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Evolution of Corporate Law and the Transplant Effect: Lessons from Six Countries

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Author Info
Katharina Pistor
Yoram Keinan
Jan Kleinheisterkamp
Mark D. West
Abstract

The pattern of legal change in countries that have their legal systems transplanted from abroad differs markedly from countries that develop their own systems, irrespective of the legal family from which their laws come. In "transplant" countries, law often stagnates for long periods of time; when change takes place, it tends to be radical, if not erratic. External models remain dominant even years after the law was transplanted. Although there is some evidence that transplant countries have engaged in comprehensive legal reforms in response to the pressures of globalization, it is still too early to judge whether these new changes can be taken as a sign that the legal systems in these countries have started a process of endogenous legal evolution. Copyright 2003, Oxford University Press.

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Publisher Info
Article provided by Oxford University Press in its journal The World Bank Research Observer.

Volume (Year): 18 (2003)
Issue (Month): 1 ()
Pages: 89-112
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Handle: RePEc:oup:wbrobs:v:18:y:2003:i:1:p:89-112

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  1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2007. "The Economic Consequences of Legal Origins," NBER Working Papers 13608, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Randall K. Morck & Lloyd Steier, 2005. "The Global History of Corporate Governance: An Introduction," NBER Working Papers 11062, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Kudrna, Zdenek, 2007. "Banking reform in China: Driven by international standards and Chinese specifics," MPRA Paper 7320, University Library of Munich, Germany. [Downloadable!]
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