Oxford Review of Economic Policy volume 17, issue 4, P483-501 2001 DOI: 10.1093/oxrep/17.4.483 View full text
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T. Beck

Abstract: This paper examines legal theories of international differences in financial development. The law and finance theory stresses that legal traditions differ in terms of (i) their emphasis on the rights of private property owners vis-à-vis the state and (ii) their ability to adapt to changing commercial and financial conditions, so that historically determined legal traditions shape financial development today. Other theories reject the centrality of legal tradition in accounting for crosscountry differences in f…

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