tailieunhanh - Research Paper No. 2006/150 Land Titles, Credit Markets and Wealth Distributions

Our analysis required us to construct bank credit aggregates for a large sample of countries. Domestic credit as usually measured captures only loans or securities booked at banks in a given jurisdiction vis-à-vis residents of that jurisdiction. To this we added the cross-border credit reported in the BIS international banking statistics, yielding a measure of the total credit provided by banks to non-banks in a particular To use this total to distinguish the underlying change in credit outstanding from valuation changes arising from currency movements requires an estimate of the breakdown between domestic and foreign currency credit. By exploiting detail in both the BIS locational and. | UNITED NATIONS UNIVERSITY UNU-WIDER World Institute for Development Economics Research Research Paper No. 2006 150 Land Titles Credit Markets and Wealth Distributions James C. MacGee December 2006 Abstract Does the existence of formal title to land and real estate matter for the distribution of wealth This paper reviews the empirical literature on the economic impact of land and real estate administration systems across countries. This paper argues that a functioning credit market for secured credit is necessary to realize the full benefits of legal title to private real estate. This paper also reviews quantitative economic theory on wealth distribution to assess the likely impact of different land registration systems on wealth inequality. The implication of current theory is that poor land administration systems may sometimes lead to lower levels of wealth inequality than better land registration systems. Keywords land titles credit markets wealth distribution JEL classification E21 K11 Copyright UNU-WIDER 2006 University of Western Ontario This study has been prepared within the UNU-WIDER project on Personal Assets from a Global Perspective directed by Jim Davies. UNU-WIDER acknowledges with thanks the financial contributions to its research programme by the governments of Denmark Royal Ministry of Foreign Affairs Finland Ministry for Foreign Affairs Norway Royal Ministry of Foreign Affairs Sweden Swedish International Development Cooperation Agency Sida and the United Kingdom Department for International Development . ISSN 1810-2611 ISBN 92-9190-934-3 ISBN-13 978-92-9190-934-6 Acknowledgements This is an updated version of a paper presented at the UNU-WIDER project meeting on Personal Assets from a Global Perspective 4-6 May 2006 Helsinki. Helpful comments from Jim Davies Sergei Guriev and conference participants are greatly appreciated. The World Institute for Development Economics Research WIDER was established by the United Nations University UNU as its .