What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects
Using cross-country data, the authors evaluate historical determinants of protection of property rights. They examine four historical theories that focus on conceptually distinct causal variables believed to shape institutions: legal origin, endowments, ethnic diversity, and religion. There is only...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2006/06/6840099/determines-protection-property-rights-analysis-direct-indirect-effects http://hdl.handle.net/10986/8446 |
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okr-10986-84462021-04-23T14:02:41Z What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav CIVIL LAW COMMON LAW COURTS ETHNIC GROUPS ETHNICITY FAMILIES IDENTITY JUDICIARY LATIN AMERICAN LAWS LEGAL FORMALISM LEGAL PROCEDURES NORMS POWER PROPERTY RIGHTS RELIGION SOCIETIES SOUTH AMERICA TRIALS Using cross-country data, the authors evaluate historical determinants of protection of property rights. They examine four historical theories that focus on conceptually distinct causal variables believed to shape institutions: legal origin, endowments, ethnic diversity, and religion. There is only one realization of the data with relatively few observations, which have by now been well explored in the literature. Given the correlations between the explanatory variables, it is difficult to fashion empirical tests which are consistent in their treatment of the competing theories and to know which regressions to take seriously, giving rise to competing interpretations in the literature. The authors use Directed Acyclic Graph (DAG) methodology to identify which historical factors are direct determinants of property rights protection and which are not, and subject the outcomes to a battery of robustness tests. The empirical results support ethnic fractionalization as a robust determinant of property rights protection. Despite the attention it has received in the literature, the impact of legal origin on protection of property rights appears fragile and dependent on the inclusion of transition economies in the sample. 2012-06-19T18:07:35Z 2012-06-19T18:07:35Z 2006-06 http://documents.worldbank.org/curated/en/2006/06/6840099/determines-protection-property-rights-analysis-direct-indirect-effects http://hdl.handle.net/10986/8446 English Policy Research Working Paper; No. 3940 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
CIVIL LAW COMMON LAW COURTS ETHNIC GROUPS ETHNICITY FAMILIES IDENTITY JUDICIARY LATIN AMERICAN LAWS LEGAL FORMALISM LEGAL PROCEDURES NORMS POWER PROPERTY RIGHTS RELIGION SOCIETIES SOUTH AMERICA TRIALS |
| spellingShingle |
CIVIL LAW COMMON LAW COURTS ETHNIC GROUPS ETHNICITY FAMILIES IDENTITY JUDICIARY LATIN AMERICAN LAWS LEGAL FORMALISM LEGAL PROCEDURES NORMS POWER PROPERTY RIGHTS RELIGION SOCIETIES SOUTH AMERICA TRIALS Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| relation |
Policy Research Working Paper; No. 3940 |
| description |
Using cross-country data, the authors evaluate historical determinants of protection of property rights. They examine four historical theories that focus on conceptually distinct causal variables believed to shape institutions: legal origin, endowments, ethnic diversity, and religion. There is only one realization of the data with relatively few observations, which have by now been well explored in the literature. Given the correlations between the explanatory variables, it is difficult to fashion empirical tests which are consistent in their treatment of the competing theories and to know which regressions to take seriously, giving rise to competing interpretations in the literature. The authors use Directed Acyclic Graph (DAG) methodology to identify which historical factors are direct determinants of property rights protection and which are not, and subject the outcomes to a battery of robustness tests. The empirical results support ethnic fractionalization as a robust determinant of property rights protection. Despite the attention it has received in the literature, the impact of legal origin on protection of property rights appears fragile and dependent on the inclusion of transition economies in the sample. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav |
| author_facet |
Ayyagari, Meghana Demirgüç-Kunt, Asli Maksimovic, Vojislav |
| author_sort |
Ayyagari, Meghana |
| title |
What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| title_short |
What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| title_full |
What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| title_fullStr |
What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| title_full_unstemmed |
What Determines Protection of Property Rights? An Analysis of Direct and Indirect Effects |
| title_sort |
what determines protection of property rights? an analysis of direct and indirect effects |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2006/06/6840099/determines-protection-property-rights-analysis-direct-indirect-effects http://hdl.handle.net/10986/8446 |
| _version_ |
1764406289274765312 |