Threats to security of property rights in a transition economy: An empirical perspective

► We propose a new approach to measuring the security of property rights. ► We apply it to identifying the economic effects of lack of property protection. ► Usefulness of some common measures of the security of property rights is overestimated. ► There is close relationship between institutions, property rights and economic growth. ► Redistributive risks result in a huge loss in efficiency and economic growth.