Citation

Discussion Paper Details

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Title: Legal Institutions and Economic Development

Author(s): Thorsten Beck

Publication Date: December 2010

Keyword(s): Economic development, Legal institutions, Legal system indicators and Property rights

Programme Area(s): Financial Economics

Abstract: Legal institutions are critical for the development of market-based economies. This paper defines legal institutions and discusses different indicators to measure their quality and efficiency. It surveys a large historical and empirical literature showing the importance of legal institutions in explaining cross-country variation in economic development. Finally, it presents and discusses three different views of why we can observe the large cross-country variation in legal institutions, the social conflict, the legal origin and the culture and religion hypotheses.

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Bibliographic Reference

Beck, T. 2010. 'Legal Institutions and Economic Development'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8139