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dc.contributor.authorDiekmann, Katharinaen
dc.contributor.authorWestermann, Franken
dc.date.accessioned2010-08-11T09:02:26Z-
dc.date.available2010-08-11T09:02:26Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/37233-
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
dc.language.isoengen
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Aspects of the German Economy |xB12-V1en
dc.subject.jelN13en
dc.subject.jelC32en
dc.subject.jelO11en
dc.subject.ddc330en
dc.subject.keywordEconomic Growthen
dc.subject.keywordFinancial Developmenten
dc.subject.keywordSectoral asymmetriesen
dc.subject.keywordStructural VAR framewoken
dc.titleFinancial Development and Sectoral Output Growth in 19th century Germany-
dc.typeConference Paperen
dc.identifier.ppn655223487en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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