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The Assessment: Finance, Law, and Growth

Author

Listed:
  • Colin Mayer
  • Oren Sussman

Abstract

This article reviews the development of corporate finance from domestic analyses to international comparisons of financial systems, to comparative corporate governance, to law and finance, and most recently to politics and finance. It describes how both theoretical developments and empirical evidence have guided this research agenda. It considers the lessons that can be learnt from the newly emerging literatures and considers the policy implications that can be derived. It argues that while strong policy prescriptions are frequently proposed, there are many unresolved theoretical and empirical issues which suggest that caution should be exercised in drawing policy conclusions. Copyright 2001, Oxford University Press.

Suggested Citation

  • Colin Mayer & Oren Sussman, 2001. "The Assessment: Finance, Law, and Growth," Oxford Review of Economic Policy, Oxford University Press, vol. 17(4), pages 457-466.
  • Handle: RePEc:oup:oxford:v:17:y:2001:i:4:p:457-466
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    Citations

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    Cited by:

    1. Wei Huang, 2006. "Emerging Markets, Financial Openness and Financial Development," Bristol Economics Discussion Papers 06/588, Department of Economics, University of Bristol, UK.
    2. Andreas Billmeier & Isabella Massa, 2007. "What Drives Stock Market Development in the Middle East and Central Asia—Institutions, Remittances, or Natural Resources?," IMF Working Papers 07/157, International Monetary Fund.
    3. repec:mbr:jmonec:v:6:y:2012:i:2:p:35-49 is not listed on IDEAS
    4. Huang, Yongfu, 2010. "Political Institutions and Financial Development: An Empirical Study," World Development, Elsevier, vol. 38(12), pages 1667-1677, December.
    5. Michael Enowbi-Batuo & Mlambo Kupukile, 2010. "How can economic and political liberalisation improve financial development in African countries?," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 2(1), pages 35-59, April.
    6. Yongfu Huang, 2005. "What determines financial development?," Bristol Economics Discussion Papers 05/580, Department of Economics, University of Bristol, UK.
    7. Franz H. Hahn, 2002. "Bedeutung von Aktienmärkten für Wachstum und Wachstumsschwankungen in den OECD-Ländern," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 79, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    8. Huang, Yongfu & Temple, Jonathan, 2005. "Does External Trade Promote Financial Development?," CEPR Discussion Papers 5150, C.E.P.R. Discussion Papers.
    9. repec:arp:bmerar:2018:p:43-50 is not listed on IDEAS
    10. Lee, Chien-Chiang & Chang, Chi-Hung & Arouri, Mohamed & Lee, Chi-Chuan, 2016. "Economic growth and insurance development: The role of institutional environments," Economic Modelling, Elsevier, vol. 59(C), pages 361-369.
    11. repec:eee:finlet:v:25:y:2018:i:c:p:124-130 is not listed on IDEAS
    12. Yongfu Huang, 2005. "Will political liberalisation bring about financial development?," Bristol Economics Discussion Papers 05/578, Department of Economics, University of Bristol, UK.
    13. Riccardo De Bonis & Massimiliano Stacchini, 2009. "What determines the size of bank loans in industrialized countries? The role of government debt," Temi di discussione (Economic working papers) 707, Bank of Italy, Economic Research and International Relations Area.
    14. Fabian Lipinsky & Li Lian Ong, 2014. "Asia’s Stock Markets; Are There Crouching Tigers and Hidden Dragons?," IMF Working Papers 14/37, International Monetary Fund.
    15. repec:eee:jocaae:v:6:y:2010:i:2:p:77-91 is not listed on IDEAS
    16. Natia KUTIVADZE, 2011. "Public debt and financial development," Departmental Working Papers 2011-13, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    17. Billmeier, Andreas & Massa, Isabella, 2009. "What drives stock market development in emerging markets--institutions, remittances, or natural resources?," Emerging Markets Review, Elsevier, vol. 10(1), pages 23-35, March.
    18. Hallak, Issam, 2003. "Courts and sovereign eurobonds: Credibility of the judicial enforcement of repayment," CFS Working Paper Series 2003/34, Center for Financial Studies (CFS).

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