Getting Institutions “Right” for Whom? Credit Constraints and the Impact of Property Rights on the Quantity and Composition of Investment
Open accessAbstract
Abstract Property rights reform is typically hypothesized to boost investment through investment demand and credit supply effects. Yet when the credit supply effect is muted, property rights reform would be expected to induce liquidity‐constrained farms to reduce investment in movable capital even as they increase investment in attached capital. This expectation is corroborated by econometric analysis of panel data from Paraguay. While all farmers experience a positive investment demand effect, liquidity‐constrained producers correspondingly reduce their demand for movable capital. Given an estimated pattern of wealth‐biased liquidity constraints, property rights reform will get institutions “right” for only wealthier producers.
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Credit impacts from land titling may accrue only to wealthy producers.
“They may accrue only to wealthy producers (Carter and Olinto 2003)”
From Environmental and gender impacts of land tenure regularization in Africa: Pilot evidence from Rwanda (2014) · cites this paper as Carter and Olinto 2003
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Environmental and gender impacts of land tenure regularization in Africa: Pilot evidence from Rwanda
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- Authors
- Carter, M. R., & Olinto, P.
- Affiliations
- University of Wisconsin–Madison (US)
- International Food Policy Research Institute (US)
- ORCID
- Carter, Michael R.
- Venue
- American Journal of Agricultural Economics
- Publisher
- Wiley
- Published
- 2003-02
- Volume
- 85
- Issue
- 1
- Pages
- 173-186
- ISSN
- 0002-9092 (ISSN-L)
- 1467-8276
- OpenAlex
- W2234052880
- Cited by
- 478
- References
- 20
- Citations by year
- 2026: 21 · 2025: 13 · 2024: 12 · 2023: 18 · 2022: 29 · 2021: 20 · 2020: 21 · 2019: 19 · 2018: 18 · 2017: 14 · 2016: 11 · 2015: 14 · 2014: 32 · 2013: 23 · 2012: 30
- FWCI
- 19.53
- Type
- journal article
- Language
- en
- Open access
- green
- ageconsearch.umn.edu
- Locations
- American Journal of Agricultural Economics (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- AgEcon Search (University of Minnesota, USA) (submittedVersion, cc-by-nc-nd)
- IFPRI E-brary (International Food Policy Research Institute) (submittedVersion)
- CGSPace A Repository of Agricultural Research Outputs (Consultative Group for International Agricultural Research) (submittedVersion)
- International Food Policy Research Institute (International Food Policy Research Institute) (submittedVersion)
- AgEcon Search (University of Minnesota, USA)
- Topics
- Life Sciences › Agricultural and Biological Sciences › Soil Science › Land Rights and Reforms
- Social Sciences › Safety Research › Agricultural economics and policies
- Life Sciences › Agricultural and Biological Sciences › General Agricultural and Biological Sciences › Agricultural Innovations and Practices
- Keywords
- property rights reform, credit constraints, liquidity constraints, agricultural investment, investment demand, credit supply, agricultural institutions, Paraguay
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