Abstract
While earlier research highlighted the potential market inefficiencies that can result from the particular characteristics of land, recent empirical evidence suggests that these may be small, not always amenable to policy intervention, and outweighed by the contribution of land markets to broader structural transformations, like population movements out of agriculture. High levels of transaction costs pose, however, still considerable obstacles to land market operation, suggesting that measures to reduce them through greater security and formalization of property rights, a streamlined regulatory framework, and ready availability of information may significantly improve functioning of, and enhance benefits from, land markets.
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Deininger, K.W. (2018). Land Markets. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2473
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2473
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