Publication:
The Great Recession and the Future of Cities

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dc.contributor.authorDethier, Jean-Jacques
dc.contributor.authorMorrill, Curtis
dc.date.accessioned2014-08-29T19:06:22Z
dc.date.available2014-08-29T19:06:22Z
dc.date.issued2012-11
dc.description.abstractThis paper describes the serious fiscal crisis faced by cities around the world following the Great Recession of 2008. Five years later, the after-effects of this major crisis continue to be felt and limit economic opportunities in cities. Section 1 summarizes how the crisis was triggered and how it unfolded in the US, then spread to the rest of world -- highlighting the links between financial sector and housing sector. Section 2 discusses the impact of the crisis on urban revenue and expenditure, and the stimulus programs and recovery plans devised as a short term response by cities around the world. Section 3 then discusses longer term strategies to ensure the financial, social and environmental sustainability of cities. The authors make the point -- and back up our assertions with specific examples -- that urban decision-makers must take a long view and find ways to create opportunities for their citizens, making sure that their decisions are financially sustainable in the long term. Today's decisions should not lock cities out of options tomorrow, and cities must be managed with flexibility so as to adapt to unforeseen new circumstances. The authors also argue that, while there has been a lot of talk about "smart cities" and new technologies among urban specialists and urban planners, it is ultimately the focus on basic economics (sustainable financing, providing good services to consumers and incentives for providers), good governance and good institutions that will create sustainable, dynamic and livable cities.en
dc.identifierhttp://documents.worldbank.org/curated/en/2012/11/16963182/great-recession-future-cities
dc.identifier.doi10.1596/1813-9450-6256
dc.identifier.urihttps://hdl.handle.net/10986/19882
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6256
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO CAPITAL
dc.subjectACCOUNTING
dc.subjectACCOUNTING SYSTEMS
dc.subjectADVANCED ECONOMIES
dc.subjectAUTONOMY
dc.subjectBAILOUT
dc.subjectBALANCE SHEET
dc.subjectBANK LOANS
dc.subjectBANK POLICY
dc.subjectBANKING CRISIS
dc.subjectBANKING INSTITUTIONS
dc.subjectBANKING SYSTEM
dc.subjectBANKRUPTCY
dc.subjectBANKS
dc.subjectBID
dc.subjectBOND
dc.subjectBOND ISSUERS
dc.subjectBONDS
dc.subjectBORROWER
dc.subjectBORROWING
dc.subjectBORROWING CAPACITIES
dc.subjectBORROWING COSTS
dc.subjectBUDGET DEFICITS
dc.subjectCAPACITY BUILDING
dc.subjectCAPITAL FORMATION
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL BANKS
dc.subjectCENTRAL GOVERNMENTS
dc.subjectCOMMERCIAL BANKS
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER CREDIT
dc.subjectCREDIT MARKETS
dc.subjectCREDIT QUALITIES
dc.subjectCREDITORS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENT ACCOUNT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT EXPENDITURES
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBT OBLIGATIONS
dc.subjectDECENTRALIZATION
dc.subjectDEFAULTS
dc.subjectDEFICITS
dc.subjectDERIVATIVE
dc.subjectDERIVATIVE PRODUCTS
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT AUTHORITIES
dc.subjectDEVELOPMENT FINANCE
dc.subjectDEVOLUTION
dc.subjectDOMESTIC CAPITAL
dc.subjectDURABLE
dc.subjectDURABLE GOODS
dc.subjectECONOMIC ACTIVITY
dc.subjectECONOMIC CRISIS
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC OPPORTUNITIES
dc.subjectEMERGING MARKETS
dc.subjectEMPLOYERS
dc.subjectEMPLOYMENT
dc.subjectENVIRONMENTAL DEGRADATION
dc.subjectENVIRONMENTAL SUSTAINABILITY
dc.subjectEQUITY MARKETS
dc.subjectEQUITY RATIO
dc.subjectEUROPEAN CENTRAL BANK
dc.subjectEXCESS LIQUIDITY
dc.subjectEXPENDITURE
dc.subjectEXTERNAL SHOCKS
dc.subjectEXTERNALITIES
dc.subjectFEDERAL RESERVE
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEREGULATION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL INSTRUMENT
dc.subjectFINANCIAL MANAGEMENT
dc.subjectFINANCIAL MARKET
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL SERVICES
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL STRESS
dc.subjectFINANCIAL SUSTAINABILITY
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFISCAL AUTONOMY
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL FEDERALISM
dc.subjectFISCAL POLICY
dc.subjectFLOW OF CAPITAL
dc.subjectFORECLOSURES
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN INVESTMENT
dc.subjectGOVERNMENT FUNDING
