This paper develops a model of land title reform which shows that a policy of voluntary adoption of a new system is not likely to be successful, even if the new system Pareto dominates the existing one. The problem is the existence of an externality that prevents individual landowners from fully internalizing the benefits of the new system. Some evidence for the theory is presented based on historic efforts to institute land registration in the United States and England. Implications are also drawn for ongoing attempts by developing countries to establish formal property rights systems for land as part of a policy to spur economic growth.
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Paper provided by University of Connecticut, Department of Economics in its series Working papers with number
2003-02.
Length: 26 pages Date of creation: Oct 2002 Date of revision:
Jan 2003 Handle: RePEc:uct:uconnp:2003-02
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Find related papers by JEL classification: K11 - Law and Economics - - Basic Areas of Law - - - Property Law O17 - Economic Development, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation R52 - Urban, Rural, and Regional Economics - - Regional Government Analysis - - - Land Use and Other Regulations
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