capital firm examines the difficulties of creating a venture capital market in a bank-based financial system. The analysis …

Banks play a greater role in the German financial system than in the UnitedStates or Britain. Germany s large universal … banks are admired by those whoadvocate bank deregulation in the United States. Others admire the universalbanks for their …

This paper studies the long-run relationship between consumption, asset wealth and income in Germany, based on data … these three variables from their common trend signal changes in asset prices, we find that for Germany they predict changes … long-run. We offer an explanation of this finding that emphasizes differences between the bank-based German financial …

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique … to gauge the extent to which a bank is short or long liquidity. We find that the price a bank pays for liquidity depends … occur and short banks pay more the larger is the potential for a squeeze. The price paid for liquidity is decreasing in bank …

this paper is an observation-based analysis conducted by visiting selected paper mills in Finland, the U.S., Germany and …

Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms …. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent … assertions about the considerable power of German banks and the advantages of a bank relation, empirical support is mixed. With a …

, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending …. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank … financing. To fill this gap, we analyze the optimal debt structure in a model that allows for multiple but asymmetric bank …