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Law and Development

An Institutional Critique

Frank H. Stephen

This book draws on the analytical framework of New Institutional Economics (NIE) to critically examine the role which law and the legal system play in economic development. Analytical concepts from NIE are used to assess policies which have been supported by multilateral development organisations including securing private property rights, reform of the legal system and financial development. The importance of culture in shaping the legal environment, which in turn influences financial sector development, is also assessed using Oliver Williamson’s ‘levels of social analysis’ framework.
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Index

An Institutional Critique

Frank H. Stephen

access to finance, measurement of 1058, 112, 11617
Agnello, R. 25
Ahlering, B. 65
Alchian, A. 22
Allen, F. 120, 136
Anderson, R. 29
anti-director rights index 51, 525, 63, 64, 867
see also investor rights
arbitrage pricing theory (APT) 102
Arcand, J. 111, 112, 124
Argentina 70
Armour, J. 556, 65
Arnason, R. 26
Arrow, K. 15
Arruñada, B. 5960
Asian financial crises and relationship banking 120
asymmetric information problems in financial contracting 97
Austria 52
Ayyagari, M. 11617
Azfar, O. 65, 110, 114, 118, 124, 125, 126, 128, 130, 132, 1345
banking
ATMs across income groups 107, 109, 112
bank accounts across income groups 106, 107
bank branches across income groups 1067, 108, 112
bank credit and firm financing 114
bank financing of investment and bias towards less risky projects 121
banking system operation costs, developing countries 117
basic banking services across income groups 11617
branch networks 117
branchless 117
development measurement 110
directed lending and government-owned banks 12021
economies of scope, branch networks used for other purposes 117, 11920
firm and bank, effects of long-term relationship 11920
government-owned banks and directed lending 12021
lending and growth, relationship between 11113
lending and informal institutions, influence of 1359, 14041
lending versus stock market 11418
ownership control, developing countries 11516
privatization effects 116
public credit registries and bank lending 119
regulatory capacity of banking versus stock market 11516
relationship banking 11920, 1368, 162
size of commercial banks relative to commercial banks plus central bank 98
bankruptcy issues 87, 11415, 134
Bardi, A. 85
bargaining (negotiation) costs 1617, 33, 38, 119, 154
Beck, T. 50, 1056, 109, 110, 111, 112, 124, 125
Belgium 52
Bell, F. 25
Berglöf, E. 36, 37
Berkowitz, D. 48, 61, 62, 63, 75, 76, 157
Bernstein, L. 38
Besley, T. 69
big bang approach 367
Blanchard, O. 37
Blanchet, D. 65
Bottomley, A. 25
bounded rationality and transaction costs 1719
Brändle, U. 52, 65
Breuer, W. 83, 84
Canada 25
capital asset pricing model (CAPM) 102
capitalism
crony capitalism concerns 116, 120, 121
culture of 36, 37, 3940, 85
and formalized property rights 689
Caprio, G. 11516
Carlin, W. 121
Carter, M. 70
Central and Eastern Europe (CEE) 3541, 634, 856, 87, 139
Chamoro, J. 71
Chang, H. 7
Chen, D. 14
China 67, 756
civil law 48, 4953, 56, 61, 634, 1457, 16061
Claessens, S. 72, 734
Clarke, G. 116
Coase Theorem 15, 16, 17, 334, 35, 36, 1556
common land, disincentive to invest on 256
see also land tenure
common law 48, 4953, 56, 61, 634, 1457, 16061
common-pool resources, and property rights 2531
tragedy of the commons 24, 278, 155
competition, imperfect, and transaction costs 1719
complexity and transaction costs 1819, 2021
conditionality, and legal transplants 612, 157
contracts
contingent claims 1819
contracting choices and transaction costs 16, 37, 38, 40, 79
and economics of transition 36
enforcement 21, 78, 119
financial 97
incomplete 15, 778
repudiation of 54, 66, 72, 73, 75, 128, 134
see also property rights; transaction costs
Cools, S. 52, 65
Corbett, J. 120, 136
corporate governance 823, 84, 97, 104, 123
see also governance; regulation
credit
link between formalization and credit 6972
private 64, 98100, 111, 11718
credit registries 119, 136, 138, 162
creditor rights
culture and embeddedness 87
and estimating determinants of growth 132, 1345, 139, 141, 143, 147
and financial markets 110, 119
Legal Origin Theory 48, 4953, 56, 63, 64
see also investor rights
crony capitalism concerns 116, 120, 121
cultural regions
Central and Eastern Europe (CEE) 3541, 634, 856, 87, 139
common law/civil law comparison 146, 147, 16061
and embeddedness 846
and financial sector size 144
culture
common law jurisdictions 1457
cultural differences effects 378, 3940, 1434
