Property Rights and Investment in Urban Slums
利用秘鲁全国土地确权项目，研究产权保障增强对城市贫民窟居民住房投资的影响，发现确权后住房翻新率大幅上升，且主要源于驱逐风险降低带来的投资激励。
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.