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| Author: | Claessens, S. Laeven, L. |
| Title: | Financial development, property rights, and growth |
| Journal: | Journal of Finance
2003 : DEC, VOL. 58:6, p. 2401-2436 |
| Index terms: | Business economics Resource allocation Property rights Economic growth Country comparisons |
| Language: | eng |
| Abstract: | In countries with more secure property rights, firms might allocate resources better and consequently grow faster as the returns on different types of assets are more protected against competitors' actions. Using data on sectoral value added for a large number of countries, the authors find evidence consistent with better property righs leading to higher growth through improved asset allocation. Quantitatively, the growth effect is as large as that of improved access to financing due to greater financial development. The results are robust using various samples and specifications, including controlling for growth opportunities. |
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