Winter 2010 Newsletter
Grabbing the perfect opportunity to reform and revive a country's growth capacity ... through a tough economic crisis!
I have been mired in the Greek economic crisis, in my new capacity with the Greek government. Once again I observe a country that has been suffering from the vast permeation of informality resulting in a sluggish growth and endless leakages in public finances. Once again I notice the great opportunity to align the incentives of all parties in the Greek society for a fundamental reform that will transform the informal sector to the formal secure growing economy -- based on secure rules and rights to assets.
Greece provides us with an excellent example of a country where the strength of the informal economy signals the weakness of existing rules in terms of predictability and enforcement. Combating informal property rights, establishing secure and predictable process and rules will allow the country to move not only ahead but revive its latent assets and wealth.
- January 26: Claremont University, Tuesday Talks. Opening the Spring Semester with a talk on "Prosperity Unbound: a formula for prosperity for the world's distressed". This event is open to the public. Please RSVP to Sandra Seymour at Sandra.Seymour@cgu.edu. Tuesday, January 26, 2010 at 11:45am. Albrecht Auditorium.
- February 1: SAIS & INSEAD Alumni of San Francisco sponsor a talk, graciously hosted by Greenberg Traurig LLC: "Tackling the Roots of the Crisis: A Proposition for Stabilizing Property Markets. Repairing a broken system: one social entrepreneur's answers to distressed property markets." This event is open to the Public. Please RSVP to Paul Fuller by January 27, pfuller4@gmail.com. February 1, 6:30 p.m. 1900 University Ave., 5th Floor, East Palo Alto, CA 94303.
- February 2: Stanford University Lunch Talks at the Center for International Development. "The Effects of Informal Property Rights on Development: Addressing Faulty Institutional Assumptions and Repairing Broken Systems." This is a closed event.
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Elena Panaritis
Founder & Director
November 16, 2009
These past few months we have witnessed a growing interest in Prosperity Unbound, how it explains the Financial Crisis, and how I use its methodology to operate as a "triple-bottom-line" Social Entrepreneur through Panel Group. (As a sampling, here is an Op-Ed I wrote for the Financial Times, recent radio interview I gave to Ian Williams' Making Waves program at WJFF Radio, and a panel discussion at George Washington University. Visit our media page for more links.)
Prosperity Unbound, with its methodology Reality Check Analysis (RCA), takes on new dimensions. I have been asked to employ RCA in increasingly diverse contexts around the globe - in places such as Greece, the Balkans, the Middle East, the Gulf Region, and the Caribbean. What is their common challenge? Where institutions and social arrangements have left citizens devoid of secure ownership, there materializes a set of messy challenges, each unique to a given environment.
We are also very excited that we have been asked to work together with visionary academics and investors interested in creating value and wealth among "those who do not have". Stay tuned on that one!
- University of Southern California's (USC) School of Policy, Planning, and Development: Tackling the Roots of the Crisis: A Proposition for Stabilizing Property. Tuesday, November 17, 12:15 - 1:30pm. Tridib Banerjee has put together a fantastic Urban Seminar Series. This should be a great forum for exploring the relationship between poverty and uncontrollable real estate prices.
- University of California Los Angeles (UCLA): Establishing Formal Rules -- such as Property Rights -- is a Promising Road to Sustainable Economic Growth and Peace. Wednesday, November 18 2:00-3:30. Steven Spiegel from the Center of Middle East Economic Development invited me to address how establishing market rules affects peace.
- Santa Clara University: A Powerful Formula for Prosperity for the World's Poor ... and It's Already Working. Friday, November 20, 5:30 - 7:30pm. I present how informal property rights can be opportunities to social entrepreneurs; sponsored by The Real Estate Network.
I find it inspiring to engage with diverse audiences and explore the connections of topics such as "distressed property markets", " the financial crisis", "real estate market bubbles", "small entrepreneurs needing secure, cheap financing", "divestment trends in insecure property markets", and "political stability" as a result of secure property rights.
Look forward to having you involved with our efforts!
