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The Costs of Rejecting Universal Banking: American Finance in the German Mirror, 1870-1914

In: Coordination and Information: Historical Perspectives on the Organization of Enterprise

  • Charles Calomiris

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This chapter was published in:
  • Naomi R. Lamoreaux & Daniel M. G. Raff, 1995. "Coordination and Information: Historical Perspectives on the Organization of Enterprise," NBER Books, National Bureau of Economic Research, Inc, number lamo95-1, September.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 8756.
    Handle: RePEc:nbr:nberch:8756
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    1. W. Braddock Hickman, 1958. "Corporate Bond Quality and Investor Experience," NBER Books, National Bureau of Economic Research, Inc, number hick58-1, September.
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    3. Neuburger, Hugh & Stokes, Houston H., 1974. "German Banks and German Growth, 1883–1913: an Empirical View," The Journal of Economic History, Cambridge University Press, vol. 34(03), pages 710-731, September.
    4. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    5. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    6. Takeo Hoshi & Anil Kashyap & Gary Loveman, 1993. "Lessons from the Japanese main bank system for financial system reform in Poland," Working Paper Series, Macroeconomic Issues 93-6, Federal Reserve Bank of Chicago.
    7. Mayer, Colin, 1987. "New Issues in Corporate Finance," CEPR Discussion Papers 181, C.E.P.R. Discussion Papers.
    8. Cain, Louis P. & Paterson, Donald G., 1981. "Factor Biases and Technical Change in Manufacturing: The American System, 1850–1919," The Journal of Economic History, Cambridge University Press, vol. 41(02), pages 341-360, June.
    9. Stephen D. Williamson, 1984. "Costly Monitoring, Financial Intermediation, and Equilibrium Credit Rationing," Working Papers 583, Queen's University, Department of Economics.
    10. Robert M. Townsend, 1979. "Optimal contracts and competitive markets with costly state verification," Staff Report 45, Federal Reserve Bank of Minneapolis.
    11. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    12. Benveniste, Lawrence M. & Spindt, Paul A., 1989. "How investment bankers determine the offer price and allocation of new issues," Journal of Financial Economics, Elsevier, vol. 24(2), pages 343-361.
    13. Lamoreaux, Naomi R., 1991. "Bank Mergers in Late Nineteenth-Century New England: The Contingent Nature of Structural Change," The Journal of Economic History, Cambridge University Press, vol. 51(03), pages 537-557, September.
    14. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    15. Barsky, Robert B., 1987. "The Fisher hypothesis and the forecastability and persistence of inflation," Journal of Monetary Economics, Elsevier, vol. 19(1), pages 3-24, January.
    16. Daniel Creamer & Sergei P. Dobrovolsky & Israel Borenstein & Martin Bernstein, 1960. "Index to "Capital in Manufacturing and Mining: Its Formation and Financing"," NBER Chapters, in: Capital in Manufacturing and Mining: Its Formation and Financing, pages 341-344 National Bureau of Economic Research, Inc.
    17. Daniel Creamer & Sergei Dobrovolsky & Israel Borenstein, 1960. "Capital in Manufacturing and Mining: Its Formation and Financing," NBER Books, National Bureau of Economic Research, Inc, number crea60-1, September.
    18. James, Christopher, 1987. "Some evidence on the uniqueness of bank loans," Journal of Financial Economics, Elsevier, vol. 19(2), pages 217-235, December.
    19. Snowden, Kenneth A., 1990. "Historical returns and security market development, 1872-1925," Explorations in Economic History, Elsevier, vol. 27(4), pages 381-420, October.
    20. Douglas Gale & Martin Hellwig, 1985. "Incentive-Compatible Debt Contracts: The One-Period Problem," Review of Economic Studies, Oxford University Press, vol. 52(4), pages 647-663.
    21. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    22. White, Eugene Nelson, 1985. "The Merger Movement in Banking, 1919–1933," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 285-291, June.
    23. Klein, Benjamin, 1975. "Our New Monetary Standard: The Measurement and Effects of Price Uncertainty, 1880-1973," Economic Inquiry, Western Economic Association International, vol. 13(4), pages 461-84, December.
    24. Field, Alexander James, 1983. "Land Abundance, Interest/Profit Rates, and Nineteenth-Century American and British Technology," The Journal of Economic History, Cambridge University Press, vol. 43(02), pages 405-431, June.
    25. Bodenhorn, Howard, 1992. "Capital Mobility and Financial Integration in Antebellum America," The Journal of Economic History, Cambridge University Press, vol. 52(03), pages 585-610, September.
    26. Gorton, Gary, 1985. "Clearinghouses and the Origin of Central Banking in the United States," The Journal of Economic History, Cambridge University Press, vol. 45(02), pages 277-283, June.
    27. George J. Stigler, 1971. "The Theory of Economic Regulation," Bell Journal of Economics, The RAND Corporation, vol. 2(1), pages 3-21, Spring.
    28. Kroszner, Randall S & Rajan, Raghuram G, 1994. "Is the Glass-Steagall Act Justified? A Study of the U.S. Experience with Universal Banking before 1933," American Economic Review, American Economic Association, vol. 84(4), pages 810-32, September.
    29. W. Braddock Hickman, 1958. "Introduction and Summary of Findings to "Corporate Bond Quality and Investor Experience"," NBER Chapters, in: Corporate Bond Quality and Investor Experience, pages 3-27 National Bureau of Economic Research, Inc.
    30. Gorton, Gary & Mullineaux, Donald J, 1987. "The Joint Production of Confidence: Endogenous Regulation and Nineteenth Century Commercial-Bank Clearinghouses," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 457-68, November.
    31. Benjamin Klein, 1975. "Our New Monetary Standard: The Measurement and Effects of Price Uncertainty," UCLA Economics Working Papers 062, UCLA Department of Economics.
    32. Baskin, Jonathan Barron, 1988. "The Development of Corporate Financial Markets in Britain and the United States, 1600–1914: Overcoming Asymmetric Information," Business History Review, Cambridge University Press, vol. 62(02), pages 199-237, June.
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