Law, finance, economic growth and welfare: why does legal origin matter?

Simplice Anutechia Asongu

67 citations0/0 files storedInternational journal of institutions and economies/Institutions and economies

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Culture, Economy, and Development Studies Banking stability, regulation, efficiency Finance, Markets, and Regulation

Abstract

This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through finance. It is a natural extension of “Law and finance: why does legal origin matter?” by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find only partial support for the Mundell (1972), La Porta et al. (1998) and Beck et al. (2003) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law countries. While countries with English legal tradition have legal systems that improve financial depth, activity and size, countries with French legal origin overwhelmingly dominate in financial intermediary allocation efficiency. Countries with Portuguese legal origin fall in-between.

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References

1998Law and Finance 1993Finance and Growth: Schumpeter Might Be Right 1996Financial Dependence and Growth 2000Investor protection and corporate governance 2003Law, Finance, and Economic Growth in China 2003The great reversals: the politics of financial development in the twentieth century 1999Stock Markets, Banks, and Economic Growth 1998Law, Finance, and Firm Growth

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