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Cooperatives As Information Machines: German Rural Credit Cooperatives, 1883 1914

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  • Guinnane, Timothy W.

Abstract

Credit cooperatives were widespread in nineteenth-century Germany, which is surprising given that country s highly developed banking system. One general explanation for the success of credit cooperatives emphasizes their ability to capitalize on superior information and to impose inexpensive but effective sanctions on defaulters. These features supposedly permit cooperatives to lend to individuals whom banks would spurn, and to tailor loan terms more closely to borrowers needs. I use the business records of several German credit cooperatives to test this claim. The results show that real efficiency advantages are at least part of the explanation for their success.

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Bibliographic Info

Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 61 (2001)
Issue (Month): 02 (June)
Pages: 366-389

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Handle: RePEc:cup:jechis:v:61:y:2001:i:02:p:366-389_02

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Cited by:
  1. Avner Greif, 2006. "History Lessons: The Birth of Impersonal Exchange: The Community Responsibility System and Impartial Justice," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 221-236, Spring.
  2. Guinnane, Timothy W. & Martinez-Rodriguez, Susana, 2010. "Did the Cooperative Start Life as a Joint-Stock Company? Business Law and Cooperatives in Spain, 1869-1931," Working Papers 81, Yale University, Department of Economics.
  3. Guinnane, Timothy & Streb, Jochen, 2009. "Moral Hazard in a Mutual Health-Insurance System: German Knappschaften, 1867-1914," Working Papers 70, Yale University, Department of Economics.
  4. 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.
  5. 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.
  6. Ángel Pascual Martínez Soto & Susana Martínez Rodríguez, . "The difficult and tortuous path of agricultural cooperative networks in Spain, 1890-1935," UHE Working papers 2006_12, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
  7. Zawojska, Aldona & Siudek, Tomasz, 2005. "Do Cooperative Banks Really Serve Agricultural Sector in Poland?," 2005 International Congress, August 23-27, 2005, Copenhagen, Denmark 24479, European Association of Agricultural Economists.
  8. Timothy Guinnane, 2001. "Delegated Monitors, Large and Small: The Development of Germany’s Banking System, 1800-1914," CESifo Working Paper Series 565, CESifo Group Munich.
  9. Susana Martínez Rodríguez & Ángel Pascual Martínez Soto, 2008. "El Raiffesianismo español: cooperativismo agrícola confesional de crédito en España 1890-1934," UHE Working papers 2008_01, Universitat Autònoma de Barcelona, Departament d'Economia i Història Econòmica, Unitat d'Història Econòmica.
  10. Cusack, Thomas R. & Iversen, Torben & Soskice, David, 2007. "Economic interests and the origins of electoral systems," Discussion Papers, Research Unit: Institutions, States, Markets SP II 2007-07, Social Science Research Center Berlin (WZB).
  11. 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.
  12. Ran Abramitzky, 2011. "Lessons from the Kibbutz on the Equality-Incentives Trade-Off," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 185-208, Winter.
  13. Derek C. Jones & Panu Kalmi, 2012. "Economies of Scale Versus Participation: a Co-operative Dilemma?," Journal of Entrepreneurial and Organizational Diversity, European Research Institute on Cooperative and Social Enterprises, vol. 1(1), pages 37-64, December.
  14. Timothy W. Guinnane, 2001. "Delegated Monitors, Large and Small: The Development of Germany's Banking System, 1800-1914," Working Papers 835, Economic Growth Center, Yale University.
  15. Simon Cornée, 2014. "Soft Information and Default Prediction in Cooperative and Social Banks," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201402, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
  16. 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.

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