeit gibt einen Überblick über das ausserordentlich tiefe Wachstum der Schweiz in den 90er Jahrensowie über dessen mögliche Gründe. Auffällig ist dabei einerseits die lange Dauer der Rezession,andererseits aber auch der ihr folgende eher mässige Aufschwung. Grundsätzlich kann es...

Entrepreneurship and small business development has been subject to a considerable amount ofacademic speculation. Historically, a wide range of studies have reported that the organisationaland managerial dynamics of an entrepreneurial firm change as it develops and grows. It iscommonly...

The absence of state capacities to raise revenue and to supportmarkets is a key factor in explaining the persistence of weak states.This paper reports on an on-going project to investigate the incentiveto invest in such capacities. The paper sets out a simple analyticalstructure in which state...

The mid-term and long-term growth potential of China’s insurance industry is a subject ofsignificant interest to governments, business and academia. In this paper, the ‘‘worldinsurance growth curve’’ is used in conjunction with estimates of China’s future GDPgrowth to estimate the...

We analyze the role of risk-sharing institutions in transitions to modern economies.Transitions requires individual-level risk-taking in pursuing productivity-enhancing activitiesincluding using and developing new knowledge. Individual-level, idiosyncratic risk implies thatdistinct risk-sharing...