An endogenous growth model on finance and growth is formulated, and empirical analyses are conducted. The model exhibits structural shifts and breaks caused by institutional changes, suggesting that a linear approach is inadequate. To address this point empirically, we fit data for 90 countries...

The "law and finance theory" is an ambitious and fascinating attempt to combine insights from the theory of corporate finance, institutional economics, legal and economic history as well as the recent studies on the determinants of economic growth into an encompassing theory, thereby filling...

This paper investigates the R&D persistence of R&D active firms in different markets with different intensities of competition, based on firm-level panel data for the period 1996-2008. In a dynamic setting of the empirical model it turns out that persistence is strongly related to market...

Dieser Beitrag gibt zunächst eine begriffliche Klärung des Konzepts "internationaler Konjunkturverbund". Danach wird gezeigt, wie mit Rückgriff auf eine einfache Approximation der Variablen "Kapazitätsauslastung" anhand von nur zwei Jahreszeitreihen (Bruttoinlandprodukt und...

Der hier vorgestellte multisektorale Sammelindikator für die Schweizer Gesamtkonjunktur weist gegenüber vergleichbaren Frühindikatoren für die Entwicklung des Bruttoinlandprodukts (BIP) eine Reihe von methodischen Innovationen auf und berücksichtigt eine vergleichsweise grosse Anzahl von...

The "law and finance theory" predicts that the common law system provides the best basis for financial development and economic growth, followed by Scandinavian and German origin civil law and finally French origin civil law. Referring to a number of sceptical views, this paper argues that the...

The paper reconstructs the origins of the quantity theory of money and its applications. Against the background of the history of money, it is shown that the theory was flexible enough to adapt to institutional change and thus succeeded in maintaining its relevance. To this day, it is useful as...