This paper proposes an empirical approach to investigating how the structure of countries' financial and ownership systems and the characteristics of industries relate to industry activity in different countries. Activity is measured in 'abnormal' rather than absolute terms by the growth, fixed...

This paper evaluates the relations between industrial activity and the structure of financial systems, corporate sectors and legal arrangements in different countries. Using data from 20 OECD countries in 27 industries over the period 1970 to 1995, we evaluate whether there is a link between...

This paper examines how foreign ownership affects the investment decisions of subsidiary firms. We find that improvements in the investment opportunities of parent firms have a negative effect on the investment of their subsidiaries, after controlling for the investment opportunities of the...

The conventional diagnosis of Germany’s poor economic performance focuses on supply-side weaknesses and the need for more vigorous reforms to make low-skill labour markets more flexible. We question this on both theoretical and empirical grounds. In an extended version of a New Keynesian model...

This paper examines the importance of competition in the growth and development of firms. We make use of the large-scale natural experiment of the shift from an economic system without competition to a market economy to shed light on the factors that influence innovation by firms and their...

This paper provides new evidence on progress in transition and the 'readiness' of enterprises for accession to the EU using a detailed survey administered to approximately 200 manufacturing firms in each of Poland, Romania and Spain. A major innovation is the use of a market economy and member...

This paper uses a comparative and historical framework to evaluate the growth performance of the West German economy from the beginning of the post-war period in 1945 to the reunification of Germany in 1990. Cross-country growth equations are used at the outset to provide a benchmark against...