This paper, on the Polish fixed-income securities market, reviews the recent evolution of the Polish fixed-income market and examines selected policy challenges ahead, with a special focus on the municipal bond market. The study demonstrates that despite some progress, by which Poland has made...

In recent years, the countries of Europe and Central Asia (ECA) have experienced a marked decline in investments by international private operators/investors in local infrastructure-much in line with the trend observed in other emerging markets. This decline has been particularly significant in...

In recent years, institutional real estate investment activity has experienced major changes in many countries throughout the world. In Sweden, large-scale investment projects have increasingly been dominated by several major financial institutions. As in other places, real estate investment...

Massive privatizations of housing in Europe and Central Asia transition countries have significantly reduced rental tenure choice, threatening to impede residential mobility. Policymakers are intensifying their search for adequate policy responses aimed at broadening tenure choice for more...

We examine commercial land markets in Krakow, Poland over a 10-year period of transition from socialist management to a market economy. We explore the spatial and temporal evolution of land prices over this period. In particular, we are interested in identifying trends toward or away from...

Long-term land leaseholds are contracts that contain within them a redevelopment option. The structure of the contract influences the incentive to redevelop. We employ real option pricing techniques to evaluate the timing and intensity of the redevelopment decision by lessees in alternative...

The transformation of the Polish economy during the early 1990s offers an unusual opportunityto examine the evolution of a new market for urban land. There has been a great deal oftheoretical and empirical research focused on urban land value functions that has derived fromthe work of Muth...

Commercial land price gradients for an emerging real estate market are estimated using spatial regression techniques. Spatial statistics are used to explore the extent of spatial autocorrelation in the residuals of an OLS land price gradient model. Spatial autocorrelation is present but not to...

We examine commercial land markets in Krakow, Poland over a ten-year period of transitionfrom socialist management to a market economy. We explore the spatial and temporal evolutionof land prices over this period. In particular, we are interested in identifying trends toward oraway from...