TY  - SER
AU  - Noack, Frederik
AU  -  Costello, Christopher
TI  - Credit Markets, Property Rights, and the Commons
SN  - 0022-3808
PB  - Journal of Political Economy
KW  -  Credit Markets
KW  -  Marine Property Rights
KW  -  Modern Economies
KW  - Property Rights
N2  - 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
UR  - https://www.journals.uchicago.edu/doi/10.1086/729065
ER  -