The Tragedy of Exclusion Katharina Pistor & Sai Balakrishnan

Beyond law enforcement – governing financial markets in Chinaand Russia

Initial Conditions , Institutional Dynamics and Economic Performance :

Using state-level data from the United States, we find that initial legal systems in territories originally settled by Great Britain – a common law country – and in territories originally settled by France, Spain, and Mexico and the Netherlands all civil law countries have persistent effects on the quality of contemporary institutions. In order to explain these findings, we develop a transplant...

A Two-parameter Balakrishnan Skew-normal Distribution

In this paper, we discuss a generalization of Balakrishnan skew-normal distribution with two parameters that contains the skew-normal, the Balakrishnan skew-normal and the two-parameter generalized skew-normal distributions as special cases. Furthermore, we establish some useful properties and two extensions of this distribution. 

Governing Finance in Central and Eastern Europe

Twenty years after the fall of the iron curtain—which for decades had separated East from West—most countries of Central and Eastern Europe are now members of the European Union; some have even adopted the euro. Nonetheless, these countries have also remained exceptionally vulnerable to upset, including those that originate beyond their immediate sphere of influence as revealed by the global fi...

Economic Development, Legality, and the Transplant Effect

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 ...