Click here for search results
The creation of the rule of law and the legitimacy of property rights : the political and economic consequences of a corrupt privatization, Volume 1
 
Author:Hoff, Karla; Stiglitz, Joseph E.; Country:World;
Date Stored:2005/11/29Document Date:2005/12/01
Document Type:Policy Research Working PaperSubTopics:Public Sector Corruption & Anticorruption Measures; Governance Indicators; Economic Theory & Research; Corruption & Anticorruption Law; Legal Products
Language:EnglishRegion:The World Region
Report Number:WPS3779Collection Title:Policy, Research working paper ; no. WPS 3779
Volume No:1  

Summary: How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? The authors 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 toward rule of law, and that the number of agents with control rights over assets is large. They 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.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 50 pagesOfficial version*0.39
TextText version**
How To Order

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.



Permanent URL for this page: http://go.worldbank.org/VZ38VTWYV0