메뉴 건너뛰기




Volumn 25, Issue 5, 2011, Pages 833-871

The role of law in economic growth: A literature review

Author keywords

Economic growth; Institutions; Law; Legal origins

Indexed keywords

COMPARATIVE STUDY; DIVERGENCE; ECONOMETRICS; ECONOMIC GROWTH; ECONOMIC THEORY; LEGISLATION; LIVING STANDARD; THEORETICAL STUDY;

EID: 80054711187     PISSN: 09500804     EISSN: 14676419     Source Type: Journal    
DOI: 10.1111/j.1467-6419.2011.00691.x     Document Type: Review
Times cited : (33)

References (87)
  • 3
    • 0000979996 scopus 로고    scopus 로고
    • The colonial origins of comparative development: an empirical investigation
    • Acemoglu, D., Johnson, S. and Robinson J.A. (2001) The colonial origins of comparative development: an empirical investigation. American Economic Review 91: 1369-1401.
    • (2001) American Economic Review , vol.91 , pp. 1369-1401
    • Acemoglu, D.1    Johnson, S.2    Robinson, J.A.3
  • 4
    • 0036867885 scopus 로고    scopus 로고
    • Reversal of fortune: geography and institutions in the making of the modern world income distribution
    • Acemoglu, D., Johnson, S. and Robinson J.A. (2002) Reversal of fortune: geography and institutions in the making of the modern world income distribution. Quarterly Journal of Economics 117: 1231-1294.
    • (2002) Quarterly Journal of Economics , vol.117 , pp. 1231-1294
    • Acemoglu, D.1    Johnson, S.2    Robinson, J.A.3
  • 5
    • 66049117352 scopus 로고    scopus 로고
    • Institutions as a fundamental cause of long-run growth
    • P. Aghion and S.N. Durlauf (eds), Amsterdam Elsevier B.V
    • Acemoglu, D., Johnson, S. and Robinson, J.A. (2005) Institutions as a fundamental cause of long-run growth. In P. Aghion and S.N. Durlauf (eds), Handbook of Economic Growth. Amsterdam Elsevier B.V.
    • (2005) Handbook of Economic Growth
    • Acemoglu, D.1    Johnson, S.2    Robinson, J.A.3
  • 6
    • 76649141550 scopus 로고    scopus 로고
    • Law and financial development: what we are learning from time-series evidence
    • Armour, J., Deakin, S., Viviana, M. and Siems, M. (2009) Law and financial development: what we are learning from time-series evidence. Brigham Young University Law Review 2009: 1435-1500.
    • (2009) Brigham Young University Law Review , pp. 1435-1500
    • Armour, J.1    Deakin, S.2    Viviana, M.3    Siems, M.4
  • 7
    • 69249163140 scopus 로고    scopus 로고
    • Shareholder protection and stock market development: an empirical test of the legal origins hypothesis
    • Armour, J., Deakin, S., Sarkar, P., Siems, M. and Singh, A. (2009) Shareholder protection and stock market development: an empirical test of the legal origins hypothesis. Journal of Empirical Legal Studies 6(2): 343-380.
    • (2009) Journal of Empirical Legal Studies , vol.6 , Issue.2 , pp. 343-380
    • Armour, J.1    Deakin, S.2    Sarkar, P.3    Siems, M.4    Singh, A.5
  • 8
    • 0036091092 scopus 로고    scopus 로고
    • Industry growth and capital allocation: does having a market- or bank-based system matter
    • Beck, T. and Levine, R. (2002) Industry growth and capital allocation: does having a market- or bank-based system matter. Journal of Financial Economics 64: 147-180.
    • (2002) Journal of Financial Economics , vol.64 , pp. 147-180
    • Beck, T.1    Levine, R.2
  • 9
    • 27744481307 scopus 로고    scopus 로고
    • Legal institutions and financial development
    • C. Ménard and M.M. Shirley (eds), Dordrecht, The Netherlands Springer.
    • Beck, T. and Levine, R. (2005) Legal institutions and financial development. In C. Ménard and M.M. Shirley (eds), Handbook of New Institutional Economics. Dordrecht, The Netherlands Springer.
