Most SMEs especially in the developing world are credit constrained which limits their ability to contribute to economic growth and poverty reduction.

Using an economy-wide conceptual framework, the author analyzes how land registration affects financial development and economic growth in Thailand. He uses contemporary techniques, such as error correction and co-integration, to deal with such problems as time-series data not being stationary.

This work first describes the structure of the main institutional arrangements devised for reducing transaction costs related to the risk of eviction when selling land or using it as collateralóprivate contracting, recording of documents and registration of rights.

Despite the general consensus on the need for land reforms to boost agricultural development, the lack of blueprint on required actions to safeguard land rights forces many countries to pilot various policy measures with mixed results.