system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two … system is more important for explaining the obstacles that firms face in accessing external finance than the political …

augmented version of one of these theories. The law and finance view stresses that different legal traditions emphasize to … development. The dynamic law and finance view augments the law and finance view, stressing that legal traditions also differ in … their ability to adapt to changing conditions. The politics and finance view rejects the central role of legal tradition …