NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Legal Institutions and Financial Development

Thorsten Beck, Ross Levine

NBER Working Paper No. 10417
Issued in April 2004
NBER Program(s):   IFM

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.

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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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