    • (2005) Handbook of New Institutional Economics
    • Beck, T.1    Levine, R.2
  • 13
    • 33749359471 scopus 로고    scopus 로고
    • The effect of judicial independence on courts: evidence from the American states
    • Berkowitz, D. and Clay, K. (2006) The effect of judicial independence on courts: evidence from the American states. Journal of Legal Studies 35: 399-440.
    • (2006) Journal of Legal Studies , vol.35 , pp. 399-440
    • Berkowitz, D.1    Clay, K.2
  • 14
    • 0037306950 scopus 로고    scopus 로고
    • Economic development, legality, and the transplant effect
    • Berkowitz, D., Pistor, K. and Richard, J.-F. (2003).Economic development, legality, and the transplant effect. European Economic Review 47: 165-195.
    • (2003) European Economic Review , vol.47 , pp. 165-195
    • Berkowitz, D.1    Pistor, K.2    Richard, J.-F.3
  • 15
    • 0348142492 scopus 로고    scopus 로고
    • The legal and institutional preconditions for strong securities markets
    • Black, B.S. (2001) The legal and institutional preconditions for strong securities markets. UCLA Law Review 48: 781-855.
    • (2001) UCLA Law Review , vol.48 , pp. 781-855
    • Black, B.S.1
  • 17
    • 33845882246 scopus 로고    scopus 로고
    • Legal-political factors and the historical evolution of the finance-growth link
    • Bordo, M.D. and Rousseau, P.L. (2006) Legal-political factors and the historical evolution of the finance-growth link. European Review of Economic History 10: 412-444.
    • (2006) European Review of Economic History , vol.10 , pp. 412-444
    • Bordo, M.D.1    Rousseau, P.L.2
  • 20
    • 18044400056 scopus 로고    scopus 로고
    • Does law matter? The separation of ownership and control in the United Kingdom
    • Cheffins, B.R. (2001). Does law matter? The separation of ownership and control in the United Kingdom. Journal of Legal Studies 30: 459-484.
    • (2001) Journal of Legal Studies , vol.30 , pp. 459-484
    • Cheffins, B.R.1
  • 21
    • 0011088449 scopus 로고    scopus 로고
    • The rise of dispersed ownership: the roles of law and the state in the separation of ownership and control
    • Coffee, J.C. Jr., (2001) The rise of dispersed ownership: the roles of law and the state in the separation of ownership and control. Yale Law Journal 111: 1-82.
    • (2001) Yale Law Journal , vol.111 , pp. 1-82
    • Coffee Jr., J.C.1
  • 22
    • 26944453307 scopus 로고    scopus 로고
    • Law and economic growth
    • Cross, F.B. (2002) Law and economic growth. Texas Law Review 80: 1737-1775.
    • (2002) Texas Law Review , vol.80 , pp. 1737-1775
    • Cross, F.B.1
  • 25
    • 41649110647 scopus 로고    scopus 로고
    • Do bankruptcy codes matter? A study of defaults in France, Germany, and the UK
    • Davydenko, S.A. and Franks, J.R. (2008) Do bankruptcy codes matter? A study of defaults in France, Germany, and the UK. Journal of Finance 63: 565-608.
    • (2008) Journal of Finance , vol.63 , pp. 565-608
    • Davydenko, S.A.1    Franks, J.R.2
  • 26
    • 85055297550 scopus 로고
    • Princes and merchants: European city growth before the industrial revolution
    • Delong, J.B. and Shleifer, A. (1989) Princes and merchants: European city growth before the industrial revolution. Journal of Law and Economics 36: 671-702.
    • (1989) Journal of Law and Economics , vol.36 , pp. 671-702
    • Delong, J.B.1    Shleifer, A.2
  • 27
    • 0036338027 scopus 로고    scopus 로고
    • Funding growth in bank-based and market-based financial systems: evidence from firm-level data
    • Demirguc-Kunt, A. and Maksimovic, V. (2002) Funding growth in bank-based and market-based financial systems: evidence from firm-level data. Journal of Financial Economics 65: 337-363.
