Legal Institutions and Financial Development

Thorsten Beck and Ross Levine ()

Chapter 11 in Handbook of New Institutional Economics, 2008, pp 251-278 from Springer

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.

Keywords: Corporate Governance; Financial Development; Minority Shareholder; Investor Protection; Legal Institution (search for similar items in EconPapers)
Date: 2008
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Chapter: Legal Institutions and Financial Development (2005)
Working Paper: Legal institutions and financial development (2005)
Working Paper: Legal Institutions and Financial Development (2004)
Working Paper: Legal Institutions and Financial Development (2003)
Working Paper: Legal institutions and financial development (2003)
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DOI: 10.1007/978-3-540-69305-5_12

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