Arbeitspapier
Financial development and sectoral output growth in 19th century Germany
In this paper we re-evaluate the hypothesis that the development of the financial sector was an essential factor behind economic growth in 19th century Germany. We apply a structural VAR framework to a new annual data set from 1870 to 1912 that was initially recorded by Walther Hoffmann (1965). With respect to the literature, the distinguishing characteristic of our analysis is the focus on different sectors in the economy and the interpretation of the findings in the context of a two-sector growth model. We find that all sectors were affected significantly by shocks from the banking system. Interestingly, this link is the strongest in sectors with small, non-tradable goods producing firms, such as services, transportation and agriculture. In this regard, the growth patterns in 19th century Germany are reminiscent to those in today's emerging markets.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 3283
- Klassifikation
-
Wirtschaft
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: Europe: Pre-1913
Economic History: Financial Markets and Institutions: Europe: Pre-1913
Macroeconomic Analyses of Economic Development
- Thema
-
economic growth
financial development
sectoral asymmetries
Kreditgeschäft
Wirtschaftswachstum
Branchenentwicklung
VAR-Modell
Deutschland (bis 1945)
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Diekmann, Katharina
Westermann, Frank
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Diekmann, Katharina
- Westermann, Frank
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2010
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