International comparisons of global city financing: a report to the london finance commission.9/2/2023 However, changes of government, coupled with rising budget deficits and overall debt, saw several governments in 2009/10 change tack and introduce fiscal consolidation measures in an attempt to rebalance public finances (Donald et al. In response to the global financial crisis, from 2008, the G20 economies implemented a programme of co-ordinated economic stimulus activity, with up to US$600 billion invested in infrastructure (OECD 2009). The experience of the City Deals raises critical questions about the emergent and recombinant forms of urban leadership and governance in cities and city-regions and the nature of centre-local relationships in the austerity state. This article analyses the context and emergent infrastructure funding and financing approaches, models and practices being formulated as part of a review of the City Deals in the UK. Local actors in cities and city-regions have been compelled into finding new sources of private and even international capital, developing innovative business models for infrastructure provision and establishing new institutional and governance arrangements. Austerity and the fiscal consolidation of public finances have reinforced government efforts to reduce expenditure and debt, and secure private sector engagement and resources. The global financial crisis and economic downturn have focused attention on the role of infrastructure renewal and development in economic recovery and stimulus. The governance of infrastructure financing at the city and city-region scales is critical to the search for new and innovative funding mechanisms for infrastructure systems.
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