Law and Finance : Why Does Legal Origin Matter?
A growing body of work suggests that cross-country differences in legal origin help explain differences in financial development. The authors assess two theories of why legal origin influences financial development. First, the "political"...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2002/10/2032625/law-finance-legal-origin-matter http://hdl.handle.net/10986/19215 |
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okr-10986-192152021-04-23T14:03:42Z Law and Finance : Why Does Legal Origin Matter? Beck, Thorsten Demirguc-Kunt, Asli Levine, Ross CROSS-COUNTRY EXPERIENCE LEGAL CAPACITY FINANCIAL CONTROL FINANCE LEGISLATION INVESTOR PROTECTION POLITICAL FACTORS PROPERTY RIGHTS FINANCIAL MANAGEMENT FINANCIAL & PRIVATE SECTOR DEVELOPMENT COMMERCIAL FINANCE COMPANIES LEGAL CAPACITY ADMINISTRATIVE LAW CASE LAW CIVIL CODES CIVIL LAW CIVIL LAW SYSTEMS CODES COLONIES COLONIZATION COMMON LAW COMPARATIVE LAW CORPORATE LAW CORRUPTION COURT DECISIONS COURTS CUSTOMARY LAW CUSTOMS ECONOMIC DEVELOPMENT FAMILIES FINANCIAL CONTRACTS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SYSTEMS HINDU LAW INDEPENDENT JUDICIARY INSTITUTIONAL DEVELOPMENT INSURANCE JUDGES JUDICIAL DECISIONS JUDICIAL INDEPENDENCE JUDICIAL POWER JUDICIAL SYSTEMS JUDICIARY JURISPRUDENCE KINGS LAW FIRMS LAWS LEGAL CULTURE LEGAL DOCTRINE LEGAL INSTITUTIONS LEGAL LITERATURE LEGAL PROCEDURES LEGAL PROFESSIONS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATURE LITIGATION LOCAL LAWS NATIONAL CHARACTERISTICS NATIONS POLITICAL POWER PRIVATE LAW PROPERTY RIGHTS PUBLIC SECTOR REVOLUTION ROMAN LAW SECRECY SECURED TRANSACTIONS STATE CONTROL STATE POWER SUPREME COURTS UNJUST ENRICHMENT A growing body of work suggests that cross-country differences in legal origin help explain differences in financial development. The authors assess two theories of why legal origin influences financial development. First, the "political" channel stresses that (1) legal traditions differ in the priority they give to the rights of individual investors compared with the state, and that (2) this has repercussions for the development of property rights and financial markets. Second, the "adaptability" channel holds that (1) legal traditions differ in their ability to adjust to changing commercial circumstances, and (2) legal systems that adapt quickly to minimize the gap between the contracting needs of the economy and the legal system's capabilities will foster financial development more effectively than would more rigid legal traditions. The authors use historical comparisons and cross-country regressions to assess the validity of these two channels. 2014-08-01T19:11:05Z 2014-08-01T19:11:05Z 2002-10 http://documents.worldbank.org/curated/en/2002/10/2032625/law-finance-legal-origin-matter http://hdl.handle.net/10986/19215 English en_US Policy Research Working Paper;No. 2904 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
CROSS-COUNTRY EXPERIENCE LEGAL CAPACITY FINANCIAL CONTROL FINANCE LEGISLATION INVESTOR PROTECTION POLITICAL FACTORS PROPERTY RIGHTS FINANCIAL MANAGEMENT FINANCIAL & PRIVATE SECTOR DEVELOPMENT COMMERCIAL FINANCE COMPANIES LEGAL CAPACITY ADMINISTRATIVE LAW CASE LAW CIVIL CODES CIVIL LAW CIVIL LAW SYSTEMS CODES COLONIES COLONIZATION COMMON LAW COMPARATIVE LAW CORPORATE LAW CORRUPTION COURT DECISIONS COURTS CUSTOMARY LAW CUSTOMS ECONOMIC DEVELOPMENT FAMILIES FINANCIAL CONTRACTS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SYSTEMS HINDU LAW INDEPENDENT JUDICIARY INSTITUTIONAL