| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w16216
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| 来源ID | Working Paper 16216
|
| Law and Finance c. 1900 |
| Aldo Musacchio
|
| 发表日期 | 2010-07-22
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| 出版年 | 2010
|
| 语种 | 英语
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| 摘要 | How persistent are the effects of legal institutions adopted or inherited in the distant past? A substantial literature argues that legal origins have persistent effects that explain clear differences in investor protections and financial development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of legal origins by examining new estimates of different indicators of financial development in more than 20 countries in 1900 and 1913. The evidence presented does not yield robust results that can sustain the hypothesis of persistence effects of legal origin, but it is not powerful enough to reject it either. Then the paper examines if there were systematic differences in the extent of investor protections across countries, since that is the main channel through which legal origin affects financial development, and shows that all the evidence supports the idea of relative convergence in corporate governance practices across legal families circa 1900. The paper concludes that, if the evidence presented is representative, the variation observed in financial development around the world today is likely a product of events of the twentieth century rather than a consequence of long-term (and persistent) differences occasioned by legal traditions. |
| 主题 | Financial Economics
; Corporate Finance
; Other
; Law and Economics
; History
; Financial History
|
| URL | https://www.nber.org/papers/w16216
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573891
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推荐引用方式
GB/T 7714 |
Aldo Musacchio. Law and Finance c. 1900. 2010.
|
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文件名：
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w16216.pdf
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格式：
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Adobe PDF
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