By Jeremy Edwards, Klaus Fischer
This booklet presents a serious research of frequent claims concerning the advantages of the "bank-based" German method of funding finance. the aim of the e-book is to supply an analytical beginning for those claims, and to confront them with empirical proof from the German economic climate within the postwar interval. The authors exhibit that those claims are usually not supported by means of the facts. this is often an incredible discovering, because it unearths that there's no foundation for the view that the German procedure of funding finance is person who can be emulated by way of different nations.
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Extra resources for Banks, Finance and Investment in Germany
Example text
The investors to which savers provide resources via the financial system are typically firms. The firm has usually been treated in economic theory simply as a production function which transforms 22 A theoretical framework 23 inputs into outputs in such a way as to maximise profits. This standard approach, however, ignores some central issues arising from the fact that firms are institutions within which trade between individuals takes place in non-market or administrative ways, even though it would be possible for this trade to occur via market exchanges.
It is shown that the widespread interpretation given to Cable's results is misleading in several important respects. The conclusions of the book are set out in chapter 10. One last point that we wish to make before beginning our analysis Introduction 21 concerns terminology. The empirical evidence used in this book relates to the economy of West Germany in the period from the end of the Second World War to the reunification of Germany in 1990. Throughout the book we use the term 'Germany' rather than 'West Germany'; we hope that our use of the simpler term will not cause any confusion.
For this reason the efficient incentive contract approach to firm financing decisions usually proceeds in a different way. It envisages managers choosing the firm's financial policy and, for various reasons, being concerned with the market valuation of the firm. The valuation of the firm is determined by suppliers of finance, who are presumed to have a complete understanding of the incentives faced by managers as a result of the firm's financial policy. This means that a financial policy which leads to an efficient incentive contract (subject to the various constraints) will maximise market valuation, and will thus be chosen by managers.