Savings Banks and the Industrial Revolution in Prussia Supporting Regional Development with Public Financial Institutions
Lehmann-Hasemeyer, Sibylle and
Fabian Wahl ()
No 12500, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We show that smaller, regional public financial intermediaries significantly contributed to industrial development, using a new data set of the foundation year and location of Prussian savings banks. This extends the banking-growth nexus beyond its traditional focus on the large universal banks, to savings banks. The saving banks had an impact through the financing of public infrastructure, such as railways, and new private factories. Saving banks were public financial intermediaries, so our results suggest that state intervention can be successful, particularly at early stages of industrial development when capital requirements are manageable, and access to international capital markets is limited.
Keywords: Industrialisation; Prussia; Public Infrastructure; Regional and Urban Development; Savings Banks (search for similar items in EconPapers)
JEL-codes: G21 N23 N74 N93 R11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fdg and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at email@example.com
Working Paper: Savings banks and the industrial revolution in Prussia: Supporting regional development with public financial institutions (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:12500
Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... rs/dp.php?dpno=12500
Access Statistics for this paper
More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().