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Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913

Fohlin, Caroline (2001) Regulation, Taxation, and the Development of the German Universal Banking System, 1884-1913. Social Science Working Paper, 1065R. California Institute of Technology , Pasadena, CA. (Unpublished)

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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.

Item Type:Report or Paper (Working Paper)
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URLURL TypeDescription ItemPublished Version
Fohlin, Caroline0000-0002-1380-2788
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.
Group:Social Science Working Papers
Series Name:Social Science Working Paper
Issue or Number:1065R
Record Number:CaltechAUTHORS:20170808-145300983
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Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:79960
Deposited By: Jacquelyn Bussone
Deposited On:10 Aug 2017 22:41
Last Modified:03 Oct 2019 18:26

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