Legal Institutions and Economic Development
AbstractLegal institutions are critical for the development of market-based economies. This paper defines legal institutions and discusses different indicators to measure their quality and efficiency. It surveys a large historical and empirical literature showing the importance of legal institutions in explaining cross-country variation in economic development. Finally, it presents and discusses three different views of why we can observe the large cross-country variation in legal institutions, the social conflict, the legal origin and the culture and religion hypotheses.
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Bibliographic InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2010-94.
Date of creation: 2010
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Web page: http://center.uvt.nl
Legal institutions; economic development; legal system indicators; property rights;
Other versions of this item:
- K1 - Law and Economics - - Basic Areas of Law
- K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
- O43 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth
- P14 - Economic Systems - - Capitalist Systems - - - Property Rights
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-11 (All new papers)
- NEP-CIS-2010-09-11 (Confederation of Independent States)
- NEP-DEV-2010-09-11 (Development)
- NEP-LAW-2010-09-11 (Law & Economics)
- NEP-PKE-2010-09-11 (Post Keynesian Economics)
- NEP-SOC-2010-09-11 (Social Norms & Social Capital)
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