Gerschenkron on his Head: Banking Structures in 19th-Century Europe, North America, and Australia

D Verdier

Working Papers from European Institute - Political and Social Sciences

Abstract: Alexander Gerschenkron explained variations in banking structures in 19th century Europe -- the fact that some countries like Germany and italy had universal banks, whereas others, like Britain, France, or the United States, has specialized banks -- by the timing of industrialization. I argue, instead, that universal banking rested on two necessary conditions : a fragmented deposit market and the existence of a liquidity guarantee.

Keywords: CENTRAL BANKS; INTERNATIONAL FINANCE (search for similar items in EconPapers)
JEL-codes: E58 (search for similar items in EconPapers)
Pages: 47 pages
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:fth:europs:96/03

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