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Title
Legal traditions, legal reforms and economic performance : theory and evidence / Daniel Oto-Peralías, Diego Romero-Ávila.
ISBN
9783319670416 (electronic book)
3319670417 (electronic book)
3319670409
9783319670409
Published
Cham, Switzerland : Springer, [2017]
Language
English
Description
1 online resource : illustrations.
Item Number
10.1007/978-3-319-67041-6 doi
Call Number
K1005 .O86 2017
Dewey Decimal Classification
346.07
Summary
This book investigates whether legal reforms intended to create a market-friendly regulatory business environment have a positive impact on economic and financial outcomes. After conducting a critical review of the legal origins literature, the authors first analyze the evolution of legal rules and regulations during the last decade (2006-2014). For that purpose, the book uses legal/regulatory indicators from the World Bank's Doing Business Project (2015). The findings indicate that countries have actively reformed their legal systems during this period, particularly French civil law countries. A process of convergence in the evolution of legal rules and regulations is observed: countries starting in 2006 in a lower position have improved more than countries with better initial scores. Also, French civil law countries have reformed their legal systems to a larger extent than common law countries and, consequently, have improved more in the majority of the Doing Business indicators used. Second, the authors estimate fixed-effects panel regressions to analyze the relationship between changes in legal rules and regulations and changes in the real economy. The findings point to a lack of systematic effects of legal rules and regulations on economic and financial outcomes. This result stands in contrast to the widespread belief that reforms aiming to strengthen investor and creditor rights (and other market-friendly policies) systematically lead to better economic and financial outcomes.-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references.
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Access limited to authorized users.
Digital File Characteristics
text file PDF
Series
Contributions to economics.
1. Introduction
2. Revisiting the legal hypothesis : a brief review of the literature
3. Data description
4. Literature review on the effect of the ease of doing business on economic and financial outcomes
5. Legal change within legal traditional and convergence
6. Legal rules variation and countries' economic and financial performance
7. Sensitivity analyses on the effect of legal rules variation on economic and financial performance
8. The effectiveness of legal reforms and the gap between law on the books and the reality on the ground
9. Conclusion.
