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The making of urban financialization? An exploration of brazilian urban partnership operations with building certificates

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  • Klink, Jeroen
  • Stroher, Laisa Eleonora Maróstica

Abstract

This paper provides two contributions to the research on urban planning and the financialization of land use. Instead of stressing the consequences of finance on others, it prioritizes the analysis of the social-technical constitution of finance itself within urban planning, and does so in an emerging country setting, which is still relatively understudied in the existing literature. We analyse a specific Brazilian planning instrument, i.e., the sale of securitized building certificates (CEPACs) in large urban (re)development projects (UDPs), as a potential constituent space of urban financialization. The paper explores how planners, financial consultants, contractors and builders/developers effectively shape the contradictory financial and physical design and implementation of UDPs with CEPACs. Although the initial evidence shows that there are still clear limits to the penetration of financial logics into land use planning, continuing regulatory rollout and the increasing activism of foreign investors suggest the instrument’s open-ended trajectory, with a potentially more significant role for financial actors in constituting urban financialization through CEPACs.

Suggested Citation

  • Klink, Jeroen & Stroher, Laisa Eleonora Maróstica, 2017. "The making of urban financialization? An exploration of brazilian urban partnership operations with building certificates," Land Use Policy, Elsevier, vol. 69(C), pages 519-528.
    • Handle: RePEc:eee:lauspo:v:69:y:2017:i:c:p:519-528
    DOI: 10.1016/j.landusepol.2017.09.030
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    References listed on IDEAS

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    Cited by:

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    2. Jeroen Klink & Vanessa Lucena Empinotti & Marcelo Aversa, 2020. "On contested water governance and the making of urban financialisation: Exploring the case of metropolitan São Paulo, Brazil," Urban Studies, Urban Studies Journal Limited, vol. 57(8), pages 1676-1695, June.
    3. Hanna Hilbrandt & Monika Grubbauer, 2020. "Standards and SSOs in the contested widening and deepening of financial markets: The arrival of Green Municipal Bonds in Mexico City," Environment and Planning A, , vol. 52(7), pages 1415-1433, October.
    4. Mayra Mosciaro & Alvaro Pereira, 2019. "Reinforcing uneven development: The financialisation of Brazilian urban redevelopment projects," Urban Studies, Urban Studies Journal Limited, vol. 56(10), pages 2160-2178, August.
    5. Abigail Friendly & Ana Paula Pimentel Walker, 2022. "Legacy participation and the buried history of racialised spaces: Hypermodern revitalisation in Rio de Janeiro’s port area," Urban Studies, Urban Studies Journal Limited, vol. 59(6), pages 1167-1184, May.
    6. Rodrigo Castriota, 2024. "HOUSING BEYOND THE METROPOLIS: Inhabiting Extractivism and Extensions in Urban Amazonia," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 48(1), pages 32-52, January.

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