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Legal Institutions and Financial Development

In: Handbook of New Institutional Economics

Author

Listed:
  • Thorsten Beck
  • Ross Levine

    (University of Minnesota)

Abstract

A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth. Levine and Zervos (1998) showthat banking and stock market development are good predictors of economic growth. At the microeconomic level, Demirguc-Kunt and Maksimovic (1998) and Rajan and Zingales (1998) find that financial institutions are crucial for firm and industrial expansion. While disagreements remain, the bulk of existing evidence points to a strong finance-growth nexus.

Suggested Citation

  • Thorsten Beck & Ross Levine, 2008. "Legal Institutions and Financial Development," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 11, pages 251-278, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-69305-5_12
    DOI: 10.1007/978-3-540-69305-5_12
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    Keywords

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    JEL classification:

    • K2 - Law and Economics - - Regulation and Business Law
    • G2 - Financial Economics - - Financial Institutions and Services

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