Credit Markets, Property Rights, and the Commons

• 成果类型: Article
• 署名作者: Noack, Frederik; Costello, Christopher
• 署名单位: University of British Columbia; University of California System; University of California Santa Barbara; National Bureau of Economic Research
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/729065
• 发表日期: 2024
• 页码: 2396-2450
• 关键词: FISHERIES MANAGEMENT; constraints; GROWTH; institutions; INVESTMENT; VALUES; exploitation; uncertainty; extinction; ECONOMICS

摘要

Credit markets and property rights are fundamental for modern economies, but their implications for the commons are unknown. Using a dynamic model of competitive resource extraction, we show that improving property right security unambiguously increases conservation incentives, but the effect of credit markets on resource extraction effort hinges on the security of property rights. We test these predictions using data on global fisheries, credit markets, and the largest ever marine property rights assignment. We find that property right security reduces resource extraction and that credit market development increases resource extraction under insecure property rights but reduces resource extraction under secure property rights.