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Literature Review on the Effect of the Ease of Doing Business on Economic and Financial Outcomes

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Legal Traditions, Legal Reforms and Economic Performance

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Abstract

This chapter provides a brief review of the main studies analyzing the effect of the legal rules and regulatory indicators—used in our empirical analysis—on economic and financial outcomes, both from a macroeconomic (country-level) and microeconomic (firm-level or industry-level) perspectives. The studies are framed within the following legal and regulatory areas: research on (i) protecting minority investors, (ii) getting credit, (iii) enforcing contracts, (iv) resolving insolvency, (v) starting a business, (vi) registering property, (vii) dealing with construction permits, (viii) paying taxes, and (ix) trading across borders. The pioneering study in each area is presented first, which is followed by other studies within that area.

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Notes

  1. 1.

    Sevcik (2012) develops a political economy model with capital accumulation and occupational choice to analyze the joint dynamics of investor protection and economic development. An economy with less investor protection is associated with higher costs of external financing for entrepreneurs, which exclude poorer agents from becoming entrepreneurs. This in turn increases the profits of the remaining entrepreneurs. Agents’ net worth and the expected return from entrepreneurship account for investor protection policy preferences.

  2. 2.

    More details on Sherwood et al. (1994), Dakolias (1999), Dam (2006b), Rosales-López (2008), Ball and Kesan (2010), and Esposito et al. (2014).

  3. 3.

    Cabral et al. (2012) argue for the potential benefits that introducing the use of technology by courts and legal aid organizations can bring to U.S. low-income litigants in their access to justice.

  4. 4.

    As pointed out by Djankov (2009), the inclusion of indicators of the regulation of entry in the Doing Business project has brought about a rise in the number of reforms implemented between 2003 and 2008. More specifically, a total of 193 reforms have been accomplished in 116 countries.

  5. 5.

    Klapper and Love (2011) document the widespread sharp decline in new firm registration during the financial crisis in a sample of 93 countries, particularly in highly financially developed economies that were more severely hit by the financial crisis.

  6. 6.

    Using Bayesian Model Averaging methods to calculate the partial correlation between detailed policy measures and several institutional and regulatory indicators, Kraay and Tawara (2013) uncover a very important finding of high instability in the set of partial correlates of closely-related outcomes. This leads them to warn against the use of very specific cross-country policy measures to establish a reform agenda.

  7. 7.

    Focusing on a panel of 129 countries between 1965 and 2008, Miletkov and Wintoki (2012) assess the effect of financial development on the quality of property rights institutions. The results suggest that there is a positive association between the development of financial and credit markets and property rights protection, particularly in emerging market economies.

  8. 8.

    More generally, Deininger and Feder (2009) recommend a careful diagnosis of the policy, social and governance environment before implementing a program of formalization of land rights. If finally implemented, the performance of the land administration system should be controlled in terms of coverage, cost-benefits and service provision quality.

  9. 9.

    Trade facilitation involves the reduction of transaction costs related to the enforcement, regulation and administration of trade policies (Iwanow and Kirkpatrick 2009).

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Authors and Affiliations

  1. School of Management, University of St Andrews, St Andrews, UK

    Daniel Oto-Peralías

  2. Department of Economics, Quantitative Methods and Economic History, Pablo de Olavide University, Seville, Spain

    Diego Romero-Ávila

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  1. Daniel Oto-Peralías
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Oto-Peralías, D., Romero-Ávila, D. (2017). Literature Review on the Effect of the Ease of Doing Business on Economic and Financial Outcomes. In: Legal Traditions, Legal Reforms and Economic Performance. Contributions to Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-67041-6_4

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