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dc.contributor.authorGraff, Michaelen_US
dc.date.accessioned2008-10-30en_US
dc.date.accessioned2011-10-06T15:41:40Z-
dc.date.available2011-10-06T15:41:40Z-
dc.date.issued2008en_US
dc.identifier.pidoi:10.3929/ethz-a-005582287en_US
dc.identifier.urihttp://hdl.handle.net/10419/50441-
dc.description.abstractThe law and finance theory predicts that the common law system provides the best basis for financial development and economic growth, followed by Scandinavian and German origin civil law and finally French origin civil law. This paper summarises the key points of the theory as well as a number of sceptical views. Moreover, it argues that the theory faces an identification problem, since the majority of common law countries have a market-based financial system, whereas the majority of civil law countries have a bank-based financial system. Furthermore, it is shown that one of the corner stones of the law and finance theory, its proposition that a common legal tradition implies a similar set of legal rules and procedure to protect financial investors, does not hold empirically. Last but not least, it is shown that recent additions to the theory's creditor right indicators data pool are eliminating the (weak) correspondence between business law and legal family that could be found in the original data set. Accordingly, the theory's claim that creditor protection is largely determined by the legal tradition of a particular country has to be reconsidered.en_US
dc.language.isoengen_US
dc.publisherKOF Zürichen_US
dc.relation.ispartofseriesKOF working papers // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 197en_US
dc.subject.jelK22en_US
dc.subject.jelG20en_US
dc.subject.jelP00en_US
dc.subject.ddc330en_US
dc.subject.keywordLegal Traditionen_US
dc.subject.keywordCreditor Rightsen_US
dc.subject.stwRechtsordnungen_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwGläubigerschutzen_US
dc.subject.stwFinanztheorieen_US
dc.subject.stwRechtsökonomiken_US
dc.subject.stwEuropaen_US
dc.titleLegal origin and financial development: new evidence for old claims?the creditor rights index revisiteden_US
dc.typeWorking Paperen_US
dc.identifier.ppn584005377en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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