Financial Development and Sectoral Output Growth in 19th Century Germany



Figure f' Impulse Responses for Sectoral Output and Bank Lending

Reaction of M         Reaction of IN         Reaction of A

to a shock in B         to a shock in B         to a shock in B


Reaction of T
to a shock in B

Reaction of TR
to a shock in B

Reaction of S
to a shock in B




123456789 10


Note: The solid lines trace the impulse responses of the sectoral output of mining (M), industry (IN), agriculture (A), trade (T), trans-
portation (TR) and services (S) to a shock in bank lending (B) for the years 1870 to 1912.

4 A sectoral analysis


Table 5: Variance Decomposition for Sectoral Output and Bank Lending

Period

M due to B

IN due to B

A due to B

T due to B

TR due to B

S due to B

~~5

6.773

9.691

16.049

4.556

24.643

16.559

[8.496]

[8.481]

[13.064]

[6.939]

[12.972]

[14.152]

10

5.730

9.343

17.969

4.916

25.386

25.095

[9.577]

[9.213]

[14.958]

[8.264]

[15.532]

[20.331]

Note: The variance decomposition (in percent) is shown for the sectoral output of mining (M),
industry (IN), agriculture (A), trade (T), transportation (TR) and services (S). The figures show the
share of the forecast error variance that is due to a shock in bank lending.



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