Financialization and housing: Between globalization and Varieties of Capitalism

Competition and Change - Tập 20 Số 2 - Trang 71-88 - 2016
Rodrigo Fernandez1, Manuel B. Aalbers1
1KU Leuven (University of Leuven), Leuven, Belgium

Tóm tắt

In the literature, one finds various explanations for the rise of financialized capitalism. In the different strands of financialization literature, housing either plays a minor role or is simply seen as one of the bearers of financialization. The relations between housing and financialization are under-researched and under-theorized. This article, first, looks at the rise of housing finance as an integral part of macro-economic policy, and second, at the role of financial globalization in the rise of housing finance. Housing is seen as an absorber of a ‘wall of money’, but the absorption of finance by housing is a very uneven process. Four trajectories of national institutional structures are suggested, and it is discussed how capital flows are absorbed in each of these trajectories. Finally, it is discussed what this tells about the geographies of financialized capitalism, and its relations to debt, housing, mortgage markets and the spatial fix.

Từ khóa


Tài liệu tham khảo

Aalbers MB, 2008, Competition & Change, 12, 148

10.1080/14616718.2014.997431

Aalbers MB, The International Encyclopedia of Geography: People, the Earth, Environment, and Technology

10.1080/14036096.2014.947082

Aalbers MB, 2008, Urban Trends in Berlin and Amsterdam, 12

10.1002/9780470757536

André C (2010) A bird’s eye view of OECD housing markets. OECD Economics Department Working Articles, No. 746.

Andrews D, Caldera Sánchez A, Johansson A (2011) Housing markets and structural policies in OECD countries. OECD Economics Department Working Articles, No. 836.

10.1017/S0003055414000045

Bernanke B, Bertaut C, DeMarco LP, et al. (2011) International capital flows and the returns to safe Assets in the United States. Banque de France Financial Stability Review, 15.

BIS (2002) Housing markets and economic growth: Lessons from the US refinancing boom. BIS Quarterly Review, September.

BIS (2004a) Twin peaks in equity and housing prices? BIS Quarterly Review, March.

BIS (2004b) What drives housing price dynamics: Cross-country evidence. BIS Quarterly Review, March.

BIS (2005) The BIS consolidated banking statistics: structure, uses and recent enhancements. BIS Quarterly Review, September.

BIS (2007) Institutional investors, global savings and asset allocation. CGFS Articles, No. 27.

BIS, 2009, IFC Bulletin, 31, 111

BIS (2011) Global credit and domestic credit booms. BIS Quarterly Review, September.

BIS (2012) The great leveraging. BIS Working Articles, No. 398.

BIS (2013a) How much does the private sector really borrow? A new database for total credit to the private non-financial sector. BIS Quarterly Review, March.

BIS (2013b) Mind the gap? Sources and implications of supply demand imbalances in collateral asset markets. BIS Quarterly Review, September.

Blackburn R, 2002, Banking on Death; Or, Investing in Life: The History and Future of Pensions

10.1080/030851400360587

10.1111/j.1467-8330.2010.00798.x

10.1093/oso/9780199240470.001.0001

10.1093/acprof:oso/9780199253647.001.0001

10.1111/anti.12011

10.1111/j.1467-856X.2009.00377.x

10.1093/ser/mwl021

Doling J and Ford J (eds) (2003) Globalisation and Home Ownership: Experiences in Eight Member States of the European Union. Delft: DUP Science.

10.1007/s10901-009-9177-6

Drucker PF, 1976, The Unseen Revolution: How Pension Fund Socialism Came to America

ECB (2006) Monthly Bulletin December. ECB.

Fernandez R, 2014, Denken over de verzorgingsstaat van morgen; Hoe globalisering en de financiële crisis Nederland vormgeven

Fernandez R, Hofman A and Aalbers MB (in press) London and New York as a safe deposit box for the transnational wealth elite. Article under review (available from the authors).

Fields D and Uffer S (2014) The financialization of rental housing: A comparative analysis of New York City and Berlin. Urban Studies. DOI: 10.1177/0042098014543704.

