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A growing body of work suggests that cross-country differences in legal origin help explain differences in financial development. Beck, Demirgiuc-Kunt, and Levine assess two theories of why legal origin influences financial development. First, the "political" channel stresses that (1) legal traditions differ in the priority they give to the rights of individual investors compared with the state, and that (2) this has repercussions for the development of property rights and financial markets. Second, the "adaptability" channel holds that (1) legal traditions differ in their ability to adjust to changing commercial circumstances, and (2) legal systems that adapt quickly to minimize the gap between the contracting needs of the economy and the legal system's capabilities will foster financial development more effectively than would more rigid legal traditions. The authors use historical comparisons and cross-country regressions to assess the validity of these two channels.
The concept of empowerment is now widely used in several disciplines to characterize the states and social processes of individuals and communities. In economic development, the concept has come to mean women’s power and agency in all economic ...
This paper studies the economic effects of legal amendments on different types of labor laws. We examine the effects of amendments to labor dispute laws, and amendments to job security legislation. We also identify the effects of legal amendments rel...
Optimism about the use of laws, constitutions, and rights to achieve social change has never been higher among practitioners. But the academic literature is skeptical that courts can direct resources toward the poor. This paper develops a nuanced acc...
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