    • (2002) Journal of Financial Economics , vol.65 , pp. 337-363
    • Demirguc-Kunt, A.1    Maksimovic, V.2
  • 33
    • 0026471194 scopus 로고
    • Outward-oriented developing economies really do grow more rapidly: evidence from 95 LDCs, 1976-85
    • Dollar, D. (1992) Outward-oriented developing economies really do grow more rapidly: evidence from 95 LDCs, 1976-85. Economic Development and Cultural Change 40(3): 523-544.
    • (1992) Economic Development and Cultural Change , vol.40 , Issue.3 , pp. 523-544
    • Dollar, D.1
  • 34
    • 0000096358 scopus 로고
    • Capital expansion, rate of growth and employment
    • Domar, E.D. (1946) Capital expansion, rate of growth and employment. Econometrica 14: 137-147.
    • (1946) Econometrica , vol.14 , pp. 137-147
    • Domar, E.D.1
  • 35
    • 19944408608 scopus 로고    scopus 로고
    • To steal or not to steal: firm attributes, legal environment, and valuation
    • Durnev, A. and Kim, E.H. (2005) To steal or not to steal: firm attributes, legal environment, and valuation. Journal of Finance 60: 1461-1493.
    • (2005) Journal of Finance , vol.60 , pp. 1461-1493
    • Durnev, A.1    Kim, E.H.2
  • 36
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: an international comparison
    • Dyck, A. and Zingales, L. (2004) Private benefits of control: an international comparison. Journal of Finance 59: 537-600.
    • (2004) Journal of Finance , vol.59 , pp. 537-600
    • Dyck, A.1    Zingales, L.2
  • 37
    • 0000006074 scopus 로고
    • Openness, trade liberalization, and growth in developing countries
    • Edwards, S. (1993) Openness, trade liberalization, and growth in developing countries. Journal of Economic Literature 31: 1358-1393.
    • (1993) Journal of Economic Literature , vol.31 , pp. 1358-1393
    • Edwards, S.1
  • 38
    • 0001304377 scopus 로고    scopus 로고
    • Factor endowments, institutions, and differential paths of growth among new world economies
    • S. Haber (ed.), Stanford Stanford University Press.
    • Engerman, S.L. and Sokoloff, L.S. (1997) Factor endowments, institutions, and differential paths of growth among new world economies. In S. Haber (ed.), How Latin America Fell Behind. Stanford Stanford University Press.
    • (1997) How Latin America Fell Behind
    • Engerman, S.L.1    Sokoloff, L.S.2
  • 40
    • 0037347925 scopus 로고    scopus 로고
    • Do better institutions mitigate agency problems? Evidence from corporate finance choices
    • Giannetti, M. (2003) Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of Financial and Quantitative Analysis 38: 185-213.
    • (2003) Journal of Financial and Quantitative Analysis , vol.38 , pp. 185-213
    • Giannetti, M.1
  • 43
    • 0001890195 scopus 로고    scopus 로고
    • Why do some countries produce so much more output per works than others
    • Hall, R.E. and Jones, C.I. (1999) Why do some countries produce so much more output per works than others. Quarterly Journal of Economics 114: 83-116.
    • (1999) Quarterly Journal of Economics , vol.114 , pp. 83-116
    • Hall, R.E.1    Jones, C.I.2
  • 44
    • 0002471782 scopus 로고
    • An essay in dynamic theory
    • Harrod, R. (1939) An essay in dynamic theory. Economic Journal 49: 14-33.
    • (1939) Economic Journal , vol.49 , pp. 14-33
    • Harrod, R.1
  • 45
    • 8844252399 scopus 로고    scopus 로고
    • Corporate governance, investor protection, and performance in emerging markets
    • Klapper, L.F. and Love, I. (2004) Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance 10: 703-728.
    • (2004) Journal of Corporate Finance , vol.10 , pp. 703-728
    • Klapper, L.F.1    Love, I.2
  • 47
    • 84984517112 scopus 로고
    • Institutions and economic performance: cross-country tests using alternative institutional measures
    • Knack, S. and Keefer, P. (1995) Institutions and economic performance: cross-country tests using alternative institutional measures. Economics and Politics 7: 207-227.
