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Property rights institutions and investment

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  • Saleh, Jahangir
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    Abstract

    This paper examines the channels through which alternative property rights institutions affect investment. These institutions are defined by a society's enforced laws, regulations, governance mechanisms and norms concerning the use of resources. A transaction cost framework is used to analyze the incentive impact of various types of property rights, liability rules, and rules regarding contracts. This framework is used to discuss the legal and cultural conditions necessary for the formation of productivity-enhancing organizations and the proper role of government in providing the infrastructure for private investment. A brief section examines the role of cultural and religious norms in determining the economic effectiveness of legal systems, with a focus on Islamic countries. The final section evaluates empirical approaches used to discover the specific ways property rights structures affect investment and growth.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3311.

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    Date of creation: 01 May 2004
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    Handle: RePEc:wbk:wbrwps:3311

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    Keywords: Labor Policies; Environmental Economics&Policies; Common Property Resource Development; Economic Theory&Research; Municipal Housing and Land; Environmental Economics&Policies; Economic Theory&Research; Common Property Resource Development; Municipal Housing and Land; Banks&Banking Reform;

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    17. Lopez, Ramon, 2002. "The economics of agriculture in developing countries: The role of the environment," Handbook of Agricultural Economics, in: B. L. Gardner & G. C. Rausser (ed.), Handbook of Agricultural Economics, edition 1, volume 2, chapter 22, pages 1213-1247 Elsevier.
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    Cited by:
    1. Aysan, Ahmet Faruk & Nabli, Mustapha Kamel & Veganzones-Varoudakis, Marie-Ange, 2006. "Governance and private investment in the Middle East and North Africa," Policy Research Working Paper Series 3934, The World Bank.
    2. Ahmet Faruk Aysan & M. K. Nabli & M-A Veganzones-Varoudakis, 2006. "Governance Institutions and Private Investment: An Application to the Middle East and North Africa," Working Papers 2006/08, Bogazici University, Department of Economics.
    3. Kinda, Tidiane & Plane, Patrick & Veganzones-Varoudakis, Marie-Ange, 2009. "Firms'productive performance and the investment climate in developing economies : an application to MENA manufacturing," Policy Research Working Paper Series 4869, The World Bank.

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