Sneak Peak at 2010 Events:
- Opening Claremont University's spring semester of Tuesday Talks, on January 26
- Presenting Tackling the Roots of the Financial Crisis. Sponsored by SAIS / INSEAD Alumni associations of San Francisco ( N. California for INSEAD), hosted by Greenberg Traurig LLP, Monday, February 1
- Presenting at Stanford's Lunch Talks, hosted by the Stanford Center for International Development, February 2
FOR IMMEDIATE RELEASE
Washington DC July 1, 2009
Contact: Rachel Beach, rachel@prosperityunbound.com, Office: (202) 506-8844, Mobile (202) 468-8833Elena Panaritis Social Entrepreneur and Property Rights Reform Expert presents
"A Powerful Formula for Prosperity for the World's Poor ... and It's Already Working"
at the FreedomFest
Conference will be held Las Vegas, NV July 9 - 11, 2009
About the Conference
FreedomFest is an annual festival where "free minds meet" to celebrate "great books, great ideas, and great thinkers" in an open-minded society. It is independent, non-partisan, and not affiliated with any organization or think tank. Founded and produced by Mark Skousen since 2002, FreedomFest invites the "best and the brightest" from around the world to talk, strategize, socialize, and celebrate liberty. FreedomFest is open to all and is purely egalitarian, where speakers, attendees, and exhibitors are treated as equals.
"The Best & the Brightest" Meet Annually in the World's Most Libertarian City
Since its inception, FreedomFest has met in Las Vegas, the world's most libertarian city. Where else can you see a great show, eat at a five-star restaurant, visit a museum, enjoy the entertainment, or see the lights and sounds of the world's freest resorts and casinos after a long day of intellectual learning and debate?
For more information visit www.freedomfest.com or call 866.266.5101
About the Speaker
Elena Panaritis' work is considered one of the best practical applications of institutional economics. Her book Prosperity Unbound: Building Property Markets with Trust (Palgrave Macmillan) expounds on her methodology. She is an expert on property rights, illiquid real estate assets, and public sector management. She continues the discussion of her timely ideas in the context of the current global economic crisis and that of reducing informal property around the world. She currently bogs at www.prosperityunbound.com/blog.
Elena is the founder of a prototype triple-bottom-line investment advisory firm Panel Group, a specialized investment advisory group that invests in undervalued property and provides counsel on transforming illiquid real estate. Today her company Panel Group applies reforms fully private funded giving significant financial, social and environmental returns. She played a direct, hands-on role in creating stable property rights systems. In more than a decade as an economist at the World Bank, she spearheaded property rights reform in Peru that was awarded International Best Practice and Innovation. - 9 million people became part of middle class and the formal market in about 3 years-.
Elena's work has been referred to as a "real contribution" by Robert Litan, of Brookings and Kauffman foundation. Economist Willem Buiter cited Prosperity Unbound and Elena's work as an example of "useful finance". Taking "useless" and "harmful" finance based on derivatives to task, the London School of Economics professor and former chief economist of the European Bank for Reconstruction and Development writes that "effective and efficient financial intermediation is a necessary condition for prosperity" and specifically recommends Panaritis' book. "The world described in [Prosperity Unbound], where the foundations of a productive market economy are being put in place, appears light years removed from the world of Wall Street ..."
Registration & Information: Register today for only only $495 per person / $795 per couple which includes:
- 3 full days of general sessions & breakout session
- All conference materials
- Unlimited entrance to our exhibit hall
- Early registration cocktail reception
Complete online registration form or Call Tami Holland, Conference Coordinator toll-free at 866-266-5101
FOR IMMEDIATE RELEASE
Washington DC APRIL 21, 2009
Elena Panaritis, author of Prosperity Unbound: Building Property Markets with Trust (Palgrave Macmillan, 2007), will be presenting her timely ideas - in the context of the current global economic crisis - at a number of events over the coming weeks. Panaritis, who spearheaded property rights reform while working at the World Bank, is a lecturer at both The Wharton School of Finance and The Johns Hopkins School of Advanced International Studies. A social entrepreneur, she also heads the investment advisory firm Panel Group.
Earlier this week, Prosperity Unbound was cited by Willem Buiter in his online blog for the Financial Times as "useful finance." Taking "useless" and "harmful" finance based on derivatives to task, the London School of Economics professor and former chief economist of the European Bank for Reconstruction and Development writes that "effective and efficient financial intermediation is a necessary condition for prosperity" and specifically recommends Panaritis' book. "The world described in [Prosperity Unbound], where the foundations of a productive market economy are being put in place, appears light years removed from the world of Wall Street ..."
