This chapter describes the legal/regulatory rules and outcomes, which are obtained from the Doing Business Project (2015). This dataset is built following the methodology developed in their papers by such prominent authors as Djankov, La Porta, Lopez-de-Silanes, Shleifer, Vishny and others. A very important advantage of using this source relative to the original papers’ data is the much wider coverage of countries and the availability of time series for each indicator over a period covering the last 10 years. As regards the selection of indicators, we consider three important dimensions of legal rules/outcomes that have been previously investigated in the legal origins literature: (a) creditor and investor rights and disclosure, (b) legal system efficiency, and (c) regulation. Doing Business data are obtained from local experts on a specific legal/regulation area, which aim to measure what a standardized firm should expect if it complies with all official regulations and legal requirements in place on the respective area. This chapter also describes the main variables used to account for financial and economic development. Finally, it provides an account of the Doing Business reforms implemented since 2006 for each of the legal and regulatory indicators considered across the different legal families.
KeywordsDoing business project Legal and regulatory indicators Legal reforms Legal traditions
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