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 Заголовок сообщения: Pshikova A.The role of formal institutions...
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Pshikova Aygul (Saratov)


Правоведение в XXI веке: законотворчество - правоприменение – наука

The role of formal institutions:
with special references to the problem of legal origins and financial development



The present report focuses upon the problem of interaction between legal origins and financial development. The analysis is approached from three vantage points: first, as an explanation of the main legal theories of financial development and differences between them; second as an empirical examination and analysis of the correlation between legal origins and indicators of financial development for the countries with the developed market economy; third as an establishment of the basic tendencies of the interaction between legal origins and financial development for the countries with the emerging market economies.
Scientists have no common opinion what classification of legal systems will be the optimal. They offer different criteria for division of the countries into legal families, beginning from historical features and finishing specificity of modern institutional development. However, all of them are unanimous that a starting point for research of country distinctions can be classification of legal traditions on civil and common law (La Porta, Lopez-de-Silanes, Shleifer & Vishny, 1998, p.1118).
In this connection, research of interrelation between legal origins and commercial laws lead by La Porta et al. is more relevant. Their investigation shows that commercial laws come from two opposite traditions: English law (common law) and Roman law (civil law) which is subdivided on French, German and Scandinavian traditions (La Porta, Lopez-de-Silanes, Shleifer & Vishny, 1998, pp.1118-1119).
La Porta et al. have made the main emphasis on distinctive features of English Common Law and French Civil Law, because they represent polar positions. Then La Porta et al. have examined 49 countries and have established direct interrelations between legal origins and such indicators of financial development as laws governing investor protection, the quality of legal enforcement of these laws and substitute mechanisms for poor investor protection. However, their conclusions are supported only by empirical data without a theoretical substantiation.
Beck et al. have considered this shortage and have put forward legal theories of international differences in financial development. They have analysed two channels, by means of which legal systems influence financial development.
First of all, Beck et al. have separated the law and finance theory's political channel, leaning on which it is possible to establish interdependence between financial development and quality of protection of the property rights and the rights of outside investors in a historical retrospective show.
Secondly, they have separated the legal-adaptability channel, leaning on which it is possible to establish interdependence between financial development and adaptive abilities of legal system to minimize losses for the economy in case of changing commercial and financial conditions (Beck, Demirgüç-Kunt & Levine, 2001, p.484).
Hence, these channels can predict that legal origins influence financial development, but they use different mechanisms. Firstly, the political channel is concentrated on revealing of distinctions between financial development of common- and civil-law countries, the legal-adaptability channel is focused on the analysis of advantages of both common law and German civil law over the French civil law system (Beck, Demirgüç-Kunt & Levine, 2001, p.485).
Secondly, these channels use different mechanisms by means of which legal systems influence development of the financial markets. So the political channel does an emphasis on direct interrelation between power of the state and independence of the judiciary. On the basis of this postulate it is possible to draw a conclusion that distinctions in financial development depend from cross-country differences in the independence of the judiciary.
In contrast, the adaptability channel does an emphasis on direct interrelation between contracting environment (comercial and financial conditions) and flexibility of the law. On the basis of this postulate it is possible to draw a conclusion that distinctions in financial development depend from cross-country differences in the flexibility of the law (Beck, Demirgüç-Kunt & Levine, 2002, p.15). It again confirms the fact that the German civil law countries have pretty much greater financial development than the French civil law countries, because the German civil code is characterized by more dynamical nature which more promotes financial development.
Therefore, the theory of the adaptability channel is more relevant, because it helps to examine not only differences in financial development between the countries of civil law and common law, but it also helps to reveal similarities between the countries of common and the countries of German civil law and distinctions between the countries of common law and the countries of French civil law (Mayer & Sussman, 2001, p. 463). Consequently, the adapability of the legal system significantly influences financial development.
Furthermore, the theory of the adaptability channel indicates the relationship between legal origins and the structure of the financial system. So countries with developed and market-based financial systems are by all appearances to have common law and German legal origins. In contrast, countries with underdeveloped and bank-based finansial systems are much more likely to have French legal origins. Hence, the structure of financial systems is a product of the legal system within which they operate (Demirgüç-Kunt & Levine, 2001, pp.123-126).
On the basis of the presented theoretical substantiation it becomes easier to explain the empirical interrelations between legal origins and such indicators of financial development as laws governing investor protection, the quality of legal enforcement of these laws and substitute mechanisms for poor investor protection which are resulted in La Porta's researches.
As a consequence, the generalized results of the cross-country empirical analysis in view of other indicators of financial development are presented in the form of the plot 1. The present plot is made on the basis of data of La Porta et al. (1997, p.1138; 1998, pp.1142-1143) and Beck et al. (2001, pp. 496-497) researches.

Изображение

Plot 1. Indicators of financial development

Bibliography
1. Beck, T., Demirgüç-Kunt, A. & Levine, R. 2001, 'Legal theories of financial development', Oxford Review of Economic Policy, vol. 17, no. 4, pp. 483-501.
2. Beck, T., Demirgüç-Kunt, A. & Levine, R. 2002, 'Law and finance: Why does legal origin matter?', NBER Working Paper, no. 9379. pp. 1-47.
3. Demirgüç-Kunt, A & Levine, R. 2001, Financial structure and economic growth : a cross-country comparison of banks, markets, and development / edited by Asli Demirgüç-Kunt and Ross Levine, MIT Press, london.
4. La Porta, R., Lopez-de-Silanes F., Shleifer A. & Vishny R.W. 1997, 'Legal determinants of external finance', Journal of Finance, vol. 52, no. 3, pp. 1131-1150.
5. La Porta, R., Lopez-de-Silanes F., Shleifer A. & Vishny R.W. 1998, 'Law and Finance', Journal of Political Economy, vol. 106, no. 6, pp. 1113-1155.
6. Mayer, C.P. & Sussman, O. 2001, 'The assessment: finance, law and growth', Oxford Review of Economic Policy, vol. 17, no. 4. pp. 457-466.


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