Reforming Land and Real Estate Markets
Land and real estate reforms have not been effective at achieving their objectives, in part because of how they have been designed and implemented. To be successful, reforms must become comprehensive in design, argue the authors, although implement...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2014
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| Online Access: | http://documents.worldbank.org/curated/en/2001/06/1346408/reforming-land-real-estate-markets http://hdl.handle.net/10986/19633 |
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okr-10986-196332021-04-23T14:03:43Z Reforming Land and Real Estate Markets Galal, Ahmed Razzaz, Omar AGRICULTURAL LAND AGRICULTURAL OUTPUT ALLOCATIVE EFFICIENCY ASYMMETRIC INFORMATION BANK FAILURE BANK SUPERVISION BANKING CRISES BANKING SECTOR CAPITAL FLOWS CAPITAL MARKETS CLEAR TITLE COMMUNAL PROPERTY CONCEPTUAL FRAMEWORK CONTRACT ENFORCEMENT CREDIT RISK DECENTRALIZATION DEVELOPED COUNTRIES DEVELOPERS DOMESTIC PRODUCTS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC STABILITY EMPIRICAL EVIDENCE EMPIRICAL STUDIES ENTITLEMENTS ENVIRONMENTAL PROTECTION EXCHANGE RATE EXTERNALITIES FARMS FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FISCAL POLICY HOUSEHOLDS HOUSES HOUSING HOUSING FINANCE HOUSING UNITS INCOME INCOME INEQUALITY INSTITUTIONAL DEVELOPMENT INSURANCE INTEREST RATES LAND REFORM LAND TENURE LAND USE LAND USE CONTROLS LANDLORDS LAWS LIENS LOCAL GOVERNMENT MARKET DISTORTIONS MARKET POWER MONOPOLIES MORTGAGE LENDING NEGATIVE EXTERNALITIES POINTS PRIVATIZATION PRODUCERS PRODUCTIVITY PROPERTY RIGHTS PROPERTY VALUES PUBLIC SERVICES REAL ESTATE REAL ESTATE DEVELOPMENT REAL ESTATE INVESTMENT REAL ESTATE MARKETS REAL PROPERTY REAL WAGES RENT CONTROL RENTAL HOUSING RENTAL PROPERTY RESIDENTIAL REAL ESTATE RETIREMENT RISK MANAGEMENT SAVINGS SAVINGS ASSOCIATIONS SECURE PROPERTY RIGHTS SECURITIES SOCIAL COSTS TAXATION TECHNICAL ASSISTANCE TENANTS TRANSACTION COSTS TRANSITION ECONOMIES URBAN LAND Land and real estate reforms have not been effective at achieving their objectives, in part because of how they have been designed and implemented. To be successful, reforms must become comprehensive in design, argue the authors, although implementation may be phased over time and take local conditions into account. Reform must include three elements: 1) Institutional reforms that better define property rights, reduce information asymmetry, and improve contract enforcement. 2) Capital market reforms that make mortgage finance available at reasonable rates, especially for the poor. 3) Market reforms that reduce or eliminate the main distortions in the prices of goods and services produced by land and real estate assets. In their review of land and real estate reforms supported by the World Bank, the authors find that such reforms receive less attention at the conceptual stage than they should, considering their great impact on poverty, growth, and stability. They base their conclusion on the limited coverage of land and real estate issues in country assistance strategies, the main vehicle for identifying priority areas for reform. Most Bank-supported projects do not address all three elements critical for reform. And most provide no justification for excluding them, and no plan for follow-up. The Bank's Operations Evaluation Department rates Bank-supported land and real estate projects relatively well on outcome and sustainability but not on institutional development. But land and real estate reform is institutional by nature. The authors urge the Bank and policymakers to change course. After a comprehensive assessment of the status of real estate institutions and markets, all actors in this sector should be pulled together to develop a comprehensive approach to land and real estate reform. 2014-08-25T17:23:16Z 2014-08-25T17:23:16Z 2001-06 http://documents.worldbank.org/curated/en/2001/06/1346408/reforming-land-real-estate-markets http://hdl.handle.net/10986/19633 English en_US Policy Research Working Paper;No. 2616 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
