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German banks and industrial finance in the 1990s

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  • Deeg, Richard

Abstract

This paper examines the role of the banking system in the German model ofindustrial development. It argues that the banks continue to fulfill several of theirtraditional functions in industrial finance, despite dramatic changes in financial regulation and the internationalisation of product and capital markets. This helps explain the successful adjustment of German industry since the early 1970s. The success of the traditional financial system, however, is at the same time a barrier to the creation of new high-tech industries - a major competitive challenge for Germany. Moreover, an emerging dualism in the banking system is evident as large Germanfirms increasingly seek an Anglo-Saxon style financial market with emphasis onsecurities financing, while small and medium size enterprises continue to rely on the traditional system of long-term bank financing. In this sense Germany is attemptingto combine its traditional bank-based finance system with Anglo-Saxon market-based finance, hoping to achieve the advantages of each system and eliminate the disadvantages. Success in this endeavor has been modest.

Suggested Citation

  • Deeg, Richard, 1996. "German banks and industrial finance in the 1990s," Discussion Papers, Research Unit: Economic Change and Employment FS I 96-323, WZB Berlin Social Science Center.
    • Handle: RePEc:zbw:wzbece:fsi96323
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    1. Audretsch, David B, 1995. "The Innovation, Unemployment and Competitiveness Challenge in Germany," CEPR Discussion Papers 1152, C.E.P.R. Discussion Papers.
    2. Kitschelt, Herbert, 1991. "Industrial governance structures, innovation strategies, and the case of Japan: sectoral or cross-national comparative analysis?," International Organization, Cambridge University Press, vol. 45(4), pages 453-493, October.
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