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Protection des investisseurs et efficience macroéconomique

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  • Laurent Weill

Abstract

In line with Law and Finance literature, this work investigates the relationship between investor protection and macroeconomic efficiency. We apply the stochastic frontier model proposed by Battese and Coelli [1995] on a sample of countries to estimate macroeconomic efficiency. Three measures of investor protection from La Porta et al. [1998] are used. We show that protection of shareholder rights and rule of law have a positive link with macroeconomic efficiency, while evidence is mixed for protection of creditor rights. Classification JEL : C31, K40, O4.

Suggested Citation

  • Laurent Weill, 2009. "Protection des investisseurs et efficience macroéconomique," Revue économique, Presses de Sciences-Po, vol. 60(1), pages 203-213.
    • Handle: RePEc:cai:recosp:reco_601_0203
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    JEL classification:

    • C31 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions; Social Interaction Models
    • K40 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior - - - General
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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