Mobilizing money: how the world's richest nations financed industrial growth
In: Japan-US Center UFJ Bank monographs on international financial markets
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In: Japan-US Center UFJ Bank monographs on international financial markets
In: Japan-U.S. Center UFJ Bank monographs on international financial markets
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
In: Studies in macroeconomic history
SSRN
Working paper
In: Caroline Fohlin, MOBILZING MONEY: HOW THE WORLD'S RICHEST NATIONS FINANCED INDUSTRIAL GROWTH, New York: Cambridge University Press (UFJ Monograph Prize), 2012
SSRN
In: The journal of economic history, Band 70, Heft 3, S. 630-656
ISSN: 1471-6372
Investors in new stock issues in Germany in the 1880s experienced low spreads between the price they paid for stock and the price at which they could sell the stock in the market. Stock issuing companies paid substantial fees to underwriting banks, and these costs increased with the underwriter's market share. Bank's faced lower issuing costs than did nonfinancial firms. These patterns are consistent with a situation in which underwriters exploited their access to better information (agency problems) and had market power, but do not support the supposed lemons problems that motivated the imposition of stringent regulations in 1896.
In: Enterprise & society: the international journal of business history, Band 8, Heft 3, S. 602-641
ISSN: 1467-2235
This article poses three main questions: Does the civil-law tradition favor large, concentrated, universal banking systems? Does this sort of legal system work against the development of active securities markets? Do powerful universal banks (whether or not legal tradition lies at the root of bank power) replace securities markets or prevent them from operating efficiently? Based on evidence from Pre-World War I Germany, this paper argues that the answer to all three questions is "no."
In: Jahrbuch für Wirtschaftsgeschichte: Economic history yearbook, Band 43, Heft 2
ISSN: 2196-6842
In: Business history, Band 43, Heft 1, S. 1-24
ISSN: 1743-7938
In: The journal of economic history, Band 60, Heft 2, S. 562-563
ISSN: 1471-6372
In: Explorations in economic history: EEH, Band 36, Heft 4, S. 305-343
ISSN: 0014-4983
In: The economic history review, Band 52, Heft 2, S. 307-333
ISSN: 1468-0289
In: The journal of economic history, Band 58, Heft 3, S. 889-891
ISSN: 1471-6372
In: The journal of economic history, Band 58, Heft 1, S. 292-293
ISSN: 1471-6372
In: Explorations in economic history: EEH, Band 35, Heft 1, S. 83-107
ISSN: 0014-4983