Integrating Land Financing into Subnational Fiscal Management

Peterson, George E.; Kaganova, Olga

dc.creator	Peterson, George E.
dc.creator	Kaganova, Olga
dc.date	2012-03-19T18:41:43Z
dc.date	2012-03-19T18:41:43Z
dc.date	2010-08-01
dc.date.accessioned	2023-02-17T21:05:28Z
dc.date.available	2023-02-17T21:05:28Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20100831151725
dc.identifier	http://hdl.handle.net/10986/3894
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244858
dc.description	Land assets have become an important source of financing capital investments by subnational governments in developing countries. Land assets, often with billions of dollars per transaction, rival and sometimes surpass subnational borrowing or fiscal transfers for capital spending. While reducing the uncertainty surrounding future debt repayment capacity, the use of land-based revenues for financing infrastructure can entail substantial fiscal risks. Land sales often involve less transparency than borrowing. Many sales are conducted off-budget, which makes it easier to divert proceeds into operating budgets. Capital revenues from sales of land assets exert a much more volatile trend and could create an incentive to appropriate auction proceeds for financing the operating budget, particularly in times of budget shortfalls during economic downturns. Furthermore, land collateral and expected future land-value appreciation for bank loans can be linked with macroeconomic risks. It is critical to develop ex ante prudential rules comparable to those governing borrowing, to reduce fiscal risks and the contingent liabilities associated with the land-based revenues for financing infrastructure.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5409
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ACCOUNTABILITY
dc.subject	ACCOUNTING
dc.subject	ACCOUNTING STANDARDS
dc.subject	ACCOUNTING SYSTEMS
dc.subject	AMOUNT OF DEBT
dc.subject	ASSET BASE
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET SALE PROCEEDS
dc.subject	ASSET SALES
dc.subject	ASSET VALUE
dc.subject	AUCTION
dc.subject	BAILOUTS
dc.subject	BALANCE SHEET
dc.subject	BALANCE SHEETS
dc.subject	BANK LENDING
dc.subject	BANK LOANS
dc.subject	BANKING REGULATIONS
dc.subject	BIDS
dc.subject	BOND
dc.subject	BOND ISSUANCE
dc.subject	BORROWING
dc.subject	BOURSE
dc.subject	CAPITAL BUDGETS
dc.subject	CAPITAL FLOWS
dc.subject	CAPITAL FORMATION
dc.subject	CAPITAL INVESTMENT
dc.subject	CAPITAL INVESTMENTS
dc.subject	CASH ACCOUNTING
dc.subject	CASH FLOW
dc.subject	CENTRAL BANK
dc.subject	COLLATERAL
dc.subject	COMMERCIAL BANKS
dc.subject	COMPETITIVE AUCTIONS
dc.subject	CONTINGENT LIABILITIES
dc.subject	COST OF CAPITAL
dc.subject	CREDIT DEFAULTS
dc.subject	CREDIT MARKETS
dc.subject	CREDIT POLICIES
dc.subject	CREDIT RATING
dc.subject	CREDIT RATING AGENCIES
dc.subject	CREDIT RISK
dc.subject	CREDITWORTHINESS
dc.subject	DEBT
dc.subject	DEBT CAPACITY
dc.subject	DEBT CRISES
dc.subject	DEBT ISSUANCE
dc.subject	DEBT MANAGEMENT
dc.subject	DEBT MARKETS
dc.subject	DEBT OBLIGATIONS
dc.subject	DEBT REPAYMENT
dc.subject	DEBT SERVICE
dc.subject	DEBT SERVICING
dc.subject	DECENTRALIZATION
dc.subject	DEFAULT RATES
dc.subject	DEFAULTS
dc.subject	DEREGULATION
dc.subject	DEVELOPING COUNTRIES
dc.subject	DEVELOPMENT AUTHORITIES
dc.subject	DEVELOPMENT BANK
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	ECONOMIC EFFICIENCY
dc.subject	ECONOMIC GROWTH
dc.subject	ECONOMIC PERFORMANCE
dc.subject	EXPENDITURE
dc.subject	EXPROPRIATION
dc.subject	FINANCIAL ACCOUNTING
dc.subject	FINANCIAL CRISES
dc.subject	FINANCIAL CRISIS
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL MANAGEMENT
dc.subject	FINANCIAL REPORTING
dc.subject	FINANCIAL RISK
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL STABILITY
dc.subject	FINANCIAL STATEMENTS
dc.subject	FINANCING SOURCES
dc.subject	FISCAL DEFICITS
dc.subject	FISCAL MANAGEMENT
dc.subject	FISCAL REFORMS
dc.subject	FISCAL TRANSPARENCY
dc.subject	FOREIGN CURRENCY
dc.subject	FOREIGN CURRENCY DEBT
