In the German Empire, corporations almost always paid a dividend to their shareholders. Dividends have been cut or increased in line with the development of profits. We demonstrate that the target dividend and the average dividend tended to be nearly the same. If the dividend paid deviated from...

Die SPD war von 1930 bis 1932 nicht an der Regierung beteiligt, tolerierte aber die Spar- und Deflationspolitik des Kabinetts Brüning. Diese Tolerierung suggeriert, dass die SPD die Regierung Brüning gegen ihre wirtschaftspolitischen Überzeugungen unterstützt hätte, um Demokratie und...

Bartels, Jäger and Obergruber (2024) examine how division rules for the inheritance of agricultural land affected distributional outcomes in 19th century and contemporary Germany. The authors use a regression discontinuity design to show that equal-division counties-those in which inheritance...

This volume contains the papers presented at the conference "Reich, Recht und Schulden," which took place on September 12, 2025, at the House of Finance of Goethe University Frankfurt am Main. The papers address various aspects of the financial history of the Holy Roman Empire between 1648 and...

As seldom before, the current war in Ukraine has seen the use of World War II analogies by belligerents and also some Western non-belligerents. They thereby follow in the footsteps of such political leaders as Anthony Eden, Margaret Thatcher, Joseph Stalin, or John F. Kennedy. Indeed, statesmen...

The Weimar Triangle countries - France, Germany, and Poland - could enhance Europe's defense and strategic autonomy thanks to their complementarities. Germany, enjoying fiscal space, opted for debt-financed rearmament but stagnant voluntary recruitment and sluggish procurement form bottlenecks....

Economic and social scientists are increasingly interested in historical data, but many relevant sources are still available in analog form, limiting accessibility and research potential. This article introduces the WBdigital database, which aims to improve this situation. The database provides...

The notion of a nation-specific inflation trauma among the German population is ubiquitous in the public debate in Germany and beyond. According to a widespread reading of history because of its experience with hyperinflation in 1923, the Germans not only fear rising prices but favor a...

In recent years, German colonialism has received growing public attention - a history long overshadowed by the World Wars. Due to its short-lived character, a long-term comparative view of German colonialism has not featured prominently in most accounts of European imperialism. This chapter...

We study the long-term effects of inflation surges on inflation expectations using Germany as a laboratory. Households living in areas with higher local inflation during the hyperinflation of the 1920s expect higher inflation today, even after controlling for known determinants of historical...

The persistence literature connects recent outcomes to events long ago. Although this literature is promising, it raises serious questions about how to distinguish deep causal factors that persist across time from alternative explanations derived from the rapidly changing historical context or...

While the recent rise of populism has led many scholars to study populism in the modern era, its long-run evolution remains underexplored. This paper analyzes German parliamentary speeches to study populism over the long run, covering the Weimar Republic (1918-1933) and the united Federal...

We examine fiscal policies and parliamentary activities of minority governments in the German states. Our sample includes the 16 German states over the period 1981-2024. The results show that minority governments implemented similar fiscal policies to majority governments. Minority governments...

The Gründerkrise of the 1870s marks Germany’s first major experience with financial boom and bust. The assessment of its real impact has, however, been hampered by the non-availability of comprehensive and reliable national accounts data for the 19th century. This short paper seeks to...

This short article introduces the German Cliometrics Database as the foundation for an article by Jopp and Spoerer (2024) who trace cliometric research on German history. This newly constructed database of every publication that (1) contributes to the historiography of Germany and (2) employs,...

War is back in Europe and as it becomes long-lasting, the question of armament gains central importance. This report finds that Russian military industrial capacities have been rising strongly in the last two years, well beyond the levels of Russian material losses in Ukraine. Meanwhile, the...

What are the long-term economic effects of a more equal distribution of wealth? We investigate consequences of land inequality, exploiting variation in land inheritance rules that traverse political, linguistic, geological, and religious borders in Germany. In some German areas, inherited land...

100 Jahre Erich Schmidt Verlag, ein Jahrhundert bewegte Unternehmensgeschichte: Einzigartige Einblicke in die Entwicklungslinien von Fachinformationsverlagen und die Erfolgsgeschichte eines Berliner Familienunternehmens erwarten Sie in dieser besonderen Edition, die mehr als eine reine...

Using interwar German agriculture as a case, this paper explores the political cost of debt deflation which we characterize with farmers' leverage ratios. Primary deficits drove their increase during 1924-1928, but deflation pushed them to unsustainable levels during 1929-1932. We construct...

Introduction Research Topics and Analytical Framework -- History of Globalism of Hegemonic Countries and Its Influences -- Overview of the Total System of Business Management in Germany Comparison of Periods of the Second Reich the Weimar Republic National Socialism and the Postwar Era --...

Vor 100 Jahren mündete die Große Inflation, die bereits 1914 mit dem Ersten Weltkrieg ihren Anfang nahm, in der Hyperinflation von 1923. Bis heute herrscht in der deutschen Bevölkerung und Politik eine Inflationsaversion. Anlässlich dieses Jubiläums und der zuletzt stark gestiegenen...

The article treats the history of Germany's Great Inflation from 1914 to 1923. It focusses on explaining the turning points of wholesale price trends. It demonstrates that these were mostly triggered by national and international political decisions immediately impacting the mark exchange rate....

Germany's hyperinflation resulted from a confluence of several factors, all of which contributed to a temporary breakdown in state capacity and to unsustainable public sector deficits. Wartime debt deflated by 90% already in 1920. Informal wage indexation and failure to enforce collection of a...

The German hyperinflation in 1923 was caused by monetary financing of the highly deficient German state budget by a de-pendent central bank. The social and economic consequences of the hyperinflation were disastrous. Combined with an instable politi-cal atmosphere, paving the way for the rise of...

The Weimar hyperinflation is a textbook example of how inflation develops. All the factors usually associated with inflation were present during this period. However, besides the quantifiable factors, such as money supply development, the political factors appear dominant in retrospect. There...