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Chapter list in HTML, chapters are in PDF formatAlthough recent analyses of land markets show a growing concern for policy and regulatory issues, the literature still lacks a robust framework capable of showing how land markets function, the major policy and regulatory constraints to their efficient operations, and the implications for reform.This chapter is a step in that direction. The first section sets out to characterize land markets -- their emergence, closely associated with the evolution of property rights; major imperfections; and key spatial aspects. The focus of the second section is on policies that affect how land markets operate, both directly (such as tenure security, zoning laws, prohibitions of land transactions, speculation, rent controls, and land taxation) and indirectly (such as credit policies and tax and tariff policies). The third section describes the fundamentals of regulatory policy reform in land markets and suggests a two-phase process. In the first, regulations that are inconsistent with efficient outcomes or that drive inequitable results should be eliminated. In the second phase, a new legal and institutional framework for land administration would be created. The land administration unit should be a technical unit that collects and provides (for a fee) information to the public on relevant aspects of land markets and performs all functions related to titling and conflict resolution. The final section suggests areas for future policy research. [author]
