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How land registration affects financial development and economic growth in Thailand

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  • Byamugisha, Frank F.K.
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    Abstract

    Using an economy-wide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary. He also uses the auto-regressive distributed lag model to analyze long lags in output response to changes in land registration. His key findings: 1) Land titling has significant positive long-run effects on financial development. 2) Economic growth responds to land titling following a J curve, by first registering a fall and recovering gradually, thereafter to post a long, strong rally. 3) The quality of land registration services, as measured by public spending on land registration, has strongly positive and significant long-run effects on economic growth.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 2241.

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    Date of creation: 30 Nov 1999
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    Handle: RePEc:wbk:wbrwps:2241

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    Related research

    Keywords: Climate Change; Environmental Economics&Policies; Economic Theory&Research; Public Sector Economics&Finance; Land Use and Policies; Economic Theory&Research; Environmental Economics&Policies; Achieving Shared Growth; Inequality; Economic Growth;

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    1. Hendry, David F. & Pagan, Adrian R. & Sargan, J.Denis, 1984. "Dynamic specification," Handbook of Econometrics, in: Z. Griliches† & M. D. Intriligator (ed.), Handbook of Econometrics, edition 1, volume 2, chapter 18, pages 1023-1100 Elsevier.
    2. Perron, P, 1988. "The Great Crash, The Oil Price Shock And The Unit Root Hypothesis," Papers 338, Princeton, Department of Economics - Econometric Research Program.
    3. Engle, Robert F & Granger, Clive W J, 1987. "Co-integration and Error Correction: Representation, Estimation, and Testing," Econometrica, Econometric Society, vol. 55(2), pages 251-76, March.
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    5. Khan, Ashfaque H & Hasan, Lubna, 1998. "Financial Liberalization, Savings, and Economic Development in Pakistan," Economic Development and Cultural Change, University of Chicago Press, vol. 46(3), pages 581-97, April.
    6. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
    7. Frank Place & S. E. Migot-Adholla, 1998. "The Economic Effects of Land Registration on Smallholder Farms in Kenya: Evidence from Nyeri and Kakamega Districts," Land Economics, University of Wisconsin Press, vol. 74(3), pages 360-373.
    8. Alogoskoufis, George & Smith, Ron, 1991. " On Error Correction Models: Specification, Interpretation, Estimation," Journal of Economic Surveys, Wiley Blackwell, vol. 5(1), pages 97-128.
    9. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
    10. Levine, Ross, 1996. "Financial development and economic growth : views and agenda," Policy Research Working Paper Series 1678, The World Bank.
    11. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    12. Harvey, Andrew, 1997. "Trends, Cycles and Autoregressions," Economic Journal, Royal Economic Society, vol. 107(440), pages 192-201, January.
    13. Demetriades, Panicos O & Luintel, Kul B, 1996. "Banking Sector Policies and Financial Development in Nepal," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(2), pages 355-72, May.
    14. Migot-Adholla, Shem, et al, 1991. "Indigenous Land Rights Systems in Sub-Saharan Africa: A Constraint on Productivity?," World Bank Economic Review, World Bank Group, vol. 5(1), pages 155-75, January.
    15. Ghani, Ejaz, 1992. "How financial markets affect long run growth : a cross country study," Policy Research Working Paper Series 843, The World Bank.
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    Cited by:
    1. Vassili Prokopenko & Paul Holden, 2001. "Financial Development and Poverty Alleviation," IMF Working Papers 01/160, International Monetary Fund.

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