Elena Panaritis will be speaking at the following venues:
George Washington University, Washington, D.C., on April 21 at 6:00 pm: "The Gulf Region: Market Opportunities Amid the Current Economic Challenges." She will appear on a panel with others. (Duques Hall, 2201 22nd Street, NW, Room 651)
Inter-American Development Bank, Washington, D.C., on April 23 at 11:00 am: "How Can We Transform Informal Assets into Financial Opportunities?: A Discussion on the Role of Property Rights." (1300 New York Ave., NW)
Johns Hopkins University School of Advanced International Studies SAIS, Washington D.C., on April 24 at 2:00pm: "Gambling Finance vs. Useful Finance" (1740 Massachusetts Av. NW, Room 417)
The NYU Stern Emerging Markets Association and Real Estate Club, New York University, New York City, on April 29 at 6.30 - 8.00 pm: " Illiquid Property and Unreal Estate: Can Property Rights Stabilize Real Estate Prices?" (Cantor Boardroom, 11th Floor, Kaufman Management Center 44, West 4th Street) Middlebury College Workshop: "Getting to 350: Building Strategies for 21st Century Aspirations" Saturday, May 2 at 1.30 - 3.00pm Elena Panaritis present the successful results of her analysis in transforming illiquid property markets in the panel "Breakthrough Ideas that have Worked" Moderated by John Maluccio, Middlebury College
PRESS RELEASE
New York NY FEBRUARY 10, 2009
There's a gaping hole in the financial recovery plan, and every home in America is at risk of falling through. The second bank bailout plan, better than the first, still falls short in addressing a fundamental problem: How can we fix the mortgage crisis if American homes are not valued properly?
Ms. Elena Panaritis, author of Prosperity Unbound: Building Property Markets with Trust, is a former World Bank economist who has played a direct, hands-on role in creating stable property rights systems that prevent mortgage crises like ours.
"It's no accident that this has originated in the United States," explains Ms. Panaritis. "The system is built on a false assumption: that property is valued correctly. Unless that's fixed, the risk will always be far greater than necessary."
Ms. Panaritis will be in New York City and available for interviews Friday, February 13 through Monday, February 16. Please contact Amber Lacey at (EMAIL) or (703) 835-3708 to arrange an interview.
To learn more about Elena Panaritis' work, visit: http://prosperityunbound.com/author.html
Elena Panaritis presents her book Prosperity Unbound: Building Property Markets with Trust, in NY Business School Community
May 15, 2008
With the amount of discussion that is happening both domestically and internationally about the precariousness of the real estate market, an interest in the value of global informal property markets grows steadily. Determined to bring these issues to policy-making, financial, and other rightfully concerned communities, Director of Panel Group and former World Bank economist Elena Panaritis brings to the public her documentation of the rise of "unreal" estate.
Tuesday, May 27th, 2008 - Invited by Insead - NY Business School Community and Grandes Echoles, hosted by Greenberg Traurig; Ms. Panaritis will present her book Prosperity Unbound: Building Property Markets with Trust (foreword by Francis Fukuyama). She proposes a radically different approach to global property markets. She transforms what she calls "unreal" estate into real estate - informal property to formal property, through a profound institutional change in property rights.,
Ms. Panaritis has pioneered such transformations for over a decade working with investors, government officials, and property owners. She has devised an analytical solution called "Reality Check Analysis" that has helped to unchain value in informal properties and create value for owners and investors. The method for transforming informal property was applied successfully in Peru in the 1990s. Her presentation will take the audience through New Orleans, where hurricane victims refused to leave their homes because they lacked formal ownership documentation, to the land-grabbing anarchy taking place in Zimbabwe.
Detailing these examples of this very real problem, Ms. Panaritis continues on to discuss very real solutions. "Property and the enforcement of property rights is a backbone to sustainable and robust growth," she says. "It is the common element that connects all peoples. It affects us all in the same way. Whether in the neighborhoods of Washington, D.C., Lima, Mumbai, or Paris, the cycle of poverty and all that goes with it can be broken."