dc.subject	FOREIGN EXCHANGE
dc.subject	FOREIGN INVESTMENT
dc.subject	GOVERNMENT BONDS
dc.subject	GOVERNMENT BORROWING
dc.subject	GOVERNMENT DEBT
dc.subject	GOVERNMENT GUARANTEE
dc.subject	GOVERNMENT GUARANTEES
dc.subject	GOVERNMENT REFORM
dc.subject	GOVERNMENT REVENUE
dc.subject	HOLDING
dc.subject	HOUSING
dc.subject	INFLATION
dc.subject	INFORMATION SYSTEM
dc.subject	INFRASTRUCTURE FINANCE
dc.subject	INFRASTRUCTURE FINANCING
dc.subject	INFRASTRUCTURE INVESTMENT
dc.subject	INFRASTRUCTURE INVESTMENTS
dc.subject	INSTRUMENT
dc.subject	INTEREST RATES
dc.subject	INTERGOVERNMENTAL RELATIONS
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INVENTORIES
dc.subject	INVENTORY
dc.subject	INVESTMENT ACTIVITY
dc.subject	INVESTMENT PURPOSES
dc.subject	LAND AS COLLATERAL
dc.subject	LAND DEVELOPMENT
dc.subject	LAND HOLDINGS
dc.subject	LAND MANAGEMENT
dc.subject	LAND OWNERSHIP
dc.subject	LAND PARCEL
dc.subject	LAND PARCELS
dc.subject	LAND POLICY
dc.subject	LAND PRICES
dc.subject	LAND PRICING
dc.subject	LAND SUPPLY
dc.subject	LAND USE
dc.subject	LAND VALUE
dc.subject	LAND VALUES
dc.subject	LANDOWNER
dc.subject	LANDOWNERS
dc.subject	LAWS
dc.subject	LEGISLATION
dc.subject	LIABILITY
dc.subject	LIABILITY SIDE
dc.subject	LOAN
dc.subject	LOAN GUARANTEES
dc.subject	LOAN REPAYMENTS
dc.subject	LOCAL DEBT
dc.subject	LOCAL FINANCE
dc.subject	LOCAL GOVERNMENT
dc.subject	LOCAL GOVERNMENTS
dc.subject	LOCAL INFRASTRUCTURE
dc.subject	LOCAL REVENUE
dc.subject	LOSS OF REVENUES
dc.subject	MACROECONOMIC RISKS
dc.subject	MARKET PRICES
dc.subject	MARKET RISK
dc.subject	MARKET VALUE
dc.subject	METROPOLITAN AREAS
dc.subject	MONETARY MANAGEMENT
dc.subject	MUNICIPAL BONDS
dc.subject	MUNICIPAL GOVERNMENT
dc.subject	MUNICIPAL GOVERNMENTS
dc.subject	MUNICIPALITIES
dc.subject	NATIONAL BUDGET
dc.subject	NATIONAL CREDIT
dc.subject	NATIONAL CREDIT MARKET
dc.subject	OPERATING EXPENDITURES
dc.subject	OPERATING EXPENSES
dc.subject	OPPORTUNITY COSTS
dc.subject	OUTSTANDING DEBT
dc.subject	PENSION
dc.subject	POLITICAL ECONOMY
dc.subject	PORTS
dc.subject	POTENTIAL EXPOSURE
dc.subject	PRESENT VALUE
dc.subject	PRICE DISCOVERY
dc.subject	PRICE VOLATILITY
dc.subject	PRIVATE LENDERS
dc.subject	PRIVATE PARTIES
dc.subject	PRIVATE PROPERTY
dc.subject	PRIVATE SECTOR
dc.subject	PROPERTY TAX ASSESSMENTS
dc.subject	PROPERTY TAXES
dc.subject	PROVINCIAL GOVERNMENTS
dc.subject	PROVISIONS
dc.subject	PUBLIC
dc.subject	PUBLIC AGENCIES
dc.subject	PUBLIC ASSETS
dc.subject	PUBLIC ENTERPRISES
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC INFRASTRUCTURE
dc.subject	PUBLIC INVESTMENT
dc.subject	PUBLIC OWNERSHIP
dc.subject	PUBLIC POLICY
dc.subject	PUBLIC PROPERTY
dc.subject	PUBLIC SECTOR
dc.subject	PUBLIC SECTOR ACCOUNTING
dc.subject	PUBLIC SERVICE
dc.subject	PUBLIC SERVICE DELIVERY
dc.subject	PUBLIC SERVICE PROVISION
dc.subject	PUBLIC USE
dc.subject	PUBLIC WORKS
dc.subject	RATING AGENCIES
dc.subject	REGULATORY FRAMEWORK
dc.subject	REGULATORY FRAMEWORKS
dc.subject	REPAYMENT CAPACITY
dc.subject	RETURN
dc.subject	REVENUE SHARING
dc.subject	REVENUE SOURCES
dc.subject	RISK EXPOSURE
dc.subject	RISK MANAGEMENT
dc.subject	RISKY ASSET
dc.subject	ROADS
dc.subject	SAVINGS
dc.subject	SUBNATIONAL BUDGETING
dc.subject	SUBNATIONAL BUDGETS
dc.subject	SUBNATIONAL FINANCE
dc.subject	SUBNATIONAL FINANCES
dc.subject	SUBNATIONAL GOVERNMENT FINANCE
dc.subject	SUBNATIONAL GOVERNMENTS
dc.subject	SUBSIDIARIES
dc.subject	SUBSIDIARY
dc.subject	SYSTEMIC RISK
dc.subject	TAX
dc.subject	TAX COLLECTIONS
dc.subject	TAX RATES
dc.subject	TAX SYSTEM
dc.subject	TERMS OF CREDITS
dc.subject	TRANSACTION
dc.subject	TRANSPARENCY
dc.subject	URBAN DEVELOPMENT
dc.subject	URBAN GROWTH
dc.subject	URBAN INFRASTRUCTURE
dc.subject	URBAN LAND MANAGEMENT
dc.subject	URBAN PLANNING
dc.subject	UTILITIES
dc.subject	VALUABLE ASSET
dc.subject	VALUATION
dc.subject	VALUATION TECHNIQUES
dc.subject	VALUATIONS
dc.title	Integrating Land Financing into Subnational Fiscal Management
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region
dc.coverage	The World Region