DEVELOPMENT INSURANCE JUDGES JUDICIAL DECISIONS JUDICIAL INDEPENDENCE JUDICIAL POWER JUDICIAL SYSTEMS JUDICIARY JURISPRUDENCE KINGS LAW FIRMS LAWS LEGAL CULTURE LEGAL DOCTRINE LEGAL INSTITUTIONS LEGAL LITERATURE LEGAL PROCEDURES LEGAL PROFESSIONS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATURE LITIGATION LOCAL LAWS NATIONAL CHARACTERISTICS NATIONS POLITICAL POWER PRIVATE LAW PROPERTY RIGHTS PUBLIC SECTOR REVOLUTION ROMAN LAW SECRECY SECURED TRANSACTIONS STATE CONTROL STATE POWER SUPREME COURTS UNJUST ENRICHMENT |
| spellingShingle |
CROSS-COUNTRY EXPERIENCE LEGAL CAPACITY FINANCIAL CONTROL FINANCE LEGISLATION INVESTOR PROTECTION POLITICAL FACTORS PROPERTY RIGHTS FINANCIAL MANAGEMENT FINANCIAL & PRIVATE SECTOR DEVELOPMENT COMMERCIAL FINANCE COMPANIES LEGAL CAPACITY ADMINISTRATIVE LAW CASE LAW CIVIL CODES CIVIL LAW CIVIL LAW SYSTEMS CODES COLONIES COLONIZATION COMMON LAW COMPARATIVE LAW CORPORATE LAW CORRUPTION COURT DECISIONS COURTS CUSTOMARY LAW CUSTOMS ECONOMIC DEVELOPMENT FAMILIES FINANCIAL CONTRACTS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL SYSTEMS HINDU LAW INDEPENDENT JUDICIARY INSTITUTIONAL DEVELOPMENT INSURANCE JUDGES JUDICIAL DECISIONS JUDICIAL INDEPENDENCE JUDICIAL POWER JUDICIAL SYSTEMS JUDICIARY JURISPRUDENCE KINGS LAW FIRMS LAWS LEGAL CULTURE LEGAL DOCTRINE LEGAL INSTITUTIONS LEGAL LITERATURE LEGAL PROCEDURES LEGAL PROFESSIONS LEGAL SYSTEM LEGAL SYSTEMS LEGISLATURE LITIGATION LOCAL LAWS NATIONAL CHARACTERISTICS NATIONS POLITICAL POWER PRIVATE LAW PROPERTY RIGHTS PUBLIC SECTOR REVOLUTION ROMAN LAW SECRECY SECURED TRANSACTIONS STATE CONTROL STATE POWER SUPREME COURTS UNJUST ENRICHMENT Beck, Thorsten Demirguc-Kunt, Asli Levine, Ross Law and Finance : Why Does Legal Origin Matter? |
| relation |
Policy Research Working Paper;No. 2904 |
| description |
A growing body of work suggests that
cross-country differences in legal origin help explain
differences in financial development. The authors assess two
theories of why legal origin influences financial
development. First, the "political" channel
stresses that (1) legal traditions differ in the priority
they give to the rights of individual investors compared
with the state, and that (2) this has repercussions for the
development of property rights and financial markets.
Second, the "adaptability" channel holds that (1)
legal traditions differ in their ability to adjust to
changing commercial circumstances, and (2) legal systems
that adapt quickly to minimize the gap between the
contracting needs of the economy and the legal system's
capabilities will foster financial development more
effectively than would more rigid legal traditions. The
authors use historical comparisons and cross-country
regressions to assess the validity of these two channels. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Beck, Thorsten Demirguc-Kunt, Asli Levine, Ross |
| author_facet |
Beck, Thorsten Demirguc-Kunt, Asli Levine, Ross |
| author_sort |
Beck, Thorsten |
| title |
Law and Finance : Why Does Legal Origin Matter? |
| title_short |
Law and Finance : Why Does Legal Origin Matter? |
| title_full |
Law and Finance : Why Does Legal Origin Matter? |
| title_fullStr |
Law and Finance : Why Does Legal Origin Matter? |
| title_full_unstemmed |
Law and Finance : Why Does Legal Origin Matter? |
| title_sort |
law and finance : why does legal origin matter? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2002/10/2032625/law-finance-legal-origin-matter http://hdl.handle.net/10986/19215 |
| _version_ |
1764439377712250880 |