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Delegated Monitors, Large and Small: The Development of Germany's Banking System, 1800-1914

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Author Info
Timothy W. Guinnane (Economic Growth Center, Yale University)

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Abstract

Banks play a greater role in the German financial system than in 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 over- stressing 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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Publisher Info
Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 835.

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Length: 77 pages
Date of creation: Aug 2001
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Handle: RePEc:egc:wpaper:835

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Related research
Keywords: Universal Banking; German Banks; German Economic History;

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Find related papers by JEL classification:
G2 - Financial Economics - - Financial Institutions and Services
G3 - Financial Economics - - Corporate Finance and Governance
N2 - Economic History - - Financial Markets and Institutions

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    Other versions:
  2. Ghatak, Maitreesh & Guinnane, Timothy W., 1999. "The economics of lending with joint liability: theory and practice," Journal of Development Economics, Elsevier, vol. 60(1), pages 195-228, October. [Downloadable!] (restricted)
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    Other versions:
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  21. Charles Calomiris, 1995. "The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914," NBER Chapters, in: Coordination and Information: Historical Perspectives on the Organization of Enterprise, pages 257-322 National Bureau of Economic Research, Inc. [Downloadable!]
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