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Estimating the determinants of growth: an empirical exploration of an NIE framework

In: Law and Development

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Abstract

Chapter 6 develops and estimates an econometric model of the determinants of growth to illustrate the insights gained from using the NIE-based framework developed in Chapter 4. It demonstrates the influence of the legal environment on the size of the financial sector and the influence of culture on the legal environment including the effectiveness of the legal system. The benefits of information enhancing institutions in promoting financial sector development (FSD) are also demonstrated. The model is used to test the competing claims of legal origin and culture in explaining the content and effectiveness of a jurisdiction’s laws. The tests suggest a limited impact of legal origin beyond that of culture in these respects. They also provide support for the transplant effect. These results suggest that legal reform to support a market-based approach to development must take account of the cultural context in which it is taking place.

Suggested Citation

  • ., 2018. "Estimating the determinants of growth: an empirical exploration of an NIE framework," Chapters, in: Law and Development, chapter 6, pages 126-150, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16555_6
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