Law, endowments, and finance

被引：428

作者：

Beck, T

Demirgüç-Kunt, A

Levine, R ^{[1
]}

机构：

[1] Univ Minnesota, Carlson Sch Management, Dept Finance, Minneapolis, MN 55455 USA

[2] World Bank, Washington, DC 20433 USA

[3] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2003年 / 70卷 / 02期

关键词：

law; endowments; financial development; economic development; property rights;

D O I：

10.1016/S0304-405X(03)00144-2

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

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.

引用

页码：137 / 181

页数：45