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Pistor, Katharina

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Pistor

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Katharina

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Pistor, Katharina

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20002

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Author's Publications: search.filters.isAuthorOfPublication.b896f90a-5843-44be-8239-abfb78378e5c

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    Economic Development, Legality, and the Transplant Effect
    (Center for International Development at Harvard University, 2000-03) Berkowitz, Daniel; Pistor, Katharina; Richard, Jean-Francois
    We analyze the determinants of effective legal institutions (legality) using data from 49 countries. We show that the way the law was initially transplanted and received is a more important determinant than the supply of law from a particular legal family. Countries that have developed legal orders internally, adapted the transplanted law, and/or had a population that was already familiar with basic principles of the transplanted law have more effective legality than countries that received foreign law without any similar predispositions. The transplanting process has a strong indirect effect on economic development via its impact on legality.
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    Law and Finance in Transition Economies
    (Center for International Development at Harvard University, 2000-06) Pistor, Katharina; Raiser, Martin; Gelfer, Stanislaw
    This paper offers the first comprehensive analysis of legal change in the protection of shareholder and creditor rights in transition economies and its impact on the propensity of firms to raise external finance. Following La Porta et al. (1998), the paper constructs an expanded set of legal indices to capture a range of potential conflicts between different stakeholders of the firm. It supplements the analysis of the law on the books with an analysis of the effectiveness of legal institutions. Our main finding is that the effectiveness of legal institutions has a much stronger impact on external finance than does the law on the books, despite legal change that has substantially improved shareholder and creditor rights. This finding supports the proposition that legal transplants and extensive legal reforms are not sufficient for the evolution of effective legal and market institutions.