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Author Hoff, Karla Ruth.

Title The creation of the rule of law and the legitimacy of property rights [electronic resource] : the political and economic consequences of a corrupt privatization / Karla Hoff, Joseph E. Stiglitz.

Published Cambridge, MA : National Bureau of Economic Research, c2005.


Location Call No. Status
Series NBER working paper series ; working paper 11772
Working paper series (National Bureau of Economic Research : Online) ; working paper no. 11772.
World Bank e-Library.
Notes Title from PDF file as viewed on 12/7/2005.
Bibliography Includes bibliographical references.
Summary "How does the lack of legitimacy of property rights affect the dynamics of the creation of the rule of law? We 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 towards rule of law, and that the number of agents with control rights over assets is large. We 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"--National Bureau of Economic Research web site.
Other formats Also available in print.
Other author Stiglitz, Joseph E.
National Bureau of Economic Research.
Subject Post-communism -- Developing countries.
Privatization -- Developing countries.
Right of property -- Developing countries.
Rule of law -- Developing countries.