Institutional Inertia: Persistent Inefficient Institutions in Spain

José-Antonio Espín-Sánchez

Documentos de Trabajo de la Sociedad de Estudios de Historia Agraria from Sociedad de Estudios de Historia Agraria

Abstract: In 1966, after over 700 years, the irrigation community in Mula (Spain) switched from auctions to a quotas to allocate water from its river. This change happened in the absence of either political or technological change. Quotas were more efficient but required that farmers own water property rights. A farmer would promise to pay over time and became a borrower. However, she would not work hard because the output went to the lender. Anticipating this outcome, the lender would not sell the water rights. A temporary increase in output prices increased their collateral solving the commitment problem.

Keywords: Institutions; Natural Resources; Water; Financial Institutions (search for similar items in EconPapers)
JEL-codes: D02 G23 N23 N53 Q25 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2015-11
New Economics Papers: this item is included in nep-his
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://repositori.uji.es/xmlui/bitstream/handle/10 ... 01506.pdf?sequence=1 (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not found (http://repositori.uji.es/xmlui/bitstream/handle/10234/140945/DT-SEHA%201506.pdf?sequence=1 [301 Moved Permanently]--> https://repositori.uji.es/xmlui/bitstream/handle/10234/140945/DT-SEHA%201506.pdf?sequence=1)

Related works:
Journal Article: Institutional Inertia: Persistent Inefficient Institutions in Spain (2017)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:seh:wpaper:1506

Access Statistics for this paper

More papers in Documentos de Trabajo de la Sociedad de Estudios de Historia Agraria from Sociedad de Estudios de Historia Agraria Contact information at EDIRC.
Bibliographic data for series maintained by Antonio Linares ().