Abstract
Does a legal tradition adopted in the distant past constrain a country's ability to provide the protection that investors need for financial markets to develop? I look at the relationship between legal origin and the development of bond markets and find too much variation over time in bond market size, creditor protections, and court enforcement of bond contracts to assume that the adoption of a legal system constrains future financial development. I examine the evolution of bond markets in Brazil, a French civil law country, and provide preliminary results of similar variation for a small cross-section of countries.
Publisher
Cambridge University Press (CUP)
Subject
Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History
Reference76 articles.
1. Emerging financial markets and early US growth
2. Corte de Apelação, Juízo Câmara Comercial do Tribunal Civil e Criminal, No. 708 maço 268, Réu: Companhia Estrada de Ferro Leopoldina/Aut: Edward Herdman, Liquidação Forçada, 1897 (Brazil's National Archive, Rio de Janeiro).
Cited by
66 articles.
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