In the 1990s, La Porta, Lopez-de-Silanes, Shleifer and Vishny (LLSV) initiated a line of research examining the role of law in encouraging financial development. Most prominent among the LLSV findings is a link between common law (civil law) countries and greater (lower) financial development. This Article surveys the law and finance literature, assessing both the main findings and detailing potential criticisms. At first glance, the link between common law origin and financial development leaves civil law countries with a pessimistic outlook. Other factors within the control of policymakers, nonetheless, may also affect financial and economic performance. Rather than dwell on legal origin (which cannot be changed), policymakers and researchers may wish to focus on why some countries successfully adopt stronger investor protections while others do not-and how a country may commit itself to pursuing a policy of strong investor protections. What are the modifiable preconditions for strong investor protections? Simply adopting formal legal protections for investors alone may not improve investor protections and foster financial development. The Article surveys the literature relating to the preconditions for strong investor protection. Drawing from this literature, the Article suggests a research agenda focused on ways that a country may improve the preconditions for strong investor protections and thereby accelerate financial development.
Keywords : Law, Finance, Developmont, Political Economy JEL Classification Number : K20, E62, O16, P16
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