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A theory of the optimal amount of public ownership of land

Author

Listed:
  • Bertrand CRETTEZ

    (C.R.E.S.E, Université de Franche-Comté et C. E. M. E, Université de Paris I)

  • Claire LOUPIAS

    (Université de la Rochelle et C.E.B.I., Université de Paris I)

  • Philippe MICHEL

    (I.U.F, GREQAM, Université de la méditerranée II)

Abstract

A major issue in reforming previously planned economies is the creation of assets markets. In this paper, it is argued that the mere characteristics of the assets to be privatized matter. Indeed, private ownership of land. It is the purpose of this paper to provide a theory of such rate. We make use of a two-sectors overlapping generations model economy with land and capital. We find a version of the second welfare theorem : the command optimum can be decentralized using one and only one instrument, i.e. the rate of land publicly held. We call such a rate the optimal rate of public ownership of land.

Suggested Citation

  • Bertrand CRETTEZ & Claire LOUPIAS & Philippe MICHEL, 1997. "A theory of the optimal amount of public ownership of land," Discussion Papers (REL - Recherches Economiques de Louvain) 1997031, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
    • Handle: RePEc:ctl:louvre:1997031
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    References listed on IDEAS

    as
    1. Harald Uhlig, 1993. "Transition and Financial Collapse," CESifo Working Paper Series 40, CESifo.
    2. Changyong Rhee, 1991. "Dynamic Inefficiency in an Economy with Land," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 58(4), pages 791-797.
    3. Guillermo A. Calvo & Jacob A. Frenkel, 1991. "From Centrally Planned to Market Economy: The Road from CPE to PCPE," IMF Staff Papers, Palgrave Macmillan, vol. 38(2), pages 268-299, June.
    4. Homburg, Stefan, 1992. "Efficient Economic Growth: Chapter 1. Introduction," EconStor Books, ZBW - Leibniz Information Centre for Economics, number 92903, May.
    5. Michel, Philippe, 1990. "Some Clarifications on the Transversality Condition," Econometrica, Econometric Society, vol. 58(3), pages 705-723, May.
    6. Dusansky Richard & Wilson Paul W., 1993. "The Demand for Housing: Theoretical Considerations," Journal of Economic Theory, Elsevier, vol. 61(1), pages 120-138, October.
    7. Malinvaud, Edmond, 1987. "The Overlapping Generations Model in 1947," Journal of Economic Literature, American Economic Association, vol. 25(1), pages 103-105, March.
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    More about this item

    JEL classification:

    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • H82 - Public Economics - - Miscellaneous Issues - - - Governmental Property
    • O41 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment

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