Monetary and Fiscal Unification in 19th Century Germany

ESSAYS IN INTERNATIONAL FINANCE

ESSAYS IN INTERNATIONAL FINANCE are published by the International Finance Section of the Department of
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Please see the Notice to Contributors at the back of this
Essay.
The author of this Essay, Harold James, is Professor of
History at Princeton University. His publications include
The German Slump: Politics and Economics 1924–1936
(1986), A German Identity (1989), and International Monetary Cooperation Since Bretton Woods (1996). He is also a coauthor of The Deutsche Bank 1870–1995 (1995).
PETER B. KENEN,

Director
International Finance Section

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Library of Congress Cataloging-in-Publication Data
James, Harold.
Monetary and fiscal unification in nineteenth-century Germany : what can Kohl learn from Bismarck? / Harold James.
p. cm. — (Essays in international finance ; no. 202)
Includes bibliographical references.
ISBN 0-88165-109-5
1. Monetary policy—Germany—History—19th century. 2. Fiscal policy—Germany—
History—19th century. 3. Monetary unions. I. Title. II. Series.
HG136.P7 no. 202
[HG998]
332.4′943′09034—dc21
97-2800
CIP
Copyright © 1997 by International Finance Section, Department of Economics, Princeton
University.
All rights reserved. Except for brief quotations embodied in critical articles and reviews, no part of this publication may be reproduced in any form or by any means, including photocopy, without written permission from the publisher.
Printed in the United States of America by Princeton University Printing Services at
Princeton, New Jersey
International Standard

References: Barth, Boris, Die deutsche Hochfinanz und die Imperialismen: Banken und Aussenpolitik vor 1914, Stuttgart, Steiner, 1995. Bendixen, Friederich, Geld und Kapital: Gesammelte Aufsätze, Jena, Gustav Fischer, 1920. Fontana, 1973, pp. 76–160. ———, “Währung und Wirtschaft,” in Deutsche Bundesbank, Währung und Wirtschaft in Deutschland 1876–1975, Frankfurt, Fritz Knapp, 1976, pp. Duncker and Humblot, 1991, pp. 257–279. Cooper, Richard N., “The ‘Eurofed’ needs Accountability,” Economic Insights, 3 (May–June 1992), pp Deutsche Bundesbank, Deutsches Geld und Bankwesen in Zahlen 1876–1975, Frankfurt, Fritz Knapp, 1976. Dierschke, Karl, and F. Müller, Die Notenbanken der Welt, Berlin, Gürgens, 1926. Central Bank: Perspectives on Monetary Unification After Ten Years of the EMS, Cambridge, Cambridge University Press, 1989, pp Eynern, Gert von, Die Reichsbank: Probleme der deutschen Zentralnoteninstituts in geschichtlicher Darstellung, Jena, Gustav Fischer, 1928. Feldman, Gerald D., The Great Disorder: Politics, Economics, and Society in the German Inflation 1914–1924, New York, Oxford University Press, 1993. Ferguson, Niall, Paper and Iron: Hamburg Business and German Politics in the Era of Inflation 1897–1927, Cambridge, Cambridge University Press, 1995. German), and London, Weidenfeld and Nicholson (in English), 1995. tions in the 1870s,” in Michael D. Bordo and Forrest Capie, eds., Monetary Regimes in Transition, Cambridge, Cambridge University Press, 1993, pp. Norddeutschen Bundes bis zur Gegenwart, Jena, Gustav Fischer, 1913. Tübingen, J.C.B. Mohr, 1928, pp. 1–69. Finance, 5 (December 1986), pp. 467–483. Unification After Ten Years of the EMS, Cambridge, Cambridge University Press, 1989, pp Hallerberg, Mark, “Tax Competition in Wilhelmine Germany and Its Implications for the European Union,” World Politics, 48 (April 1996), pp. 324–357. de Cecco and Alberto Giovannini, eds., A European Central Bank: Perspectives on Monetary Unification After Ten Years of the EMS, Cambridge, Cambridge University Press, 1989, pp Ingram, James C., “State and Regional Payments Mechanisms,” Quarterly Journal of Economics, 73 (November 1959), pp James, Harold, The German Slump: Politics and Economics 1924–1936, Oxford, Clarendon, and New York, Oxford University Press, 1986. ———, A German Identity, 1770–1990, New York, Routledge, 1989. ———, International Monetary Cooperation Since Bretton Woods, New York, Oxford University Press, 1996. Kenen, Peter B., Economic and Monetary Union in Europe: Moving Beyond Maastricht, Cambridge, Cambridge University Press, 1995. Lamfalussy, Alexandre, “Macro-Coordination of Fiscal Policies in an Economic and Monetary Union in Europe,” in Commission of the European Communities, Committee for the Study of Economic and Monetary Union, Luxembourg, 1989, pp Lewis, W.A., Growth and Fluctuations 1870–1913, London, Allen and Unwin, 1978. Lotz, Walther, Geschichte und Kritik des deutschen Bankgesetzes, Vol. 14 (March 1875), Leipzig, Duncker and Humblot, 1888. London, Longmans Green, 1896. McGouldrick, Paul, “Operations of the German Central Bank and the Rules of the Game, 1879–1913,” in Michael D Retrospective on the Classical Gold Standard 1921–1931, Chicago, University of Chicago Press, 1984, pp Marsh, David, The Bundesbank: The Bank That Rules Europe, London, Heineman, 1992. Washington, D.C., Government Printing Office, 1910. Monetary Regimes in Transition, Cambridge, Cambridge University Press, 1993, pp Reichsbank, The Reichsbank 1876–1900, Washington, D.C., Government Printing Office, 1910.