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The Dynamics of City Formation: Finance and Governance.

Abstract:

This Paper examines city formation in a country whose urban population is growing steadily over time, with new cities required to accommodate this growth. In contrast to most of the literature there is immobility of housing and urban infrastructure, and investment in these assets is taken on the basis of forward-looking behaviour. In the presence of these fixed assets cities form sequentially, without the population swings in existing cities that arise in current models. Equilibrium city size...

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Volume:
4638
Publication date:
2004-01-01
URN:
uuid:a69ba347-70f1-4935-b8da-5c9a1ca07917
Local pid:
oai:economics.ouls.ox.ac.uk:11600
Language:
English

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