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Delegated Monitors, Large and Small: Germany's Banking System, 1800–1914

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  • Timothy W. Guinnane

Abstract

Banks play a greater role in the German financial system than in those of the United States or Britain. Germany's large universal banks are admired by those who advocate bank deregulation in the United States. Others admire the universal banks for their supposed role in corporate governance and industrial finance. Many discussions distort the German banking system by overstressing one of several types of banks, and ignore the competition and cooperation between the famous universal banks and other banking groups. Tracing the historical development of the German banking system from the early nineteenth century places the large universal banks in context.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/0022051026985
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 40 (2002)
Issue (Month): 1 (March)
Pages: 73-124

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Handle: RePEc:aea:jeclit:v:40:y:2002:i:1:p:73-124

Note: DOI: 10.1257/0022051026985
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Cited by:
  1. Colvin, Chris, 2007. "Universal Banking Failure? An Analysis of the Contrasting Responses of the Amsterdamsche Bank and the Rotterdamsche Bankvereeniging to the Dutch Financial Crisis of the 1920s," MPRA Paper 2238, University Library of Munich, Germany.
  2. Kenichi Ueda, 2006. "Banks as Coordinators of Economic Growth," IMF Working Papers 06/264, International Monetary Fund.
  3. Ben R. Craig & Goetz von Peter, 2010. "Interbank tiering and money center banks," Working Paper 1014, Federal Reserve Bank of Cleveland.
  4. Anaïs A Périlleux, 2010. "Maturity Mismatch and Governance of Microfinance Cooperatives: Lessons from History," Working Papers CEB 10-005.RS, ULB -- Universite Libre de Bruxelles.
  5. Koetter, Michael & Noth, Felix, 2013. "IT use, productivity, and market power in banking," Journal of Financial Stability, Elsevier, vol. 9(4), pages 695-704.
  6. Robert Cull & Lance E. Davis & Naomi R. Lamoreaux & Jean-Laurent Rosenthal, 2005. "Historical Financing of Small- and Medium-Sized Enterprises," NBER Working Papers 11695, National Bureau of Economic Research, Inc.
  7. Ingrid Groessl & Rolf von Luede & Jan Fleck, 2013. "Genesis and Persistence of Trust in Banks," Macroeconomics and Finance Series 201307, Hamburg University, Department Wirtschaft und Politik.
  8. Tobias Körner & Isabel Schnabel, 2010. "Public Ownership of Banks and Economic Growth – The Role of Heterogeneity," Working Paper Series of the Max Planck Institute for Research on Collective Goods 2010_41, Max Planck Institute for Research on Collective Goods.
  9. Cull, Robert & Xu, Lixin Colin & Yang, Xi & Zhou, Li-An & Zhu, Tian, 2013. "Market facilitation by local government and firm efficiency : evidence from China," Policy Research Working Paper Series 6688, The World Bank.
  10. Beatriz Armendariz, 2009. "Microfinance for Self-Employment Activities in the European Urban Areas: Contrasting Crédal in Belgium and Adie in France," Working Papers CEB 09-041.RS, ULB -- Universite Libre de Bruxelles.
  11. Ingrid Groessl & Nadine Levratto, 2012. "International Similarities of Bank Lending Practices and Varieties of Insolvency Laws: a Comparative Analysis of France and Germany," Macroeconomics and Finance Series 201203, Hamburg University, Department Wirtschaft und Politik.

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