Land titles , credit markets and wealth distributions
نویسنده
چکیده
Does the existence of formal title to land and real estate matter for the distribution of wealth? This paper reviews the empirical literature on the economic impact of land and real estate administration systems across countries. This paper argues that a functioning credit market for secured credit is necessary to realize the full benefits of legal title to private real estate. This paper also reviews quantitative economic theory on wealth distribution to assess the likely impact of different land registration systems on wealth inequality. The implication of current theory is that poor land administration systems may sometimes lead to lower levels of wealth inequality than better land registration systems.
منابع مشابه
ARE 251/Econ 270A, Fall 2004 Alain de Janvry Land Rental Contracts
• Observe that land sales markets between large landlords and small peasants are thin/segmented because: 1. Land is overpriced for small buyers relative to value in use (borrowing capacity): the price of land internalizes tax advantages, expected speculative gains, wealth sheltering, social status effects, and collateral value. 2. Smallholders do not have access to long term credit. 3. Even if ...
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