Financial Development, Property Rights, and Growth
利用多国行业数据，发现更完善的产权保护能通过改善资产配置促进增长，其效果与金融发展带来的融资改善相当。
Abstract In countries with more secure property rights, firms might allocate resources better and consequentially grow faster as the returns on different types of assets are more protected against competitors' actions. Using data on sectoral value added for a large number of countries, we find evidence consistent with better property rights leading to higher growth through improved asset allocation. Quantitatively, the growth effect is as large as that of improved access to financing due to greater financial development. Our results are robust using various samples and specifications, including controlling for growth opportunities.