Keywords
DEREGULATIONUTILITIES
BOURSE
OPERATING EXPENDITURES
PRICE DISCOVERY
ACCOUNTABILITY
ASSET VALUE
PUBLIC ENTERPRISES
BALANCE SHEETS
CENTRAL BANK
INTERNATIONAL BANK
DEVELOPMENT AUTHORITIES
PRIVATE PARTIES
MARKET RISK
MUNICIPAL BONDS
URBAN PLANNING
REVENUE SOURCES
DEBT
PRIVATE LENDERS
ACCOUNTING STANDARDS
VALUATION
FISCAL TRANSPARENCY
PUBLIC SERVICE PROVISION
METROPOLITAN AREAS
URBAN DEVELOPMENT
VALUATIONS
DEBT OBLIGATIONS
PUBLIC SERVICE DELIVERY
LAND PARCELS
TAX
LAND MANAGEMENT
DEVELOPING COUNTRIES
NATIONAL BUDGET
TRANSACTION
LIABILITY SIDE
LOAN REPAYMENTS
LAND PRICING
INVESTMENT ACTIVITY
OPPORTUNITY COSTS
GOVERNMENT REFORM
CAPITAL INVESTMENT
PUBLIC
PUBLIC AGENCIES
URBAN LAND MANAGEMENT
PENSION
ECONOMIC EFFICIENCY
TERMS OF CREDITS
CREDITWORTHINESS
MUNICIPAL GOVERNMENTS
PROVINCIAL GOVERNMENTS
BOND
GOVERNMENT REVENUE
FINANCIAL STATEMENTS
HOLDING
BANK LENDING
HOUSING
PROVISIONS
PUBLIC INFRASTRUCTURE
LOCAL REVENUE
BAILOUTS
CREDIT DEFAULTS
INFRASTRUCTURE FINANCE
ASSET BASE
FISCAL REFORMS
COST OF CAPITAL
GOVERNMENT GUARANTEES
LOAN GUARANTEES
CAPITAL FLOWS
DEBT REPAYMENT
FINANCIAL RISKS
LAND POLICY
LAND OWNERSHIP
FINANCIAL RISK
DEBT SERVICE
BIDS
LAND SUPPLY
NATIONAL CREDIT
PRIVATE SECTOR
DEFAULTS
LANDOWNERS
ASSET MANAGEMENT
INVESTMENT PURPOSES
TRANSPARENCY
SUBSIDIARIES
LEGISLATION
LOCAL DEBT
LAND USE
PRESENT VALUE
PUBLIC ASSETS
LOSS OF REVENUES
MARKET PRICES
BORROWING
BANKING REGULATIONS
INTEREST RATES
GOVERNMENT BONDS
RISK EXPOSURE
FOREIGN CURRENCY DEBT
SUBSIDIARY
ACCOUNTING
PUBLIC USE
EXPROPRIATION
LAND PRICES
FINANCIAL STABILITY
FINANCIAL CRISIS
DEBT MANAGEMENT
PUBLIC OWNERSHIP
SUBNATIONAL GOVERNMENT FINANCE
MUNICIPALITIES
INFRASTRUCTURE FINANCING
LANDOWNER
SUBNATIONAL FINANCES
LAWS
INSTRUMENT
PUBLIC SECTOR
LAND VALUES
TAX SYSTEM
RISKY ASSET
LOCAL INFRASTRUCTURE
DEBT CRISES
AUCTION
POTENTIAL EXPOSURE
FINANCIAL REPORTING
LAND PARCEL
PUBLIC WORKS
SAVINGS
RATING AGENCIES
INFRASTRUCTURE INVESTMENT
FINANCIAL CRISES
ASSET SALES
CAPITAL BUDGETS
BALANCE SHEET
POLITICAL ECONOMY
LAND HOLDINGS
PRIVATE PROPERTY
OPERATING EXPENSES
COLLATERAL
INVENTORIES
OUTSTANDING DEBT
FINANCIAL ACCOUNTING
PROPERTY TAXES
DEBT CAPACITY
CREDIT POLICIES
ACCOUNTING SYSTEMS
REGULATORY FRAMEWORKS
NATIONAL CREDIT MARKET
PUBLIC SERVICE
PUBLIC PROPERTY
VALUABLE ASSET
MUNICIPAL GOVERNMENT
MACROECONOMIC RISKS
REVENUE SHARING
BANK LOANS
ECONOMIC GROWTH
URBAN GROWTH
RISK MANAGEMENT
MONETARY MANAGEMENT
LOCAL GOVERNMENTS
TAX COLLECTIONS
COMPETITIVE AUCTIONS
CREDIT RISK
DEVELOPMENT BANK
LAND AS COLLATERAL
CONTINGENT LIABILITIES
GOVERNMENT BORROWING
INTERNATIONAL CAPITAL
SUBNATIONAL GOVERNMENTS
CASH ACCOUNTING
GOVERNMENT DEBT
CAPITAL FORMATION
INFORMATION SYSTEM
PUBLIC INVESTMENT
EXPENDITURE
SYSTEMIC RISK
MARKET VALUE
PROPERTY TAX ASSESSMENTS
FOREIGN EXCHANGE
PUBLIC POLICY
CAPITAL INVESTMENTS
BOND ISSUANCE
COMMERCIAL BANKS
LIABILITY
LOAN
LAND VALUE
PUBLIC SECTOR ACCOUNTING
DEBT ISSUANCE
URBAN INFRASTRUCTURE
FINANCING SOURCES
FISCAL MANAGEMENT
REPAYMENT CAPACITY
DEFAULT RATES
DEBT SERVICING
CREDIT RATING
AMOUNT OF DEBT
INVENTORY
SUBNATIONAL BUDGETING
ECONOMIC PERFORMANCE
CREDIT RATING AGENCIES
PORTS
FISCAL DEFICITS
LOCAL GOVERNMENT
VALUATION TECHNIQUES
LAND DEVELOPMENT
FINANCIAL INSTITUTIONS
INFLATION
ROADS
REGULATORY FRAMEWORK
SUBNATIONAL FINANCE
SUBNATIONAL BUDGETS
DEBT MARKETS
LOCAL FINANCE
PUBLIC FINANCE
CASH FLOW
PRICE VOLATILITY
CREDIT MARKETS
GOVERNMENT GUARANTEE
INTERGOVERNMENTAL RELATIONS
FINANCIAL MANAGEMENT
FOREIGN INVESTMENT
ASSET SALE PROCEEDS
TAX RATES
RETURN
FOREIGN CURRENCY
INFRASTRUCTURE INVESTMENTS
ECONOMIC DEVELOPMENT
DECENTRALIZATION
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Show full item recordOnline Access
http://hdl.handle.net/10986/3894Abstract
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.Date
2012-03-19Type
Publications & Research :: Policy Research Working PaperIdentifier
oai:openknowledge.worldbank.org:10986/3894http://hdl.handle.net/10986/3894
Copyright/License
CC BY 3.0 IGOCollections
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