Financial Development and Sectoral Output Growth in 19th Century Germany

Figure 5: Impulse Responses for Sectoral Output and Total Assets

Reaction of M         Reaction of IN         Reaction of A         Reaction of T         Reaction of TR         Reaction of S

to a shock in TA to a shock in TA to a shock in TA to a shock in TA to a shock in TA to a shock in TA

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 total assets (TA) for the years 1870 to 1912.

Table 6: Variance Decomposition for Sectoral Output and Total Assets

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 total assets.

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