@workingpaper{Asongu2011bp,
title = {Law, finance, economic growth and welfare: why does legal origin matter?},
author = {Simplice A Asongu},
editor = {African 2011 Governance and Development Institute WP/11/007},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/Law-finance-economic-growth-and-welfare.-Why-does-legal-origin-matter.pdf},
year = {2011},
date = {2011-08-01},
abstract = {This paper proposes and empirically validates four theories of why legal origin influences
growth and welfare through finance. It is a natural extension of “Law and finance: why does
legal origin matter?” by Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine (2003). We find
only partial support for the Mundell (1972), La Porta et al. (1998) and Beck et al. (2003)
hypotheses that English common-law countries tend to have better developed financial
intermediaries than French civil-law countries. While countries with English legal tradition have
legal systems that improve financial depth, activity and size, countries with French legal origin
overwhelmingly dominate in financial intermediary allocation efficiency. Countries with
Portuguese legal origin fall in-between.},
keywords = {Law; Financial development; Growth; Welfare},
pubstate = {published},
tppubtype = {workingpaper}
}