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U.S. Already $292 Billion in the Red This Year

This article explores the nature of property rights systems, their evolution, and their effect on resource allocation. It is argued that certain institutional arrangements for land rights have evolved in order to reduce uncertainty and increase efficiency in credit as well as in land markets. Of particular relevance to developing countries, the article emphasizes the contribution of public sector infrastructure to effective land rights systems. An appendix to the article presents a formal model analyzing the effects of security of land rights on land prices, the intensity of cultivation, and the use of credit. Empirical evidence from Thailand supports several of the propositions derived from the model. © 1991 The International Bank for Reconstruction and Development / THE WORLD BANK Articles citing this article Linking Land Use Planning and Regulation to Economic Development: A Literature Review Journal of Planning Literature (2011) 26(1): 35-47 AbstractFull Text (PDF) Contracts and Retaliation: Securing Housing Exchanges in the Interstice of the Formal/ Informal Beirut (Lebanon) Housing Market Journal of Planning Education and Research (2009) 29(1): 90-107 AbstractFull Text (PDF) Land Registration, Governance, and Development: Evidence and Implications for Policy WORLD BANK RES OBS (2009) 24(2): 233-266 AbstractFull Text (HTML)Full Text (PDF) Tenure Security, Resource Endowments, and Tree Growing: Evidence from the Amhara Region of Ethiopia Land Economics (2009) 85(2): 292-307 AbstractFull Text (PDF) Is Land Titling in Sub-Saharan Africa Cost-Effective? Evidence from Madagascar WORLD BANK ECON REV (2007) 0(2007): lhm011v1-25 AbstractFull Text (HTML)Full Text (PDF) Reforming Land Rights: The World Bank and the Globalization of Agriculture Social Legal Studies (2005) 14(2): 147-177 AbstractFull Text (PDF) Credit access and transferable land rights OXF ECON PAP (2004) 56(1): 151-166 AbstractFull Text (HTML)Full Text (PDF) How Types of Goods and Property Rights Joint