The economic consequences of legal origins
National Bureau of Economic Research, 2007 - Law - 78 pages
In the last decade, economists have produced a considerable body of research suggesting that the historical origin of a country's laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. We summarize this evidence and attempt a unified interpretation. We also address several objections to the empirical claim that legal origins matter. Finally, we assess the implications of this research for economic reform.
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20,h century Andrei Shleifer civil law countries common and civil common law countries contract enforcement corporate governance courts creditor rights culture differences between common Djankov ct economic outcomes effects of legal entry regulations evidence financial development Financial Economics financial markets firms Florencio Lopez-de-Silanes France French civil law French legal origin GDP ratio Glaeser government ownership growth historical institutions instrumental variable investor protection Journal of Economics Journal of Financial judges judicial independence labor markets labor regulation legal and regulatory legal origin countries legal origins influence Legal Origins Theory legal rules legal system legal traditions legal transplantation legislation LLSV Luigi Zingales market capitalization Mimeo Napoleon NBER ownership of banks Paper percentage points procedures property rights Rafael La Porta Raghuram Rajan Rajan and Zingales reforms regressions regulation of entry Revolution self-dealing shareholder protection social control stock market stock market capitalization transplantation University Press Volpin World World Bank