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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.
This paper examines the extent to which dispute resolvers in customary law systems provide widely understandable justifications for their decisions. The paper first examines the liberal-democratic reasons for the importance of publicity, understood t...
Strengthening the rule of law is widely regarded – among traditional donors, multilateral institutions, and a growing number of middle income and fragile states – as a necessary precondition for sustainable peace, poverty alleviation, and...
This report, prepared by the foreign law specialists and analysts of the Law Library of Congress, provides a review of laws adopted in Argentina, Australia, Brazil, Canada, Costa Rica, the Czech Republic, Germany, Ireland, Israel, Mexico, the Netherl...
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