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Financial Crisis as a Catalyst of Legal Reforms: The Case of Asia

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  • Kawai, Masahiro

    (Asian Development Bank Institute)

  • Schmiegelow, Henrik

    (Asian Development Bank Institute)

Abstract

This paper discusses how financial crises in emerging Asia and Japan worked as catalysts for legal reforms. Findings show that six Asian countries pursued significant legal and judicial reforms following financial crises in 1997–1998, but indicators that measure the quality of legal institutions exhibit mixed results. Reforms of economic laws alone cannot improve the quality of entire legal and judicial systems of countries. What matters is the enforcement of substantive law by procedural law, the efficiency of the justice system, and other political and social factors. Long time lags may be needed to observe how de jure changes to substantive laws lead to de facto improvements of legal institutions.

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File URL: http://www.adbi.org/files/2013.11.22.wp446.financial.crisis.catalyst.legal.reforms.asia.pdf
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Bibliographic Info

Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 446.

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Length: 43 pages
Date of creation: 25 Nov 2013
Date of revision:
Handle: RePEc:ris:adbiwp:0446

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Keywords: financial crises; legal reforms; judicial systems; legal institutions;

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References

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  1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," NBER Working Papers 5879, National Bureau of Economic Research, Inc.
  2. Andrei Shleifer & Robert W. Vishny, 1998. "The Quality of Government," Harvard Institute of Economic Research Working Papers 1847, Harvard - Institute of Economic Research.
  3. Andrei Shleifer & Robert W. Vishny, 1995. "The Limits of Arbitrage," NBER Working Papers 5167, National Bureau of Economic Research, Inc.
  4. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2007. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," ESRC Centre for Business Research - Working Papers wp358, ESRC Centre for Business Research.
  5. Djankov, Simeon & McLiesh, Caralee & Shleifer, Andrei, 2007. "Private credit in 129 countries," Journal of Financial Economics, Elsevier, vol. 84(2), pages 299-329, May.
  6. Deakin, S. & Sarkar, P., 2011. "Indian Labour Law and its Impact on Unemployment, 1970-2006: A leximetric study," ESRC Centre for Business Research - Working Papers wp428, ESRC Centre for Business Research.
  7. Masahiro Kawai, 2005. "Reform of the Japanese banking system," International Economics and Economic Policy, Springer, vol. 2(4), pages 307-335, December.
  8. Gerardo P. Sicat, 2007. "Legal and Constitutional Disputes and the Philippine Economy," UP School of Economics Discussion Papers 200703, University of the Philippines School of Economics.
  9. Sato, Yuri, 2005. "Bank restructuring and financial institution reform in Indonesia," The Developing Economies, Institute of Developing Economies, Japan External Trade Organization(JETRO), vol. 43(1), pages 91-120, March.
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