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The Enforcement of Property Rights and Underdevelopment

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  • Era Dabla-Norris
  • Scott Freeman

Abstract

This paper formalizes the role of legal infrastructure in economic development in a general equilibrium model with endogenously determined property rights enforcement. It illustrates the mutual importance of property rights protection and market production by the model’s multiplicity of equilibria. In one equilibrium, property rights are enforced and market activity is unhampered. In the other, property rights are not enforced, which discourages economic activity and leaves the economy without the resources and incentives to enforce property rights. Even identically endowed economies may therefore find themselves in very different equilibria.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 99/127.

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Length: 22
Date of creation: 01 Sep 1999
Date of revision:
Handle: RePEc:imf:imfwpa:99/127

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Cited by:
  1. Daniel Gros & Marc Suhrcke, 2000. "Ten Years After: What is Special about Transition Countries?," CESifo Working Paper Series 327, CESifo Group Munich.
  2. Mehlum,H. & Moene,K. & Torvik,R., 2000. "Predator or prey? : parasitic enterprises in economic development," Memorandum 27/2000, Oslo University, Department of Economics.
  3. J. E. J. De Vrijer & Katrin Elborgh-Woytek & Julian Berengaut & Bogdan Lissovolik & Mark Lewis, 2002. "An Interim Assessment of Ukrainian Output Developments, 2000-01," IMF Working Papers 02/97, International Monetary Fund.

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