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Extra info for Financial Development, Institutions, Growth and Poverty Reduction
Common law has spread to the former British colonies, including the United 20 Sources of Financial Development States, Canada, Australia, India, South Africa, Nigeria, Kenya, Ireland, Hong Kong, and so on. LLS find that common law countries generally have the strongest shareholder protection, while civil law countries have the weakest. Within the civil law group, French civil law countries offer the worst legal protection to shareholders. Similar results are found for the protection of creditors.
This view, known as the ‘political view of state banks’, has a clear policy implication: privatizing state banks can improve the efficiency of credit allocation and, consequently, can have positive effects on the quality and quantity of investment. Privatization of state banks is also likely to promote financial development, since private banks would be in a better position to attract funds into the banking system than inefficient state banks. La Porta et al. (2002) examine the relationship between government ownership of banks, financial development and economic growth using a cross-country dataset.
They do, however, find that the main determinant of legal enforcement is GDP per capita: richer countries have higher quality of law enforcement. Thus, rich countries within the French civil law group, such as France and Belgium, could well offer better law enforcement than poor common law countries. La Porta et al. (1997) examine the influence of legal origins on financial development, mainly focusing on the development of capital markets. They use the same sample of 49 countries as LLS and find that French civil law countries have the least developed capital markets, especially compared to common law countries.