    • (1995) Economics and Politics , vol.7 , pp. 207-227
    • Knack, S.1    Keefer, P.2
  • 48
    • 24144484896 scopus 로고    scopus 로고
    • Legal regime and contractual flexibility: a comparison of business's organizational choices in France and the United States during the era of industrialization
    • Lamoreaux, N.R. and Rosenthal, J.-L. (2005) Legal regime and contractual flexibility: a comparison of business's organizational choices in France and the United States during the era of industrialization. American Law and Economics Review 7(1): 28-61.
    • (2005) American Law and Economics Review , vol.7 , Issue.1 , pp. 28-61
    • Lamoreaux, N.R.1    Rosenthal, J.-L.2
  • 60
    • 15544376362 scopus 로고    scopus 로고
    • Does legal enforcement affect financial transactions? The contractual channel in private equity
    • Lerner, J. and Schoar, A. (2005) Does legal enforcement affect financial transactions? The contractual channel in private equity. Quarterly Journal of Economics 120: 223-246.
    • (2005) Quarterly Journal of Economics , vol.120 , pp. 223-246
    • Lerner, J.1    Schoar, A.2
  • 61
    • 0038979542 scopus 로고    scopus 로고
    • The legal environment, banks, and long-run economic growth
    • Levine, R. (1998) The legal environment, banks, and long-run economic growth. Journal of Money, Credit, and Banking 30: 596-620.
    • (1998) Journal of Money, Credit, and Banking , vol.30 , pp. 596-620
    • Levine, R.1
  • 62
    • 0036822431 scopus 로고    scopus 로고
    • Bank-based or market-based financial systems: which is better
    • Levine, R. (2002) Bank-based or market-based financial systems: which is better. Journal of Financial Intermediation 11: 398-428.
    • (2002) Journal of Financial Intermediation , vol.11 , pp. 398-428
    • Levine, R.1
  • 63
    • 0003093394 scopus 로고    scopus 로고
    • Financial intermediation and growth: causality and causes
    • Levine, R., Loayza, N. and Beck, T. (2000) Financial intermediation and growth: causality and causes. Journal of Monetary Economics 46: 31-77.
    • (2000) Journal of Monetary Economics , vol.46 , pp. 31-77
    • Levine, R.1    Loayza, N.2    Beck, T.3
  • 64
    • 18044402220 scopus 로고    scopus 로고
    • The common law and economic growth: Hayek might be right
    • Mahoney, P.G. (2001) The common law and economic growth: Hayek might be right. Journal of Legal Studies 30: 503-525.
    • (2001) Journal of Legal Studies , vol.30 , pp. 503-525
    • Mahoney, P.G.1
  • 65
    • 40449141992 scopus 로고    scopus 로고
    • Can civil law countries get good institutions? Lessons from the history of creditor rights and bond markets in Brazil
    • Musacchio, A. (2008) Can civil law countries get good institutions? Lessons from the history of creditor rights and bond markets in Brazil. Journal of Economic History 68: 80-108.
    • (2008) Journal of Economic History , vol.68 , pp. 80-108
    • Musacchio, A.1
  • 66
    • 0012533256 scopus 로고    scopus 로고
    • The value of corporate voting rights and control: a cross-country analysis
    • Nenova, T. (2003) The value of corporate voting rights and control: a cross-country analysis. Journal of Financial Economics 68: 325-351.
    • (2003) Journal of Financial Economics , vol.68 , pp. 325-351
    • Nenova, T.1
  • 70
    • 84974486152 scopus 로고
    • Constitutions and commitment: the evolution of institutions governing public choice in seventeenth-century England
    • North, D.C. and Weingast, B.R. (1989) Constitutions and commitment: the evolution of institutions governing public choice in seventeenth-century England. Journal of Economic History 49: 803-832.
    • (1989) Journal of Economic History , vol.49 , pp. 803-832
    • North, D.C.1    Weingast, B.R.2
  • 71
    • 19744374458 scopus 로고    scopus 로고
    • The political economy of corporate governance
    • Pagano, M. and Volpin, P.F. (2005) The political economy of corporate governance. American Economic Review 95: 1005-1030.
    • (2005) American Economic Review , vol.95 , pp. 1005-1030
    • Pagano, M.1    Volpin, P.F.2
  • 72
    • 33644549994 scopus 로고    scopus 로고
    • The political economy of corporate control and labor rents
    • Perotti, E.C. and von Thadden, E.-L. (2006) The political economy of corporate control and labor rents. Journal of Political Economy 114: 145-174.
