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Gerschenkron on his Head : Banking Structures in 19th-Century Europe, North America, and Australia

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  • Verdier, D

Abstract

Alexander Gerschenkron explained variations in banking structures in 19th century Europe -- the fact that some countries like Germany and italy had universal banks, whereas others, like Britain, France, or the United States, has specialized banks -- by the timing of industrialization. I argue, instead, that universal banking rested on two necessary conditions : a fragmented deposit market and the existence of a liquidity guarantee.

Suggested Citation

  • Verdier, D, 1996. "Gerschenkron on his Head : Banking Structures in 19th-Century Europe, North America, and Australia," Papers 96/03, European Institute - Political and Social Sciences.
    • Handle: RePEc:fth:europs:96/03
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    Keywords

    CENTRAL BANKS ; INTERNATIONAL FINANCE;

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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