This article provides evidence that smaller, regional public financial intermediaries contributed to Germany's industrial development, using a new dataset of the foundation year and location of Prussian savings banks. This extends the bank–growth nexus beyond its traditional focus on large universal banks. Since savings banks were public financial intermediaries, our results further suggest that state intervention can be successful in the financial sector, particularly at the early stages of industrial development when capital requirements are manageable, and access to international capital markets is limited.

中文翻译：

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重新探讨了德国银行与增长的关系：普鲁士的储蓄银行与经济增长†

本文提供的证据表明，使用普鲁士储蓄银行的成立年份和所在地的新数据集，较小的区域性公共金融中介机构为德国的工业发展做出了贡献。这扩大了银行与增长之间的联系，超越了传统上对大型通用银行的关注。由于储蓄银行是公共金融中介机构，因此我们的结果进一步表明，国家干预可以在金融部门取得成功，特别是在资本需求可控且进入国际资本市场受限的工业发展初期。