This article reviews some of the recent literature on the relationship between the legal system and economic development. We also look at the historical, socio-cultural, and political factors that explain the differences in the characteristics of legal systems across countries and thus affect...

A large body of evidence suggests that poor countries tend to invest less (have lower PPP - adjusted investment rates) and to face higher relative prices of investment goods. It has been suggested that this happens either because these countries have lower TFP in the investment - good producing...

This paper analyses the specific mechanisms through which legal institutions and the Rule of Law affect firm performance using survey evidence from a sample of about 100 Brazilian firms in the textile and electronics industries. The data provide firms' perceptions of whether judicial...

A large body of evidence suggests that poor countries tend to invest less (have lower PPP adjusted investment rates) and to face higher relative prices of investment goods. It has been suggested that this happens either because these countries have lower TFP in the investment good producing...

A large body of evidence suggests that poor countries tend to invest less (have lower PPP-adjusted investment rates) and to face higher relative prices of in- vestment goods. It has been suggested that this happens either because these countries have lower TFP in the investment-good producing...

Finance has become more a problem than a solution to what the world most wants: socially inclusive growth. It has become a source of crises that threaten the development of the real economy. It has escaped accountability to democratic institutions and often helped, instead, to influence and...

It is now widely accepted that the 'rule of law' is key to sustainable development. The different legal or rule-based systems in any given society underpin the institutions that govern both market and non-market interactions; they determine the distribution of economic, social and political...

1 The Rule of Law in the Historical Context -- 2 The Institutional Change: Historical Background -- 3 Fundamental economic indicators of the Ottoman Economy -- 4 A comparison with European societies under the State Finance -- 5 Tax -farming contracts -- 6 Law and economics of tax-farming...