Public trust, the law, and financial investment

被引：107

作者：

Carlin, Bruce Ian ^{[1
]}

Dorobantu, Florin ^{[2
]}

Viswanathan, S. ^{[3
]}

机构：

[1] Univ Calif Los Angeles, Anderson Grad Sch Management, Los Angeles, CA 90095 USA

[2] Brattle Grp, Cambridge, MA 02138 USA

[3] Fuqua Sch Business, Durham, NC 27708 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2009年 / 92卷 / 03期

关键词：

Trust; Regulation; Economic growth; ORGANIZATION; GROWTH;

D O I：

10.1016/j.jfineco.2008.07.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

How does trust evolve in markets? What is the optimal level of regulation and how does this affect trust formation and economic growth? In a theoretical model, we analyze these questions, given the value of social capital and the potential for growth in the market. When social capital is valuable, regulation and trustfulness are substitutes. In this case, regulation may cause lower aggregate investment and decreased economic growth. When the social capital is less valuable, regulation and trustfulness may be complements. In the paper, we analyze the optimal level of regulation and highlight the novel predictions of the model. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：321 / 341

页数：21

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