A ‘De Soto Effect’ in Industry? Evidence from the Russian Federation
Middlebury College - Department of Economics
Koen J. L. Schoors
Ghent University - Centre for Russian International Socio-Political and Economic Studies (CERISE); Ghent University - Department of General Economics
December 15, 2011
BOFIT Discussion Paper No. 33/2011
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.
Number of Pages in PDF File: 30
Keywords: industrial land, property rights, Russia, collateral
JEL Classification: 016, P25, P31, R14, R52working papers series
Date posted: December 16, 2011 ; Last revised: November 3, 2012
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