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Why does a country's legal origin influence its firms'access to finance? Using data from over 4,000 firms in 38 countries, the authors show that firms in countries with French legal origin face significantly higher obstacles in accessing external finance than firms in common law countries. Next,...
Persistent link: https://www.econbiz.de/10004989754
Theory makes ambiguous predictions about the relationship between market structure and competitiveness of the banking system and banking sector stability. Empirical studies focusing on individual countries provide similarly ambiguous results, while cross-country studies point mostly to a...
Persistent link: https://www.econbiz.de/10004989893
The authors study the impact of bank concentration, regulations, and national institutions on the likelihood of suffering a systemic banking crisis. Using data on 79 countries over the period 1980-97, they find that crises are less likely (1) in more concentrated banking systems, (2) in...
Persistent link: https://www.econbiz.de/10004989897
A burgeoning literature finds that financial development exerts a first-order impact on long-run economic growth, which raises critical questions, such as why do some countries have well-developed growth-enhancing financial systems while others do not? The law and finance theory focuses on the...
Persistent link: https://www.econbiz.de/10005134291
The authors examine the impact of bank supervision on the financing obstacles faced by almost 5,000 corporations across 49 countries. They find that firms in countries with strong official supervisory agencies that directly monitor banks tend to face greater financing obstacles. Moreover,...
Persistent link: https://www.econbiz.de/10005141704
The authors assess three established theories about the historical determinants of financial development. They also propose an augmented version of one of these theories. The law and finance view, stresses that different legal traditions emphasize, to differing degrees, the rights of individual...
Persistent link: https://www.econbiz.de/10005141847
The authors explore the relationship between financial structure - the degree to which a financial system is market- or bank-based - and economicdevelopment. They use three methodologies: 1) The cross-country approach uses cross-country data to assess whether economies grow faster with market-...
Persistent link: https://www.econbiz.de/10005116605
High youth unemployment rates may be a signal of difficult labor market entry for youth or may reflect high churning. The European and United States literature finds the latter conclusion while the Latin American literature suggests the former. This paper uses panel data to examine whether Latin...
Persistent link: https://www.econbiz.de/10004969746
This paper solves and estimates a stochastic model of optimal inter-temporal behavior to assess how changes in the design of the unemployment benefits and pension systems in Brazil could affect savings rates, the share of time that individuals spend outside of the formal sector, and retirement...
Persistent link: https://www.econbiz.de/10004969749
The authors examine the factors affecting the transition to self-employment in Bosnia and Herzegovina, using the World Bank Living Standard Measurement Survey panel household survey for the years 2001-2004. In the beginning of the sample, the country changed its legal framework, with the primary...
Persistent link: https://www.econbiz.de/10004972485