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Doručení
Nákupní rádce
Law and Development in Eastern Europe
Angličtina
219 b
30 dní na vrácení zboží
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This dissertation pursues three major goals: (1) to summarize the theoretical understanding of the complex relationship between law, financial intermediaries, and economic development; (2) to review and analyze econometrics-based studies devoted to this relationship; and (3) to create a model that analyzes this relationship using newer generation econometrics techniques. The empirical results from the model suggest that a developing country facing a choice between encouraging a strong banking system or a robust capital market as its major capital allocation tool, should favor the creation of a strong banking system. However, once a country develops, it should switch from a bank-based to a capital-market-based system. The normative implication of these results is that an Eastern European country should use the German-Japanese bank-based model as its major capital allocation 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.
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