Property Rights and Investment in Urban Slums
利用秘鲁全国土地确权项目带来的产权变化，通过双重差分法发现，加强城市贫民窟的产权保障能显著提高居民的住房翻新投资，且主要源于降低驱逐威胁而非信贷渠道。
This paper examines the effect of changes in tenure security on residential investment in urban squatter neighborhoods.To address the endogeneity of property rights, I make use of variation in ownership status induced by a nation-wide titling program in Peru.In a difference-in-difference analysis, I compare the change in housing investment before and after the program among participating households to the change in investment among two samples of non-participants.My results indicate that strengthening property rights in urban slums has a significant effect on residential investment: the rate of housing renovation rises by more than two-thirds of the baseline level.The bulk of the increase is financed without the use of credit, indicating that changes over time reflect an increase in investment incentives related to lower threat of eviction.