10.1111/j.1468-2427.2009.00874.x

Hall S (2012) Geographies of money and finance II: Financialization and financial subjects. Progress in Human Geography 36(3): 403–411.

Harloe M, 1985, Private Rented Housing in the United States and Europe

10.1002/9780470712825

Harvey D, 1985, The Urbanization of Capital. Studies in the History and Theory of Capitalist Urbanization

10.1080/09692290420001672796

10.36900/suburban.v1i1.71

Henry JS (2012) The price of offshore revisited. The Tax Justice Network, http://www.taxjustice.net/cms/upload/pdf/Price_of_Offshore_Revisited_120722.pdf.

ILO, 2010, The Global Wage Report 2010/2011: Wage Policies in Times of Crisis

IMF (2006) World Economic Outlook April 2006. IMF. DOI: http://dx.doi.org/10.5089/9781589065499.081.

IMF (2008) The changing housing cycle and the implications for monetary policy. World Economic Outlook April 2008. IMF. DOI: http://dx.doi.org/10.5089/9781589067196.081.

IMF (2009) World Economic Outlook April 2009. IMF. DOI: http://dx.doi.org/10.5089/9781589068063.081.

IMF (2011) World Economic Outlook April 2011. IMF. DOI: http://dx.doi.org/10.5089/9781616350598.081.

IMF (2013) Capital Flows are Fickle: Anytime, Anywhere. IMF Working Article, WP/13/183.

IMF global housing watch data: http://www.imf.org/external/research/housing/.

10.1080/01436597.2012.679027

Jordà O, Schularick M and Taylor AM (2014) The Great Mortgaging: Housing Finance, Crises, and Business Cycles. NBER Working Article, No. 20501.

Kaika M and Ruggiero L (2014) Land financialization as a ‘lived’ process: The transformation of Milan’s Bicocca by Pirelli. European Urban and Regional Studies. DOI: 10.1177/0969776413484166.

10.1080/14036090510032727

10.1080/02673039883380

10.1057/9780230628045

10.1093/acprof:oso/9780199236596.001.0001

Lawson J, 2006, Critical Realism and Housing Studies

Lujanen M (ed.) (2004) Housing and Housing Policy in the Nordic Countries. Copenhagen: Nordic Council of Ministers.

10.1080/00213624.1996.11505800

10.1111/j.1468-2427.2009.00863.x

OECD (2007) Corporate net lending: A review of recent trends. OECD Economics Department Working Articles, No. 583, OECD.

10.1787/eco_studies-2011-5kg0vswqpmg2

10.4159/9780674369542

10.1111/1468-2427.12062

10.1057/9780230582286

Savini F and Aalbers MB (in press) The de-contextualization of land use planning through financialisation: Urban redevelopment in Milan. European Urban and Regional Studies. DOI: 10.1177/0969776415585887.

Schwartz HM and Seabrooke L (eds) (2009) The Politics of Housing Booms and Busts. Basingstoke: Palgrave Macmillan.

Stockhammer E (2007) Some stylized facts on the finance-dominated accumulation regime. Working Article Series Number 142. Political Economy Research Institute, University of Massachusetts Amherst.

10.1093/cje/beh032

10.4135/9781446217849.n12

Streeck W, 2005, Beyond Continuity: Institutional Change in Advanced Political Economies

10.1080/02673030903083326

Trouillard E (2013) Development of a financialized rental investment product: Private serviced residences in the Paris region (Ile-de-France) (Working article) Transforming Cities: Urban Processes and Structure. researchrepository.ucd.ie.

Waldron R (2014) Mortgage Stress and the Impact of the Irish Property Crash. Doctoral thesis, University College Dublin, Dublin.

10.1080/02723638.2013.778647

10.1111/j.1468-2427.2009.00876.x

10.1080/02697450902742148

World Bank (2009) Financial institutions and markets across countries and over time. Policy Research Working Article, 4943.

World Bank (2012) Benchmarking financial systems around the world. Policy Research Working Article, 6175. World Bank Data http://data.worldbank.org.