IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper

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.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.econ.yale.edu/growth_pdf/cdp835.pdf
Download Restriction: no

Paper provided by Economic Growth Center, Yale University in its series Working Papers with number 835.

as
in new window

Length: 77 pages
Date of creation: Aug 2001
Date of revision:
Handle: RePEc:egc:wpaper:835
Contact details of provider: Postal:
PO Box 8269, New Haven CT 06520-8269

Phone: (203) 432-3610
Fax: (203) 432-3898
Web page: http://www.econ.yale.edu/

More information through EDIRC

References listed on IDEAS
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.:

as in new window
  1. Maitreesh Ghatak & Timothy W. Guinnane, 1998. "The Economics of Lending with Joint Liability: Theory and Practice," Working Papers 791, Economic Growth Center, Yale University.
  2. 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.
  3. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
  4. 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.
  5. 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.
  6. 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.
  7. Sandeep Baliga & Ben Polak, 2001. "The Emergence and Persistence of the Anglo-Saxon and German Financial Systems," Economics Working Papers 0005, Institute for Advanced Study, School of Social Science.
  8. R. Glenn Hubbard, 1997. "Capital-Market Imperfections and Investment," NBER Working Papers 5996, National Bureau of Economic Research, Inc.
  9. 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.
  10. Levine, Ross & Zervos, Sara, 1996. "Stock markets, banks, and economic growth," Policy Research Working Paper Series 1690, The World Bank.
  11. 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.
  12. 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.
  13. Hans-Werner Sinn, 1999. "The German State Banks," Books, Edward Elgar Publishing, number 1692, April.
  14. 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.
  15. 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.
  16. Robert Chirinko & Julie Ann Elston, 2003. "Finance, Control, and Profitability: The Influence of German Banks," Emory Economics 0304, Department of Economics, Emory University (Atlanta).
  17. 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.
  18. 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.
  19. Richard Tilly, 1998. "Universal Banking in Historical Perspective," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 154(1), pages 7-, March.
  20. Rin, Marco Da, 1996. "Understanding the development of the German Kreditbanken, 1850–1914: an approach from the economics of information," Financial History Review, Cambridge University Press, vol. 3(01), pages 29-47, April.
  21. 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.
  22. 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.
  23. Abhijit V. Banerjee & Timothy Besley & Timothy W. Guinnane, 1994. "Thy Neighbor's Keeper: The Design of a Credit Cooperative with Theory and a Test," The Quarterly Journal of Economics, Oxford University Press, vol. 109(2), pages 491-515.
  24. Timothy W. Guinnane & Ingrid Henriksen, 1997. "Why Danish Credit Co-operatives were so unimportant," Discussion Papers 97-25, University of Copenhagen. Department of Economics.
  25. Caroline Fohlin, 1999. "The rise of interlocking directorates in imperial Germany," Economic History Review, Economic History Society, vol. 52(2), pages 307-333, 05.
  26. repec:ucp:bkecon:9780226531083 is not listed on IDEAS
  27. 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.
  28. Edwards, Jeremy & Ogilvie, Sheilagh C., 1995. "Universal Banks and German Industrialization: A Reappraisal," CEPR Discussion Papers 1171, C.E.P.R. Discussion Papers.
  29. Fohlin, Caroline, 1996. "Relationship Banking, Liquidity, and Investment in the German Industrialization," Working Papers 913, California Institute of Technology, Division of the Humanities and Social Sciences.
  30. 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, December.
  31. 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.
  32. 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.
  33. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  34. 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.
  35. 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.
  36. Carlin, Wendy, 1994. "West German Growth and Institutions, 1945-90," CEPR Discussion Papers 896, C.E.P.R. Discussion Papers.
  37. Guinnane, Timothy W., 1997. "Regional organizations in the German cooperative banking system in the late 19th century," Research in Economics, Elsevier, vol. 51(3), pages 251-274, September.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:egc:wpaper:835. 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: (Louise Danishevsky)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.