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Political Institutions and Financial Development
Stephen H. Haber
Douglass Cecil North
Barry R. Weingast
出版
Stanford University Press
, 2008
主題
Business & Economics / Economic History
Business & Economics / Finance / General
ISBN
0804756929
9780804756921
URL
http://books.google.com.hk/books?id=vjusAAAAIAAJ&hl=&source=gbs_api
EBook
SAMPLE
註釋
Economists have long maintained that a well-developed and functioning financial system is a vital prerequisite to economic growth. Countries with robust banking sectors and securities markets--that is, countries in which credit cards, loans, mortgages, and the ability to issue stocks and bonds are available to a broad swath of consumers and businesses--are more prosperous than countries that restrict such access to a favored elite. What is less clear is why some countries develop better financial systems than others. The essays in this volume employ the insights and techniques of political science, economics, and history to provide a fresh answer to this question. While scholarly tradition points to the colonial origin of a countrys legal system as the most important determinant of the health of its financial system, this volume points instead to a countrys political institutions--its governmental structures and the rules of the political game--as the key. Specifically, the openness and competitiveness of a countrys political system tends to reflect itself in the openness and competitiveness of its financial system.