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1、JournalofEconomicLiterature2008,46:2,285–332http:www.aeaweb.org/articles.php?doi;10.1257/jel.46.2.285TheEconomicConsequencesofLegalOriginsRafaelLaPorta,FlorencioLopez-de-Silanes,andAndreiShleifer*Inthelastdecade,economistshaveproducedaconsiderablebodyof
2、researchsuggestingthatthehistoricaloriginofacountry’slawsishighlycorrelatedwithabroadrangeofitslegalrulesandregulations,aswellaswitheconomicoutcomes.Wesummarizethisevidenceandattemptaunifiedinterpretation.Wealsoaddressseveralobjectionstotheempiricalclai
3、mthatlegaloriginsmatter.Finally,weassesstheimplicationsofthisresearchforeconomicreform.1.Introductionfinancialdevelopment.1Fromthere,LLSVAboutadecadeago,thethreeofus,madetwocontributions.First,theyshowedtogetherwithRobertVishny,publishedthatlegalrulesgo
4、verninginvestorprotectionapairofarticlesdealingwithlegalprotectioncanbemeasuredandcodedformanycoun-ofinvestorsanditsconsequences(LaPortaettriesusingnationalcommercial(primar-al.orLLSV,1997,1998).Thesearticlesgen-ilycorporateandbankruptcy)laws.LLSVerated
5、afairamountoffollow-upresearchcodedsuchrulesforboththeprotectionofandagooddealofcontroversy.Thispaperisoutsideshareholders,andtheprotectionofourattempttosummarizethemainfindingsoutsideseniorcreditors,forforty-ninecoun-and,moreimportantly,tointerpretthem
6、intries.Thecodingshowedthatsomecoun-aunifiedway.triesoffermuchstrongerlegalprotectionofLLSVstartedfromaproposition,standardoutsideinvestors’intereststhanothers.incorporatelaw(e.g.,RobertClark1986)andSecond,LLSVdocumentedempiricallyemphasizedbyShleiferan
7、dVishny(1997),thatlegalrulesprotectinginvestorsvarysys-thatlegalprotectionofoutsideinvestorslimitstematicallyamonglegaltraditionsororigins,theextentofexpropriationofsuchinvestorsbycorporateinsiders,andtherebypromotes1Thisargumentfollowednaturallyfromthe
8、contrac-tualviewofthefirm(MichaelC.JensenandWilliamH.Meckling1976,SanfordJ.GrossmanandOliverD.*LaPorta:TuckSchoolOfBusinessAtDartmouth.Hart1988,Hart1995),whichseestheprotectionoftheLopez-de-Silanes:EDHECGraduateSchoolofManage-pro
