Financialization and housing: Between globalization and Varieties of Capitalism

Competition and Change

Volumn 20, Issue 2, 2016, Pages 71-88

  Fernandez, Rodrigo ^a   Aalbers, Manuel B ^a  

^a UNIVERSITY OF LEUVEN   (Belgium)

Author keywords

Economic geography; Financialization; Housing; Mortgage markets; Political economy; Spatial fix

Indexed keywords

EID: 84964659711     PISSN: 10245294     EISSN: 14772221     Source Type: Journal    
DOI: 10.1177/1024529415623916     Document Type: Article

References (80)

1. Aalbers MB (2008) The financialization of home and the mortgage market crisis. Competition & Change 12(2): 148-166.
2. Aalbers MB (2015) The Great Moderation, the Great Excess and the global housing crisis. Journal of Housing Policy 15(1): 43-60.
3. Aalbers MB (in press) Corporate financialization. In: Richardson D, Castree N, Goodchild MF, et al. (eds) The International Encyclopedia of Geography: People, the Earth, Environment, and Technology. Oxford: Wiley.
4. Aalbers MB and Christophers B (2014) Centring housing in political economy. Housing, Theory and Society 31: 373-394.
5. Aalbers MB and Holm A (2008) Privatising social housing in Europe: The cases of Amsterdam and Berlin. In: Adelhof K, Glock B, Lossau J, et al. (eds) Urban Trends in Berlin and Amsterdam. Berlin: Berliner Geographische Arbeiten, Humboldt Universität zu Berlin, pp.12-23.
6. Allen J, Barlow J, Leal J, et al. (2004) Housing & Welfare in Southern Europe. Oxford: Blackwell.
7. André C (2010) A bird's eye view of OECD housing markets. OECD Economics Department Working Articles, No. 746.
8. Andrews D, Caldera Sánchez A, Johansson A (2011) Housing markets and structural policies in OECD countries. OECD Economics Department Working Articles, No. 836.
9. Ansell B (2014) The political economy of ownership: Housing markets and the welfare state. American Political Science Review 108: 383-402.
10. 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.
11. BIS (2002) Housing markets and economic growth: Lessons from the US refinancing boom. BIS Quarterly Review, September.
12. BIS (2004a) Twin peaks in equity and housing prices? BIS Quarterly Review, March.
13. BIS (2004b) What drives housing price dynamics: Cross-country evidence. BIS Quarterly Review, March.
14. BIS (2005) The BIS consolidated banking statistics: structure, uses and recent enhancements. BIS Quarterly Review, September.
15. BIS (2007) Institutional investors, global savings and asset allocation. CGFS Articles, No. 27.
16. BIS (2009) EU housing statistics. IFC Bulletin 31: 111-120.
17. BIS (2011) Global credit and domestic credit booms. BIS Quarterly Review, September.
18. BIS (2012) The great leveraging. BIS Working Articles, No. 398.
19. 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.
20. BIS (2013b) Mind the gap? Sources and implications of supply demand imbalances in collateral asset markets. BIS Quarterly Review, September.
21. Blackburn R (2002) Banking on Death; Or, Investing in Life: The History and Future of Pensions. London: Verso.
22. Boyer R (2000) Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis. Economy and Society 29(1): 111-145.
23. Breathnach P (2010) From spatial Keynesianism to post-Fordist neoliberalism: Emerging contradictions in the spatiality of the Irish state. Antipode 42(5): 1180-1199.
24. Clark GL (2000) Pension Fund Capitalism. Oxford: Oxford University Press.
25. Clark GL (2003) European Pensions & Global Finance. Oxford: Oxford University Press.
26. Coq-Huelva D (2013) Urbanisation and financialisation in the context of a rescaling state: The case of Spain. Antipode 45(5): 1213-1231.
27. Crouch C (2009) Privatised Keynesianism: An unacknowledged policy regime. The British Journal of Politics and International Relations 11: 382-399.
28. Deeg R and Jackson G (2007) Towards a more dynamic theory of capitalist variety. Socio-economic Review 5: 149-179.
29. Doling J and Ford J (eds) (2003) Globalisation and Home Ownership: Experiences in Eight Member States of the European Union. Delft: DUP Science.
30. Doling J and Ronald R (2010) Home ownership and asset-based welfare. Journal of Housing and the Built Environment 25(2): 165-173.
31. Drucker PF (1976) The Unseen Revolution: How Pension Fund Socialism Came to America. New York: Harper & Row.
32. ECB (2006) Monthly Bulletin December. ECB.
33. Fernandez R (2014) Denken over de verzorgingsstaat van morgen; Hoe globalisering en de financiële crisis Nederland vormgeven. Den Haag: Boom Lemma.
34. 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).
35. 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.
36. Gotham KF (2009) Creating liquidity out of spatial fixity: The secondary circuit of capital and the subprime mortgage crisis. International Journal of Urban and Regional Research 33(2): 355-371.
37. Hall S (2012) Geographies of money and finance II: Financialization and financial subjects. Progress in Human Geography 36(3): 403-411.
38. Harloe M (1985) Private Rented Housing in the United States and Europe. New York: St. Martin's.
39. Harloe M (1995) The People's Home: Social Rented Housing in Europe & America. Cambridge: Blackwell.
