Found 44 article(s) for author 'Andrei Shleifer'

The Unofficial Economy and Economic Development

The Unofficial Economy and Economic Development. Andrei Shleifer, 2008, Paper. “In developing countries, informal firms account for up to about half of all economic activity. Using data from World Bank firm-level surveys, we find that informal firms are small and extremely unproductive compared with even the small formal firms in the sample, and especially relative to the larger formal firms. Formal firms are run by much better educated managers than informal ones and use more capital, have different customers, market their products, and use more external finance. Few formal firms have ever operated informally. This evidence...” Link

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Debt Enforcement Around the World

Debt Enforcement Around the World. Andrei Shleifer, Oliver Hart, 2008, Paper. “Insolvency practitioners from 88 countries describe how debt enforcement will proceed against an identical hotel about to default on its debt. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern vs. piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. This measure is strongly correlated with per capita income and legal origin and predicts debt market development. Several characteristics of debt enforcement procedures, such as the structure of appeals and…” Link

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The Economic Consequences of Legal Origins

The Economic Consequences of Legal Origins. Andrei Shleifer, 2008, Paper. “In the last decade, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. We summarize this evidence and attempt a unified interpretation. We also address several objections to the empirical claim that legal origins matter. Finally, we assess the implications of this research for economic reform.” Link

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Private Credit in 129 Countries

Private Credit in 129 Countries. Andrei Shleifer, January 24, 2007, Paper. “We investigate cross-country determinants of private credit, using new data on legal creditor rights and private and public credit registries in 129 countries. Both creditor protection through the legal system and information-sharing institutions are associated with higher ratios of private credit to gross domestic product, but the former is relatively more important in the richer countries. An analysis of legal reforms shows that credit rises after improvements in creditor rights and in information sharing. Creditor rights are remarkably stable over time, contrary…” Link

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