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dc.contributor.authorWestermann, Franken
dc.contributor.authorDiekmann, Katharinaen
dc.date.accessioned2011-07-15T14:20:18Z-
dc.date.available2011-07-15T14:20:18Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften, Leibniz-Informationszentrum Wirtschaft |cKiel und Hamburgen
dc.relation.ispartofseries|aProceedings of the German Development Economics Conference, Berlin 2011 |x81en
dc.subject.jelC22en
dc.subject.jelN13en
dc.subject.jelN23en
dc.subject.jelO11en
dc.subject.ddc330en
dc.subject.keywordEconomic Growthen
dc.subject.keywordFinancial Developmenten
dc.subject.keywordSectoral asymmetriesen
dc.titleFinancial Development and Sectoral Output: Growth in 19th Century Germany-
dc.typeConference Paperen
dc.identifier.ppn665577516en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:gdec11:81en

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