IDEAS home Printed from https://ideas.repec.org/a/oup/cjrecs/v10y2017i3p455-469..html
   My bibliography  Save this article

Urban assets and the financialisation fix: land tenure, renewal and path dependency in the city of Birmingham

Author

Listed:
  • John R Bryson
  • Rachel Ann Mulhall
  • Meng Song
  • Richard Kenny

Abstract

Cities are places of incremental decision-making involving complex negotiations that produce accumulations of urban assets and path dependency. The ownership, control and co-ordination of urban land and its transformation into an investment asset is a key link between economic interests and urban activities that come together in site-based “financialisation fixes”. A financialisation fix combines a development solution for a specific site with a financial model creating a locally embedded asset. This article examines how land tenure (freehold versus leasehold rights) influences the transformation of a city and the role a local authority plays in the financial management of land assets. This includes an analysis of the application of financialisation to urban assets and the first tax increment financing scheme of 1875.

Suggested Citation

  • John R Bryson & Rachel Ann Mulhall & Meng Song & Richard Kenny, 2017. "Urban assets and the financialisation fix: land tenure, renewal and path dependency in the city of Birmingham," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 10(3), pages 455-469.
    • Handle: RePEc:oup:cjrecs:v:10:y:2017:i:3:p:455-469.
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1093/cjres/rsx013
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Ron Boschma & Koen Frenken, 2011. "The emerging empirics of evolutionary economic geography," Journal of Economic Geography, Oxford University Press, vol. 11(2), pages 295-307, March.
    2. Antoine Guironnet & Katia Attuyer & Ludovic Halbert, 2016. "Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1442-1464, May.
    3. Ron Boschma & Ron Martin (ed.), 2010. "The Handbook of Evolutionary Economic Geography," Books, Edward Elgar Publishing, number 12864.
    4. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Clark University, vol. 86(3), pages 251-274, July.
    5. A. K. Cairncross, 1934. "The Glasgow Building Industry (1870–1914)," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 2(1), pages 1-17.
    6. Young, H Peyton, 1993. "The Evolution of Conventions," Econometrica, Econometric Society, vol. 61(1), pages 57-84, January.
    7. Rachel Weber, 2010. "Selling City Futures: The Financialization of Urban Redevelopment Policy," Economic Geography, Taylor & Francis Journals, vol. 86(3), pages 251-274, July.
    8. David, Paul A., 1994. "Why are institutions the 'carriers of history'?: Path dependence and the evolution of conventions, organizations and institutions," Structural Change and Economic Dynamics, Elsevier, vol. 5(2), pages 205-220, December.
    9. Harvey, David, 2005. "The New Imperialism," OUP Catalogue, Oxford University Press, number 9780199278084.
    10. Ludovic Halbert & Katia Attuyer, 2016. "Introduction: The financialisation of urban production: Conditions, mediations and transformations," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1347-1361, May.
    11. A. Guironnet & K. Attuyer & L. Halbert, 2016. "Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region," Post-Print halshs-01258810, HAL.
    12. J Coakley, 1994. "The Integration of Property and Financial Markets," Environment and Planning A, , vol. 26(5), pages 697-713, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Tuna Taşan-Kok & Sara Özogul, 2021. "Fragmented governance architectures underlying residential property production in Amsterdam," Environment and Planning A, , vol. 53(6), pages 1314-1330, September.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Antoine Guironnet, 2019. "Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities," Post-Print halshs-02297204, HAL.
    2. Ludovic Halbert & Katia Attuyer, 2016. "Introduction: The financialisation of urban production: Conditions, mediations and transformations," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1347-1361, May.
    3. Kate Gasparro & Ashby Monk, 2020. "Demystifying “localness†of infrastructure assets: Crowdfunders as local intermediaries for global investors," Environment and Planning A, , vol. 52(5), pages 878-897, August.
    4. Sara Brorström & Alexander Styhre, 2021. "Plans and situated actions in urban renewal projects: The role of governance devices in realizing projects," Environment and Planning C, , vol. 39(3), pages 646-663, May.
    5. Frances Brill, 2020. "Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process," Environment and Planning A, , vol. 52(2), pages 362-382, March.
    6. Rachel Weber, 2021. "Embedding futurity in urban governance: Redevelopment schemes and the time value of money," Environment and Planning A, , vol. 53(3), pages 503-524, May.
    7. Mirjam Büdenbender & Manuel B. Aalbers, 2019. "How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw's Służewiec Business District," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 43(4), pages 666-684, July.
    8. Julie Pollard, 2023. "The political conditions of the rise of real-estate developers in French housing policies," Environment and Planning C, , vol. 41(2), pages 274-291, March.
    9. Frances Brill, 2022. "Governing investors and developers: Analysing the role of risk allocation in urban development," Urban Studies, Urban Studies Journal Limited, vol. 59(7), pages 1499-1517, May.
    10. Antoine Guironnet & Ludovic Halbert, 2016. "Book review : Rachel Weber (2015) From Boom to Bubble. How Finance Built The New Chicago," Working Papers hal-01336517, HAL.
    11. Antoine Guironnet & Ludovic Halbert, 2016. "Book review : Rachel Weber (2015) From Boom to Bubble. How Finance Built The New Chicago," Post-Print hal-01336517, HAL.
    12. 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.
    13. Feng, Yi & Wu, Fulong & Zhang, Fangzhu, 2022. "The development of local government financial vehicles in China: A case study of Jiaxing Chengtou," Land Use Policy, Elsevier, vol. 112(C).
    14. Nicole Cook & Kristian Ruming, 2021. "The financialisation of housing and the rise of the investor-activist," Urban Studies, Urban Studies Journal Limited, vol. 58(10), pages 2023-2039, August.
    15. Chen, Yawei, 2022. "Financialising urban redevelopment: Transforming Shanghai’s waterfront," Land Use Policy, Elsevier, vol. 112(C).
    16. Daniel You-Ren Yang & Jung-Che Chang, 2018. "Financialising space through transferable development rights: Urban renewal, Taipei style," Urban Studies, Urban Studies Journal Limited, vol. 55(9), pages 1943-1966, July.
    17. Antoine Guironnet & Katia Attuyer & Ludovic Halbert, 2016. "Building cities on financial assets: The financialisation of property markets and its implications for city governments in the Paris city-region," Urban Studies, Urban Studies Journal Limited, vol. 53(7), pages 1442-1464, May.
    18. Kevin Ward & Andrew Wood, 2021. "“We just need the developer to develop†: Entrepreneurialism, financialization and urban redevelopment in Lexington, Kentucky," Environment and Planning C, , vol. 39(7), pages 1471-1491, November.
    19. Nicolas Raimbault, 2022. "Outer-suburban politics and the financialisation of the logistics real estate industry: The emergence of financialised coalitions in the Paris region," Urban Studies, Urban Studies Journal Limited, vol. 59(7), pages 1481-1498, May.
    20. Mark Davidson & Donald McNeill, 2012. "The Redevelopment of Olympic Sites: Examining the Legacy of Sydney Olympic Park," Urban Studies, Urban Studies Journal Limited, vol. 49(8), pages 1625-1641, June.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cjrecs:v:10:y:2017:i:3:p:455-469.. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cjres .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.