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Article
Publication date: 11 September 2020

Yasuyuki Fujii

Tax sales intersect with the market, housing policy and socioeconomic matters, but the topic in this context is understudied. The purpose of this paper is to investigate…

Abstract

Purpose

Tax sales intersect with the market, housing policy and socioeconomic matters, but the topic in this context is understudied. The purpose of this paper is to investigate whether and how land banking is more effective in fostering positive property outcomes than tax lien sales and what market-based measures can be combined with land banking to reuse tax delinquent, vacant and abandoned properties.

Design/methodology/approach

This paper analyzes the consequences of tax lien sales and land banking in Indianapolis, Indiana, the USA. Various local data sources are used.

Findings

This paper finds that land banking, when compared to tax lien sales, results in less tax delinquency, less vacancy and abandonment, more increase in assessed value and fewer ownership changes after sales. Also, this paper shows the contributions of non-profit and for-profit developers as business partners to land banks.

Practical implications

This paper demonstrates the utility of the land banks that have become prevalent in some states in the USA over the past 20 years. The results of this paper recommend the realistic approach of combining government intervention and market forces.

Social implications

This paper sheds light on the US practice of tax lien sales. It goes largely unnoticed, but malpractice risks harming the vulnerable members of community.

Originality/value

Housing policy needs to find common ground with the market. It is a dilemma, more or less, for every country. The results of this paper suggest a harmonized public policy approach that includes land banking and the market can be effective in combatting with troubled properties.

Details

International Journal of Housing Markets and Analysis, vol. 14 no. 3
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 2 May 2017

Calum G. Turvey

The purpose of this paper is to provide a review of major historical developments in agricultural finance, with particular emphasis on agricultural credit. It reviews the…

1427

Abstract

Purpose

The purpose of this paper is to provide a review of major historical developments in agricultural finance, with particular emphasis on agricultural credit. It reviews the development of Raiffeisen and related banks that emerged in Germany and Europe throughout the nineteenth century and how the cooperative banking system made its way into the banking system of the USA in the early twentieth century. The paper emphasizes the role of the state in the developing of agricultural credit, especially with respect to farm mortgages, securitization, and bond structures.

Design/methodology/approach

This paper presents a historical synthesis of historical literature on agricultural credit.

Findings

This paper shows the direct linkage between the developments in Raiffeisen credit cooperatives and the Farm Credit System (FCS) and details the emergence of the land banks, farm credit banks, agricultural bonds and the role of joint-stock banks in agricultural credit policy.

Originality/value

In total, 2016 marks the 100th anniversary of the passing of the 1916 Federal Farm Loan Act which set in motion the USs’ first Government Sponsored Enterprise and catalyzed the formation of the FCS as it operates today to provide credit to farmers and rural communities on a cooperative basis. Although there are a few wonderful books written on certain aspects of the FCS the story of how the FCS was initiated and the many struggles it faced up to the 1933 Act has not been told often enough. This paper tells the story of the evolution of agricultural credit that ultimately led to the formation of the FCS.

Details

Agricultural Finance Review, vol. 77 no. 1
Type: Research Article
ISSN: 0002-1466

Keywords

Book part
Publication date: 30 October 2020

José M. Menudo

This chapter examines James Steuart’s explanation of the relationship between banking system and economic development. Unlike other Scottish thinkers of the time, Steuart…

Abstract

This chapter examines James Steuart’s explanation of the relationship between banking system and economic development. Unlike other Scottish thinkers of the time, Steuart argues that the origin of commercial nations was not, in his view, a consequence of human nature and a long period of historical evolution. The establishment of the system of trade and commerce that gives rise to a “commercial nation” is conditioned by a series of elements that can render its appearance impossible. This chapter examines how the establishment of the system of trade and commerce that gives rise to a commercial nation is conditioned, according to Steuart, by the development of the banking system. It also broaches Steuart’s explanation of how the banking system functions within a non-commercial nation, which the Scottish author called “the infancy of banking.”

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Sir James Steuart: The Political Economy of Money and Trade
Type: Book
ISBN: 978-1-83867-707-7

Keywords

Article
Publication date: 1 April 2003

M. Angeles Iniesta and Manuel Sanchez

Given the situation that the banking sector currently faces, this paper will focus on the importance of the presence of client commitment to retailers in general and, more…

1039

Abstract

Given the situation that the banking sector currently faces, this paper will focus on the importance of the presence of client commitment to retailers in general and, more specifically, to financial institutions. So, comments will be made concerning the evolution and current situation of the banking services sector in Spain. In addition, the concept of relational commitment as well as the influence that its development has on the presence of bank client loyalty will be specified. Lastly, an empirical study is developed. The results show differences in the commitment level that individuals project based on links to distinct types of financial entities.

