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Uruguay Capital Market: Law-in-the-books or Law-in-action?

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  • Eduardo Siandra

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    (Departmento de Economía, Facultad de Ciencias Sociales, Universidad de la República)

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    Abstract

    This paper discusses the process of legal infrastructure reform to build better institutions for capital market development in Uruguay during the 1990s. It contains a description, a brief literature survey, an explanation, and an evaluation. From this we draw lessons and make a prospective analysis of the fate of capital market development under the new political scenario shaped by the first left-wing government in the national history. In particular we find fascinating the conundrum of a legal reform in a country in which the legislator and the politician have played a first order role in the interpretation of the law and regulating the gap between "law-in-the-books" and "law-in-action".

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    File URL: http://decon.edu.uy/publica/2005/Doc0205.pdf
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    Bibliographic Info

    Paper provided by Department of Economics - dECON in its series Documentos de Trabajo (working papers) with number 0205.

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    Length: 36 pages
    Date of creation: May 2005
    Date of revision:
    Handle: RePEc:ude:wpaper:0205

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    Related research

    Keywords: bankruptcy; capital markets; finance; common law tradition; civil law tradition; disclosure; law; legal; reform; trust;

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    1. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    2. Thorsten Beck & Ross Levine, 2003. "Legal institutions and financial development," Policy Research Working Paper Series 3136, The World Bank.
    3. Matías Braun & Claudio Raddatz, 2004. "Trade liberalization and the politics of financial development," Working Papers 04-3, Federal Reserve Bank of Boston.
    4. George A. Akerlof & Paul M. Romer, 1993. "Looting: The Economic Underworld of Bankruptcy for Profit," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 1-74.
    5. 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.
    6. Florencio Lopez-de-Silanes, 2002. "The Politics of Legal Reform," Journal of LACEA Economia, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
    7. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 2003. "What Works in Securities Law?," NBER Working Papers 9882, National Bureau of Economic Research, Inc.
    8. World Bank, 2000. "Uruguay : Financial Sector Review," World Bank Other Operational Studies 14458, The World Bank.
    9. Mara Faccio, 2006. "Politically Connected Firms," American Economic Review, American Economic Association, vol. 96(1), pages 369-386, March.
    10. Alvaro Forteza & Daniel Buquet & Mario Ibarburu & Jorge Lanzaro & Andrés Pereyra & Eduardo Siandra & Marcel Vaillant, 2003. "Understanding reform. The Uruguayan case," Documentos de Trabajo (working papers) 0603, Department of Economics - dECON.
    11. Antoin E. Murphy, 2004. "Corporate Ownership in France: The Importance of History," NBER Working Papers 10716, National Bureau of Economic Research, Inc.
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