Law and Firms' Access to Finance

Thorsten Beck, Asli Demirguc-Kunt and Ross Levine ()

No 10687, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the financial system. It finds that the adaptability of a country's legal system is more important for explaining the obstacles that firms face in accessing external finance than the political independence of the judiciary.

JEL-codes: G3 K4 (search for similar items in EconPapers)
Date: 2004-08
New Economics Papers: this item is included in nep-cfn, nep-fin and nep-law
Note: IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (13)

Published as Thorsten Beck & Asli Demirguc-Kunt, 2005. "Law and Firms' Access to Finance," American Law and Economics Review, Oxford University Press, vol. 7(1), pages 211-252.

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Journal Article: Law and Firms' Access to Finance (2005)
Working Paper: Law and firms'access to finance (2004)
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