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Sind Finanzmärkte in “Common-law-Ländern” besser entwickelt als in “Civil-law-Ländern”?

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  • Vollmer Uwe

    (Institut für Theoretische Volkswirtschaftslehre – Geld und Währung, Wirtschaftswissenschaftliche Fakultät, Universität Leipzig, Marschnerstr. 31, 04109 Leipzig)

Abstract

Though the idea that formal institutions of corporate governance matter for economic development is widely accepted, it is still a matter of debate why different systems of corporate governance are dominant in different countries. While the “law-and-finance-view” asserts that the country′s affiliation to a certain legal family matters, other authors instead either emphasize the importance of geography, of religion and culture or of the dominance of interest groups for the institutional development of financial markets. This article surveys different views about the causes of financial development and presents empirical evidence on the question whether financial markets are really better developed in “common-lawcountries” than in “civil-law-countries”.

Suggested Citation

  • Vollmer Uwe, 2007. "Sind Finanzmärkte in “Common-law-Ländern” besser entwickelt als in “Civil-law-Ländern”?," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 56(1), pages 3-24, April.
    • Handle: RePEc:lus:zwipol:v:56:y:2007:i:1:p:3-24:n:2
    DOI: 10.1515/zfwp-2007-0102
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