During the last years more and more discussions came up about the contribution of technology-oriented and technology-intensive industries for the economic development and employment. One reason for these contradictory evaluations of technology-intensive industries can be attributed to different...

In this paper we empirically analyze the macroeconomic detenninants of insolvencies in Germany since 1970. It is shown that the growth rate of insolvencies can be explained by changes in the rate of return to capital and by preceding changes in the money market interest rate and the inflation...