Details

International Journal of Retail & Distribution Management, vol. 31 no. 4
Type: Research Article
ISSN: 0959-0552

Keywords

Article
Publication date: 4 May 2018

Nisha Bharti

Lack of access to finance is one of the major contributing to low profitability in agriculture. Various policy interventions were performed for promoting access to…

1515

Abstract

Purpose

Lack of access to finance is one of the major contributing to low profitability in agriculture. Various policy interventions were performed for promoting access to finance. However, access to finance always remained one of the biggest challenges to Indian policymakers. The purpose of this paper is to explore the policy interventions in the areas of agriculture finance.

Design/methodology/approach

This paper makes an attempt to explore the relation of earlier policy initiatives with the current microfinance industry as well. The data for the paper are collected from Reserve Bank of India Archive Museum at Pune. This Museum is having huge collection of archives of policy documents of the Indian financial sector and is one of its kinds in India.

Findings

The study concludes that many of the interventions of today were earlier experimented or proposed in the past but, due to some or the other reason those, interventions were not successful. The study concludes that if those interventions had been implemented that time, it would have taken India in one of the tops in the list of financial inclusion.

Originality/value

This paper is a unique in its feature as it has tried to link the evolution of agriculture finance and the microfinance industry of India as microfinance is an integral part of agricultural finance in India.

Details

Agricultural Finance Review, vol. 78 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 1 December 2020

Calum G. Turvey, Amy Carduner and Jennifer Ifft

The purpose of this paper is to investigate the market microstructure related to the Farm Credit System (FCS), Commercial Banks (CB) and Farm Services Administration…

Abstract

Purpose

The purpose of this paper is to investigate the market microstructure related to the Farm Credit System (FCS), Commercial Banks (CB) and Farm Services Administration (FSA). The commercial banks frequently call out the FCS as having an unfair advantage in the agricultural finance market place due to tax exempt bonds, and an implied guarantee of those bonds. This paper addresses the issue by examining the interrelationships since 1939, while addressing the historically distinctive roles that the FCS, CB and FSA have played in the US agricultural credit market.

Design/methodology/approach

There are two components to our model. The first is the estimation of short and long run credit demand elasticities, as well as land elasticities. These are estimated from a dynamic duality model using seemingly unrelated regression. The point elasticity measures are then used as independent variables in least square regressions, combined with farm specific and related macro variables, for the Cornbelt states. The dependent variable is the year-over-year changes in paired FCS, CB and FSA loans.

Findings

The genesis of the FCS was to provide credit to farmers in good and bad years. Therefore, we expected to see a countercyclical relationship between FCS and CB. This is found for the farm crisis years in the 1980s but is not a continuous characteristic of FCS lending. In good times the FCS and CB appear to compete, albeit with differentiated market segmentation into short- and long-term credit. The FSA, which was established to provide tertiary support to both the FCS and CB, appears to be responding as designed, with greater activity in bad years. The authors find the elasticity measures to be economically significant.

Research limitations/implications

The authors conclude that the market microstructure of the agricultural credit market in the US is important. Our analysis applies a broader definition of market microstructure for institutions and intermediaries and reveals that further research examining the economic frictions caused by comparative bond vs deposit funding of agricultural credit is important.

Originality/value

The authors believe that this is the first paper to examine agricultural finance through the market microstructure lens. In addition our long-term data measures allow us to examine the economics through various sub-periods. Finally, we believe that our introduction of credit and land demand elasticities into a comparative credit model is also a first.

Details

Agricultural Finance Review, vol. 81 no. 3
Type: Research Article
ISSN: 0002-1466

Keywords

Article
Publication date: 29 June 2012

Daniel Domeher

The purpose of this paper is to establish whether or not the absence of registered property titles is a barrier to credit access amongst small to medium‐sized enterprises…

637

Abstract

Purpose

The purpose of this paper is to establish whether or not the absence of registered property titles is a barrier to credit access amongst small to medium‐sized enterprises (SMEs) in Ghana.

