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Financial development, property rights, and growth

  • Claessens, Stijn
  • Laeven, Luc

The authors analyze how property rights affect the allocation of firms'available resources among different types of assets. In particular, they investigate empirically for a large number of countries whether firms in environments with more secure property rights allocate available resources more toward intangible assets and consequentially grow faster. The authors find that improved asset allocation due to better property rights has an effect on growth in sectoral value added equal to improved access to financing arising from greater financial development. The results are robust, using various samples and specifications, including controlling for growth opportunities.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2924.

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Date of creation: 30 Nov 2002
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Handle: RePEc:wbk:wbrwps:2924
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  3. repec:fth:wobaco:1083 is not listed on IDEAS
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  19. Mansfield, E., 1995. "Intellectual Property Protection, Direct Investment, and technology Transfer, Germany, Japan, and the United States," Papers 27, World Bank - International Finance Corporation.
  20. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
  21. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
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  23. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
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  27. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
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