40. Harvey D (1985) The Urbanization of Capital. Studies in the History and Theory of Capitalist Urbanization. Oxford: Blackwell.
41. Hay C (2004) Common trajectories, variable paces, divergent outcomes? Models of European capitalism under conditions of complex economic interdependence. Review of International Political Economy 11: 231-261.
42. Heeg S (2013) Wohnungen als Finanzanlage. Auswirkungen von Responsibilisierung und Finanzialisierung im Bereich des Wohnens. suburban, zeitschrift für kritische stadtforschung 1: 75-99.
43. 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.
44. ILO (2010) The Global Wage Report 2010/2011: Wage Policies in Times of Crisis. Geneva: ILO.
45. IMF (2006) World Economic Outlook April 2006. IMF. DOI: http://dx.doi.org/10.5089/9781589065499.081.
46. 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.
47. IMF (2009) World Economic Outlook April 2009. IMF. DOI: http://dx.doi.org/10.5089/9781589068063.081.
48. IMF (2011) World Economic Outlook April 2011. IMF. DOI:http://dx.doi.org/10.5089/9781616350598.081.
49. IMF (2013) Capital Flows are Fickle: Anytime, Anywhere. IMF Working Article, WP/13/183.
50. IMF global housing watch data: http://www.imf.org/external/research/housing/.
51. Jones BG (2012) 'Bankable Slums': The global politics of slum upgrading. Third World Quarterly 33(5): 769-789.
52. Jordà O, Schularick M and Taylor AM (2014) The Great Mortgaging: Housing Finance, Crises, and Business Cycles. NBER Working Article, No. 20501.
53. 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.
54. Kemeny J (2005) 'The really big trade-off' between home ownership and welfare: Castles' evaluation of the 1980 thesis, and a reformulation 25 years on. Housing, Theory and Society 22: 59-75.
55. Kemeny J and Lowe S (1998) Schools of comparative housing research: From convergence to divergence. Housing Studies 13(2): 161-176.
56. Kindleberger C and Aliber R (2005 [1978]) Manias, Panics and Crashes: A History of Financial Crashes. Hoboken: Wiley Investment Classics.
57. Langley P (2008) The Everyday Life of Global Finance: Saving and Borrowing in America. Oxford: Oxford University Press.
58. Lawson J (2006) Critical Realism and Housing Studies. London: Routledge.
59. Lujanen M (ed.) (2004) Housing and Housing Policy in the Nordic Countries. Copenhagen: Nordic Council of Ministers.
60. Minsky HP (1996) Uncertainty and the institutional structure of capitalist economies. Journal of Economic Issues 30: 357-368.
61. Newman K (2009) Post-industrial widgets: Capital flows and the production of the urban. International Journal of Urban and Regional Research 33(2): 314-331.
62. OECD (2007) Corporate net lending: A review of recent trends. OECD Economics Department Working Articles, No. 583, OECD.
63. OECD (2011) The evolution of homeownership rates in selected OECD countries: Demographic and public policy influences. OECD Journal: Economic Studies 2011(1): 1-37.
64. Piketty T (2014) Capital in the Twenty-first Century. Cambridge: Harvard College.
65. Rolnik R (2013) Late neoliberalism: The financialization of homeownership and housing rights. International Journal of Urban and Regional Research 37(3): 1058-1066.
66. Ronald R (2008) The Ideology of Home Ownership Homeowner Societies and the Role of Housing. Basingstoke: Palgrave Macmillan.
67. 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.
68. Schwartz HM and Seabrooke L (eds) (2009) The Politics of Housing Booms and Busts. Basingstoke: Palgrave Macmillan.
69. 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.
70. Stockhammer E (2004) Financialization and the slowdown of accumulation. Cambridge Journal of Economics 28(5): 719-741.
71. Strange S (1997) The future of global capitalism; or will divergence persist forever? In: Crouch C and Streeck W (eds) Political Economy of Modern Capitalism: Mapping Convergence and Diversity. London: Sage.
72. Streeck W and Thelen K (2005) Introduction: Institutional change in advanced political economies. In: Streeck W and Thelen K (eds) Beyond Continuity: Institutional Change in Advanced Political Economies. Oxford: Oxford University Press.
73. Toussaint J and Elsinga M (2009) Exploring 'housing asset-based welfare'. Can the UK be held up as an example for Europe? Housing Studies 24: 669-692.
74. 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.
75. Waldron R (2014) Mortgage Stress and the Impact of the Irish Property Crash. Doctoral thesis, University College Dublin, Dublin.
76. Walks RA (2013) Mapping the urban debtscape: The geography of household debt in Canadian cities. Urban Geography 34(2): 153-187.
77. Wainwright T (2009) Laying the foundations for a crisis: Mapping the historico-geographical construction of RMBS securitization in the UK. International Journal of Urban and Regional Research 33(2): 372-388.
78. Watson M (2009) Planning for a future of asset-based welfare? New labour, financialized economic agency and the housing market. Planning Practice and Research 24(1): 41-56.
79. World Bank (2009) Financial institutions and markets across countries and over time. Policy Research Working Article, 4943.
80. World Bank (2012) Benchmarking financial systems around the world. Policy Research Working Article, 6175. World Bank Data http://data.worldbank.org.