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Abstract

The dominance of English common-law countries in prospects for financial development in the legal-origins debate has been debunked by recent findings. Using exchange rate regimes and economic-monetary integration oriented hypotheses, this paper proposes an -inflation uncertainty theory- in providing theoretical justification and empirical validity as to why French civil-law countries have higher levels of financial allocation efficiency. Inflation uncertainty, typical of floating exchange rate regimes accounts for the allocation inefficiency of financial intermediary institutions in English common-law countries. As a policy implication, results support the benefits of fixed exchange rate regimes in financial intermediary allocation efficiency.



Item Type: MPRA Paper -

Original Title: Why do French civil-law countries have higher levels of financial efficiency?-

Language: English-

Keywords: Banking; allocation efficiency; exchange rate; inflation; economic integration-

Subjects: R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R1 - General Regional Economics > R10 - GeneralK - Law and Economics > K0 - General > K00 - GeneralD - Microeconomics > D6 - Welfare Economics > D61 - Allocative Efficiency ; Cost-Benefit AnalysisP - Economic Systems > P5 - Comparative Economic Systems > P50 - GeneralG - Financial Economics > G2 - Financial Institutions and Services > G20 - General-





Autor: Simplice A., Simplice

Fuente: https://mpra.ub.uni-muenchen.de/33950/







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