ECONOMICS UNIQUENESS

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212 ■ THE <strong>ECONOMICS</strong> OF <strong>UNIQUENESS</strong> Stock, J. H., and M. Yogo. 2002. “Testing for Weak Instruments in Linear IV Regression.” NBER Technical Working Paper No. 284 (November). Cambridge, MA: NBER Tabellini, G. 2007. “Culture and Institutions.” CEPR Discussion Papers 6589. Washington, DC: CEPR Th acker, S. C. 1999. “Th e High Politics of IMF Lending.” World Politics 52 (3): 181–205. UNESCO. 2008. “Operational Guidelines for the Implementation of the World Heritage Convention.” Paris: UNESCO World Heritage Center. World Bank. 2004. World Development Indicators. Washington, DC: World Bank. World Bank. 2008. World Development Indicators. Washington, DC: World Bank.
8 Financial Mechanisms for Historic City Core Regeneration and Brownfi eld Redevelopment Francesca Romana Medda Associate Professor of Applied Economics, University College of London (UK), with Simone Caschili, and Marta Modelewska This chapter examines innovative fi nancial funding mechanisms that can spur private-sector investment in urban heritage regeneration projects. In recent years, the scope of urban heritage interventions has broadened to address both natural and cultural heritage; therefore, the defi nition of “brownfi eld” must be extended to include not only natural brownfi elds, such as contaminated sites, but also areas with cultural heritage assets, as for example, underutilized historic districts. Given the public good characteristics of brownfi eld investment, the private sector may undervalue the commercial returns and overvalue the related costs of projects, thereby leading to market failures and the undersupply of urban heritage redevelopment projects. The public sector must act as a catalyst to foster private investment in heritage brownfi eld regeneration by creating fi nancial solutions, such as debt leveraging, local revolving funds, and tax abatements/credits to create continuous stimulus and incentives that can help diminish the incidence of market failure in these types of investments. This is especially critical in developing countries. While private-sector funding for urban brownfi eld projects (especially natural heritage sites) is increasing, these actors need to assume a greater role in investing in urban cultural brownfi eld projects. Against this background, this chapter analyzes four models of fi nancing urban heritage brownfi elds: (1) publicprivate partnerships, (2) land value fi nance mechanisms, (3) urban development funds, and (4) impact investment funds. Various case studies to corroborate the statements are presented. ■ 213
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Public Disclosure Authorized Public
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Th e Urban Development Series discu
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© 2012 International Bank for Reco
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vi ■ CONTENTS Project Appraisal i
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viii ■ CONTENTS Appendix II: Addi
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x ■ CONTENTS 7.4 Tourism Is Coupl
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xii ■ CONTENTS 9.1 How to Organiz
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Exegi monumentum aere perennius reg
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ACKNOWLEDGMENTS ■ xvii Cultural O
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xx ■ OVERVIEW What Are the Object
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xxii ■ OVERVIEW and captures the
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xxiv ■ OVERVIEW periphery, especi
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xxvi ■ OVERVIEW tourism—by impr
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xxviii ■ OVERVIEW 3. Institutiona
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1 Livable Historic City Cores and E
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LIVABLE HISTORIC CITY CORES AND ENA
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2 Investing in the Sense of Place:
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INVESTING IN THE SENSE OF PLACE ■
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0 45° INVESTING IN THE SENSE OF PL
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FIGURE 2.4 continued INVESTING IN T
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A Dubious Alternative: Property Rec
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46 ■ THE ECONOMICS OF UNIQUENESS
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TABLE 4.1 Overview of Hedonic Price
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Page 243: UNESCO WORLD HERITAGE LIST, TOURISM
Page 247 and 248: FINANCIAL MECHANISMS FOR HISTORIC C
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Boxes, fi gures, maps, notes, and t
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China. See also specifi c cities ac
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public sector role, 222-26, 223b, 2
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Kraay, A., 198 Kratz, C. G., 96 L l
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Pine Ridge Reservation (U.S.), 238
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Shaoxing, China, local residents re
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urban economics appraisal approach,
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ECO-AUDIT Environmental Benefits St
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ECONOMICS UNIQUENESS

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