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

  • Timothy W. Guinnane

    (Economic Growth Center, Yale University)

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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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
Date of revision:
Handle: RePEc:egc:wpaper:835
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