Simplice A., Asongu (2011): Law and finance in Africa.
Download (190kB) | Preview
This paper assesses how legal-origin influences financial development through regulation quality and the rule of law. It uses data collected after pioneering works on the law-finance nexus to assess hypotheses resulting there-from in the context of Africa. Distinctions are made between English, French, French sub-Saharan, Portuguese and North African countries in how their legal origins affect financial intermediary dynamics of depth, efficiency, size and activity. In terms of policy implications results support the benefits of law channels to financial development in the continent.
|Item Type:||MPRA Paper|
|Original Title:||Law and finance in Africa|
|Keywords:||Law; finance; banks; Africa|
|Subjects:||O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development
K - Law and Economics > K2 - Regulation and Business Law
G - Financial Economics > G2 - Financial Institutions and Services
P - Economic Systems > P5 - Comparative Economic Systems
K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior
|Depositing User:||Simplice Anutechia Asongu|
|Date Deposited:||13. Oct 2011 15:25|
|Last Modified:||29. Oct 2015 06:22|
Agbor, J.A., (2011), “How Does Colonial Origin Matter for Economic Performance in Sub-Saharan Africa”, World Institute for Development Economics Research, Working Paper, No. 2011/27.
Allen, F., Qian, J. & Qian, M., (2005), “Law, finance and economic growth in China”, Journal of Financial Economics, 77, pp.57-116.
Asongu, S.A., (2011), “Law, finance, economic growth and welfare: why does legal origin matter?”. MPRA Paper No.33868.
Beck, T., Demirgüç-Kunt, A., & Levine, R.,(2003), “Law and finance: why does legal origin matter?”, Journal of Comparative Economics, 31, pp. 653-675.
Beck, T., & Levine, R., (2002), “Industry growth and capital allocation: does having a market- or bank-based system matter?” Journal of Financial Economics, 64, pp.147–180.
Berkowitz, D., Pistor, K., & Richard, J., (2002), “Economic development, legality and the transplant effect”, European Economic Review, 47(1), pp. 165-195.
Demirguc-Kunt, A., Beck, T., & Levine, R., (1999), “A New Database on Financial Development and Structure”, International Monetary Fund, WP 2146.
Demirguc-Kunt, A., & Maksimovic, V., (1998), “Law, finance, and firm growth”, Journal of Finance, 53, pp. 2107–2137.
Djankov, S., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A., (2003), “Courts”, Quaterly Journal of Economics, 118, pp.453-517.
Hassan, K., Sanchez, B., & Yu, J., (2011), “Financial development and economic growth: New evidence from panel data”, The Quarterly Review of Economics and Finance, 51, pp.88-104.
Jayaratne, J., & Strahan, P., (1996), “The finance-growth nexus: evidence from bank branch deregulation”, Quarterly Journal of Economics, 111,pp. 639–670.
King, R.,& Levine, R.,(1993), “Finance and growth: Schumpeter might be right”, Quarterly Journal of Economics, 108, pp.717-738.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.W., (1998), “Law and finance”, Journal of Political Economy, 106(6), pp. 1113-1155.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.W., (1999), “The quality of government”, Journal of Law, Economics and Organization, 15, pp.222-279.
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R.W., (2000), “ Investor protection and corporate governance”, Journal of Financial Economics, 58, pp.141-186.
Levine, R., & King, R.G., 1993. “Finance and Growth: Schumpeter Might be Right”, The Quarterly Journal of Economics, 108, pp.717-737.
Levine, R., & Zervos,S.,(1998), “Stock market, banks and economic growth”, American Economic Review, 88, pp.537-558.
McKinnon, R., (1973), Money and Capital in Economic Development. Brookings Institution Press, Washington DC.
Mundell, R., (1972), African trade, politics and money. In Tremblay, R., ed., Africa and Monetary Integration. Les Editions HRW, Montreal, pp. 11-67.
Rajan, R., & Zingales, L., (1998) “Financial dependence and growth”, American Economic Review, 88, pp. 559–586.