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Does Civil Law Tradition and Universal Banking Crowd out Securities Markets? Pre-World War I Germany as Counter-Example

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  • Fohlin, Caroline

Abstract

This article poses three main questions: Does the civil-law tradition favor large, concentrated, universal banking systems? Does this sort of legal system work against the development of active securities markets? Do powerful universal banks (whether or not legal tradition lies at the root of bank power) replace securities markets or prevent them from operating efficiently? Based on evidence from Pre-World War I Germany, this paper argues that the answer to all three questions is “no.â€

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  • Fohlin, Caroline, 2007. "Does Civil Law Tradition and Universal Banking Crowd out Securities Markets? Pre-World War I Germany as Counter-Example," Enterprise & Society, Cambridge University Press, vol. 8(3), pages 602-641, September.
    • Handle: RePEc:cup:entsoc:v:8:y:2007:i:03:p:602-641_00
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    Cited by:

    1. M. Lüpold & Gerhard Schnyder, 2009. "Horse, Cow, Sheep, or 'Thing-In-Itself'? The Cognitive Origins of Corporate Governance in Switzerland, Germany, and the US, 1910s-1930s," Working Papers wp383, Centre for Business Research, University of Cambridge.
    2. Coyle, Christopher & Musacchio, Aldo & Turner, John D., 2019. "Law and Finance in Britain c.1900," QBS Working Paper Series 2019/11, Queen's University Belfast, Queen's Business School.
    3. Acheson, Graeme G. & Campbell, Gareth & Turner, John D., 2016. "Common law and the origin of shareholder protection," eabh Papers 16-03, The European Association for Banking and Financial History (EABH).
    4. Niv Horesh, 2015. "Gerschenkron Redux? Analysing New Evidence on Joint-Stock Enterprise in Pre-War Shanghai," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 29(1), pages 25-46, May.
    5. Acheson, Graeme & Campbell, Gareth & Turner, John D., 2019. "Private Contracting, Law and Finance," QBS Working Paper Series 2019/05, Queen's University Belfast, Queen's Business School.
    6. Sebastian A.J. Keibek, 2016. "Using probate data to determine historical male occupational structures," Working Papers 26, Department of Economic and Social History at the University of Cambridge, revised 21 Mar 2017.
    7. David Chambers & Carsten Burhop & Brian Cheffins, 2016. "The Rise and Fall of the German Stock Market, 1870-1938," Working Papers 25, Department of Economic and Social History at the University of Cambridge, revised 21 Sep 2016.
    8. Aldo Musacchio, 2010. "Law and Finance c. 1900," NBER Working Papers 16216, National Bureau of Economic Research, Inc.
    9. Coyle, Christopher & Musacchio, Aldo & Turner, John D., 2019. "Law and finance in Britain c.1900," Financial History Review, Cambridge University Press, vol. 26(3), pages 267-293, December.
    10. Carolyn Sissoko, 2017. "The Plight of Modern Markets: How Universal Banking Undermines Capital Markets," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 46(1), pages 53-104, February.
    11. Jens Günther, 2017. "Capital market effects around dividend announcements: an analysis of the Berlin stock exchange in 1895," Accounting History Review, Taylor & Francis Journals, vol. 27(3), pages 249-278, September.
    12. Nakabayashi, Masaki, 2019. "Ownership structure and market efficiency," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 61(C), pages 189-212.

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