Financial Development and Sectoral Output Growth in 19th Century Germany

Figure 6: Impulse Responses for Sectoral Output and Equity Capital with Cholesky Decomposition

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 equity capital (EC) for the years 1870 to 1912.

Table I: Variance Decomposition for Sectoral Output and Equity Capital

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 equity capital.

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