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Financial frictions and the rule of law

Author: Ashantha Ranasinghe; Diego Restuccia; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 24546.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using cross-country micro establishment-level data we document that crime and lack of access to finance are two major obstacles to business operation in poor and developing countries. Using an otherwise standard model of production heterogeneity that integrates institutional differences in the degree of financial development and the rule of law, we quantify the effects of these institutions on aggregate outcomes and  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Ashantha Ranasinghe; Diego Restuccia; National Bureau of Economic Research,
OCLC Number: 1035383369
Notes: "April 2018."
Description: 1 online resource (61 pages) : illustrations
Series Title: Working paper series (National Bureau of Economic Research), no. 24546.
Responsibility: Ashantha Ranasinghe, Diego Restuccia.

Abstract:

Using cross-country micro establishment-level data we document that crime and lack of access to finance are two major obstacles to business operation in poor and developing countries. Using an otherwise standard model of production heterogeneity that integrates institutional differences in the degree of financial development and the rule of law, we quantify the effects of these institutions on aggregate outcomes and economic development. The model accounts for the patterns across establishments in access to finance and crime as obstacles to their operation. Weaker financial development and rule of law have substantial negative effects on aggregate output, reducing output per capita by 50 percent. Weak rule-of-law institutions substantially amplify the negative impact of financial frictions. While financial markets are crucial for development, an essential precondition to reap the gains from financial liberalization is that property rights are secure.

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