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Law and Economic Development
This authoritative collection demonstrates the increasing application of the law and economics methodology to the problems of developing countries. At the foundation of this application is the institutional approach to economic development, which emphasises the success or failure of key institutions in facilitating development. The impact on future research will be far-reaching and is expected to dominate the debate on development issues for a long time to come.
More Information
Critical Acclaim
Contributors
Contents
More Information
This authoritative collection demonstrates the increasing application of the law and economics methodology to the problems of developing countries. At the foundation of this application is the institutional approach to economic development, which emphasises the success or failure of key institutions in facilitating development. The impact on future research will be far-reaching and is expected to dominate the debate on development issues for a long time to come. There has been an outpouring of literature, both theoretical and empirical, that examines various facets of development from an institutional perspective and emphasises the crucial role played by the legal system in the economic development of nations. The editors have drawn together a careful selection of the key papers for inclusion in this volume, which will be an invaluable reference for lawyers, economists and development practitioners.
Critical Acclaim
‘This is an impressive collection of articles on a subject of vital importance for the welfare of the world’s poor.’
– Deepak Lal, University of California, Los Angeles, US
– Deepak Lal, University of California, Los Angeles, US
Contributors
27 articles, dating from 1974 to 2004
Contributors include: A. Dixit, T. Frye, S. Johnson, R. Levine, A.O. Krueger, R. Posner, A. Shleifer, R.W. Vishny
Contributors include: A. Dixit, T. Frye, S. Johnson, R. Levine, A.O. Krueger, R. Posner, A. Shleifer, R.W. Vishny
Contents
Contents:
Acknowledgements
Introduction Hans-Bernd Schäfer and Angara V. Raja
PART I LEGAL SYSTEMS, ECONOMIC GROWTH AND DEVELOPMENT
A The Importance of Legal Systems and Their Impact on Growth and Development
1. Frank B. Cross (2002), ‘Law and Economic Growth’
2. Pranab K. Bardhan (2000), ‘Understanding Underdevelopment: Challenges for Institutional Economics From the Point of View of Poor Countries’
3. Richard A. Posner (1998), ‘Creating a Legal Framework for Economic Development’
B Legal Reforms and Obstacles to Reform
4. Kevin E. Davis and Michael J. Trebilcock (2001), ‘Legal Reforms and Development’
5. Avinash Dixit (2003), ‘Some Lessons From Transaction-Cost Politics For Less-Developed Countries’
6. Jonathan R. Hay and Andrei Shleifer (1998), ‘Private Enforcement of Public Laws: A Theory of Legal Reform’
C Corruption, Capture and Rent-Seeking
7. Andrei Shleifer and Robert W. Vishny (1993), ‘Corruption’
8. Pranab Bardhan (1997), ‘Corruption and Development: A Review of Issues’
9. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking Society’
PART II LAW AND FINANCE
A Finance, Growth, Development and the Law
10. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’
11. Ross Levine (1999), ‘Law, Finance, and Economic Growth’
12. Ross Levine (1998), ‘The Legal Environment, Banks, and Long-Run Economic Growth’
13. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’
B Corporate Governance, Capital Markets and Bankruptcy
14. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’
15. Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2000), ‘Tunneling’
16. Simon Johnson, Peter Boone, Alasdair Breach and Eric Friedman (2000), ‘Corporate Governance in the Asian Financial Crisis’
17. Elazar Berkovitch and Ronen Israel (1999), ‘Optimal Bankruptcy Laws Across Different Economic Systems’
PART III PROPERTY AND CONTRACTS
18. Gerald P. O’Driscoll Jr. and Lee Hoskins (2003), ‘Property Rights: The Key to Economic Development’
