Regulation, taxation and the development of the German universal banking system, 1884-1913
本文检验了1896年德国证券交易所法对全能银行体系的影响，发现该法对银行增长、集中度及业务量几乎没有可测量的影响，并对比英国银行业指出集中化源于其他因素。
Previous researchers argue that the legal and regulatory environment helped shape the German financial system in the nineteenth and early-twentieth centuries, with particular emphasis on the damaging effects of the stock exchange law of 1896. This article finds that the stock exchange law of 1896 exerted little measurable impact on the growth and concentration of the universal banking system or on the business turnover of universal banks relative to securities markets. The article also shows that the English commercial banking sector and the German universal banking sector underwent similar movements toward concentration between 1884 and 1920 (both accelerating after 1912), despite no corresponding regulatory changes in England — further suggesting that consolidation of universal banking resulted from factors other than the 1896 law.