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dc.contributor.authorOto-Peralías, Daniel
dc.contributor.authorRomero-Ávila, Diego
dc.identifier.citationOto-Peralías , D & Romero-Ávila , D 2014 , ' Legal traditions and initial endowments in shaping the path of financial development ' , Journal of Money, Credit and Banking , vol. 46 , no. 1 , pp. 43–77 .
dc.identifier.otherPURE: 211245643
dc.identifier.otherPURE UUID: d94d0555-50bb-4035-b2d5-d0717abf6886
dc.identifier.otherScopus: 84892633995
dc.identifier.otherWOS: 000329806500002
dc.descriptionThe authors acknowledge financial support from the Spanish Ministry of Science and Technology through grant ECO2009-13357, the Spanish Ministry of Economics and Competitiveness through grant ECO2012-35430, and the Andalusian Council of Innovation and Science under Excellence Project SEJ-4546.en
dc.description.abstractThis paper finds remarkable heterogeneity in the relationship between legal traditions and finance in former colonies. The effect of the British common law on financial development is conditioned by the level of initial endowments. In former colonies with low precolonial population density, the common law has promoted high financial development, but where endowments were abundant, this legal tradition has not worked well. In contrast, the effect of the French civil law on finance is invariant to endowments. British common law countries do not exhibit greater financial development levels than French civil law countries when endowments are sufficiently high.
dc.relation.ispartofJournal of Money, Credit and Bankingen
dc.rights© 2014 The Ohio State University. This work is made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available from Wiley Online Library at DOI: 10.1111/jmcb.12097en
dc.subjectFinancial developmenten
dc.subjectLegal originen
dc.subjectK Law (General)en
dc.subjectHB Economic Theoryen
dc.titleLegal traditions and initial endowments in shaping the path of financial developmenten
dc.typeJournal articleen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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