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Measuring Property Rights Institutions

October 22, 2020

DECRG Kuala Lumpur Seminar Series

  • How do the different elements in the standard bundle of property rights – such as the right of possession or the right of transfer – differentially impact outcomes, such as urban development? This paper incorporates insecure property rights into a standard model of urban land prices and density, and makes predictions about investment in land and property, informality, and the efficiency of land use. Our empirical analysis links data on institutions related to land titling and transfer with multiple urban outcomes, from 190 countries. The evidence is generally consistent with the model’s predictions, and more broadly with the Demsetz’s (1967) approach to property rights institutions. Indeed, we document world-wide improvements in the quality of institutions facilitating property transfer over time.

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  • Simeon Djankov is a senior fellow at the Peterson Institute for International Economics. Prior to joining the Institute, Djankov was deputy prime minister and minister of finance of Bulgaria from 2009 to 2013. Prior to his cabinet appointment, Djankov was chief economist of the finance and private sector vice presidency of the World Bank, as well as senior director for development economics. In his 17 years at the Bank, he worked on regional trade agreements in North Africa, enterprise restructuring and privatization in transition economies, corporate governance in East Asia, and regulatory.

DETAILS

  • WHEN (KUALA LUMPUR TIME): Thursday, October 22, 2020 - 9:00 - 10:00am
  • WHEN (ET/WASHINGTON, D.C. TIME): Wednesday, October 21, 2020 - 9:00 – 10:00pm
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