The 1985-94 global real estate cycle : its causes and consequences PDF Download

Author: Bertrand Renaud
Publisher: World Bank Publications
ISBN:
Category : Politica fiscal - Paises desarrollados
Languages : en
Pages : 44

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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 36

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Book Description

Author: Bertrand Renaud
Publisher:
ISBN:
Category :
Languages : en
Pages : 44

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Book Description
The rapid emergence of a global financial system in the late 1980s was signaled in the real estate sector of most OECD countries and some middle-income NIE countries by unusually strong booms followed by exceptionally sharp, protracted real estate bursts. Can we draw any lessons by probing the unappealing triology of quot;bad luck, bad policy, and bad banking that has affected the sector?quot.

Author: Bertrand Renaud
Publisher:
ISBN:
Category : Boligmarkedet
Languages : en
Pages : 44

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Author: Antonio Estache
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 32

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May 1995 Decentralization tends to increase both total and subnational spending on public infrastructure. Why this is so is not clear -- possibly because subnational governments' choices in terms of quality and quantity of infrastructure differ from central governments' choices. It is commonly argued that when the benefits of an infrastructure service are mostly local and there is little scope for economies of scale -- as in urban transit, road maintenance, water supply, and solid waste management -- decentralization is the most effective way to deliver service. Those services have been decentralized in many countries, and many others are rapidly decentralizing. The central government is still responsible for many other infrastructure services, such as power and telecommunications, but this too is changing as the responsibility is increasingly transferred to subnational governments. Recent technological innovations reduce the need for services to be provided by monopolistic utilities. Power generation and distribution can now be handled competitively by decentralized units, and parts of some local telephone monopolies will increasingly meet competition from wireless telephones and rival wireline systems. How has increased decentralization affected spending levels on infrastructure? The outcome reflects the net outcome of opposing effects. Spending increases if the subnational government makes infrastructure a higher priority than the federal government did, if they are less effective at delivering services, or if they give up the benefits of economies of scale to get more autonomy. Spending decreases if they assign infrastructure a lower priority, or if most projects are more cost-effective. In their analysis, Estache and Sinha focus on spending levels and ignore the reasons these levels change, so no conclusions can be made about whether decentralization makes spending more or less efficient. Among the conclusions they offer: * Decentralization tends to increase both total and subnational spending on infrastructure -- possibly because the preferences of subnational governments in terms of quality and quantity of infrastructure are different from the central government's preferences. * The conventional wisdom is true: For decentralization, policymakers everywhere must guarantee a balance between revenue and spending assignment. A good way to offset the impact of decentralization on spending levels is to increase the imbalance between revenue and spending assignments. * Be careful about applying lessons learned in industrial countries to decentralization in developing countries. What happens in industrial countries may help assess the decentralization's impact on total spending in developing countries, because the elasticity of per capita infrastructure spending is roughly similar in both countries (about 0.3 in developing countries and about 0.2 in industrial countries). But that is not a good indicator for subnational spending, for which the elasticity is greater than 1 in developing countries (between 1.1 and 1.3, depending on how decentralization is measured) and less than 1 in industrial countries (between 0.7 and 0.9). This paper -- a product of the Office of the Vice President, Development Economics -- is a background paper for World Development Report 1994 on infrastructure.

Author: Dominique Van de Walle
Publisher: World Bank Publications
ISBN:
Category : Business & Economics
Languages : en
Pages : 60

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The book offers a critical assessment of the state of current knowledge on the distributional impacts of public spending for developing and transition countries. It focuses on the distribution of benefits from spending categories that have traditionally been seen as pro-poor, including education and health expenditures, food subsidies, cash transfers, and public employment schemes.

Author: Charles David Jacobson
Publisher: World Bank Publications
ISBN:
Category : Infrastructure (Economics)
Languages : en
Pages : 44

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Author: Andrew N. Parker
Publisher: World Bank Publications
ISBN:
Category : Decentralization in government
Languages : en
Pages : 60

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June 1995 Although decentralization initiatives have a long history, much more needs to be understood about various components of decentralization before sound advice can be given to policymakers. Special strategies are needed to address the widespread incidence of rural poverty in developing countries, but initiatives aimed at improving the rural standard of living have not consistently reduced poverty. Parker examines the rationale for a specific rural focus in poverty reduction programs and reviews recent attempts to encourage rural development. He discusses the role decentralization could play in rural development programs and analyzes recent efforts to implement decentralized rural development programs. Parker concludes that although decentralization initiatives have a long history, much more needs to be understood about various components of decentralization before sound advice can be given to policymakers. He suggests a conceptual model--based on a soufflé theory of decentralization--that incorporates the essential elements of political, fiscal, and institutional decentralization as they relate to rural development outcomes. Like a soufflé that requires just the right combination of milk, eggs, and heat to rise, a successful program of decentralization must include just the right combination of political, fiscal, and institutional elements to improve rural development outcomes. This paper--a product of the Sector Policy and Water Resources Division, Agriculture and Natural Resources Department--is part of a larger effort in the department to develop a new strategy for rural development. The study was partly funded by the Bank's Research Support Budget under the research project Decentralization, Fiscal Systems, and Rural Development (RPO 679-68).

Author: Koichi Mera
Publisher: Routledge
ISBN: 1315500000
Category : Business & Economics
Languages : en
Pages : 313

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Book Description
This book by a distinguished academic and a professional economist from the World Bank clearly demonstrates the significant role played by the real estate sector in inducing the Asian crisis; the linkage of the real estate sector to the general economy; the causes of real estate booms and subsequent busts; and the economic costs of real estate price volatility. The book also includes suggestions for moderating such volatility in the future.

Author:
Publisher: M.E. Sharpe
ISBN: 9780765619273
Category : Financial crises
Languages : en
Pages : 316

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Book Description
Chapter 14. Conclusion: Toward Efficiency and Stability in Asian Real Estate Markets -- About the Editors and Contributors -- Index