cultural heritage and path dependency 2021, 378
institutional environment 13944
culture of capitalism 36, 37, 3940, 85
see also capitalism
culture, dimensional models see New Institutional Economics (NIE) approach to law and development, culture and embeddedness
customs 23, 81
Dahlman, C. 16
Dam, K. 65, 120, 121
Davis, K. 60
Davis, L. 19
De Alessi, L. 25
De Laglesia, J. 7071
de Soto effect 23, 57, 6772, 156
dead capital, and developing countries 678, 69
Deakin, S. 223, 52, 65, 67
Deininger, K. 71
Demirgüç-Kunt, A. 112, 116, 117, 124
Demsetz, H. 22
dependency theory 45
determinants of growth see New Institutional Economics (NIE) framework and estimating determinants of growth
developing countries 46, 9, 678, 69, 11516, 117
development theories
and financial markets see financial markets
New Institutional Economics (NIE) to see New Institutional Economics (NIE) approach to law and development
dimensional models of culture 827, 123, 155
see also New Institutional Economics (NIE) approach to law and development, culture and embeddedness
directed lending and government-owned banks 12021
directors’ fiduciary duties 53
Djankov, S. 55, 59, 119, 136, 138
‘Doing Business’ project see World Bank, ‘Doing Business’ project
Donnelly, L. 25
Du Marais, B. 578, 59
Duxbury, N. 78
Eccles, R. 19
economic development 46, 9, 10
and property rights see property rights
and role of finance 94113
and strength of law enforcement 11819
Washington Consensus 5, 36, 113, 121
see also financial markets
economic organization 11, 15, 46
see also firms; governance; institutions
economic transition research 367
economies of scale 60, 96
economies of scope 117, 11920
efficiency levels 17, 19, 94, 96, 98, 108, 109, 11213, 117
Egypt 138
Ellickson, R. 42
embeddedness
culture and embeddedness see New Institutional Economics (NIE) approach to law and development, culture and embeddedness
institutional environment, embeddedness level 789, 8081
enforcement
across legal origins 54, 59
credit markets 49, 119
and economic growth 41, 11819
index 87
law of contract 38
policing costs 16, 154
and property rights 223, 68, 73, 74, 75, 77, 78, 81
see also legality; regulation
enforcement costs 1617, 212
ethnocentrism 8, 9, 1011, 52, 1568
European Bank for Reconstruction and Development (EBRD) 64, 87
external financing of firms and investor and creditor protection rules 48, 4953, 56
externalities
pecuniary 32, 42
and property rights, absence of 315
technological 32, 42
Feder, G. 70, 71
Field, E. and A. 70
financial breadth 1057
financial depth 98, 1056, 111
financial intermediaries 94, 967, 99, 110, 118, 119
financial markets 93125, 1589
access to finance, measurement of 1058, 112, 11617
and accounting rules 110
banking see banking
bankruptcy issues 87, 11415, 134
clear and settle payments 96
and creditor rights see creditor rights
crony capitalism concerns 116, 120, 121
economic development and role of finance 94113
economic development and strength of law enforcement 11819
efficiency levels 17, 19, 94, 96, 98, 108, 109, 11213, 117
finance and growth, relationship between 10813
financial depth measurement 98
financial development as consequence of economic growth 945
financial intermediary role 94, 967, 99, 110, 118, 119
financial sector development (FSD) 98105, 11321, 1589
financial sector size effects 11011, 11213
firm size and financial problems 112, 116
firms and availability of financial services 11617
free riding issues 115
frictions in markets for goods and services, reduction of 956
incentive and asymmetric information problems in financial contracting 97
information processing and dissemination 967, 115
information theories of financial sector development 11921
institutional foundations 11314, 115, 119
international arbitrage pricing theory (APT) 102
international capital asset pricing model (CAPM) 102
legal institutions and financial sector development 11819
lenders’ rights as power theories 119
liquid liabilities of financial system relative to GDP 98, 101
market capitalization ratio and income group 1024, 11718, 121
market mobilized capital (MMC) measurement 110, 111, 11819
mobile money 117
private credit 98100, 111, 11718
public credit registries 119
stock market capitalization as share of GDP 11819
stock market development measurement 100102, 110
stock market liquidity measurement 1012, 109
stock market value traded ratio 1045
sub-markets 95
transaction cost reduction and efficient financial intermediation 94
uncertainty and risk management 1819, 23, 83, 93, 97, 134
see also economic development
financial sector development (FSD)
facilitating 11321, 1589
and growth, relationship between 13031
