Download or read book Universal Banks and German Industrialization written by Jeremy S. S. Edwards and published by . This book was released on 1995 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Finance Capitalism and Germany s Rise to Industrial Power written by Caroline Fohlin and published by Cambridge University Press. This book was released on 2007-01-29 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on a wide array of data collected by the author, this book uses clear theoretically motivated economic analysis to explain the structure, performance, and influence of universal banks and securities markets on firms during industrialisation. The German universal banks played a significant but not overwhelming role in the ownership and control of corporate firms. Banks gained access to boards via a confluence of their underwriting and brokerage activities, the legal phenomena of bearer shares and deposited voting rights, and the flourishing securities markets of the turn of the twentieth century. In general, bank relationships had little impact on firm performance; stock market listings, or ownership structure, were more important. The findings show that securities markets can thrive within a civil-law, universal-bank system and suggest that financial system complexity can favour rapid industrial expansion.
Download or read book Universal Banking and the Financing of Industrial Development written by Charles W. Calomiris and published by World Bank Publications. This book was released on 1995 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Universal Bank and German Industrialization written by Jeremy Edwards and published by . This book was released on 1995 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Disconto Gesellschaft and German Industrialization written by John M. Kleeberg and published by . This book was released on 1988 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Universal Banking in the Twentieth Century written by Alice Teichova and published by Edward Elgar Publishing. This book was released on 1994 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume addresses aspects of banking in 20th-century European market economies. It examines the historical role of banks in using domestic and foreign financial resources, showing how from the 1880s onwards, banks became an integral part of the capital market in continental Europe. The study analyzes the relationship between banks and industry, and the impacts on inflation and the crisis-prone interwar period.
Download or read book Regulation Taxation and the Development of the German Universal Banking System 1884 1913 written by Caroline Fohlin and published by . This book was released on 2003 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The historical literature has traditionally paid much attention to the role of universal banking in the industrialization of Germany and has presumed, in line with Gerschenkron (1962), that the system gained preeminence in the late nineteenth century due to the general 'backwardness' of the economy. Some researchers have stressed legal and political factors in the evolution of German financial institutions, placing particular emphasis on the Stock Exchange Law of 1896. The 1896 law, because it restricted the allowable activities of the securities exchanges, is seen as promoting the growth and concentration and possibly also monopoly power in the universal banking sector. Two important tax levies on securities market business, arriving shortly before and after the 1896 law, are also considered as an catalyst for change in the financial system. Despite the many claims made about the impact of regulation and taxation, though, a convincing quantitative analysis of the multiple influences is still lacking.The current paper begins to fill this gap by examining company law and stock exchange regulations from the 1870s until the onset of World War I and by investigating the measurable effects of this legal framework on the development of the universal banking sector from 1884 to 1913. The analysis covers three hypothesized areas of impact: concentration, overall growth, and volume of business relative to the stock markets. The findings indicate that the size and volume of the German universal banks developed in a strong, but sustained, manner throughout the period considered, and concentration of the sector increased less than the conventional wisdom supposes. None of the three considered indicators reacted significantly to the 1896 stock exchange law, but all three appear to have increased weakly in response to taxes. Comparison with the British deposit banking sector indicates that the two countries followed nearly identical paths towards increasing concentration between 1884 and 1920, and that indeed the greatest push towards concentration came between 1913 and 1920 - long after the regulation and taxation episodes in Germany. Moreover, in spite of the growth of the German universal banking sector during the period, the British deposit banking sector was still markedly larger in 1913 (normalized by GNP). Thus, the evidence suggests that the effects of individual pieces of legislation were small compared to other changes in the economy.
Download or read book Banking in the Early Stages of Industrialization written by Rondo E. Cameron and published by New York : Oxford University Press. This book was released on 1967 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bidrag om: England, Scotland, France, Belgium, Germany, Russia, Japan
Download or read book From Old Regime to Industrial State written by Richard H. Tilly and published by University of Chicago Press. This book was released on 2020-10-26 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: In From Old Regime to Industrial State, Richard H. Tilly and Michael Kopsidis question established thinking about Germany’s industrialization. While some hold that Germany experienced a sudden breakthrough to industrialization, the authors instead consider a long view, incorporating market demand, agricultural advances, and regional variations in industrial innovativeness, customs, and governance. They begin their assessment earlier than previous studies to show how the 18th-century emergence of international trade and the accumulation of capital by merchants fed commercial expansion and innovation. This book provides the history behind the modern German economic juggernaut.
Download or read book Relationship Banking Liquidity and Investment in the German Industrialization written by Caroline Fohlin and published by . This book was released on 1998 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Close bank relationships are thought to ameliorate firms' liquidity constraints--a phenomenon frequently measured by liquidity sensitivity of investment. Using a panel of German firms during the formative years of universal banking (1903-1913), this paper shows that, even controlling for selection bias, investment is more sensitive to internal liquidity for bank-networked firms than unattached firms. The firm exhibiting the greatest liquidity sensitivity, however, faced no apparent liquidity constraints. The findings yield two implications: they support recent research rejecting a linear relationship between liquidity sensitivity and financing constraints, and they suggest that relationship banking provides no consistent lessening of firms' liquidity sensitivity.
Download or read book Corporate Finance Benefits from Universal Banking written by Charles W. Calomiris and published by . This book was released on 2010 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Limitations on bank consolidation and branching in the United States at an early date effectively limited the scope of commercial banks and their involvement in financing large-scale industry, and increased information and transaction costs of issuing securities. In contrast, German industry was financed by large-scale universal banks who maintained long-term relationships with firms, involving ongoing monitoring and disciplining of management, and underwriting. Low costs of German industrial finance are reflected in lower investment banking spreads on securities issues and a higher propensity to issue equity relative to the United States.
Download or read book The Rise of German Industrial Power 1834 1914 written by William Otto Henderson and published by Univ of California Press. This book was released on 1975-01-01 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Disconto Gesellschaft and German Industrialization written by John M. Kleeberg and published by John Martin Kleeberg. This book was released on 1988 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Mobilizing Money written by Caroline Fohlin and published by Cambridge University Press. This book was released on 2011-12-30 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the origins of modern corporate finance systems during the rapid industrialization period leading up to World War I; leading to three sets of conclusions. First, modern financial systems are rooted in the past, are idiosyncratic to specific countries and are highly path-dependent. Therefore, to understand current financial institutions, we must take stock of the forces at play in the near and distant past. Second, financial institutions and markets do not create economic growth without significant first steps in industrial development and supporting institutions. Third, and most important from the modern policy standpoint, there is no 'one-size-fits-all' solution to financial system design and industrial development. Having specific types of financial institutions is far less important than developing a strong, stable and legally protected financial system with a rich diversity of institutions and vibrant markets that can adapt to changing needs.
Download or read book The German Financial System and the Financial and Economic Crisis written by Daniel Detzer and published by Springer. This book was released on 2017-05-26 with total page 325 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.
Download or read book The German Financial System written by Jan Pieter Krahmen (editor) and published by . This book was released on 2004 with total page 550 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by a team of scholars, predominantly from the Centre for Financial Studies in Frankfurt, this volume provides a descriptive survey of the present state of the German financial system and a new analytical framework to explain its workings.
Download or read book Banks as Catalysts for Industrialization written by Marco Da Rin, Thomas Hellmann and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
