During Vietnamís transition from a socialist to a market economy,
householdís property rights over agricultural land were considerably strengthened
through a land certiÖcation program. This resulted in active formal
credit and land markets, either of which potentially a§ects consumption
growth and volatility. This article evaluates the program impact with
respect to consumption outcomes. In particular, it identiÖes the channel
of impact through which improved property rights a§ect consumption
growth and volatility. We Önd that land certiÖcation increases consumption
growth, but also consumption volatility. We show that the certiÖcation
program a§ects consumption outcomes predominantly through the
credit market channel as formal loans are used for (risky) agricultural
investment rather than consumption smoothing.