legal institutions impact 1315
measurement 98105
firms 15, 36
and availability of financial services 11617
and banks, effects of long-term relationship 11920
corporate governance 823, 84, 97, 104, 123
financing and bank credit 114
growth and income inequality 11213
size and financial problems 112, 116
see also economic organization; governance
fisheries management 26
formalized property rights 60, 6872
France 52, 120, 136
Frank, A. 14
free riding issues, financial markets 115
Furubotn, E. 22, 35
Galanter, M. 7, 89
Gale, D. 120, 136
Galiani, S. 70
Germany 52, 53, 120, 136
Ghana 71
Glick, T. 29
Glorious Revolution, England 21
Goldberg, V. 18, 42
Goldstein, A. 120, 136
governance 6, 12, 15, 16
corporate 823, 84, 97, 104, 123
market economy 3, 634, 956
structures 778, 7980, 81, 88, 1278, 150, 1545
see also economic organization; firms; regulation
government-owned banks 12021
Goyal, A. 71
Greif, A. 21, 38
growth
bank lending and growth, relationship between 11113
determinants of see New Institutional Economics (NIE) framework and estimating determinants of growth
finance and growth, relationship between 10812
financial development as consequence of economic growth 945
institutions and growth 1922, 378
growth theories 5, 6, 10, 1534
Hardin, G. 24, 155
Heitger, B. 73
Hodgson, G. 90
Hofstede, G. 83, 845, 155
Holcombe, R. 32
Honore, A. 23
Hu, A. 6
impersonal trade 21
income groups 99100, 1024, 1067, 108, 109, 112, 11618, 121
income inequality and firm growth 11213
India 71
individualism, and transaction costs 3940
Indonesia 121
informal institutions 1359, 14041
information
asymmetric information problems in financial contracting 97
impactedness 18
processing and dissemination 967, 115
information costs 16, 956, 154
see also transaction costs
institutional environment
constraints 86, 87
and culture, influence of 13944
and economizing behaviour 789
embeddedness level 789, 8081
and transaction costs 389
institutions
and economic growth 1922, 378
and financial sector development 11819, 1315
foundations 11314, 115, 119
informal 1359, 14041
see also economic organization
intellectual property rights protection 734
see also property rights
investment 256, 121
investor rights
anti-director rights index 51, 525, 63, 64, 867
and estimating determinants of growth 132, 134, 135, 139, 141, 143, 147
Legal Origin Theory 48, 4953, 56, 63, 64
see also creditor rights; stock market
Japan 120, 136
Johnson, S. 72, 73
Kaufmann, D. 74
Keefer, P. 128
Kelley, J. 58, 59
Kenya, land titling 71
Kerekes, C. 71
King, R. 65, 98, 124
Klapper, L. 116, 117
Knack, S. 112, 128
La Porta, R. (LLSV approach) 47, 48, 4957, 63, 86, 87, 127, 128, 129, 134, 146, 1567
Laeven, L. 72, 734
Lancaster, K. 43
land tenure 5, 256, 6971
see also property rights
law in action 64, 87, 119, 153, 161
law on the books 64, 87, 11819, 153, 161
Law and Development Movement 79, 52
law and finance theory, adaptability and political channels 50
see also LLSV approach
law-and-economics (L&E) movement 35
legal effectiveness 1434
see also legality
Legal Origin Theory 4765, 1567
anti-director rights index 51, 525, 63, 64
creditor rights index 51, 63, 64
creditor and shareholder protection rules 48, 53, 56
directors’ fiduciary duties 53
enforcement effect as addition to state of the laws 54
external financing of firms and investor and creditor protection rules, common versus civil law countries 48, 4953, 56
investor and creditor rights, measurement of 5053
and legal environment 127, 1449, 160
legal system and economic development links 49
LLSV approach to role of law in process of development 47, 48, 4957, 63, 86, 87, 127, 128, 129, 134, 146, 1567
securities laws 53, 55
Legal Origin Theory, transplant effect 6065, 75, 157
common and civil law development 61, 634
GNP, effect on 63
law in action 64, 87, 119, 153, 161
laws adapted to local conditions 62
legality, receptive and unreceptive transplants 623
private sector lending effect 64
shareholders’ rights 64
transplants arising from conquest or imposition as supply-driven 623
unreceptive transplants and raised transaction costs 63
World Bank, ‘Doing Business’ project see World Bank, Doing Business’ project
Legal Origin Theory, transplant effect, legal transplants 615, 157, 160
and conditionality 612, 157
receptive and unreceptive 623, 645, 127, 146, 157
and transition countries 634
transition from socialism to market economy 634
legal system, development of jurisdiction’s 823
legality 62, 63, 75, 146, 157, 161
see also enforcement; legal effectiveness; regulation
Lele, P. 65
lending 119, 12021
levels of social analysis 1112, 77, 79, 80, 81, 82, 123, 127, 154
see also Williamson, O.
