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The Creation of the Rule of Law and the Legitimacy of Property Rights : The Political and Economic Consequences of a Corrupt Privatization

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dc.contributor.authorHoff, Karla
dc.contributor.authorStiglitz, Joseph E.
dc.date.accessioned2012-06-20T20:30:59Z
dc.date.available2012-06-20T20:30:59Z
dc.date.issued2005-12
dc.description.abstractHow 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/12/6442799/creation-rule-law-legitimacy-property-rights-political-economic-consequences-corrupt-privatization
dc.identifier.doi10.1596/1813-9450-3779
dc.identifier.urihttps://hdl.handle.net/10986/8581
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3779
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectADVERSE EFFECTS
dc.subjectAGENCY PROBLEMS
dc.subjectAGGREGATE DEMAND
dc.subjectAGGREGATE SUPPLY
dc.subjectASSETS
dc.subjectCAPITAL FLIGHT
dc.subjectCONSTANT RETURNS TO SCALE
dc.subjectCORPORATE GOVERNANCE
dc.subjectCORRUPT PRACTICES
dc.subjectCORRUPTION
dc.subjectCREDIT RATIONING
dc.subjectDEMOCRACY
dc.subjectDISCOUNTED VALUE
dc.subjectEAST EUROPEAN
dc.subjectECONOMIC PERFORMANCE
dc.subjectECONOMIC POWER
dc.subjectEQUILIBRIUM
dc.subjectEXPECTED RETURN
dc.subjectEXPECTED RETURNS
dc.subjectEXTERNALITIES
dc.subjectGNP
dc.subjectGOVERNANCE INDICATORS
dc.subjectGROWTH PATH
dc.subjectINCOME
dc.subjectINEQUALITY
dc.subjectINSTITUTIONAL CHANGE
dc.subjectINSTITUTIONAL REFORM
dc.subjectINTEREST RATE
dc.subjectJUSTICE
dc.subjectLAW INDICATOR
dc.subjectLAWS
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILIZATION
dc.subjectMACROECONOMIC STABILIZATION POLICY
dc.subjectMARKET ECONOMY
dc.subjectMONETARY POLICY
dc.subjectNATURAL RESOURCES
dc.subjectOLIGARCHY
dc.subjectPAYOFFS
dc.subjectPOLITICAL INSTITUTIONS
dc.subjectPRIVATE PROPERTY
dc.subjectPRODUCTIVE ASSETS
dc.subjectPROPERTY RIGHTS
dc.subjectPUBLIC GOOD
dc.subjectRULE OF LAW
dc.subjectSTEALING
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSITION ECONOMY
dc.subjectWEALTH
dc.subjectWEALTH CREATION
dc.titleThe Creation of the Rule of Law and the Legitimacy of Property Rights : The Political and Economic Consequences of a Corrupt Privatizationen
dspace.entity.typePublication
okr.crossref.titleThe Creation Of The Rule Of Law And The Legitimacy Of Property Rights : The Political And Economic Consequences Of A Corrupt Privatization
okr.date.doiregistration2025-04-10T09:39:49.516718Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2005/12/6442799/creation-rule-law-legitimacy-property-rights-political-economic-consequences-corrupt-privatization
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeGovernance
okr.guid107361468339867931
okr.identifier.doi10.1596/1813-9450-3779
okr.identifier.externaldocumentum000016406_20051129163135
okr.identifier.internaldocumentum6442799
okr.identifier.reportWPS3779
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/11/29/000016406_20051129163135/Rendered/PDF/wps3779.pdfen
okr.topicEconomic Theory and Research
okr.topicLaw and Development::Legal Products
okr.topicCorruption and Anticorruption Law
okr.topicPublic Sector Corruption and Anticorruption Measures
okr.topicGovernance::Governance Indicators
okr.topicMacroeconomics and Economic Growth
okr.topicPublic Sector Development
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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