Investment and equity effects of land regularisation: the case of Nicaragua⋆
利用尼加拉瓜数据，研究土地登记和产权证书对土地价值及投资的影响，发现正规化能显著提升土地价值并促进投资，尤其对贫困群体有积极分配效应。
Abstract We use data from Nicaragua to examine the impact of award of registered and non‐registered title on land values and changes in land‐attached investment. Registration, acquisition through purchase, and agrarian reform title all are associated with significant increases in the value of plots. Receipt of registered title is found to increase land values by 30% and at the same time greatly increase the propensity to invest, bringing such investment closer to the optimum. In line with descriptive statistics indicating great demand for land right regularisation especially from the poor, this suggests that titling can have a positive distributional effect. At the same time, the legal validity and official recognition of the titles issued appears to be of great importance.