AGRICULTURAL LAND AGRICULTURAL OUTPUT ALLOCATIVE EFFICIENCY ASYMMETRIC INFORMATION BANK FAILURE BANK SUPERVISION BANKING CRISES BANKING SECTOR CAPITAL FLOWS CAPITAL MARKETS CLEAR TITLE COMMUNAL PROPERTY CONCEPTUAL FRAMEWORK CONTRACT ENFORCEMENT CREDIT RISK DECENTRALIZATION DEVELOPED COUNTRIES DEVELOPERS DOMESTIC PRODUCTS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC STABILITY EMPIRICAL EVIDENCE EMPIRICAL STUDIES ENTITLEMENTS ENVIRONMENTAL PROTECTION EXCHANGE RATE EXTERNALITIES FARMS FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FISCAL POLICY HOUSEHOLDS HOUSES HOUSING HOUSING FINANCE HOUSING UNITS INCOME INCOME INEQUALITY INSTITUTIONAL DEVELOPMENT INSURANCE INTEREST RATES LAND REFORM LAND TENURE LAND USE LAND USE CONTROLS LANDLORDS LAWS LIENS LOCAL GOVERNMENT MARKET DISTORTIONS MARKET POWER MONOPOLIES MORTGAGE LENDING NEGATIVE EXTERNALITIES POINTS PRIVATIZATION PRODUCERS PRODUCTIVITY PROPERTY RIGHTS PROPERTY VALUES PUBLIC SERVICES REAL ESTATE REAL ESTATE DEVELOPMENT REAL ESTATE INVESTMENT REAL ESTATE MARKETS REAL PROPERTY REAL WAGES RENT CONTROL RENTAL HOUSING RENTAL PROPERTY RESIDENTIAL REAL ESTATE RETIREMENT RISK MANAGEMENT SAVINGS SAVINGS ASSOCIATIONS SECURE PROPERTY RIGHTS SECURITIES SOCIAL COSTS TAXATION TECHNICAL ASSISTANCE TENANTS TRANSACTION COSTS TRANSITION ECONOMIES URBAN LAND |
| spellingShingle |
AGRICULTURAL LAND AGRICULTURAL OUTPUT ALLOCATIVE EFFICIENCY ASYMMETRIC INFORMATION BANK FAILURE BANK SUPERVISION BANKING CRISES BANKING SECTOR CAPITAL FLOWS CAPITAL MARKETS CLEAR TITLE COMMUNAL PROPERTY CONCEPTUAL FRAMEWORK CONTRACT ENFORCEMENT CREDIT RISK DECENTRALIZATION DEVELOPED COUNTRIES DEVELOPERS DOMESTIC PRODUCTS ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC STABILITY EMPIRICAL EVIDENCE EMPIRICAL STUDIES ENTITLEMENTS ENVIRONMENTAL PROTECTION EXCHANGE RATE EXTERNALITIES FARMS FINANCIAL CRISES FINANCIAL INSTITUTIONS FINANCIAL MARKETS FISCAL POLICY HOUSEHOLDS HOUSES HOUSING HOUSING FINANCE HOUSING UNITS INCOME INCOME INEQUALITY INSTITUTIONAL DEVELOPMENT INSURANCE INTEREST RATES LAND REFORM LAND TENURE LAND USE LAND USE CONTROLS LANDLORDS LAWS LIENS LOCAL GOVERNMENT MARKET DISTORTIONS MARKET POWER MONOPOLIES MORTGAGE LENDING NEGATIVE EXTERNALITIES POINTS PRIVATIZATION PRODUCERS PRODUCTIVITY PROPERTY RIGHTS PROPERTY VALUES PUBLIC SERVICES REAL ESTATE REAL ESTATE DEVELOPMENT REAL ESTATE INVESTMENT REAL ESTATE MARKETS REAL PROPERTY REAL WAGES RENT CONTROL RENTAL HOUSING RENTAL PROPERTY RESIDENTIAL REAL ESTATE RETIREMENT RISK MANAGEMENT SAVINGS SAVINGS ASSOCIATIONS SECURE PROPERTY RIGHTS SECURITIES SOCIAL COSTS TAXATION TECHNICAL ASSISTANCE TENANTS TRANSACTION COSTS TRANSITION ECONOMIES URBAN LAND Galal, Ahmed Razzaz, Omar Reforming Land and Real Estate Markets |
| relation |
Policy Research Working Paper;No. 2616 |
| description |
Land and real estate reforms have not
been effective at achieving their objectives, in part
because of how they have been designed and implemented. To
be successful, reforms must become comprehensive in design,
argue the authors, although implementation may be phased
over time and take local conditions into account. Reform
must include three elements: 1) Institutional reforms that
better define property rights, reduce information asymmetry,
and improve contract enforcement. 2) Capital market reforms
that make mortgage finance available at reasonable rates,
especially for the poor. 3) Market reforms that reduce or
eliminate the main distortions in the prices of goods and
services produced by land and real estate assets. In their
review of land and real estate reforms supported by the
World Bank, the authors find that such reforms receive less
attention at the conceptual stage than they should,
considering their great impact on poverty, growth, and
stability. They base their conclusion on the limited
coverage of land and real estate issues in country
assistance strategies, the main vehicle for identifying
priority areas for reform. Most Bank-supported projects do
not address all three elements critical for reform. And most
provide no justification for excluding them, and no plan for
follow-up. The Bank's Operations Evaluation Department
rates Bank-supported land and real estate projects
relatively well on outcome and sustainability but not on
institutional development. But land and real estate reform
is institutional by nature. The authors urge the Bank and
policymakers to change course. After a comprehensive
assessment of the status of real estate institutions and
markets, all actors in this sector should be pulled together
to develop a comprehensive approach to land and real estate reform. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Galal, Ahmed Razzaz, Omar |
| author_facet |
Galal, Ahmed Razzaz, Omar |
| author_sort |
Galal, Ahmed |
| title |
Reforming Land and Real Estate Markets |
| title_short |
Reforming Land and Real Estate Markets |
| title_full |
Reforming Land and Real Estate Markets |
| title_fullStr |
Reforming Land and Real Estate Markets |
| title_full_unstemmed |
Reforming Land and Real Estate Markets |
| title_sort |
reforming land and real estate markets |
| publisher |
World Bank, Washington, DC |
| publishDate |
2014 |
| url |
http://documents.worldbank.org/curated/en/2001/06/1346408/reforming-land-real-estate-markets http://hdl.handle.net/10986/19633 |
| _version_ |
1764440167953727488 |