Provided there are positive external benefits attached to the historic character of buildings, owners of properties in designated conservation areas benefit from a reduction in uncertainty regarding the future of their area. At the same time, the restrictions put in place to ensure the...

German municipalities are expected to suffer from (often significant) population losses in the upcoming decades. We assess these local governments’ vulnerability to the fiscal consequences of this demographic decline through two means (using a sample of 1021 municipalities in the state of...