The funding of economic growth by banks 1850 to 1913

In this study the authors describe the interrelationship between the credit-currency of the fiscal institutions and the economic development. National income as well as investments are used as Indicators of economic development. The basis of the analysis are the data of Walther G. Hoffmann (1965). The result is a constantly rising relevance of the fiscal institutions, particularly of the banks. Howerver, there are substantial concern about the applicability of Hoffmann’s data, because an exact analysis needs flow values of the credit-currency. In this study the flow values of the credit currency are calculated and they are compared with the stock-values (Hoffmann-data). Topics (Data-tables in the ZA-Onlinedatabase HISTAT): - In Germany circulating bills of exchange, circulation of bills, bill holdings of commercial banks at the end of the year. - Bill holdings of the commercial banks, commercial bank’s bill holdings share of the average circulation of bills, purchased bills of exchange by the commercial banks. - The commercial banks’, the Reichsbank’s, and the Bank-system’s granting of credit on the basis of purchased bills of exchanges. - New granted Lombardloans and yearly stock of the Reichsbank and the interrelationship between them. - Yearly stock of the commercial banks of Lombardloans, new granted Lombard-loans by the commercial banks and by the banksystem. - Stockvalues and flowvalues of overdraft credits of the commercial banks. - Acquisition of bank credits by means of commercial papers. - Issue- and placement-statistics.