BOFIT Discussion Papers, Institute for Economies in Transition, Bank of Finland
No 33/2011:
A ‘de Soto Effect’ in Industry? Evidence from the Russian Federation
William Pyle ()
and Koen Schoors
Abstract: Russia’s tremendous inter-regional variation in the pace
of industrial land rights reform has meant that geography has helped
determine the current tenure status of firms’ production plots as much as
any individual firm characteristics. By exploiting both this difference in
the pace with which land reform has been carried out across Russia’s
federal subjects and a unique micro-level dataset, we present evidence
strongly consistent with the proposition that more secure rights to land
facilitate access to external financing. This finding is confirmed by other
evidence from the survey that points to private land serving as an
important source of collateral for Russian lenders and borrowers.
Keywords: industrial land; property rights; Russia; collateral; (follow links to similar papers)
JEL-Codes: O16; P25; P31; R14; R52; (follow links to similar papers)
30 pages, December 15, 2011
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