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This timely Research Handbook explores the handling of city and municipal finances in the 21st century. It examines the impact of the Great Recession and COVID-19 pandemic on cities and municipalities, highlighting strengths, weaknesses, and avenues for future progress in city and municipal financial management.
This annual publication compiles comparable tax revenue statistics for 30 economies. Additionally, it provides information on non-tax revenues for selected economies. This tenth edition of the report includes a special feature on strengthening property taxation in Asia.
The current area-based property tax system in Romania is inefficient, producing revenue below its potential, while the taxable value determination is inequitable and complex. Indeed, the property tax only generated 0.6 percent of GDP in 2021 vs. the average of 1.8 percent of GDP in the OECD economies, or 0.9 percent of GDP in EU-27. Meanwhile, significant scope for improving both buoyancy and efficiency of the property tax system exists, not least through the elimination of multiple exemptions, addressing the current inadequate and fragmented self-declaration system of residential buildings that translates into incomplete fiscal cadasters.
This open access book explores the legal aspects of cybersecurity in Poland. The authors are not limited to the framework created by the NCSA (National Cybersecurity System Act - this act was the first attempt to create a legal regulation of cybersecurity and, in addition, has implemented the provisions of the NIS Directive) but may discuss a number of other issues. The book presents international and EU regulations in the field of cybersecurity and issues pertinent to combating cybercrime and cyberterrorism. Moreover, regulations concerning cybercrime in a few select European countries are presented in addition to the problem of collision of state actions in ensuring cybersecurity and human rights. The advantages of the book include a comprehensive and synthetic approach to the issues related to the cybersecurity system of the Republic of Poland, a research perspective that takes as the basic level of analysis issues related to the security of the state and citizens, and the analysis of additional issues related to cybersecurity, such as cybercrime, cyberterrorism, and the problem of collision between states ensuring security cybernetics and human rights. The book targets a wide range of readers, especially scientists and researchers, members of legislative bodies, practitioners (especially judges, prosecutors, lawyers, law enforcement officials), experts in the field of IT security, and officials of public authorities. Most authors are scholars and researchers at the War Studies University in Warsaw. Some of them work at the Academic Centre for Cybersecurity Policy - a thinktank created by the Ministry of National Defence of the Republic of Poland. .
The countries of Central and Eastern Europe have been through a profound transition process for more than a decade now. The financial sectors and markets in the region have been subject to major structural reforms including privatization, liberalization and the acquisition by foreign banks of controlling interests in local financial institutions. This important new book includes papers that chart this process. Topics discussed include the implications of future EU membership, and the strategies pursued by the World Bank and International Monetary Fund.
Redistributing land rights is a tricky subject and one that easily becomes controversial as recent experience has shown. This new book calmly examines the strengths and weaknesses of different forms of land redistribution.
Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases. The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007–2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields—including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis. Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws. Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation. Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and presents a policy framework for a unified “Mortgage-Alternatives” market for the CEE/CIS region and China. He also explains why Asset Liability Matching hinders lending, capital formation and risk management, especially in developing countries.
Almost one-third of the world's population has embarked on a transition from planned to market economies. Like economic reforms elsewhere, the long-term goal of this transition is to build a thriving market economy capable of delivering long-term growth in living standards. Now in its 19th annual edition, the World Development Report 1996 takes an in-depth look at these transition countries, focusing on the key lessons that have taken place thus far. The introduction to the Report poses a number of key questions that are addressed in later chapters, including questions relating to initial challenges and how contries have tackled them from very different starting points and political conditions. The Report also focuses on the additional challenges these transition countries face, with a final chapter that summarizes the main conclusion of the Report, creating a text that will no doubt become the definitive source for students stydying international economics and politics.