Working Paper

Germany's Capital Market and Corporate Governance


  • Horst Siebert
Publication Date

Germany's capital market relies on bank-intermediated products and not so much on capital market processes. Two of the pillars in Germany's three-pillar banking system, the savings banks and the cooperative banks, have special statutes and are not exposed


JEL Classification

Key Words

  • Banking system
  • capital market
  • Corporate governance