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Financial intermediation, investment, and industrial development: Universal banking in Germany and Italy from unification to World War I.

机译：金融中介，投资和产业发展：从统一到第一次世界大战，德国和意大利的全能银行业务。

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Economists and historians have long suggested that financial institutions play a vital role in industrial development, and the German universal banks of the Kaiserreich (1871-1914) are often singled out as the prime example. This study presents new evidence on the role of universal banks in Germany and Italy at the turn of the century and, more generally, attempts to shed light on the functions of financial intermediaries in the process of economic development.; The results of the German study indicate that the policies of the credit banks shifted sometime around 1900, with attachments to industrial firms becoming much more prevalent thereafter. With this move toward seemingly closer firm-bank relationships, liquidity constraints were lower in the post-1902 period for old attached finns than for young attached firms and for independents. In contrast, the liquidity sensitivity of investment does not seem to have declined with age for unattached firms. This seems to indicate that information accrues over time and thus financial intermediaries attenuate liquidity constraints only in the long run. The pattern before 1900 is different. Fewer than 10% of the firms in the sample had great-bank representation prior to 1900, but those who did experienced lower liquidity constraints than those who did not--even in the short run.; Changing liquidity sensitivity of investment around the turn of the century suggests that firm-bank relationships, though uncommon in the nineteenth century, were more important for the facilitation of investment during this period than in the ensuing years. The most convincing explanation for this phenomenon seems to be the transformation in firm financial and organizational structure, which coincided with changes in attached and independent firms' relative liquidity constraints.; The findings in the Italian study parallel those for Germany, though the period under consideration is shorter. The results offer weak support for the hypothesis that bank attachment attenuated liquidity constraints but indicate a slightly stronger effect over time.; Together, the German and Italian case studies provide evidence in favor of a dynamic theory of financial intermediation but argue for a conservative interpretation of the role of such institutions in industrial development.
机译：长期以来，经济学家和历史学家一直认为，金融机构在工业发展中起着至关重要的作用，德国皇帝大帝银行（Kaiserreich，1871-1914年）经常被选为典型例子。这项研究为世纪之交德国和意大利的通用银行的作用提供了新的证据，并且更广泛地试图阐明金融中介机构在经济发展过程中的作用。德国研究的结果表明，信贷银行的政策在1900年左右的某个时候发生了变化，此后对工业公司的依恋越来越普遍。随着这种看似更紧密的企业-银行关系的发展，在1902年以后的时期，旧的附属公司的流动性约束要比年轻的附属公司和独立公司的流动性约束要低。相比之下，对于独立企业而言，投资的流动性敏感性似乎并没有随着年龄的增长而下降。这似乎表明信息随着时间的流逝而累积，因此金融中介机构仅从长远来看会减轻流动性约束。 1900年之前的模式有所不同。样本中只有不到10％的公司在1900年之前具有大银行代表权，但那些经历过流动性约束的公司要比那些没有经历过流动性约束的公司（即使在短期内）要低。大约在本世纪初，投资流动性敏感性的变化表明，尽管在十九世纪并不常见，但企业与银行之间的关系在此期间对投资便利化的重要性比随后几年更为重要。对此现象最有说服力的解释似乎是公司财务和组织结构的转变，这与附属公司和独立公司相对流动性约束的变化相吻合。尽管研究期较短，但意大利研究的结果与德国相似。结果为银行附属机构减弱了流动性约束但随着时间的推移表明效果稍强的假设提供了弱支持。总之，德国和意大利的案例研究提供了支持动态金融中介理论的证据，但主张对此类机构在产业发展中的作用进行保守的解释。

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