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dc.contributor.authorDiekmann, Katharinaen_US
dc.contributor.authorWestermann, Franken_US
dc.description.abstractIn this paper we re-evaluate the hypothesis that the development of the financial sector is 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 are affected significantly by shocks from the banking system. Interestingly, this link is the strongest in non-tradeable goods producing sectors, such as home services, agriculture and traffic. In this regard, the growth patterns in 19th century Germany are reminiscent to those in today's emerging markets.en_US
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en_US
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Aspects of the German Economy |xB12-V1en_US
dc.subject.keywordEconomic Growthen_US
dc.subject.keywordFinancial Developmenten_US
dc.subject.keywordSectoral asymmetriesen_US
dc.subject.keywordStructural VAR framewoken_US
dc.titleFinancial Development and Sectoral Output Growth in 19th century Germanyen_US
dc.typeConference Paperen_US

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