Land titling and economic development

This research investigates the role of land titling and registration in economic development with the aim of adding knowledge by: (i) extending economic analysis from
a sector to a macro level and across many countries; (ii) establishing the feasibility of applying a cost-benefit analysis to public investment in land registration; and (iii) deepening understanding of government regulations that restrict land transactions and, consequently, limit potential economic benefits of land registration.
It addresses three questions: (i) whether land registration affects financial development; (ii) whether land registration affects economic growth; and (iii) whether
public investment in land registration generates an economic rate of return higher than the opportunity cost of capital. The first two questions are addressed inconclusively with cross sectional regression techniques, due to econometric problems. The third question is
addressed, with positive findings, using a case study of the Thailand land titling programme. In addition to the three questions, the study reviews government regulations
on land transactions, using Cambodia and Philippines as case studies, and finds that they are considerable in number and, at least in the Philippines where they are enforced, are found to restrict land transactions with adverse effects on the potential economic benefits
of land registration.

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