ABSTRACT
Underground water, or groundwater, accounts for some 95 percent of the global freshwater reserves and is one of the most critical sources of water for the future supply of cities, industries, and agriculture (UNECE 2007; Zekster and Everett 2004). Indeed, the use of these waters has increased steadily since the late 19th century, producing massive economic and welfare gains globally (Moench 2003; Morris et al. 2003). The intensive exploitation of groundwater has, however, also led to signifi cant declines in the quantity and quality of the resource and poses signifi cant political and economic threats (Llamas and Martinez-Santos 2005). Although groundwater problems have triggered the emergence of initiatives directed at the active management of groundwaters, internationally-coordinated
policies for the management of shared groundwaters remain relatively scant, especially compared to those that have been formulated over the years for surface waters (Burchi et al. 2005; Delli Priscoli and Wolf 2009; Puri and Aureli 2005).
