Local Economic and Employment Development (LEED)

1990-1097 (online)
1990-1100 (print)
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A series of reports from OECD’s Local Economic and Employment Development Programme (LEED). The LEED Programme identifies analyses and disseminates innovative ideas for local development, governance and the social economy. Governments from OECD member and non-member economies look to LEED and work through it to generate innovative guidance on policies to support employment creation and economic development through locally based initiatives. See also OECD Reviews of Local Job Creation under Related Reading.

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Investment Strategies and Financial Tools for Local Development

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Edited By:Greg Clark, Debra Mountford
26 Oct 2007
9789264039865 (PDF) ;9789264039858(print)

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Global opportunities for cities and localities have led to a renewed impetus for new financial tools. Addressing how public assets can be better used to generate private co-investment (rather than just sold for a once only ‘current value’ price) is now the new mind-set, and thinking about the organisational vehicles needed at local and regional levels to promote financial innovation has moved on. This book provides a comprehensive overview of financial instruments and investment strategies being implemented throughout OECD Member and non-Member countries. It highlights effective tools, explores the roles and responsibilities of governments, public agencies and inter-governmental organisations. The lessons from this book are essential reading for policy makers, practitioners and all actors involved in delivering local development. 
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  • Overview: Why Local Development Finance?
    Financing local development is not simply a question of finding the public money required to invest in a local productive base, or wider economic development opportunities. How local development is financed plays a key part in defining what the goals of local development may be, and the extent to which the outcomes will be sustainable in both financial and economic terms. There are different kinds of local economic development, that involve different means of financing. One measure of success of local economic development will be how much external finance and investment is ultimately attracted, and the extent to which local markets become sustainable without continued public investment.
  • What are the Financial Tools and Innovations in Local Development?
    Successful local development involves achieving a high investment/high return equilibrium, just as much as it does for the most successful businesses. Success in the open knowledge driven global economy requires places to be truly distinctive, appealing and productive. Just as firms must innovate and invest to succeed, localities have to adjust, reinvent, and differentiate themselves. They have to change the old patterns of land and resource use, and connect assets with opportunities in new ways and over new spaces. They must modernise infrastructure and build up human capital. This can have positive impacts on entrepreneurship, innovation, skills, and other factors of growth. But this involves adjustment costs, in the form of investment to re-engineer the locality for the new economic functions and flows that it must facilitate. It can take 30-50 years of re-investment to fully recalibrate a city or a region from the industrial mode to the knowledge mode.
  • What Principles Should Govern How We Finance Local Development in the Future?
    This review of 50 innovative practices in local development finance enables us to understand more clearly what are the key principles around which a long term approach to investment in local economic development could emerge. Through work of of the OECD LEED Programme on local development we have identified ten principles that can help to shape the future investment objectives for local development.
  • What are the key elements of an Investment Strategy for Local Development?
    We observed earlier that the key to making long term progress on local development is the building of collaboration with private sector to make reinvestment more sustainable. Following our review of innovative local development finance initiatives, we can identify now what local development practitioners can do to attract new sources of finance and to shift from an ‘expenditure’ to an ‘investment’ based approach to financing local development.
  • Annex - Key to case studies
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