Delegated Monitors, Large and Small: The Development of Germany’s Banking System, 1800-1914
Banks play a greater role in the German financial system than in the UnitedStates or Britain. Germany’s large universal banks are admired by those whoadvocate bank deregulation in the United States. Others admire the universalbanks for their supposed role in corporate governance and industrial finance.Many discussions distort the German banking system by over-stressing oneof several types of banks, and ignore the competition and cooperationbetween the famous universal banks and other banking groups. Tracing thehistorical development of the German banking system from the earlynineteenth century places the large universal banks in context.
|Date of creation:||2001|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: +49 (89) 9224-0
Fax: +49 (89) 985369
Web page: http://www.cesifo.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Michael D. Bordo & Angela Redish, 1996.
"A Comparison of the Stability and Efficiency of the Canadian and American Banking Systems 1870-1925,"
NBER Historical Working Papers
0067, National Bureau of Economic Research, Inc.
- Bordo, Michael D. & Rockoff, Hugh & Redish, Angela, 1996. "A comparison of the stability and efficiency of the Canadian and American banking systems, 1870–1925," Financial History Review, Cambridge University Press, vol. 3(01), pages 49-68, April.
- Jeremy Edwards & Marcus Nibler, 2000. "Corporate governance in Germany: the role of banks and ownership concentration," Economic Policy, CEPR;CES;MSH, vol. 15(31), pages 237-267, October.
- 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.
- Ghatak, M. & Guinnane, T.W., 1998. "The Economics of Lending with Joint Liability: Theory and Practice," Papers 791, Yale - Economic Growth Center.
- Maitreesh Ghatak & Timothy W. Guinnane, 1998. "The Economics of Lending with Joint Liability: Theory and Practice," Discussion Papers 98-16, University of Copenhagen. Department of Economics.
- Caroline Fohlin, 1999. "The rise of interlocking directorates in imperial Germany," Economic History Review, Economic History Society, vol. 52(2), pages 307-333, 05.
- Banerjee, Abhijit V & Besley, Timothy & Guinnane, Timothy W, 1994.
"Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test,"
The Quarterly Journal of Economics,
MIT Press, vol. 109(2), pages 491-515, May.
- Guinnane, T. & Banerjee, A. & Besley, T., 1993. "Thy Neighbor's Keeper: the Design of a Credit Cooperative with Theory and a Test," Papers 705, Yale - Economic Growth Center.
- Gorton, Gary & Schmid, Frank A., 2000.
"Universal banking and the performance of German firms,"
Journal of Financial Economics,
Elsevier, vol. 58(1-2), pages 29-80.
- Gary Gorton & Frank A. Schmid, 1996. "Universal Banking and the Performance of German Firms," NBER Working Papers 5453, National Bureau of Economic Research, Inc.
- Edwards, Jeremy & Ogilvie, Sheilagh C., 1995.
"Universal Banks and German Industrialization: A Reappraisal,"
CEPR Discussion Papers
1171, C.E.P.R. Discussion Papers.
- Jeremy Edwards & Sheilagh Ogilvie, 1996. "Universal banks and German industrialization: a reappraisal," Economic History Review, Economic History Society, vol. 49(3), pages 427-446, 08.
- Ross Levine & Sara Zervos, .
"Stock markets, banks and economic growth ,"
CERF Discussion Paper Series
95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
- Sinn, Hans-Werner, . "The German state banks: Global players in the international financial markets," Monographs in Economics, University of Munich, Department of Economics, number 19864.
- Fohlin, Caroline, 1996.
"Relationship Banking, Liquidity, and Investment in the German Industrialization,"
913, California Institute of Technology, Division of the Humanities and Social Sciences.
- Caroline Fohlin, 1998. "Relationship Banking, Liquidity, and Investment in the German Industrialization," Journal of Finance, American Finance Association, vol. 53(5), pages 1737-1758, October.
- Cable, John R, 1985. "Capital Market Information and Industrial Performance: The Role of West German Banks," Economic Journal, Royal Economic Society, vol. 95(377), pages 118-32, March.
- Richard Tilly, 1998. "Universal Banking in Historical Perspective," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 7-, March.
- Chirinko, Robert S & Schaller, Huntley, 1995.
"Why Does Liquidity Matter in Investment Equations?,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 27(2), pages 527-48, May.
- Robert S. Chirinko & Huntley Schaller, 1993. "Why does liquidity matter in investment equations?," Research Working Paper 93-13, Federal Reserve Bank of Kansas City.
- Peter Temin, 1991. "Introduction to "Inside the Business Enterprise: Historical Perspectives on the Use of Information"," NBER Chapters, in: Inside the Business Enterprise: Historical Perspectives on the Use of Information, pages 1-6 National Bureau of Economic Research, Inc.
- Da Rin, Marco, 1997. "Finance and technology in early industrial economies: the role of economic integration," Research in Economics, Elsevier, vol. 51(3), pages 171-200, September.
- Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Wiley Blackwell, vol. 51(3), pages 393-414, July.
- Fohlin, Caroline, 1997. "Universal banking networks in pre-war Germany: new evidence from company financial data," Research in Economics, Elsevier, vol. 51(3), pages 201-225, September.
- Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
- Gorton, Gary, 1996. "Reputation Formation in Early Bank Note Markets," Journal of Political Economy, University of Chicago Press, vol. 104(2), pages 346-97, April.
- Timothy W. Guinnane, 1997.
"Cooperatives as Information Machines: German Rural Credit Cooperatives, 1883-1914,"
97-20, University of Copenhagen. Department of Economics.
- Guinnane, Timothy W., 2001. "Cooperatives As Information Machines: German Rural Credit Cooperatives, 1883 1914," The Journal of Economic History, Cambridge University Press, vol. 61(02), pages 366-389, June.
- Fohlin, Caroline, 2002. "Regulation, taxation and the development of the German universal banking system, 1884 1913," European Review of Economic History, Cambridge University Press, vol. 6(02), pages 221-254, August.
- Calomiris, Charles W & Kahn, Charles M, 1991. "The Role of Demandable Debt in Structuring Optimal Banking Arrangements," American Economic Review, American Economic Association, vol. 81(3), pages 497-513, June.
- Timothy W. Guinnane & Ingrid Henriksen, 1997. "Why Danish Credit Co-operatives were so unimportant," Discussion Papers 97-25, University of Copenhagen. Department of Economics.
- Fohlin, Caroline, 1999. "Universal Banking in Pre-World War I Germany: Model or Myth?," Explorations in Economic History, Elsevier, vol. 36(4), pages 305-343, October.
- 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.
- Levine, Ross, 1996.
"Financial development and economic growth : views and agenda,"
Policy Research Working Paper Series
1678, The World Bank.
- Ross Levine, 1997. "Financial Development and Economic Growth: Views and Agenda," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 688-726, June.
- Diamond, Douglas W, 1991. "Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 689-721, August.
- White, Eugene Nelson, 1986. "Before the Glass-Steagall Act: An analysis of the investment banking activities of national banks," Explorations in Economic History, Elsevier, vol. 23(1), pages 33-55, January.
- 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.
When requesting a correction, please mention this item's handle: RePEc:ces:ceswps:_565. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Julio Saavedra)
If references are entirely missing, you can add them using this form.