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

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Author Info
Eduardo Siandra () (Departmento de Economía, Facultad de Ciencias Sociales, Universidad de la República)
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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Publisher 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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Find related papers by JEL classification:
G - Financial Economics
K - Law and Economics
Z13 - Other Special Topics - - Cultural Economics - - - Social Norms and Social Capital; Social Networks Economic Anthropology

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
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    • 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. [Downloadable!] (restricted)
    • Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
  2. Mara Faccio, 2006. "Politically Connected Firms," American Economic Review, American Economic Association, vol. 96(1), pages 369-386, March. [Downloadable!]
  3. 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(1993-2), pages 1-74. [Downloadable!]
  4. 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. [Downloadable!] (restricted)
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  5. Thorsten Beck & Ross Levine, 2003. "Legal Institutions and Financial Development," NBER Working Papers 10126, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  6. Braun, Matias & Raddatz, Claudio, 2005. "Trade liberalization and the politics of financial development," Policy Research Working Paper Series 3517, The World Bank. [Downloadable!]
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  7. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Harvard Institute of Economic Research Working Papers 1788, Harvard - Institute of Economic Research.
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  8. F. Lopez-De-Silanes, 2002. "The Politics Of Legal Reform," G-24 Discussion Papers 17, United Nations Conference on Trade and Development. [Downloadable!]
  9. Antoin E. Murphy, 2004. "Corporate Ownership in France: The Importance of History," NBER Working Papers 10716, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  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. [Downloadable!]
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