Financial Development and Growth by bjBcQ3lq

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									      CHAIN OF PROPERTY
           RIGHTS
•   CADASTRE
•   REGISTRY OFFICE
•   MORTGAGE/REGISTRY LAW
•   COURTS
                                        Effective Creditor Rights




AVG OECD
        .




 AVG LAC




                  0              0.1              0.2               0.3   0.4   0.5   0.6
 Notes: Effective Creditor Rights = Creditor Rights * Rule of Law
 Source: Galindo and Micco(2001)
                                                  Private Credit/GDP and Effective Creditor Rights
                 120


                 100       Coefficient: 89.6
                           t-statistic: 4.87
                           R2=0.38
                 80


                 60
Private credit




                 40                                          Panama


                 20

                                                           Ecuador
                  0                              Bolivia   Nicaragua
                                                            Uruguay
                                                           Belize
                                       Chile         Jamaica                                Trinidad & Tobago
                 -20                         El Salvador           Venezuela
                                                             Haiti
                                Peru Colombia    Brazil
                                   Mexico          Costa Rica
                                             Paraguay
                                     Guatemala
                 -40                            Dominican Republic
                                         Argentina

                 -60
                    -0.4                       -0.2                0                     0.2                    0.4   0.6   0.8
                                                                               Effective creditor rights


                      Notes: Figures adjusted by GDP growth, government deficit, inflation and income per capita (log).
                      Source: IDB/IPES(2001)

								
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