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dc.contributor.authorWestermann, Franken_US
dc.contributor.authorDiekmann, Katharinaen_US
dc.date.accessioned2011-07-15T14:20:18Z-
dc.date.available2011-07-15T14:20:18Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/48284-
dc.description.abstractIn 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.en_US
dc.language.isoengen_US
dc.publisherZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft Kiel und Hamburgen_US
dc.relation.ispartofseriesProceedings of the German Development Economics Conference, Berlin 2011 81en_US
dc.subject.jelC22en_US
dc.subject.jelN13en_US
dc.subject.jelN23en_US
dc.subject.jelO11en_US
dc.subject.ddc330en_US
dc.subject.keywordEconomic Growthen_US
dc.subject.keywordFinancial Developmenten_US
dc.subject.keywordSectoral asymmetriesen_US
dc.titleFinancial Development and Sectoral Output: Growth in 19th Century Germanyen_US
dc.typeConference Paperen_US
dc.identifier.ppn665577516-
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
dc.identifier.repecRePEc:zbw:gdec11:81-
Appears in Collections:Proceedings of the German Development Economics Conference, 2011 (Berlin)

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