The German Experience

Friday, January 1st, 1988 at 12:00 am by Hermann H. Kallfass
Hermann H. Kallfass, The German Experience, 1988 Colum. Bus. L. Rev. 775

The West German stock market has only recently begun to be scrutinized by economists who are realizing that it is similar to its U.S. counterparts. The extensive and stimulating literature from the U.S. market has drawn West German attention to the other side of the ocean in the search for lessons from the U.S. Topics of discussion include the dynamic organizational development of U.S. stock exchanges, the promotion of young, innovative enterprises by venture capital companies, the independent U.S. system of laws governing the capital market, the extensive debate in the U.S. concerning capital market price formation, and the controversial scholarly debate over takeover regulation. However, it is difficult or even impermissible today to transfer to the West German market the particular lessons that our U.S. counterparts have to teach us, due to the many differences that exist between the two systems. These differences include the legal frameworks, the character of regulatory mechanisms, and the nature and position of financial institutions. But because of these same differences, a U.S. examination of the West German stock market may present a quite different perspective.

Author Information

Hochschulassistent, Universität Hamburg, Institut für Industrie-und Gewerbepolitik 1972-Diplom-Ingenieur. Fachhochschule Osnabrück; 1976-Diplom-Volkswirt, Universität Hamburg; 1981 Dr. rer. pol., Universität Hamburg.