Titling programs have focused mostly on providing initial tenure security and have not properly addressed maintaining the formality of future property transactions. Deregularization due to unregistered transactions can threaten the long-run success of titling programs. In this study, we document the incidence of unregistered property transactions in urban slums in Peru. We also exploit a natural experiment to identify how costly and burdensome registration policies can increase property deregularization. Overall, our findings stress the necessity of considering specific components—those aimed at maintaining properties formally in the medium and long terms—in the design of urban titling programs.

中文翻译：

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回归非正式：未注册的财产交易和秘鲁产权改革的侵蚀

所有权计划主要侧重于提供初始使用权保障，并没有妥善解决维护未来财产交易的正式性问题。由于未注册交易而导致的去正规化可能会威胁到所有权计划的长期成功。在这项研究中，我们记录了秘鲁城市贫民窟中未注册财产交易的发生率。我们还利用一项自然实验来确定注册政策的成本和繁琐程度如何增加财产去监管化。总的来说，我们的研究结果强调了在城市产权计划设计中考虑特定组成部分的必要性——那些旨在中长期正式维护财产的组成部分。