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Law and development: Economic analysis of law, financial intermediaries, and economic development in Eastern Europe.

机译：法律与发展：东欧法律，金融中介机构和经济发展的经济分析。

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摘要

This dissertation pursues three major goals: (1) to summarize the theoretical understanding of the complex relationship between law, financial intermediaries, and economic development (chapter 1); (2) to review and analyze econometrics-based studies devoted to this relationship (chapter 2); and (3) to model the relationship in a new way, with the use of newer generations econometrics techniques (chapter 3). The results from the last part are the focus of the dissertation and this abstract.; The dissertation models the relationship between law and economic development using a second-generation econometrics technique (PLS-Graph), which allows for simultaneous estimation of all levels of a model (law, financial intermediaries, and economic development) and a criterion-based aggregation of indicators into indexes. All estimated models (three world and two Eastern European) indicate that shareholders' protection is more important than creditors' protection and that the rule of law is the most important among the legal determinants, which, however, influences the world's economic development through the financial intermediaries, yet influences the Eastern European economic development directly, without influencing the financial system (possible reason: a lag). Furthermore, the models indicate that between the banking and the capital market system, the banking system is the one that has a greater causal implication on economic development (in the different models the difference varied between 1.5 times and three times higher coefficient for the banking factors), yet the capital market system is the one that has a greater causal implication for economic growth. This conclusion, if correct, has a very far-reaching importance: it means that if a country has a choice between developing a strong banking system and a strong capital market system, and if the country is still underdeveloped, it should err in favor of the banking system, but if the country is developed, it should transfer from a bank-based to a capital-market-based system. Therefore the normative implication of the dissertation is that an Eastern European country should use the German-Japanese bank-based model as its major financial reallocation tool until it develops, and then should switch to the US-British capital-markets-based model because of its greater flexibility and propensity for quick reallocation of resources.
机译：本论文主要追求三个目标：（1）总结对法律，金融中介与经济发展之间复杂关系的理论理解（第一章）； （2）审查和分析致力于这种关系的基于计量经济学的研究（第2章）； （3）使用新一代的计量经济学技术以新的方式对这种关系进行建模（第3章）。最后一部分的结果是本论文和本摘要的重点。本文使用第二代计量经济学技术（PLS-Graph）对法律与经济发展之间的关系进行建模，该技术可同时估计模型的各个级别（法律，金融中介机构和经济发展）以及基于标准的汇总指标转化为指标。所有估计的模型（三个世界和两个东欧模型）都表明，股东保护比债权人保护更为重要，法治是法律决定因素中最重要的因素，然而，这通过金融影响世界经济发展中间商，但直接影响东欧的经济发展，而不影响金融体系（可能的原因：滞后）。此外，模型表明，在银行和资本市场体系之间，银行体系是对经济发展具有更大因果关系的体系（在不同模型中，银行因子的差异在1.5倍至3倍之间变化） ），但资本市场体系对经济增长的影响更大。这个结论，如果是正确的，则具有非常深远的意义：这意味着，如果一个国家在发展强大的银行体系和强大的资本市场体系之间做出选择，并且该国仍然不发达，那么它应该错误地支持银行体系，但如果该国是发达的国家，则应从基于银行的体系转变为基于资本市场的体系。因此，本文的规范含义是东欧国家应在发展之前使用基于德国-日本银行的模型作为其主要的金融重新分配工具，然后由于以下原因而应转向基于美国-英国资本市场的模型。它具有更大的灵活性和倾向，可以快速重新分配资源。

著录项

  • 作者

    Minkov, Svetoslav Svetoslavov.;

  • 作者单位

    University of Illinois at Urbana-Champaign.;

  • 授予单位 University of Illinois at Urbana-Champaign.;
  • 学科 Law.; Economics Finance.
  • 学位 J.S.D.
  • 年度 2004
  • 页码 277 p.
  • 总页数 277
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 法律;财政、金融;
  • 关键词

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