Land leasing and land sale as an infrastructure-financing option

Municipal land sales provide one option for financing urban infrastructure investment. In countries where land is owned by the public sector, land is by far the most valuable asset on the municipal balance sheet. Selling land or long-term leasing rights to land use while investing the proceeds in infrastructure facilities can be viewed as a type of portfolio asset adjustment. This paper shows that in China many municipalities have financed more than half of their high rates of infrastructure investment from land sales, for periods of 10 to 15 years. Much of the remaining investment has been financed by municipal borrowing against the collateral of land values. Other countries also have turned to land sales and leasing for infrastructure finance. From a local perspective, land sales have the advantage that they typically are free from the intergovernmental restrictions that require higher-level approval for increases in local tax rates or user fees and that restrict local government borrowing. However, financing municipal infrastructure investment through land sales creates special risks that are not recognized in most intergovernmental fiscal frameworks. One danger involves the use of proceeds to finance operating budgets. Risk exposure is exaggerated by the highly volatile nature of urban land markets and evidence that in some countries urban land values in 2006 reflected a real estate bubble. In the past, Hong Kong, a jurisdiction that has relied heavily on land-leasing to finance its infrastructure budget, has seen land sales fall to zero at the bottom of the real estate cycle. The greatest financial sector risk stems from municipal borrowing based on inflated land values offered as collateral to banks. Sound intergovernmental fiscal management will require tighter regulation of municipalities'financial leveraging of land assets to avoid excessive risk taking by local governments.Public Sector Economics&Finance,Municipal Financial Management,Public Sector Management and Reform,Regional Governance,Urban Governance and Management

Is public infrastructure undersupplied?

Infrastructure (Economics) ; Public policy ; Capital investments

Integrating land financing into subnational fiscal management

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.Banks&Banking Reform,Public Sector Economics,Debt Markets,Municipal Financial Management,Public&Municipal Finance

Context-Driven Image Annotation Using ImageNet

Image annotation research has demonstrated success on test data for focused domains. Unfortunately, extending these techniques to the broader topics found in real world data often results in poor performance. This paper proposes a novel approach that leverages WordNet and ImageNet capabilities to annotate images based on local text and image features. Signatures generated from ImageNet images based on WordNet synonymous sets are compared using Earth Mover\u27s Distance against the query image and used to rank order surrounding words by relevancy. The results demonstrate effective image annotation, producing higher accuracy and improved specificity over the ALIPR image annotation system. Abstract © AAAI

Applicability of Latent Dirichlet Allocation to Multi-Disk Search

Digital forensics practitioners face a continual increase in the volume of data they must analyze, which exacerbates the problem of finding relevant information in a noisy domain. Current technologies make use of keyword based search to isolate relevant documents and minimize false positives with respect to investigative goals. Unfortunately, selecting appropriate keywords is a complex and challenging task. Latent Dirichlet Allocation (LDA) offers a possible way to relax keyword selection by returning topically similar documents. This research compares regular expression search techniques and LDA using the Real Data Corpus (RDC). The RDC, a set of over 2400 disks from real users, is first analyzed to craft effective tests. Three tests are executed with the results indicating that, while LDA search should not be used as a replacement to regular expression search, it does offer benefits. First, it is able to locate documents when few, if any, of the keywords exist within them. Second, it improves data browsing and deals with keyword ambiguity by segmenting the documents into topics

Extraction of Small Boat Harmonic Signatures from Passive Sonar

This paper investigates the extraction of acoustic signatures from small boats using a passive sonar system. Noise radiated from a small boats consists of broadband noise and harmonically related tones that correspond to engine and propeller specifications. A signal processing method to automatically extract the harmonic structure of noise radiated from small boats is developed. The Harmonic Extraction and Analysis Tool (HEAT) estimates the instantaneous fundamental frequency of the harmonic tones, refines the fundamental frequency estimate using a Kalman filter, and automatically extracts the amplitudes of the harmonic tonals to generate a harmonic signature for the boat. Results are presented that show the HEAT algorithms ability to extract these signatures

Maternal and Newborn Health Implementation Research: Programme Outcomes, Pathways of Change and Partnerships for Equitable Health Systems in Uganda

Editorial special issue: MANIFEST - maternal and neonatal implementation for equitable systems study.DFI

A Spectroscopic and Photometric Study of Short-Timescale Variability in NGC5548

Results of a ground-based optical monitoring campaign on NGC5548 in June 1998 are presented. The broad-band fluxes (U,B,V), and the spectrophotometric optical continuum flux F_lambda(5100 A) monotonically decreased in flux while the broad-band R and I fluxes and the integrated emission-line fluxes of Halpha and Hbeta remained constant to within 5%. On June 22, a short continuum flare was detected in the broad band fluxes. It had an amplitude of about ~18% and it lasted only ~90 min. The broad band fluxes and the optical continuum F_lambda(5100 A) appear to vary simultaneously with the EUV variations. No reliable delay was detected for the broad optical emission lines in response to the EUVE variations. Narrow Hbeta emission features predicted as a signature of an accretion disk were not detected during this campaign. However, there is marginal evidence for a faint feature at lambda = 4962 A with FWHM=~6 A redshifted by Delta v = 1100 km/s with respect to Hbeta_narrow.Comment: 12 pages, 7 figures, accepted for publishing in A&