How land registration affects financial development and economic growth in Thailand
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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