A Caltech Library Service

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 (Unpublished)

[img] PDF (sswp 1028 - May 1998) - Submitted Version
See Usage Policy.


Use this Persistent URL to link to this item:


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)
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
Funding AgencyGrant Number
Fulbright CommissionUNSPECIFIED
Subject Keywords:financial intermediation, universal banking, relationship banking
Series Name:Social Science Working Paper
Issue or Number:1028
Record Number:CaltechAUTHORS:20170811-163052701
Persistent URL:
Usage Policy:No commercial reproduction, distribution, display or performance rights in this work are provided.
ID Code:80327
Deposited By: Jacquelyn Bussone
Deposited On:11 Aug 2017 23:38
Last Modified:03 Oct 2019 18:29

Repository Staff Only: item control page