Property Rights Institutions and Investment
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World Bank, Washington, D.C.
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This paper examines the channels through
which alternative property rights institutions affect
investment. These institutions are defined by a
society's enforced laws, regulations, governance
mechanisms and norms concerning the use of resources. A
transaction cost framework is used to analyze the incentive
impact of various types of property rights, liability rules,
and rules regarding contracts. This framework is used to
discuss the legal and cultural conditions necessary for the
formation of productivity-enhancing organizations and the
proper role of government in providing the infrastructure
for private investment. A brief section examines the role of
cultural and religious norms in determining the economic
effectiveness of legal systems, with a focus on Islamic
countries. The final section evaluates empirical approaches
used to discover the specific ways property rights
structures affect investment and growth.
Palabras clave
ADVERSE SELECTION, AQUIFERS, ASSETS, BANKRUPTCY, BARGAINING, BARGAINING POWER, BORROWING, COMMON PROPERTY, COMMON PROPERTY RESOURCES, COMPENSATION, COMPETITIVE MARKETS, CONSERVATION, CONTRACTUAL ARRANGEMENTS, COOPERATIVE AGREEMENTS, CRAFTSMEN, DAMAGES, DEVELOPING COUNTRIES, DISTRIBUTION OF WEALTH, ECONOMIC CIRCUMSTANCES, ECONOMIC DEVELOPMENT, ECONOMIC PERFORMANCE, ECONOMICS, ECONOMIES OF SCALE, EFFICIENT OUTCOMES, ENFORCEMENT MECHANISMS, ENTITLEMENTS, EQUILIBRIUM, EXPECTED RETURNS, EXTERNAL COSTS, EXTERNALITY, FISHERIES, GOVERNMENT REGULATION, GOVERNMENT REGULATIONS, HOUSEHOLDS, INCENTIVE PROBLEMS, INCOME, INCREASING RETURNS, INNOVATION, INSURANCE, INTELLECTUAL PROPERTY RIGHTS, LANDS, LOCAL COMMONS, MARGINAL BENEFITS, MARGINAL COSTS, MARGINAL VALUE, MARKET ECONOMIES, MARKET FAILURES, MORAL HAZARD, NATURAL MONOPOLIES, NEGATIVE EXTERNALITIES, OIL, OIL RESERVES, OPEN ACCESS, OPEN ACCESS RESOURCES, POLLUTION, POTENTIAL EFFECTS, PRIVATE OWNERSHIP, PRIVATE PROPERTY, PRIVATE PROPERTY RIGHTS, PRODUCTION ACTIVITIES, PRODUCTIVITY, PROPERTY RIGHTS, PROPERTY VALUES, PUBLIC GOODS, RESOURCE ALLOCATION, RESOURCE USE, SOCIAL BENEFITS, SOCIAL COSTS, SUBTRACTABILITY, TAXATION, TRAGEDY OF THE COMMONS, TRANSACTION COSTS, TRANSACTIONS COSTS, WEALTH, WELFARE FUNCTION