Published May 1998
| Submitted
Working Paper
Open
Financial System Structure and Industrialization: Reassessing the German Experience before World War I
- Creators
-
Fohlin, Caroline
Chicago
An error occurred while generating the citation.
Abstract
Lack of both theoretical cogency and empirical evidence casts doubt on the Gerschenkronian paradigm of banking and industrial development. Social, political, and regulatory environments may shape financial systems, and institutions may persist beyond their usefulness. Central features of universal banking arose late in the German industrialization, if at all; those that did may not have stemmed from the banks' universal structure. In focusing on international differences among financial systems, traditional views on the relative benefits of universal banking may underestimate both the impact of non-institutional factors on development experiences and the similarities in the ultimate effects of disparate systems.
Additional Information
I am grateful to David Soskice (Wissenschaftszentrum Berlin) and Martin Hellwig (the University of Mannheim) for their kind hospitality and to Lance Davis, John Latting, and Larry Neal for helpful comments and discussions. Financial support from the National Science Foundation and from the Fulbright Commission is acknowledged with thanks.Attached Files
Submitted - sswp1028.pdf
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Additional details
- Eprint ID
- 80327
- Resolver ID
- CaltechAUTHORS:20170811-163052701
- NSF
- Fulbright Commission
- Created
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2017-08-11Created from EPrint's datestamp field
- Updated
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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
- 1028