Law, endowments, and finance

• 成果类型: Article
• 署名作者: Beck, T; Demirgüç-Kunt, A; Levine, R
• 署名单位: University of Minnesota System; University of Minnesota Twin Cities; The World Bank; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(03)00144-2
• 发表日期: 2003
• 页码: 137-181
• 关键词: LAW; endowments; financial development; Economic development; property rights

摘要

Using a sample of 70 former colonies, this paper assesses two theories regarding the historical determinants of financial development. The law and finance theory holds that legal traditions, brought by colonizers, differ in terms of protecting the rights of private investors vis-A-vis the state, with important implications for financial markets. The endowment theory argues that the disease environment encountered by colonizers influences the formation of long-lasting institutions that shape financial development. The empirical results provide evidence for both theories. However, initial endowments explain more of the cross-country variation in financial intermediary and stock market development. (C) 2003 Elsevier B.V. All rights reserved.