dc.subjectGOVERNMENT INVESTMENTS
dc.subjectGOVERNMENT SPENDING
dc.subjectGOVERNMENT SUPPORT
dc.subjectHEDGE FUNDS
dc.subjectHOLDINGS
dc.subjectHOUSEHOLDS
dc.subjectHOUSING
dc.subjectHOUSING PRICES
dc.subjectHUMAN CAPITAL
dc.subjectINFORMAL ECONOMY
dc.subjectINFRASTRUCTURE DEVELOPMENT
dc.subjectINFRASTRUCTURE INVESTMENT
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTITUTIONAL BARRIERS
dc.subjectINSURANCE
dc.subjectINSURANCE COMPANIES
dc.subjectINSURANCE COMPANY
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE POLICY
dc.subjectINTEREST RATES
dc.subjectINTERGOVERNMENTAL TRANSFERS
dc.subjectINTERNATIONAL BANK
dc.subjectINVESTMENT BANK
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT CORPORATIONS
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT DECISIONS
dc.subjectINVESTMENT FUND
dc.subjectINVESTMENT PROJECTS
dc.subjectINVESTMENT SPENDING
dc.subjectINVESTMENT STRATEGIES
dc.subjectJOB OPPORTUNITIES
dc.subjectLABOR UNIONS
dc.subjectLAND PRICES
dc.subjectLARGE CITIES
dc.subjectLEGAL CONSTRAINTS
dc.subjectLEGAL FRAMEWORKS
dc.subjectLEGISLATION
dc.subjectLIQUIDITY CRISIS
dc.subjectLOCAL CAPITAL EXPENDITURES
dc.subjectLOCAL ECONOMIES
dc.subjectLOCAL ECONOMY
dc.subjectLOCAL GOVERNMENT
dc.subjectLOCAL GOVERNMENTS
dc.subjectLOCAL INFRASTRUCTURE
dc.subjectLOCAL PUBLIC FINANCE
dc.subjectLOW INTEREST RATE
dc.subjectLOW-INCOME BORROWERS
dc.subjectMARKET STABILITY
dc.subjectMARKET VALUE
dc.subjectMETROPOLITAN AREAS
dc.subjectMICROFINANCE
dc.subjectMIGRANT WORKERS
dc.subjectMONETARY FUND
dc.subjectMONETARY POLICY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKETS
dc.subjectMORTGAGE
dc.subjectMORTGAGE DEBT
dc.subjectMORTGAGE MARKET
dc.subjectMORTGAGE SECURITIES
dc.subjectMORTGAGES
dc.subjectMULTINATIONAL
dc.subjectMUNICIPAL DEVELOPMENT
dc.subjectMUNICIPAL GOVERNMENTS
dc.subjectMUNICIPALITIES
dc.subjectMUTUAL FUNDS
dc.subjectNATURAL RESOURCES
dc.subjectONLINE SYSTEM
dc.subjectPENSION
dc.subjectPENSION FUNDS
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE INVESTMENT
dc.subjectPRIVATE INVESTORS
dc.subjectPRODUCTIVITY
dc.subjectPROPERTY TAXES
dc.subjectPUBLIC DEBTS
dc.subjectPUBLIC FINANCES
dc.subjectPUBLIC INVESTMENT
dc.subjectPUBLIC INVESTMENTS
dc.subjectPUBLIC SERVICES
dc.subjectPUBLIC TRANSPORT
dc.subjectPUBLIC TRANSPORTATION
dc.subjectRATING AGENCIES
dc.subjectREAL ESTATE
dc.subjectREAL PROPERTY
dc.subjectRECESSION
dc.subjectRECESSIONS
dc.subjectREINVESTMENT
dc.subjectREINVESTMENTS
dc.subjectREMITTANCES
dc.subjectRESIDENTIAL MORTGAGE
dc.subjectRETURNS
dc.subjectREVENUE SHARING
dc.subjectRISK MANAGEMENT
dc.subjectRISK MANAGEMENT STRATEGIES
dc.subjectSAVINGS
dc.subjectSECONDARY MORTGAGE MARKET
dc.subjectSECURITIES
dc.subjectSHORT-TERM FINANCING
dc.subjectSOCIAL CAPITAL
dc.subjectSOCIAL SERVICES
dc.subjectSOCIAL WELFARE
dc.subjectSOVEREIGN DEBT
dc.subjectSTART-UPS
dc.subjectSUBNATIONAL FINANCE
dc.subjectSUBNATIONAL GOVERNMENTS
dc.subjectTAX
dc.subjectTAX COMPLIANCE
dc.subjectTAX RATES
dc.subjectTAX REFORM
dc.subjectTELECOMMUNICATIONS
dc.subjectTRADE UNIONS
dc.subjectTRANCHES
dc.subjectTRANSITION COUNTRIES
dc.subjectTRANSPORT
dc.subjectTREASURY
dc.subjectTREATY
dc.subjectUNEMPLOYMENT
dc.subjectUNION
dc.subjectURBAN AREAS
dc.subjectURBAN CONGESTION
dc.subjectURBAN DEVELOPMENT
dc.subjectURBAN ECONOMIES
dc.subjectURBAN GOVERNMENTS
dc.subjectURBANIZATION
dc.subjectVILLAGES
dc.subjectWEALTH EFFECT
dc.titleThe Great Recession and the Future of Citiesen
dspace.entity.typePublication
okr.crossref.titleThe Great Recession and the Future of Cities
okr.date.disclosure2012-11-30
okr.date.doiregistration2025-04-10T12:13:27.273495Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2012/11/16963182/great-recession-future-cities
okr.globalpracticeSocial, Urban, Rural and Resilience
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeGovernance
okr.globalpracticeFinance and Markets
okr.guid743951468163152528
okr.identifier.doi10.1596/1813-9450-6256
okr.identifier.externaldocumentum000158349_20121115170242
okr.identifier.internaldocumentum16963182
okr.identifier.reportWPS6256
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/11/15/000158349_20121115170242/Rendered/PDF/NonAsciiFileName0.pdfen
okr.topicUrban Development::Municipal Financial Management
okr.topicMacroeconomics and Economic Growth::Subnational Economic Development
okr.topicBanks and Banking Reform
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicFinance and Financial Sector Development::Access to Finance
okr.unitResearch Support Unit, Development Economics Department
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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