Reforming land and real estate markets
AbstractLand and real estate reforms have not been effective at achieving their objectives, in part because of how they have been designed and implemented. To be successful, reforms must become comprehensive in design, argue the authors, although implementation may be phased over time and take local conditions into account. Reform must include three elements: 1) Institutional reforms that better define property rights, reduce information asymmetry, and improve contract enforcement. 2) Capital market reforms that make mortgage finance available at reasonable rates, especially for the poor. 3) Market reforms that reduce or eliminate the main distortions in the prices of goods and services produced by land and real estate assets. In their review of land and real estate reforms supported by the World Bank, the authors find that such reforms receive less attention at the conceptual stage than they should, considering their great impact on poverty, growth, and stability. They base their conclusion on the limited coverage of land and real estate issues in country assistance strategies, the main vehicle for identifying priority areas for reform. Most Bank-supported projects do not address all three elements critical for reform. And most provide no justification for excluding them, and no plan for follow-up. The Bank's Operations Evaluation Department rates Bank-supported land and real estate projects relatively well on outcome and sustainability but not on institutional development. But land and real estate reform is institutional by nature. The authors urge the Bank and policymakers to change course. After a comprehensive assessment of the status of real estate institutions and markets, all actors in this sector should be pulled together to develop a comprehensive approach to land and real estate reform.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 2616.
Date of creation: 30 Jun 2001
Date of revision:
Banks&Banking Reform; Environmental Economics&Policies; Land and Real Estate Development; Municipal Housing and Land; Real Estate Development; Environmental Economics&Policies; Banks&Banking Reform; Municipal Housing and Land; Land and Real Estate Development; Real Estate Development;
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Birdsall, Nancy & Londono, Juan Luis, 1997. "Asset Inequality Matters: An Assessment of the World Bank's Approach to Poverty Reduction," American Economic Review, American Economic Association, vol. 87(2), pages 32-37, May.
- Alberto Alesina & Dani Rodrik, 1991.
"Distributive Politics and Economic Growth,"
NBER Working Papers
3668, National Bureau of Economic Research, Inc.
- Omar M. Razzaz, 1993. "Examining Property Rights and Investment in Informal Settlements: The Case of Jordan," Land Economics, University of Wisconsin Press, vol. 69(4), pages 341-355.
- 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.
- Timothy Besley & Robin Burgess, 1998.
"Land Reform, Poverty Reduction and Growth: Evidence from India,"
STICERD - Development Economics Papers - From 2008 this series has been superseded by Economic Organisation and Public Policy Discussion Papers
13, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE.
- Timothy Besley & Robin Burgess, 2000. "Land Reform, Poverty Reduction, And Growth: Evidence From India," The Quarterly Journal of Economics, MIT Press, vol. 115(2), pages 389-430, May.
- Ravallion, Martin, 1989. "Land-contingent poverty alleviation schemes," World Development, Elsevier, vol. 17(8), pages 1223-1233, August.
- Galor, Oded & Zeira, Joseph, 1993.
"Income Distribution and Macroeconomics,"
Review of Economic Studies,
Wiley Blackwell, vol. 60(1), pages 35-52, January.
- Ravallion, Martin & Sen, Binayak, 1994. "Impacts on rural poverty of land-based targeting: Further results for Bangladesh," World Development, Elsevier, vol. 22(6), pages 823-838, June.
- Atwood, David A., 1990. "Land registration in Africa: The impact on agricultural production," World Development, Elsevier, vol. 18(5), pages 659-671, May.
- Piketty, Thomas, 1997. "The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 173-89, April.
- Lin, Justin Yifu, 1992. "Rural Reforms and Agricultural Growth in China," American Economic Review, American Economic Association, vol. 82(1), pages 34-51, March.
- Jimenez, Emmanuel, 1982. "The Value of Squatter Dwellings in Developing Countries," Economic Development and Cultural Change, University of Chicago Press, vol. 30(4), pages 739-52, July.
- Persson, Torsten & Tabellini, Guido, 1994.
"Is Inequality Harmful for Growth?,"
American Economic Review,
American Economic Association, vol. 84(3), pages 600-621, June.
- Bertaud, Alain & Renaud, Bertrand, 1995. "Cities without land markets : location and land use in the socialist city," Policy Research Working Paper Series 1477, The World Bank.
- Li, Hongyi & Squire, Lyn & Zou, Heng-fu, 1998.
"Explaining International and Intertemporal Variations in Income Inequality,"
Royal Economic Society, vol. 108(446), pages 26-43, January.
- Hongyi Li & Lyn Squire & Heng-fu Zou, 1998. "Explaining International and Intertemporal Variations in Income Inequality," CEMA Working Papers 73, China Economics and Management Academy, Central University of Finance and Economics.
- Deininger, Klaus & Squire, Lyn, 1998. "New ways of looking at old issues: inequality and growth," Journal of Development Economics, Elsevier, vol. 57(2), pages 259-287.
- Abhijit Banerjee & Andrew F. Newman, 1989.
"Risk-Bearing and the Theory of Income Distribution,"
877, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Banerjee, Abhijit V & Newman, Andrew F, 1991. "Risk-Bearing and the Theory of Income Distribution," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 211-35, April.
- Abhijit Banerjee, 1999. "Land Reforms: Prospects and Strategies," Working papers 99-24, Massachusetts Institute of Technology (MIT), Department of Economics.
- Jimenez, Emmanuel, 1984. "Tenure Security and Urban Squatting," The Review of Economics and Statistics, MIT Press, vol. 66(4), pages 556-67, November.
- Aghion, Philippe & Bolton, Patrick, 1997. "A Theory of Trickle-Down Growth and Development," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 151-72, April.
- Sarah Gavian & Marcel Fafchamps, 1996. "Land Tenure and Allocative Efficiency in Niger," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(2), pages 460-471.
- Renaud, Bertrand M., 1996. "Housing finance in transition economies : the early years in Eastern Europe and the former Soviet Union," Policy Research Working Paper Series 1565, The World Bank.
- Black, Jane & de Meza, David & Jeffreys, David, 1996. "House Price, the Supply of Collateral and the Enterprise Economy," Economic Journal, Royal Economic Society, vol. 106(434), pages 60-75, January.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi).
If references are entirely missing, you can add them using this form.