This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through … finance. It is a natural extension of "Law and finance: why does legal origin matter?" by Thorsten Beck, Asli Demirgüç …) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law …

This paper proposes and empirically validates four theories of why legal origin influences growth and welfare through … finance. It is a natural extension of “Law and finance: why does legal origin matter?” by Thorsten Beck, Asli Demirgüç …) hypotheses that English common-law countries tend to have better developed financial intermediaries than French civil-law …

threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in … decreases for firms above the threshold. Hence, legal uncertainty acts as a welfare enhancing screen and increases welfare …

threshold of legality is uncertain. I show that this legal uncertainty raises welfare. Legal uncertainty changes deterrence in … decreases for firms above the threshold. Hence, legal uncertainty acts as a welfare enhancing screen and increases welfare …

Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be … 2035 by about 0.7 percentage point, and the risk-free rate by about one percentage point, leading to substantial welfare …