Two causes can be identified for this substantial fall: at the federal and state levels economic growth has proved a decisive factor, while for individual enterprises growing equity ratios have had a benevolent influence. On the other hand, the declining number of insolvencies has been accompanied by a similar drop in the number of start-ups. As a result, the ratio of start-ups and closures to the total number of companies, known as the turbulence rate, is also decreasing, possibly signalling a decline in modernization of the German economy.