Delegated Monitors, Large and Small: Germany's Banking System, 1800-1914
Journal of Economic Literature
vol. 40,
no. 1, March 2002
(pp. 73-124)
Abstract
Banks play a greater role in the German financial system than in those of the United States or Britain. Germany's large universal banks are admired by those who advocate bank deregulation in the United States. Others admire the universal banks for their supposed role in corporate governance and industrial finance. Many discussions distort the German banking system by overstressing one of several types of banks, and ignore the competition and cooperation between the famous universal banks and other banking groups. Tracing the historical development of the German banking system from the early nineteenth century places the large universal banks in context.Citation
Guinnane, Timothy, W. 2002. "Delegated Monitors, Large and Small: Germany's Banking System, 1800-1914." Journal of Economic Literature, 40 (1): 73-124. DOI: 10.1257/0022051026985JEL Classification
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- N23 Economic History: Financial Markets and Institutions: Europe: Pre-1913
- G28 Financial Institutions and Services: Government Policy and Regulation