Language:
English
Pages:
Online-Ressource
Edition:
Online-Ausg. World Bank E-Library Archive Also available in print
Series Statement:
NBER working paper series working paper 11772
Parallel Title:
Hoff, Karla Ruth The creation of the rule of law and the legitimacy of property rights
Keywords:
Post-communism
;
Privatization
;
Right of property
;
Rule of law
;
Post-communism
;
Privatization
;
Right of property
;
Rule of law
Abstract:
"How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? We investigate the demand for the rule of law in post-Communist economies after privatization under the assumption that theft is possible, that those who have "stolen" assets cannot be fully protected under a change in the legal regime towards rule of law, and that the number of agents with control rights over assets is large. We show that a demand for broadly beneficial legal reform may not emerge because the expectation of weak legal institutions increases the expected relative return to stripping assets, and strippers may gain from a weak and corrupt state. The outcome can be inefficient even from the narrow perspective of the asset-strippers"--National Bureau of Economic Research web site
Note:
Includes bibliographical references
,
Title from PDF file as viewed on 12/7/2005
,
Also available in print.
URL:
Volltext
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