TAILIEUCHUNG - DELEGATED MONITORS, LARGE AND SMALL: THE DEVELOPMENT OF GERMANY’S BANKING SYSTEM, 1800-1914

This paper analyses empirically if there is a link from central bank finances to inflation. There is no consensus on this issue in the academic literature. On the one hand, there are papers arguing that a central bank’s financial weakness can lead to “policy insolvency”. On the other hand, some authors argue that central bank financial strength is just one of many features of the monetary policy institutional set-up, and that its link to inflation is far from straightforward. In terms of country case studies, one can find examples in both directions, too. There are historical examples of countries. | ECONOMIC GROWTH CENTER YALE UNIVERSITY . Box 208269 New Haven CT 06520-8269 CENTER DISCUSSION PAPER NO. 835 DELEGATED MONITORS LARGE AND SMALL THE DEVELOPMENT OF GERMANY S BANKING SYSTEM 1800-1914 Timothy W. Guinnane Yale University August 2001 Notes Center Discussion Papers are preliminary materials circulated to stimulate discussions and critical comments. Forthcoming in the Journal of Economic Literature. This research has been supported in part by grants from the National Science Foundation and the German Marshall Fund of the United States. The paper was revised while I was a visiting scholar at the Russell Sage Foundation. For helpful comments and suggestions I thank Charles Calomiris Bruce Carruthers Robert Chirinko Marco Da Rin Amil Dasgupta Jeremy Edwards Jurgen Eichberger William English Nicola Fuchs Isabel Godde Herschel Grossman Richard Grossman Martin Hellwig Naomi Lamoreaux Ross Levine Mariam Manichaikul Carolyn Moehling Cormac Ó Gráda Benjamin Polak Harvey Rosen Robert Shiller Robert Solow Jochen Streb Richard Sylla Richard Tilly David Weiman Michael M. Weinstein Eugene White the editor and the referees. This paper can be downloaded without charge from the Social Science Research Network electronic library at http abstract 284150 An index to papers in the Economic Growth Center Discussion Paper Series is located at http egcenter Delegated Monitors Large and Small The Development of Germany s Banking System 1800-1914 Timothy W. Guinnane Abstract Banks play a greater role in the German financial system than in 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

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