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...

To clarify the causal links between financial activity and economic growth, a series of path models is estimated. It is shown that during the 1970s and 1980s finance was predominantly a supply-leading determinant of economic growth. The data suggest, however, that there has been a structural...

Diese Arbeit verfolgt einen umfassenden Ansatz zur Erklärung wirtschaftlicher Entwicklung. Als wichtigste der aus der wirtschafts- und sozialwissenschaftlichen Theorie folgenden Entwicklungsdeterminanten werden dabei die Akkumulation der Produktionsfaktoren Kapital und Arbeit sowie der...

This paper examines the impact of demographic factors on saving, investment, and external balances. We derive a number of semi-structural equations from national accounting principle and the principle that external balances for the world as a whole must sum to zero. The resulting equations...

This text presents the latest economic forecast conducted by the KOF Swiss Economic Institute at the ETH Zurich on 21 June 2013. After an introduction describing the starting points and crucial assumptions underlying the forecast, we summarise the key results for Switzerland. Subsequently, we...

This paper shows that Switzerland is an exception concerning the labour share of national income: it is one of the very few developed countries which, since 1980, display an increasing labour share. Based on evidence from Swiss firms, this study examines the reasons for the persistence of...

The 'theory of law and finance' argues that the common law system provides a better framework for financial development and economic growth than the civil law tradition. This paper identifies a number of problems that cast doubt on the soundness of the empirical basis of this literature....

After conceptual clarification of "international business cycle" and a review of the literature, a new indicator is proposed. This indicator refers to two time series only and allows for an internationally comparable quantification of a country's position in the business cycle. We then calculate...