In this paper, the types of major financial markets in each country are classified by the perspective of household financial assets: Each of the countries are classified as bank-based or stock market-based financial systems. This paper suggests that the legal origins led varieties of financial market, using panel dataset on 32 countries from 1995 to 2015. Legal origins are classified into four types: English origin, French origin, German origin and Scandinavian origin. We tested that if the country had institutional complementarities between the legal origin and the type of major financial market, the economic performance in the coordinated country is higher. On the other hand, it is suggested that the country did not been coordinated between legal origin and type of major financial markets tend to low economic performance.
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