Does Banking Structure Matter? Quantifying the Development and Impact of Universal Banking in the German Industrialization

小行星961799 本项目的目的是提供关于全能银行在19世纪和20世纪初德国的作用的新证据，并更普遍地阐明金融中介机构在现代背景下促进经济增长和发展的能力。 经济学家和历史学家长期以来一直认为，金融机构在工业发展中发挥着至关重要的作用，德意志帝国（1871-1914）的全能银行经常被选为最好的例子。 这些银行将短期商业贷款与长期投资银行业务结合起来，并被认为与它们所资助的工业公司建立了长期关系。 德国银行通过结合职能和发展与工业家的密切联系，被认为提高了投资的效率和实力，从而加速了工业化。 本研究的假设是，许多被认为是德国银行业范式不可或缺的特征出现在工业增长的主要高潮之后，德国形式的公司金融体系对工业化来说既不充分，也不必要。 通过详细研究德国的情况下，并在每个阶段绘制国际和跨期的比较，本研究有望产生广泛的见解现代和历史相关性的问题。

961799 Fohlin The purpose of this project is to provide new evidence on the role of universal banks in Germany during the nineteenth and early twentieth centuries, and, more generally, to shed light on the ability of financial intermediaries to promote economic growth and development in the modern context. Economists and historians have long suggested that financial institutions play a vital role in industrial development, and the German universal banks of the Kaiserreich (1871-1914) are often singled out as the prime example. These banks joined short-term commercial lending with long-term investment banking and are thought to have fostered long-term relationships with the industrial firms they financed. By combining functions and developing close ties with industrialists, German banks are thought to have improved the efficiency and strength of investment and, in turn, to have accelerated industrialization. The hypothesis underlying this study is that many of the characteristics considered integral to the German banking paradigm emerged well after the main spurt of industrial growth and that the corporate finance system taking the German form was neither sufficient nor even necessary for industrialization. By examining the German case in detail, and by drawing international and intertemporal comparisons at each stage, this study promises to yield a wide range of insights into questions of both modern and historical relevance.