    • (2006) Journal of Political Economy , vol.114 , pp. 145-174
    • Perotti, E.C.1    von Thadden, E.-L.2
  • 73
    • 80054694056 scopus 로고    scopus 로고
    • Rethinking the 'Law and Finance' paradigm
    • Pistor, K. (2009) Rethinking the 'Law and Finance' paradigm. Brigham Young University Law Review 2009: 1647-1670.
    • (2009) Brigham Young University Law Review , vol.2009 , pp. 1647-1670
    • Pistor, K.1
  • 75
    • 36649026728 scopus 로고    scopus 로고
    • How laws and institutions shape financial contracts: the case of bank loans
    • Qian, J. and Strahan, E.S. (2007) How laws and institutions shape financial contracts: the case of bank loans. Journal of Finance 62: 2803-2834.
    • (2007) Journal of Finance , vol.62 , pp. 2803-2834
    • Qian, J.1    Strahan, E.S.2
  • 76
    • 0037633994 scopus 로고    scopus 로고
    • The great reversals: the politics of financial development in the twentieth century
    • Rajan, R.G. and Zingales, L. (2003) The great reversals: the politics of financial development in the twentieth century. Journal of Financial Economics 69: 5-50.
    • (2003) Journal of Financial Economics , vol.69 , pp. 5-50
    • Rajan, R.G.1    Zingales, L.2
  • 77
    • 0040566521 scopus 로고    scopus 로고
    • Trade policy and economic growth: a skeptic's guide to the cross-national evidence
    • Rodriguez, F. and Rodrik, D. (2000) Trade policy and economic growth: a skeptic's guide to the cross-national evidence. NBER Macroeconomics Annual 15: 261-325.
    • (2000) NBER Macroeconomics Annual , vol.15 , pp. 261-325
    • Rodriguez, F.1    Rodrik, D.2
  • 78
    • 33947184711 scopus 로고    scopus 로고
    • Legal origins, politics, and modern stock markets
    • Roe, M.J. (2006) Legal origins, politics, and modern stock markets. Harvard Law Review 120: 462-527.
    • (2006) Harvard Law Review , vol.120 , pp. 462-527
    • Roe, M.J.1
  • 79
  • 80
    • 33845869060 scopus 로고    scopus 로고
    • Do legal origins matter? The case of bankruptcy laws in Europe 1808-1914
    • Sgard, J. (2006) Do legal origins matter? The case of bankruptcy laws in Europe 1808-1914, European Review of Economic History 10: 389-419.
    • (2006) European Review of Economic History , vol.10 , pp. 389-419
    • Sgard, J.1
  • 81
    • 34250332053 scopus 로고    scopus 로고
    • Legal origins: reconciling law & finance and comparative law
    • Siems, M.M. (2007) Legal origins: reconciling law & finance and comparative law, McGill Law Journal 52: 55-81.
    • (2007) McGill Law Journal , vol.52 , pp. 55-81
    • Siems, M.M.1
  • 82
    • 0001255515 scopus 로고    scopus 로고
    • History lessons: institutions, factor endowments, and paths of development in the new world economies
    • Sokoloff, K.L. and Engerman, S.L. (2000) History lessons: institutions, factor endowments, and paths of development in the new world economies. Journal of Economic Perspectives 14(3): 217-232.
    • (2000) Journal of Economic Perspectives , vol.14 , Issue.3 , pp. 217-232
    • Sokoloff, K.L.1    Engerman, S.L.2
  • 83
    • 84959849294 scopus 로고
    • A contribution to the theory of economic growth
    • Solow, R.M. (1956) A contribution to the theory of economic growth. Quarterly Journal of Economics 70: 65-94.
    • (1956) Quarterly Journal of Economics , vol.70 , pp. 65-94
    • Solow, R.M.1
  • 84
    • 80054691003 scopus 로고    scopus 로고
    • Law and Finance' revisited. Harvard John M. Olin Fellow's Discussion Paper, No. 12, Harvard Law School
    • Spamann, H. (2008) 'Law and Finance' revisited. Harvard John M. Olin Fellow's Discussion Paper, No. 12, Harvard Law School.
    • (2008)
    • Spamann, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.