Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913
- Creators
- Fohlin, Caroline
Abstract
Previous researchers argue that the legal and regulatory environment helped shape the German financial system in the nineteenth and early-twentieth centuries, with particular emphasis on the damaging effects of the stock-exchange law of 1896. This paper finds that the stock exchange law of 1896 exerted little measurable impact on the growth and concentration of the universal banking system or on the business turnover of universal banks relative to securities markets. The paper also shows that the English commercial banking sector and the German universal banking sector underwent similar movements toward concentration between 1884 and 1920 (both accelerating after 1912), despite no corresponding regulatory changes in England–further suggesting that consolidation of universal banking resulted from factors other than the 1896 law.
Additional Information
Revised version. Original dated to February 2000. Published as Fohlin, C. (2002). Regulation, taxation and the development of the German universal banking system, 1884–1913. European Review of Economic History, 6(2), 221-254.Attached Files
Submitted - sswp1065_-_revised.pdf
Files
Name | Size | Download all |
---|---|---|
md5:3a5c3198116833868bfcd5aed132159c
|
338.7 kB | Preview Download |
Additional details
- Eprint ID
- 79960
- Resolver ID
- CaltechAUTHORS:20170808-145300983
- Created
-
2017-08-10Created from EPrint's datestamp field
- Updated
-
2019-10-03Created from EPrint's last_modified field
- Caltech groups
- Social Science Working Papers
- Series Name
- Social Science Working Paper
- Series Volume or Issue Number
- 1065R