Levine, R. 54, 65, 98, 100101, 102, 108, 109, 110, 119, 124, 126, 128, 130, 159
Lewis, W. 14
Libecap, G. 24, 26, 31, 389
liberal legalism 78
Libya 25
Licht, A. 83, 84, 90
Lipsey, R. 43
LLSV approach (La Porta et al.) 47, 48, 4957, 63, 86, 87, 127, 128, 129, 134, 146, 1567
Lucas, R. 124
Maass, A. 29
Macneil, I. 19
Mahoney, P. 50
‘make or buy’ decisions 36, 778
market capitalization ratio and income group 1024, 11718, 121
market economy 3, 634, 956
market failure 5, 33, 34, 117
Market Mobilized Capital (MMC) 110, 111, 11819, 130, 131, 1324
market transactions 1617, 23, 38
market-driven growth theory 1534
Matheson, T. 65, 110, 114, 118, 124, 125, 126, 128, 130, 132, 1345
Mayer, C. 120, 121, 124, 136
Medema, S. 34, 43
Ménard, C. 15, 16, 19, 20, 22, 578, 59, 77, 155
Merryman, J. 7, 8
Messick, R. 7, 8
Migot-Adholla, S. 71, 90
Miller, M. 108
Mishan, E. 32
mobile money 117
modernization theory 4, 8, 9, 1011, 52, 1568
Modigliani, F. 108
Mohieldin, M. 3
Mojuye, B. 120, 136
negotiation costs 1617, 33, 38, 119, 154
neoclassical economics 5, 15, 1617, 77, 81
Netting, R. 29
New Institutional Economics (NIE) approach to law and development 6690, 1556
capitalism and formalized property rights 689
developing countries and dead capital 678, 69
possession and property rights, distinction between 223, 67
New Institutional Economics (NIE) approach to law and development, culture and embeddedness 827, 123, 155
anti-director rights index 867
‘bankruptcy effectiveness 87
corporate governance laws and cultural dimensions, relationship between 83
and creditors’ rights 87
cultural regions 846
cultural value dimensions 835
culture of capitalism 36, 37, 3940, 85
and development of jurisdiction’s legal system 823
‘enforcement’ index 87
institutional and legal environment constraints 86, 87
‘rule of law’ index 87, 134
New Institutional Economics (NIE) approach to law and development, economic development, and Williamson/North framework comparison 7681
governance structures 778, 7980, 81, 88, 1278, 150, 1545
institutional environment and economizing behaviour 789
institutional environment, embeddedness level 789, 8081
‘make or buy’ decisions 36, 778
neoclassical economics 5, 15, 1617, 77, 81
organizations as actors 7980
and property rights enforcement 77, 81
reallocation restrictions 81
and transaction cost economics 768
New Institutional Economics (NIE) approach to law and development, property rights
evidence on true changes 756
high cost of asserting 678
institutions and rule of law 745, 1556
intellectual property rights protection 734
property rights measurement 726
reliability of enforcement of legal rights 75
New Institutional Economics (NIE) approach to law and development, property rights and de Soto effect 23, 57, 6772, 156
link between formalization and credit 6972
and quality of land administration 6971
squatters and land tenure 70
New Institutional Economics (NIE) framework and estimating determinants of growth 12650, 15961
bank lending and informal institutions, influence of 1359, 14041
common law jurisdictions and cultural effects 1457
common law/civil law comparison in cultural regions 146, 147, 16061
credit registries and borrowers’ credit histories 119, 136, 138, 162
creditor protection 132, 1345, 139, 141, 143, 147
data and estimation strategy 12830
financial sector development, legal institutions impact 1315
financial sector and growth, relationship between 13031
financial sector size and influence of cultural region 144
institutional environment and culture, influence of 13944
legal effectiveness and cultural differences 1434
legal origin theory and legal environment 127, 1449, 160
