Protection des investisseurs et efficience macroéconomique

Laurent Weill

Revue économique, 2009, vol. 60, issue 1, 203-213

Abstract: In line with Law and Finance literature, this work investigates the relationship between investor protection and macroeconomic efficiency. We apply the stochastic frontier model proposed by Battese and Coelli [1995] on a sample of countries to estimate macroeconomic efficiency. Three measures of investor protection from La Porta et al. [1998] are used. We show that protection of shareholder rights and rule of law have a positive link with macroeconomic efficiency, while evidence is mixed for protection of creditor rights. Classification JEL : C31, K40, O4.

JEL-codes: C31 K40 O4 (search for similar items in EconPapers)
Date: 2009
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