Author(s)

Fancheng Wang ¹

Affiliation(s)

¹ School of Economics and Management, Hunan College of Information, Changsha, 410200, China

Corresponding Author

Fancheng Wang

ABSTRACT

This study aims to find the relationship between legal origin and the extent that a country was hit by the 2008 Great Financial Crisis. Four legal origins of 91 countries were researched and analyzed through regression analysis. This article draws the stock market figures to see how the stock market changes from 2005 to 2015 and does the regression to analyze whether it is the legal origin that affect the extent to which a country was hit by the 2008 GFC. These results indicate that the legal origin is a significant reason affecting the extent that a country was hit by the 2008 GFC and common law countries could recover faster and better than civil law countries.

KEYWORDS

Legal origin; 2008 Great Financial Crisis; GDP growth

CITE THIS PAPER

Fancheng Wang, The Role of Legal Origins in Countries Affected by the 2008 Great Financial Crisis. Science of Law Journal (2023) Vol. 2: 58-65. DOI: http://dx.doi.org/DOI: 10.23977/law.2023.021208.

REFERENCES

[1] La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113- 1155.
[2] Levine, R. (1998). The legal environment, banks, and long-run economic growth. Journal of money, credit and banking, 30(3), pp. 596–613.
[3] Levine, R. (1999b). Financial Development and Economic Growth: Views and Agenda, Journal of Economic Literature, 35(2), pp. 688–726.
[4] Stulz, R. M. and Williamson, R. (2003). Culture, openness, and finance. Journal offinancial Economics, 70(3), pp. 313–349. doi: 10. 1016/S0304-405X (03)00173-9.
[5] La  Porta,  R., Lopez-de-Silanes, F.  and Shleifer, A.  (2008). The  economic  consequences  of legal origins. Journal of economic literature, 46(2), 285-332.

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