In general, the slope and position of the S -curve reflects the quality of credit market institutions such that the curve will be placed further to the right in the case of well-functioning institutions. [...] In the main specifica- tion in column (7), the coefficient for Cadaster is 4.67 and the long-run effect of introducing a cadastral institution is an increase in GDP of 136 percent (compared to 85 percent in the same column in Table 1). [...] In France and the Netherlands the reforms were carried out in the Napoleonic aftermath of the French Revolution, which caused a hiatus in the recording of aggregate production statistics in both countries. [...] In the Netherlands, the reform of 1813 happened in the final years of French dominance before the United Kingdom of the Netherlands was established in 1815 as an independent state at the Congress of Vienna. [...] In our simple conceptual framework, we predicted that levels of investment should increase as a result of a cadastral reform whereas the impact on the level of the real natural real interest rate was ambiguous and might either increase or decrease depending on the strength of the investment demand and the collateralized credit supply (“de Soto” effects).
- Pages
- 47
- Published in
- Sweden
