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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek

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This paper is motivated by the emphasis on secure property rights as a determinant of economic development in recent literature. The authors use village and household level information from about 800 villages throughout China to explore whether legal reform increased protection of land rights against unauthorized reallocation or expropriation with below-average compensation by the state. The analysis provides nation-wide evidence on a sensitive topic. The authors find positive impacts, equivalent to increasing land values by 30 percent, of reform even in the short term. Reform originated in villages where democratic election of leaders ensured a minimum level of accountability, pointing toward complementarity between good governance and legal reform. The paper explores the implications for situations where individuals and groups hold overlapping rights to land.

Access to Finance --- Common Property Resource Development --- Communities & Human Settlements --- Conceptual Framework --- Economic Development --- Economic Growth --- Economic Policies --- Effective Use --- Environment --- Environmental Economics and Policies --- Environments --- Finance and Financial Sector Development --- Land Use --- Municipal Housing and Land --- Private Property --- Property Rights --- Real Estate Development --- Retained Earnings --- Rural Development

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This paper is motivated by the emphasis on secure property rights as a determinant of economic development in recent literature. The authors use village and household level information from about 800 villages throughout China to explore whether legal reform increased protection of land rights against unauthorized reallocation or expropriation with below-average compensation by the state. The analysis provides nation-wide evidence on a sensitive topic. The authors find positive impacts, equivalent to increasing land values by 30 percent, of reform even in the short term. Reform originated in villages where democratic election of leaders ensured a minimum level of accountability, pointing toward complementarity between good governance and legal reform. The paper explores the implications for situations where individuals and groups hold overlapping rights to land.

Access to Finance --- Common Property Resource Development --- Communities & Human Settlements --- Conceptual Framework --- Economic Development --- Economic Growth --- Economic Policies --- Effective Use --- Environment --- Environmental Economics and Policies --- Environments --- Finance and Financial Sector Development --- Land Use --- Municipal Housing and Land --- Private Property --- Property Rights --- Real Estate Development --- Retained Earnings --- Rural Development

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Even though it is widely recognized that giving farmers more secure land rights may increase agricultural investment, scholars contend that, in the case of China, such a policy might undermine the function of land as a social safety net and, as a consequence, not be sustainable or command broad support. Data from three provinces, one of which had adopted a policy to increase security of tenure in advance of the others, suggest that greater tenure security, especially if combined with transferability of land, had a positive impact on agricultural investment and, within the time frame considered, led neither to an increase in inequality of land distribution nor a reduction in households' ability to cope with exogenous shocks. Household support for more secure property rights is increased by their access to other insurance mechanisms, suggesting some role of land as a safety net. At the same time, past exposure to this type of land right has a much larger impact quantitatively, suggesting that a large part of the resistance to changed property rights arrangements disappears as household familiarity with such rights increases.

Right of property. --- Right of property --- Land titles --- Land tenure --- Land use, Rural --- Agriculture --- Investments. --- Risk management. --- Registration and transfer --- Government policy --- Economic aspects

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Zonder onderwerpscode: wereldeconomie, ontwikkelingsproblematiek