Recent Developments in German Capital Markets and Corporate Governance

14 Pages Posted: 7 Mar 2003

See all articles by Eric Nowak

Eric Nowak

Swiss Finance Institute; University of Lugano


Financial economists continue to point to Germany as a relatively successful model of a "bank-centered," as opposed to a "market-based," economy. But few seem to recognize that, in the years leading up to World War I, German equity capital markets were among the most highly developed in the world. The last 10 years have seen important legal and institutional developments that can be seen as preparing the way for larger and more active German equity markets, together with a more "shareholder-friendly" corporate governance system.

Keywords: Corporate Governance, Germany, Financial System, Law, Investor Protection

JEL Classification: G34, G38, K22

Suggested Citation

Nowak, Eric, Recent Developments in German Capital Markets and Corporate Governance. Available at SSRN: or

Eric Nowak (Contact Author)

Swiss Finance Institute ( email )

c/o University of Geneva
40, Bd du Pont-d'Arve
CH-1211 Geneva 4

University of Lugano ( email )

Via Buffi 13
CH-6900 Lugano
+41-91-9124-637 (secr. -712) (Phone)
+41-91-9124-647 (Fax)

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