Market Mobilized Capital (MMC) 130, 131, 1324
property rights protection 135
relationship banking 11920, 1368, 162
risk of contract repudiation index 134
rule of law index 134
shareholder (investor) protection 132, 134, 135, 139, 141, 143, 147
transplant theory 146, 147, 160
New Institutional Economics (NIE), main concepts 6, 1543, 1545
bounded rationality and transaction costs 1719
Central and Eastern Europe see Central and Eastern Europe (CEE)
common land, disincentive to invest on 256
complexity and transaction costs 1819, 2021
contracting choices and transaction costs 16, 37, 38, 40, 79
economic transition research 367
governance and transaction costs 16
impact on mainstream economics 36
imperfect competition and transaction costs 1719
institutional structure and transaction costs 389
institutions and economic growth 1922, 378
law-and-economics (L&E) movement link 35
market exchange and property rights 23
mass privatization policy 367
and nature of the firm 15, 36
neoclassical economics 5, 15, 1617, 77, 81
opportunism and transaction costs 17, 1819, 21, 31
path dependency 2021, 378, 41, 6061, 65
price theory 15
state expropriation and enforcement costs 21
state’s coercive power in enforcing laws 23
transaction cost economics 15, 1619, 36, 37, 768, 156
transaction costs see transaction costs
vertical integration as efficiency enhancing 17, 19
workers’ co-operatives, property rights and effects on investment 256
New Institutional Economics (NIE), main concepts, property rights 2235
absence of, and externality 315
alienability and resource exploitation 267
collective 24
and common-pool resources 2531
definition 22
enforcement 22
fisheries management 26
missing or ill-specified 245
and pollution 234
and possession, distinction between 223, 67
private and communal rights comparison 24
and ‘tragedy of the commons’ 24, 278, 155
and transaction costs, relationship between 23, 24, 34
universal allocation 234, 33
Nicaragua 7071
North, D. 19, 20, 21, 35, 36, 37, 40, 47, 65, 76, 77, 79, 126, 154
Ochan, T. 70
Olinto, P. 70
opportunism 17, 1819, 21, 31, 97, 115
Ostrom, E. 24, 2731, 35, 67, 155
Paraguay 70
path dependency 2021, 378, 41, 6061, 65
pecuniary externalities 32, 42
Pejovich, S. 22, 378, 3940, 73, 82, 85, 86, 87
Perkins, D. 121
Peru 70
Philippines 30, 31
Pigou, A. 33
Pistor, K. 61, 63, 64, 867, 157
policing costs 16, 154
see also enforcement
possession and property rights, distinction between 223, 67
price theory 15
private and communal rights comparison 24
private credit 64, 98100, 111, 11718
see also credit
privatization 367, 116
production externality 325
productions costs 17, 1819, 20
see also transaction costs
property rights
and credit 6972
de Soto effect see de Soto effect; New Institutional Economics (NIE) approach to law and development, property rights and de Soto effect
enforcement 77, 81
formalized 60, 6872
land tenure 5, 256, 6971
and market exchange 23
and New Institutional Economics (NIE) see New Institutional Economics (NIE), main concepts, property rights
possession and property rights, distinction between 223, 67
protection 135
registration 60, 689, 7071
workers’ co-operatives 256
see also contracts; transaction costs
public credit registries and bank lending 119
see also credit registries
Rajan, R. 65, 124
registration 60, 689, 7071
see also property rights
regulation
civil and common law 48, 4953, 56, 61, 634, 1457, 16061
law in action 64, 87, 119, 153, 161
law on the books 64, 87, 11819, 153, 161
legal system, development of jurisdiction’s 823
regulatory capacity of banking versus stock market 11516
rent-seeking concerns and regulation costs 5960
