This paper uses a model with transaction costs and imperfect competition in the land market to analyze the efficiency and welfare effects of land reforms. We show that removing only one imperfection may have very different efficiency and welfare effects than would otherwise result from reforms...

Agricultural land represents one of the most valuable natural resources of a country, being both a significant form of national wealth, and an important source of economic and political power. The land reform has been a constant presence in the policy promoted by the governments leading Romania...