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Financial System Structure and Industrialization: Reassessing the German Experience before World War I

Fohlin, Caroline (1998) Financial System Structure and Industrialization: Reassessing the German Experience before World War I. Social Science Working Paper, 1028. California Institute of Technology , Pasadena, CA. (Unpublished) http://resolver.caltech.edu/CaltechAUTHORS:20170811-163052701

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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.


Item Type:Report or Paper (Working Paper)
ORCID:
AuthorORCID
Fohlin, Caroline0000-0002-1380-2788
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.
Group:Social Science Working Papers
Funders:
Funding AgencyGrant Number
NSFUNSPECIFIED
Fulbright CommissionUNSPECIFIED
Subject Keywords:financial intermediation, universal banking, relationship banking
Record Number:CaltechAUTHORS:20170811-163052701
Persistent URL:http://resolver.caltech.edu/CaltechAUTHORS:20170811-163052701
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:80327
Collection:CaltechAUTHORS
Deposited By: Jacquelyn Bussone
Deposited On:11 Aug 2017 23:38
Last Modified:11 Aug 2017 23:38

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