The value of property rights and environmental policy in Brazil: Evidence from a new database on land prices

IF 8.6 1区 环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES
Fanny Moffette , Daniel Phaneuf , Lisa Rausch , Holly K. Gibbs
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Abstract

Lack of property rights is associated with lower investment, development, and welfare. In the Brazilian Amazon, insecure property rights have historically led to civil conflicts and deforestation, which would be expected to provide incentives for landowners to seek formal title. In this paper, we construct a novel database of land prices in Brazil to measure the market value of formal title to land and compliance with environmental regulation. Using online advertisements of land sale offers scraped from a widely used seller’s platform, we first estimate a hedonic model that regresses the last offer price on property attributes such as farm-level agricultural production, land characteristics, structure amenities, and capital equipment included in the offer, as well as spatial and temporal fixed effects. We use this hedonic model to examine how property rights and environmental compliance capitalize into land prices across the Amazon and Cerrado biomes. Our main results imply low net benefits from property rights and low net benefits from compliance with the central Brazilian regulation that aims to maintain forest cover, the Forest Code. Finally, we estimate a duration model that follows the sequence of weekly offers for a specific property until it sells. Our findings show that parcels compliant with the Forest Code sell 46 % faster in the Amazon, while entitled properties in the Cerrado sell 9 % faster, unless they are compliant with the Forest Code, which requires a substantial portion of the property to be under native vegetation cover.

巴西的产权价值与环境政策:来自新土地价格数据库的证据
缺乏产权会降低投资、发展和福利。在巴西亚马逊地区,不安全的产权历来导致国内冲突和森林砍伐,预计这将激励土地所有者寻求正式产权。在本文中,我们构建了一个新颖的巴西土地价格数据库,以衡量正式土地所有权的市场价值和环境法规的合规性。利用从一个广泛使用的卖方平台上搜索到的在线土地出让广告,我们首先估算了一个对冲模型,该模型将最后出让价格与农场级农业生产、土地特征、结构设施和出让中包含的资本设备等财产属性以及空间和时间固定效应进行回归。我们利用这一对冲模型研究了亚马逊和塞拉多生物群落的产权和环境合规性如何转化为土地价格的资本。我们的主要结果表明,产权带来的净收益较低,而遵守巴西旨在保持森林覆盖率的中央法规《森林法》带来的净收益也较低。最后,我们估算了一个持续时间模型,该模型跟踪特定地产每周的出价序列,直至其售出。我们的研究结果表明,在亚马逊地区,符合《森林法》的地块出售速度要快 46%,而在塞拉多地区,除非符合《森林法》,否则有产权的地产出售速度要快 9%。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Global Environmental Change
Global Environmental Change 环境科学-环境科学
CiteScore
18.20
自引率
2.20%
发文量
146
审稿时长
12 months
期刊介绍: Global Environmental Change is a prestigious international journal that publishes articles of high quality, both theoretically and empirically rigorous. The journal aims to contribute to the understanding of global environmental change from the perspectives of human and policy dimensions. Specifically, it considers global environmental change as the result of processes occurring at the local level, but with wide-ranging impacts on various spatial, temporal, and socio-political scales. In terms of content, the journal seeks articles with a strong social science component. This includes research that examines the societal drivers and consequences of environmental change, as well as social and policy processes that aim to address these challenges. While the journal covers a broad range of topics, including biodiversity and ecosystem services, climate, coasts, food systems, land use and land cover, oceans, urban areas, and water resources, it also welcomes contributions that investigate the drivers, consequences, and management of other areas affected by environmental change. Overall, Global Environmental Change encourages research that deepens our understanding of the complex interactions between human activities and the environment, with the goal of informing policy and decision-making.
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