Corporate law and corporate governance. The Hungarian experience

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Corporate law and corporate governance. The Hungarian experience

Author Info

Istvan Czajlik () (National Bank of Hungary)
Janos Vincze () (Budapest University of Economic Sciences and Public Administration)

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János Vincze

Abstract

In this paper our aim was to establish legal facts for Hungary in detail, to put the country’s situation into international context, and to find new avenues for comparative research. We updated investor protection indicators already existing in the literature, while determined enforcement indicators for the first time. We hypothesize that besides indicators the dynamics of legislation must be an important topic for research. An analysis of the dynamics of legislation in Hungary indicates that two tendencies could be observed. one responding to actual challenges, leading to more reliance on the interpretation of law by judges, the second following the German-tradition resulting in more bright line rules, and more complicated legal regulation. To make the former workable political and financial independence is a necessary, though not sufficient, condition. We emphasize that though investor protection supports the supply of outside funds, there is a demand side to external finance, and more prudential regulation can lead to less demand for external finance.

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Paper provided by Institute of Economics, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 0411.

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Length: 30 pages
Date of creation: Jun 2004
Date of revision:
Handle: RePEc:has:discpr:0411

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Other versions:
- Rajan, Raghuram G & Zingales, Luigi, 2001. "The Great Reversals: The Politics of Financial Development in the 20th Century," CEPR Discussion Papers 2783, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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