Title Assurance and Incentives for Efficient Land Use

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Abstract

This paper develops an economic analysis of a general class of land title systems, focusing specifically on incentives for efficient exchange and investment in land. The analysis abstracts from certain institutional features of actual title systems, and is therefore largely normative in nature. Nevertheless, the results are relevant for a complete evaluation of alternative systems, especially for countries where land development (or redevelopment) is a primary objective. The results suggest that in most cases, land registration is preferred to the recording system on exchange and investment grounds, holding other factors constant.

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