The purpose of this chapter is to provide some concluding remarks on the implications of having no effect from changes in legal rules and regulatory indicators on changes in economic and financial performance across countries. In sum, all the evidence gathered indicates that legal and regulatory reforms in developing nations that mechanically adopt organizational forms from prosperous nations, without a thorough analysis of their specific policy priorities to improve their framework for governance as a way to foster their state capacity to deliver growth and social progress, are likely to render governance reforms mostly ineffective. In addition, the enactment of reforms introducing new legal rules and regulations may not yield the intended positive benefits, if the country lacks the judicial human capital and legal infrastructure required for effectively implementing the targeted reforms and properly enforcing the new laws.
KeywordsConclusion Policy implications Legal reforms
- Doing Business Project (2015) International Finance Corporation. The World Bank, Washington, DC. http://www.doingbusiness.org. Last accessed 15 Mar 2015
- Hallward-Driemeier M, Prichett L (2011) How business is done and the ‘Doing Business’ indicators: the investment climate when firms have climate control. Policy research working paper no. WPS 5563. World Bank, Washington, DCGoogle Scholar
- World Bank (2017) World development report 2017: governance and the law. World Bank Group, Washington, DCGoogle Scholar