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Getting Institutions "Right" for Whom? Credit Constraints and the Impact of Property Rights on the Quantity and Composition of Investment

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Author Info
Michael R. Carter
Pedro Olinto
Abstract

Property rights reform is typically hypothesized to boost investment through investment demand and credit supply effects. Yet when the credit supply effect is muted, property rights reform would be expected to induce liquidity-constrained farms to reduce investment in movable capital even as they increase investment in attached capital. This expectation is corroborated by econometric analysis of panel data from Paraguay. While all farmers experience a positive investment demand effect, liquidity-constrained producers correspondingly reduce their demand for movable capital. Given an estimated pattern of wealth-biased liquidity constraints, property rights reform will get institutions "right" for only wealthier producers. Copyright 2003 American Agricultural Economics Association.

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Article provided by American Agricultural Economics Association in its journal American Journal of Agricultural Economics.

Volume (Year): 85 (2003)
Issue (Month): 1 (02)
Pages: 173-186
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Handle: RePEc:bla:ajagec:v:85:y:2003:i:1:p:173-186

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  1. Guirkinger, Catherine & Boucher, Steve, 2007. "Credit Constraints and Productivity in Peruvian Agriculture," Working Papers 6882, University of California, Davis, Department of Agricultural and Resource Economics. [Downloadable!]
  2. MacGee, James C., 2006. "Land Titles, Credit Markets and Wealth Distributions," Working Papers RP2006/150, World Institute for Development Economic Research (UNU-WIDER). [Downloadable!]
  3. Boucher, Steve & Guirkinger, Catherine & Trivelli, Carolina, 2006. "Direct Elicitation of Credit Constraints: Conceptual and Practical Issues with an Empirical Application to Peruvian Agriculture," Working Papers 6883, University of California, Davis, Department of Agricultural and Resource Economics. [Downloadable!]
  4. Deininger, Klaus & Ali, Daniel Ayalew & Alemu, Tekie, 2008. "Impacts of land certification on tenure security, investment, and land markets : evidence from Ethiopia," Policy Research Working Paper Series 4764, The World Bank. [Downloadable!]
  5. Jia, Xiangping & Piotrowski, Stephan, 2006. "Land property, tenure security and credit access: a historical perspective of change processes in China," Research in Development Economics and Policy (Discussion Paper Series) 9083, Universitaet Hohenheim, Department of Agricultural Economics and Social Sciences in the Tropics and Subtropics. [Downloadable!]
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