Prosperity Unbound

This book is about property, informality and institutions relevant to both the developed and the developing world. The author introduces a new analytical tool, Reality Check Analysis, based on theory and practice, and offers a solution to the long-standing problem of informality and to the systematic frustration with the issue.

'A fascinating book worth reading by all students, practitioners, and socially responsible investors. Through a lively narrative based on personal experiences, it highlights the catalytic impact of institutions, most notably of property rights, on the functioning of markets and on development.' -Louka T.Katseli, Director, OECD Development Center

'A brilliant guide to transforming informal assets into financial opportunities benefiting all those involved. Panaritis breaks the vicious cycle of frustration with informal real estate presenting a new practical approach, proven results, and fresh thinking on how to add value by creating value. A must read.' -Eleni Tsakopoulos, President, AKT Development Corporation

'Indispensable reading for both public and private sector leaders and for anyone interested in the implications of informatlity for transforming real-estate markets. It provides critical insights on why and how institutions and property rights matter for economic and social development, and a road map for the way forward.' -Susan M.Wachter, Wharton School Real Estate and Finance, University of Pennsylvania; former Assistant Secretary at the US Housing and Urban Development Department

[This] book shows the importance of local knowledge and of a deep understanding of the institutional prerequisites for a successful market economy based on collateralisable wealth (especially real estate). - Willem Buiter, ft.com/maverecon

ELENA PANARITIS is a specialist in the creation of markets in illiquid real estate assets, property rights and public sector management. She is currently head of PANEL Group, a specialized investment advisory group that invests in undervalued property and advises on transforming real estate and other informal behaviour. She teaches at Wharton School, University of Pennsylvania, USA, and elsewhere, including Johns Hopkins University School of Advanced International Studies on housing finance, and public policy reform on property and institutions. She has spent eleven years working at the World Bank as an economist, and has spearheaded property rights reform in Peru.