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Banks, Finance and Investment in West Germany since 1970

Author

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  • Edwards, Jeremy

Abstract

The paper addresses the following questions. Does bank lending comprise a relatively large amount of finance for investment in Germany, and, if so, is this a consequence of bank representation on companies' supervisory boards (which, it is argued, reduces information asymmetries)? How strong is the degree of control of equity voting rights exerted by banks? To what extent does bank representation on supervisory boards constrain managements in such a way that internal efficiency is ensured? The analysis of this paper for in the period 1970-85 casts some doubt on the argument that German banks are an important factor in good German economic performance.

Suggested Citation

  • Edwards, Jeremy, 1991. "Banks, Finance and Investment in West Germany since 1970," CEPR Discussion Papers 497, Centre for Economic Policy Research.
    • Handle: RePEc:cpr:ceprdp:497
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    File URL: http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=497
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    Citations

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    Cited by:

    1. Irena Grosfeld, 1994. "Comparing Financial Systems. Problems of Information and Control in Economies in Transition," CASE Network Studies and Analyses 0026, CASE-Center for Social and Economic Research.
    2. Thorne,Alfredo Eduardo, 1992. "Issues in reforming financial systems in Eastern Europe : the case of Bulgaria," Policy Research Working Paper Series 882, The World Bank.
    3. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2000. "Investor protection and corporate governance," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 3-27.
    4. Xuan Vinh Vo, 2023. "Large Shareholders And Information Asymmetry In A Transition Economy €“ Evidence From Vietnam," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 68(05), pages 1551-1567, September.
    5. Größl Ingrid & Stahlecker Peter & Wohlers Eckhardt, 2001. "An Empirical Investigation of German Firms’ Financial Structure and Ensuing Risks / Finanzierungsstruktur und Risiken im Unternehmenssektor der Bundesrepublik Deutschland. Eine empirische Bestandsaufnahme," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 221(5-6), pages 491-529, October.
    6. Bronwyn H. Hall, 1991. "Corporate Restructuring and Investment Horizons," NBER Working Papers 3794, National Bureau of Economic Research, Inc.
    7. Buch, Claudia M., 1993. "An institutional approach to banking reform in Eastern Europe," Kiel Working Papers 560, Kiel Institute for the World Economy.

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