Insecurity Of Property Rights And Matching In The Tenancy Market-产权不稳及租赁市场的配对问题

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英文文献：Insecurity Of Property Rights And Matching In The Tenancy Market-产权不稳及租赁市场的配对问题
英文文献作者：Macours, Karen
英文文献摘要：
This paper analyzes the effects of insecure property rights over land on the functioning of the land rental market in the Dominican Republic. It shows that insecurity of property rights not only reduces the level of activity of the land rental market, but also causes market segmentation. A principal-agent framework is used to model the utility maximization of both the tenant and the landlord, where the landlord accounts for the risk of losing the land when it is not traded within a narrow local circle of confidence. Using data collected with a new methodology that enable the entire market to be characterized, we show that insecure property rights lead to matching in the tenancy markets along socio-economic group and hence severely limit access to land for the rural poor. Our results also show the importance of a minimum endowment of assets to obtain access to land in the rental market.

本文分析了土地产权不安全对多米尼加共和国土地租赁市场运作的影响。这说明产权的不安全不仅降低了土地租赁市场的活跃程度，而且造成了市场分割。使用委托代理框架来建模承租人和地主的效用最大化，其中地主解释了当土地不在一个狭窄的置信区间内交易时失去土地的风险。使用一种新方法收集的数据，使整个市场具有特征，我们表明，不安全的产权导致租赁市场与社会经济群体匹配，从而严重限制农村贫困人口获得土地。我们的结果也显示了在租赁市场获得土地使用权的最小资产禀赋的重要性。

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