Delegated Monitors, Large and Small: the Development of Germany’S Banking System, 1800-1914
ECONOMIC GROWTH CENTER YALE UNIVERSITY P.O. Box 208269 New Haven, CT 06520-8269 CENTER DISCUSSION PAPER NO. 835 DELEGATED MONITORS, LARGE AND SMALL: THE DEVELOPMENT OF GERMANY’S BANKING SYSTEM, 1800-1914 Timothy W. Guinnane Yale University August 2001 Notes: Center Discussion Papers are preliminary materials circulated to stimulate discussions and critical comments. Forthcoming in the Journal of Economic Literature. This research has been supported in part by grants from the National Science Foundation and the German Marshall Fund of the United States. The paper was revised while I was a visiting scholar at the Russell Sage Foundation. For helpful comments and suggestions I thank Charles Calomiris, Bruce Carruthers, Robert Chirinko, Marco Da Rin, Amil Dasgupta, Jeremy Edwards, Jürgen Eichberger, William English, Nicola Fuchs, Isabel Gödde, Herschel Grossman, Richard Grossman, Martin Hellwig, Naomi Lamoreaux, Ross Levine, Mariam Manichaikul, Carolyn Moehling, Cormac Ó Gráda, Benjamin Polak, Harvey Rosen, Robert Shiller, Robert Solow, Jochen Streb, Richard Sylla, Richard Tilly, David Weiman, Michael M. Weinstein, Eugene White, the editor, and the referees. This paper can be downloaded without charge from the Social Science Research Network electronic library at: http://papers.ssrn.com/abstract=284150 An index to papers in the Economic Growth Center Discussion Paper Series is located at: http://www.econ.yale.edu/~egcenter/research.htm Delegated Monitors, Large and Small: The Development of Germany’s Banking System, 1800-1914 Timothy W. Guinnane Abstract 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.
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