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Representation of property rights and credit market outcomes: Evidence from a land reform in Vietnam

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  • Kemper, Niels
  • Klump, Rainer
  • Schumacher, Heiner
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    Abstract

    This article evaluates the impact of a land certification program on credit market outcomes in rural Vietnam. We hypothesize that the representation of property increases households' participation in formal credit markets. We compare credit market outcomes for certified and non-certified households controlling for socioeconomic and geographic characteristics, and use an instrumental variable approach exploiting a partial delay in program rollout. Certified households are more likely to borrow from formal banks with a collateral-based lending policy. There is no evidence for an effect on borrowing from formal sources without such a policy. Moreover, certified households pay lower interest rates on formal loans than non-certified households on formal and informal loans. --

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    Bibliographic Info

    Paper provided by Verein für Socialpolitik, Research Committee Development Economics in its series Proceedings of the German Development Economics Conference, Berlin 2011 with number 45.

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    Date of creation: 2011
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    Handle: RePEc:zbw:gdec11:45

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    Keywords: Credit; Land reform; Vietnam;

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    1. Pender, John L. & Kerr, John M., 1999. "The effects of land sales restrictions: evidence from south India," Agricultural Economics: The Journal of the International Association of Agricultural Economists, International Association of Agricultural Economists, International Association of Agricultural Economists, vol. 21(3), December.
    2. James P. Smith & Duncan Thomas, 2004. "Remembrances of Things Past: Test-Retest Reliability of Retrospective Migration Histories," Labor and Demography, EconWPA 0403026, EconWPA.
    3. MICHAEL R. CARTER & Pedro Olinto, 2000. "Getting Institutions 'Right' for Whom: Credit Constraints and the Impact of Property Rights on the Quantity and Compostiton of Investment," Wisconsin-Madison Agricultural and Applied Economics Staff Papers 433, Wisconsin-Madison Agricultural and Applied Economics Department.
    4. Ravallion, Martin & van de Walle, Dominique, 2006. "Does rising landlessness signal success or failure for Vietnam's agrarian transition?," Policy Research Working Paper Series 3871, The World Bank.
    5. Quy-Toan Do & Lakshmi Iyer, 2003. "Land rights and economic development : evidence from Vietnam," Policy Research Working Paper Series 3120, The World Bank.
    6. Quy-Toan Do & Lakshmi Iyer, 2008. "Land Titling and Rural Transition in Vietnam," Economic Development and Cultural Change, University of Chicago Press, vol. 56, pages 531-579.
    7. Jain, Sanjay, 1999. "Symbiosis vs. crowding-out: the interaction of formal and informal credit markets in developing countries," Journal of Development Economics, Elsevier, Elsevier, vol. 59(2), pages 419-444, August.
    8. Máximo Torero & Erica Field, 2005. "Impact of Land Titles over Rural Households," OVE Working Papers, Inter-American Development Bank, Office of Evaluation and Oversight (OVE) 0705, Inter-American Development Bank, Office of Evaluation and Oversight (OVE).
    9. Tomomi Tanaka & Colin F. Camerer & Quang Nguyen, 2010. "Risk and Time Preferences: Linking Experimental and Household Survey Data from Vietnam," American Economic Review, American Economic Association, American Economic Association, vol. 100(1), pages 557-71, March.
    10. Andersen, Thomas Barnebeck & Malchow-Moller, Nikolaj, 2006. "Strategic interaction in undeveloped credit markets," Journal of Development Economics, Elsevier, Elsevier, vol. 80(2), pages 275-298, August.
    11. James J. Heckman & Lance Lochner & Christopher Taber, 1998. "General Equilibrium Treatment Effects: A Study of Tuition Policy," NBER Working Papers 6426, National Bureau of Economic Research, Inc.
    12. Feder, Gershon & Feeny, David, 1991. "Land Tenure and Property Rights: Theory and Implications for Development Policy," World Bank Economic Review, World Bank Group, World Bank Group, vol. 5(1), pages 135-53, January.
    13. Jonathan Conning & Christopher Udry, 2005. "Rural Financial Markets in Developing Countries," Working Papers, Economic Growth Center, Yale University 914, Economic Growth Center, Yale University.
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