Legal Institutions and Financial Development
NBER Working Paper No. 10417
Why do some countries have growth-enhancing financial systems, while others do not? Why have some countries developed the necessary investor protection laws and contract-enforcement mechanisms to support financial institutions and markets, while others have not? This paper reviews existing research on the role of legal institutions in shaping financial development.
Document Object Identifier (DOI): 10.3386/w10417
Published: Menard, Claude and Mary M. Shirley (eds.) Handbook for New Institutional Economics. Norwell MA: Kluwer Academic Publishers, 2005.This paper is a revision of the earlier NBER working paper w10126, Legal Institutions and Financial Development, Thorsten Beck, Ross Levine
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