Design/methodology/approach

The study involved the conducting of surveys amongst credit officers of financial institutions in Ghana; participants were from both microfinance institutions and universal banks. To achieve the aim of this study the survey was designed to study the attitudes of credit officers towards the use of property as security for SME credit. Their experiences in handling such issues were captured through a series of closed ended questions. Participants were randomly sampled and the data analysed descriptively using SPSS.

Findings

The results amongst other things show that most formal lenders accept landed property for collateral purposes irrespective of whether they are covered by registered property titles or not. Also found were differences existing between traditional banks and the microfinance institutions.

Originality/value

Small businesses are exposed to several challenges which hinder their growth and have potential to contribute to the overall agenda of poverty reduction. Prominent amongst these challenges is the difficulty in raising funds for investments purposes. Whilst some have attributed this to the lack of assets which could be used as collateral, others have argued that it is the result of the absence of formal property titles which have made land an unacceptable form of collateral. Previous studies have focused on the demand side however; the supply side is the focus of this study.

Details

International Journal of Development Issues, vol. 11 no. 2
Type: Research Article
ISSN: 1446-8956

Keywords

Content available
216

Abstract

Details

European Business Review, vol. 12 no. 6
Type: Research Article
ISSN: 0955-534X

Keywords

Book part
Publication date: 18 November 2020

Helena Rivera

This chapter exposes the official view that seems to portray New Towns in the UK as unbalanced communities built on the premise of a failed statist policy but it does not…

Abstract

This chapter exposes the official view that seems to portray New Towns in the UK as unbalanced communities built on the premise of a failed statist policy but it does not accept these views as fact. A principal critique is that the historiography of New Towns has been predominantly written by experts (academics and otherwise), providing a limited interpretation of the legacy of (living in) New Towns. This chapter uses a selection of key experts and helicopter specialists who contribute to its legacy through academic writing, policy reports and professional advice in their role as planners and architects (including the author/myself a chartered British architect). Experts and helicopter specialists were instrumental in writing and disseminating a specific understanding of the New Towns programme to unpack the stereotypes that were constructed around New Towns, which have (as a result) contributed to their so-called decline. This chapter also questions whether certain issues are due to a biased misrepresentation of the New Towns narrative, and if an alternative perspective is available.

The characterisation of New Towns as communities doomed for failure in their ideological pursuit of balance has been thematically classified as belonging to five stereotypes and each is discussed in a separate section: New Towns represent a statist approach to planning; A case of New Town Blues or suburban dystopia? Design driven stereotypes of New Towns as mostly Modernist projects; New Towns are nothing more than large council estates; Land-banking over Compulsory Purchase Orders.

Presenting the data in such a way permits a deconstruction of ‘balance’ as a lofty abstraction into five clear example-based observations that assist the evaluation of the traditional historiography and writings of British New Towns (Fig. 3.1).

Details

Lessons from British and French New Towns: Paradise Lost?
Type: Book
ISBN: 978-1-83909-430-9

Keywords

Open Access
Article
Publication date: 15 March 2022

Katarzyna Reyman and Gunther Maier

The purpose of the article is to improve the understanding of the role of institutional factors in real estate development. The authors take into account zoning (existence…

247

Abstract

Purpose

The purpose of the article is to improve the understanding of the role of institutional factors in real estate development. The authors take into account zoning (existence and type), type of right of disposal and type of buyer and seller of property in a multivariate econometric estimation. Dependent variable of the analysis is the time between acquisition of empty land and the application for a building permit, a period when many important development decisions have to be made. This indicator is closely related to debated phenomena like land hording and speculation.

Design/methodology/approach

The authors estimate a Cox proportional hazard model with the time between acquisition and application for a building permit as dependent variable and institutional indicators and a number of control variables as explanatory variables. Study area is the GZM Metropolis in the South of Poland. This region shows enough variability in institutional arrangements to allow for this type of analysis.

Findings

The analysis shows that institutional factors significantly influence the real estate development process. In areas that have not issued a zoning plan, the period until the building permit application is significantly longer. When the state is involved in a transaction (as purchaser or seller), it also takes longer until the building permit application is submitted. Although the instrument is usually intended to speed up development, perpetual usufruct implies a longer period until building permit application. Because of the results the authors get for control variables and for robustness checks, the authors are confident of the results of the analysis.

Originality/value

To the authors’ knowledge, this is the first study that deals with the question how institutional factors influence the timing of real estate development. By using data for a region in Poland, the authors also add to knowledge about real estate development in CEE countries.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

Keywords

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