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Review of de Soto's The Mystery of Capital

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  • Christopher Woodruff

Abstract

In The Mystery of Capital, Hernando de Soto promotes his explanation of why formal capital markets function poorly in developing countries. De Soto argues that much of the population of developing countries lacks access to credit, not because they lack assets, but because ownership of their property is secured informally, which prevents the use of property as collateral. The inability to convert assets into capital keeps the developing world from benefiting from capitalism.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.39.4.1215
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 39 (2001)
Issue (Month): 4 (December)
Pages: 1215-1223

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Handle: RePEc:aea:jeclit:v:39:y:2001:i:4:p:1215-1223

Note: DOI: 10.1257/jel.39.4.1215
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References

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  1. Friedman, Joseph & Jimenez, Emmanuel & Mayo, Stephen K., 1988. "The demand for tenure security in developing countries," Journal of Development Economics, Elsevier, vol. 29(2), pages 185-198, September.
  2. Greif, Avner, 1994. "Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies," Journal of Political Economy, University of Chicago Press, vol. 102(5), pages 912-50, October.
  3. Rossini, R. G. & Thomas, J. J., 1990. "The size of the informal sector in Peru: A critical comment on Hernando de Soto's El Otro Sendero," World Development, Elsevier, vol. 18(1), pages 125-135, January.
  4. Alston, Lee J & Libecap, Gary D & Schneider, Robert, 1996. "The Determinants and Impact of Property Rights: Land Titles on the Brazilian Frontier," Journal of Law, Economics and Organization, Oxford University Press, vol. 12(1), pages 25-61, April.
  5. Jean O. Lanjouw & Philip I. Levy, 2002. "Untitled: A Study of Formal and Informal Property Rights in Urban Ecuador," Economic Journal, Royal Economic Society, vol. 112(482), pages 986-1019, October.
  6. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October.
  7. Jimenez, Emmanuel, 1984. "Tenure Security and Urban Squatting," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 556-67, November.
  8. Friedrich Schneider & Dominik Enste, 2000. "Shadow Economies Around the World," IMF Working Papers 00/26, International Monetary Fund.
  9. Dominik H. Enste & Friedrich Schneider, 2000. "Shadow Economies: Size, Causes, and Consequences," Journal of Economic Literature, American Economic Association, vol. 38(1), pages 77-114, March.
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Citations

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Cited by:
  1. Sebastian Galiani & Ernesto Schargrodsky, 2005. "Property Rights for the Poor: Effects of Land Titling," Business School Working Papers proprightspoor, Universidad Torcuato Di Tella.
  2. Thomas J. Miceli & Joseph Kieyah, 2002. "The Economics of Land Title Reform," Working papers 2003-02, University of Connecticut, Department of Economics, revised Jan 2003.
  3. Victor Tanaka, 2010. "The ‘informal sector’ and the political economy of development," Public Choice, Springer, vol. 145(1), pages 295-317, October.
  4. Benjamin Marx & Thomas Stoker & Tavneet Suri, 2013. "The Economics of Slums in the Developing World," Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 187-210, Fall.
  5. Bellemare, Marc F., 2010. "The Productivity Impacts of de Jure and de Facto Land Rights," MPRA Paper 23639, University Library of Munich, Germany.
  6. Vogl, Tom S., 2007. "Urban land rights and child nutritional status in Peru, 2004," Economics & Human Biology, Elsevier, vol. 5(2), pages 302-321, July.
  7. M. Shahid Ebrahim & Seema Makhdoomi & Mustapha Sheikh, 2012. "The Political Economy and the Perennial Underdevelopment of the Muslim World," Working Papers 12011, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
  8. Kim, Annette M., 2007. "North versus South: The Impact of Social Norms in the Market Pricing of Private Property Rights in Vietnam," World Development, Elsevier, vol. 35(12), pages 2079-2095, December.
  9. Robert M. Buckley & Jerry Kalarickal, 2006. "Thirty Years of World Bank Shelter Lending : What Have We Learned?," World Bank Publications, The World Bank, number 7061, October.

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