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Personal Wealth from a Global Perspective$
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James B. Davies

Print publication date: 2008

Print ISBN-13: 9780199548880

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199548880.001.0001

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Land Titles, Credit Markets, and Wealth Distributions

Land Titles, Credit Markets, and Wealth Distributions

Chapter:
(p.334) 16 Land Titles, Credit Markets, and Wealth Distributions
Source:
Personal Wealth from a Global Perspective
Author(s):

James C. MacGee

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199548880.003.0016

Does the existence of formal title to land and real estate matter for the distribution of wealth? This study reviews the empirical literature on the economic impact of land and real‐estate administration systems across countries. This study argues that a functioning credit market for secured credit is necessary to realize the full benefits of legal title to private real estate. This study also reviews quantitative economic theory on wealth distribution to assess the probable 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, real estate, credit markets, wealth distribution

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