This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

This paper aims at providing an overview of the theoretical considerations and a review of the empirical literature on the relationship between finance and growth. Section I describes the role of financial development in economic growth at the macro level, both theoretically and empirically....

In 2004, the mutual fund industry of Costa Rica experienced a massive run by investors that reduced the industry to half its size in a month. This paper explores how weaknesses in the regulatory framework played a role in the crisis and draws lessons for developing countries. The analysis of...

Die Computerspieleentwicklung steht wie kaum eine andere Branche in Europa für kreative Wissensarbeit unter z. T. riskanten Beschäftigungsbedingungen. Die weltweiten Zahlen des Computerspielemarktes deuten darauf hin, dass wir es mit einer wachsenden Branche zu tun haben, deren Bedeutung in...

This paper analyzes and explains the disparate paths of development among venture capital organizations in the United States and Germany over the post-World War II period, contrasting the early emergence and burgeoning of the sector in the U.S. with the lagging development in Germany. The...

Germany's system of economic and political governance strongly relies on group decision-making and consensus to solve economic issues. This approach relates to a wide spectrum of decisions, including the social partners with the trade unions and the employers' associations in wage formation, the...