As Makoto Yano explains in his previous work, high quality markets are vital for the healthy growth of a modern economy. In order to develop a high quality market, it is important to take a roundabout approach or, in other words, to design various parts of what Yano calls market infrastructure (e.g., laws, institutions, policies, and culture), keeping the market to function in a heathy manner. For this purpose, it is crucial first to measure the quality of a particular market and its relationship to market infrastructure correctly. With such measure, the present study aims to capture the relationship between market quality and market infrastructure by constructing and utilizing new big panel data. We will feedback those empirical results to theoretical modelling, by which we will study the comprehensive design of laws, institutions, and policies with which the economy grows in a healthy manner. It is hoped that this research will lead to a new approach in law and economics.
March 12, 2018 - February 29, 2020