We investigate the link between credit booms, productivity growth, labour reallocations and financial crises in a sample of over twenty advanced economies and over forty years. First, credit booms tend to undermine productivity growth by inducing labour reallocations towards lower productivity growth sectors.
A temporarily bloated construction sector stands out as an example.
The city is known for its various internationally renowned museums, ranging from the Kunstmuseum, the first collection of art accessible to the public in Europe, to the Fondation Beyeler (located in Riehen), and its centuries long commitment to Humanism, offering a safe haven among others to Erasmus of Rotterdam, the Holbein family, and more recently also to Hermann Hesse and Karl Jaspers.
Basel has been the seat of a Prince-Bishopric since the 11th century, and joined the Swiss Confederacy in 1501.
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The unfortified settlement was abandoned in the 1st century BC in favour of an Oppidum on the site of Basel Minster, probably in reaction to the Roman invasion of Gaul.
In Roman Gaul, Augusta Raurica was established some 20 km from Basel as the regional administrative centre, and a castle was built on the site of the oppidum.
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