19. Andrzej Rapaczynski (1996), ‘The Roles of the State and the Market in Establishing Property Rights’
20. Simon Johnson, John McMillan and Christopher Woodruff (2002), ‘Courts and Relational Contracts’
21. Eric Van Tassel (2004), ‘Credit Access and Transferable Land Rights’
PART IV THE PREDATORY STATE, LEGAL PROCESS, JUDICIARY AND SUBSTITUTES TO LEGAL PROTECTION
22. Edgardo Buscaglia (2001), ‘An Analysis of Judicial Corruption and Its Causes: An Objective Governing-Based Approach’
23. Cheryl W. Gray (1991), ‘Legal Process and Economic Development: A Case Study of Indonesia’
24. Douglas Marcouiller and Leslie Young (1995), ‘The Black Hole of Graft: The Predatory State and the Informal Economy’
25. Timothy Frye and Andrei Shleifer (1997), ‘The Invisible Hand and the Grabbing Hand’
26. Oriana Bandiera (2003), ‘Land Reform, the Market for Protection, and the Origins of the Sicilian Mafia: Theory and Evidence’
27. Timothy Frye and Ekaterina Zhuravskaya (2000), ‘Rackets, Regulation, and the Rule of Law’
Name Index
Acknowledgements
Introduction Hans-Bernd Schäfer and Angara V. Raja
PART I LEGAL SYSTEMS, ECONOMIC GROWTH AND DEVELOPMENT
A The Importance of Legal Systems and Their Impact on Growth and Development
1. Frank B. Cross (2002), ‘Law and Economic Growth’
2. Pranab K. Bardhan (2000), ‘Understanding Underdevelopment: Challenges for Institutional Economics From the Point of View of Poor Countries’
3. Richard A. Posner (1998), ‘Creating a Legal Framework for Economic Development’
B Legal Reforms and Obstacles to Reform
4. Kevin E. Davis and Michael J. Trebilcock (2001), ‘Legal Reforms and Development’
5. Avinash Dixit (2003), ‘Some Lessons From Transaction-Cost Politics For Less-Developed Countries’
6. Jonathan R. Hay and Andrei Shleifer (1998), ‘Private Enforcement of Public Laws: A Theory of Legal Reform’
C Corruption, Capture and Rent-Seeking
7. Andrei Shleifer and Robert W. Vishny (1993), ‘Corruption’
8. Pranab Bardhan (1997), ‘Corruption and Development: A Review of Issues’
9. Anne O. Krueger (1974), ‘The Political Economy of the Rent-Seeking Society’
PART II LAW AND FINANCE
A Finance, Growth, Development and the Law
10. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1998), ‘Law and Finance’
11. Ross Levine (1999), ‘Law, Finance, and Economic Growth’
12. Ross Levine (1998), ‘The Legal Environment, Banks, and Long-Run Economic Growth’
13. Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert W. Vishny (1997), ‘Legal Determinants of External Finance’
B Corporate Governance, Capital Markets and Bankruptcy
14. Andrei Shleifer and Robert W. Vishny (1997), ‘A Survey of Corporate Governance’
15. Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (2000), ‘Tunneling’
16. Simon Johnson, Peter Boone, Alasdair Breach and Eric Friedman (2000), ‘Corporate Governance in the Asian Financial Crisis’
17. Elazar Berkovitch and Ronen Israel (1999), ‘Optimal Bankruptcy Laws Across Different Economic Systems’
PART III PROPERTY AND CONTRACTS
18. Gerald P. O’Driscoll Jr. and Lee Hoskins (2003), ‘Property Rights: The Key to Economic Development’
19. Andrzej Rapaczynski (1996), ‘The Roles of the State and the Market in Establishing Property Rights’
20. Simon Johnson, John McMillan and Christopher Woodruff (2002), ‘Courts and Relational Contracts’
21. Eric Van Tassel (2004), ‘Credit Access and Transferable Land Rights’
PART IV THE PREDATORY STATE, LEGAL PROCESS, JUDICIARY AND SUBSTITUTES TO LEGAL PROTECTION
22. Edgardo Buscaglia (2001), ‘An Analysis of Judicial Corruption and Its Causes: An Objective Governing-Based Approach’
23. Cheryl W. Gray (1991), ‘Legal Process and Economic Development: A Case Study of Indonesia’
24. Douglas Marcouiller and Leslie Young (1995), ‘The Black Hole of Graft: The Predatory State and the Informal Economy’
25. Timothy Frye and Andrei Shleifer (1997), ‘The Invisible Hand and the Grabbing Hand’
26. Oriana Bandiera (2003), ‘Land Reform, the Market for Protection, and the Origins of the Sicilian Mafia: Theory and Evidence’
27. Timothy Frye and Ekaterina Zhuravskaya (2000), ‘Rackets, Regulation, and the Rule of Law’
Name Index
