توسعه مالی، موسسات و بانک ها

This paper presents a framework for understanding the interactions between political and legal institutions, property rights protection, and their implications for financial development. Whereas the literature has answered questions on why some countries lag behind in terms of financial and economic development, the current study suggests how to get around some institutional attributes to spearhead financial intermediation and economic growth through a set of institutional, information, and banking reforms. It finds little support that common law legal heritage is more suitable than French civil law for some key features of financial development. It concludes that types of institutional and market reforms are more relevant to financial intermediation than legal systems. It proposes some ways forward to increase financial intermediation; and expects, over the long run, the proposed approach to financial development to be beneficial for a number of developing countries.

Both the law and finance and the financial development threads of literature underscore that trends in financial intermediation have been diverging for some time and the likely cause is the quality of the institutions across countries. If there have been improvements in intermediation in some countries, in others, firms are faced with momentous challenges to access external finance to upgrade and deepen their industrial capability in order to contribute to overall economic growth. Cross country variations in institutional quality, as well as their effect on financing options, may explain firms' inability to access finance. In many countries, political institutions may be a catalyst to external finance by easing market tensions and facilitating greater access to finance, while in others, they may contribute to erecting barriers to finance.

This paper is a discussion on the relationship between institutions and financial intermediation. There is a preponderance of evidence that poor institutions inhibit the growth of the financial sector, financial innovation and contribute to higher costs of credit. There is also evidence that contracting rights institutions are relevant to facilitating access to finance, but are of limited capability to ensure financial innovation, which would allow firms to issue claims to savers in terms of bonds, commercial papers, shares, and derivatives. Disintermediated financial environments appear to be consistent with strong state rights at the expense of private property rights.