The Great Recession and the Future of Cities

Dethier, Jean-Jacques ; Morrill, Curtis

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCOUNTING;    ACCOUNTING SYSTEMS;    ADVANCED ECONOMIES;    AUTONOMY;   

DOI  :  10.1596/1813-9450-6256
RP-ID  :  WPS6256

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper describes the serious fiscalcrisis faced by cities around the world following the GreatRecession of 2008. Five years later, the after-effects ofthis major crisis continue to be felt and limit economicopportunities in cities. Section 1 summarizes how the crisiswas triggered and how it unfolded in the US, then spread tothe rest of world -- highlighting the links betweenfinancial sector and housing sector. Section 2 discusses theimpact of the crisis on urban revenue and expenditure, andthe stimulus programs and recovery plans devised as a shortterm response by cities around the world.Section 3 thendiscusses longer term strategies to ensure the financial,social and environmental sustainability of cities. Theauthors make the point -- and back up our assertions withspecific examples -- that urban decision-makers must take along view and find ways to create opportunities for theircitizens, making sure that their decisions are financiallysustainable in the long term. Today's decisions shouldnot lock cities out of options tomorrow, and cities must bemanaged with flexibility so as to adapt to unforeseen newcircumstances. The authors also argue that, while there hasbeen a lot of talk about "smart cities" and newtechnologies among urban specialists and urban planners, itis ultimately the focus on basic economics (sustainablefinancing, providing good services to consumers andincentives for providers), good governance and goodinstitutions that will create sustainable, dynamic andlivable cities.