rule of law 56, 64, 745, 87, 134, 1556
statute law 53, 157
see also enforcement; governance; legality
relationship banking 11920, 1368, 162
see also banking
rent-seeking 5960, 11011
repudiation of contracts 54, 66, 72, 73, 75, 128, 134
see also contracts
Richter, R. 35
Rickets, M. 24
risk management 1819, 23, 83, 93, 97, 121, 134
Rittich, K. 6
Robinson, J. 124
Rodrik, D. 745
Roe, M. 53
Roland, G. 36, 37
Rostow, W. 4
rule of law 56, 64, 745, 87, 134, 1556
see also regulation
Russia 75
Rwanda 71
Saltzmann, A. 83, 84
Schargrodsky, E. 70
Schlager, E. 28, 31
Schwartz, S. 834, 856, 87, 128, 129, 139, 140, 155, 159
search costs 1617
see also transaction costs
securities laws 53, 55
shareholder rights see investor rights
Shirley, M. 15, 16, 20, 22, 43, 77, 155
Sidgwick, H. 33
Siems, M. 523, 65
Simon, H. 17
Siy, R. 29, 30
size factors 1920, 98, 11011, 11213, 116, 144
small numbers condition 1819, 31
see also transaction costs
Sobel, R. 32
socialism to market economy transition 634
South Korea 121, 138
Spain 26, 27, 2930
Spamann, H. 545
speculative bubbles 11112, 113, 158
squatters and land tenure 70
statute law 53, 157
see also regulation
Stigler, G. 34
Stiglitz, J. 5, 114, 11718, 120, 121
stock market 1012, 1045, 109, 11419
see also investor rights
Sussman, O. 124
Svensson, J. 72, 73
Switzerland 29
taxation, Pigouvian taxes 33
technological externalities 32, 42
Thomas, R. 19
Torero, M. 70
Torstensson, J. 72, 73
tragedy of the commons 24, 278, 155
see also common-pool resources, and property rights
transaction cost economics 15, 1619, 36, 37, 768, 156
transaction costs
and bounded rationality 1719
and contract enforcement costs 21
and contracting choices 16, 37, 38, 40, 79
and governance 16
and imperfect competition 1719
and individualism 3940
information costs 16, 956, 154
institutional structure 389
market transactions 1617, 23, 38
and opportunism 17, 1819, 21, 97, 115
productions costs 17, 1819, 20
and property rights, relationship between 23, 24, 34
reduction and efficient financial intermediation 94
search costs 1617
size of transacting sector 1920
small numbers condition 1819, 31
transformation costs 20
unreceptive transplants and raised transaction costs 63
see also contracts; property rights
transformation costs 20
transplant effect see Legal Origin Theory, transplant effect
transplant theory 146, 147, 160
Trebilcock, M. 60, 6970
Trubeck, D. 7, 89
UK 21, 53
UN, Millennium Development Goals 6
uncertainty and risk management 1819, 23, 83, 93, 97, 121, 134
unitization, oil field unitization and extraction concerns 267
US 78, 25, 267, 31, 389, 52, 53
Van Hemmen, S. 49, 54, 567, 65, 114, 118, 124, 125, 126, 130, 132
Veel, P. 6970
vertical integration as efficiency enhancing 17, 19
Wallis, J. 19, 79
Washington Consensus 5, 36, 113, 121
Weingast, B. 21
Wiggins, S. 26
Williamson, C. 71
Williamson, J. 5
Williamson, O. 1112, 15, 16, 17, 1819, 35, 36, 769, 80, 81, 82, 86, 123, 125, 126, 1278, 154, 155, 158, 159
Woodruff, C. 69
workers’ co-operatives 256
see also property rights
World Bank 3, 6, 689, 72, 117
World Bank, ‘Doing Business’ project 47, 5760, 689, 144
compulsory procedures, costs of undertaking 60
and economies of scale in reducing costs for developed countries, lack of focus on 60
formalization benefits and reduction in future transaction costs 60
implementation costs, focus on 5960
indicators of ‘Ease of Doing Business’ (EDB) 589
rankings oriented towards Common Law regimes 57
reforms linked to 589
rent-seeking concerns and regulation costs 5960
Xu, G. 14
Xu, L. 112
Zerbe, R. 34, 43
Zervos, S. 54, 65, 100101, 102, 109, 110, 124, 126, 128, 130, 159
Zingales, L. 65, 11011, 124