Land-based revenues as a fiscal instrument to finance infrastructure tie public investment to real estate markets, where demand fluctuations cause fiscal consequences. This paper takes policy reversals as structural breaks and examines their impacts on infrastructure investment. We dissect...

This paper develops an analytical framework for examining land taxation in the context of contemporary urban economies. We dissect the China case for simulation, comparing two model-based scenarios where revenue losses from consumption taxes are replaced by higher income taxes and land taxes. We...

Introduction -- The institutional structure, state and state-owned financial institutional arrangements -- Monetization and financial control by the state -- Financial support to the gradual reform -- The model of money demand during transition -- Transitional arrangements of the financial...