地籍、资产有形性和增长

Cadasters, AssetTangibility, and Growth Can Sever WP/26/34 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2026FEB IMF Working Paper African Department Cadasters, Asset Tangibility,and GrowthPrepared by Can Sever* Authorized for distribution by Pablo Lopez MurphyFebruary2026 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT:Cadasters—records of land and property ownership—constitute an important pillar of a country’sinstitutional landscape by enabling the assignment of property rights. This paper examines the impact ofcadasters on long-term economic growth by identifying a specific channel in this link: asset tangibility. Ithypothesizes that the more a firm’s assets aretangible, the more relevant cadasters become. The analysis usesa cross-country dataset on cadasters together with granular data from industry panels over the last six decades.The results show that the development of cadasters fosters long-term growth, particularly in industries with highasset tangibility. Higher investment in those industries, resulting from stronger cadasters, contributes to thispattern. The growth impact of cadasters is more pronounced in (i) countries that lack strong cadasters, such asin Sub-Saharan Africa; and (ii) countries with typically more investment-conducive legal systems. The findingssuggest that cadastral reforms can help stimulate investment and sustain long-term growth in many developingeconomies. Cadasters, Asset Tangibility,andGrowth Prepared by Can Sever1 1.Introduction Cadasters—recordsof land and property ownership—constitutean importantpillar of a country'sinstitutional framework.Theyformalizeproperty rights, improvetransparency of ownership,andhelp thestate raise tax revenues.This paper explorestheimpact ofcadastersoneconomic growthby identifying aspecificchannelin this link, i.e.,tangibility of assets.The hypothesisis the following:The more a firm’sassets aretangible,such as buildings and machinery,the more relevant cadasters become.Thus, thedevelopment ofcadastersshouldstimulategrowth more in activities thatdependmore ontangible assets. To test thisphenomenon, the analysis uses a recently established cross-country dataset oncadastersfrom D’Arcy et al. (2024)together with granular data from industry panels over the lastsixdecades, andexploits the differences inasset tangibility acrossindustrieswithin countries.The resultsshow thatmore developedcadastersboost long-term growth, particularlyin industrieswithhighassettangibility.Cadasters have a similarly disproportionate effect oninvestment in physical capital in thoseindustries. Theimpactof cadasters is more pronounced incountries(i)which lackstrong cadasters,suchastheSub-Saharan Africancountries; and (ii)with typically more investment-friendly legal systems.Thefindingssuggest thatcadastral reformscan helpcountriesfosterinvestment andlong-termgrowth. There are several channels through whichtheintroductionand quality of cadastral records canspurgrowth, particularly in industries that rely more on tangible assets.First,cadastersprotectthesecurityof tenure and ownership rights over a spatial unit through legally recognized and enforceable records.Thisis particularlyrelevantfor firmswith moretangible assets, since those assetsface risks ofconfiscation bypublic authorities or illegal seizure by other agentsin the absence of strong cadasters. By reducing suchrisks,cadasters can strengthen investor confidence and encourage investment in tangible assets.Formalized property rights can also improve access to credit,especiallyfor firmsthat are more reliant ontangible assets,asthose assetscan be used as collateral.Moreover,thosepublic recordscanimprove thefunctioning of the land and real estate markets by lowering transaction costs, since they make theownership information visible to all agents. While this paper specifically focuses on the asset tangibility channel in the link between cadastersand growth, cadasters can affect growth via other channels as well.Cadasterscan facilitate aggregategrowth by strengthening the state’s capacity to tax, providing information on taxable assets and liableparties. Those tax revenues expand the state’s capacity to invest in growth-enhancing projects, such asphysical infrastructure.Moreover, by makingland and property legible to the state,cadasters enhanceadministrative capacity andcontribute torule-basedgovernance.Thesein turnmitigate corruption risks,and improvetransparency and implementation of public policies, such as public investment