Inter-Generational Effects of Titling Programmes: Physical vs. Human Capital
研究了土地确权项目对家庭支出的影响，发现确权虽促进住房投资，却可能减少对16岁以下子女的人力资本投资，基于乌拉圭自然实验数据。
Programmes aimed at giving legal ownership titles to the occupants of land (‘titling programmes’) are associated with an income (or wealth) effect that induce higher expenditure on normal goods like education and health services. There is also a substitution effect: the elimination of expropriation risk makes home investment more attractive and increases the ‘opportunity cost’ of other forms of spending. The net effect on human capital is ambiguous. Using data from a natural experiment in Uruguay we find that titling favours home investment to the detriment of some dimensions of human capital investment for children of 16 and under.