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Don't mind the ‘funding gap’: what Dutch post crisis storytelling tells us about elite politics in financialized capitalism

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  • Ewald Engelen

Abstract

In this paper the lobbying efforts of the Dutch financial elite aimed at safeguarding the securitization of Dutch mortgages, which had become a crucial part of Dutch banking business models, is reconstructed, centred on the so-called Liquidity Coverage Ratio of the Basle Committee of Banking Supervision, which dates from January 2013. Section 2 traces the effects of these lobbying efforts. Section 3 describes the storyline used by the Dutch elite to distinguish Dutch securitization (‘good’) from its US counterpart (‘bad’). Section 4 contrasts this storyline with some ‘empirical irritants’ (‘ugly’) which raise broader questions about the role of securitization in the crisis, to lead, in section 5 to the straightforward question: who is telling this story and why? The concluding section draws lessons from this case about elite politics in financialized capitalism.

Suggested Citation

  • Ewald Engelen, 2015. "Don't mind the ‘funding gap’: what Dutch post crisis storytelling tells us about elite politics in financialized capitalism," Environment and Planning A, , vol. 47(8), pages 1606-1623, August.
    • Handle: RePEc:sae:envira:v:47:y:2015:i:8:p:1606-1623
    DOI: 10.1068/a130227p
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    References listed on IDEAS

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    1. Anat Admati & Martin Hellwig, 2013. "The Bankers' New Clothes: What's Wrong with Banking and What to Do about It," Economics Books, Princeton University Press, edition 1, volume 1, number 9929.
    2. Ewald Engelen & Anna Glasmacher, 2013. "Multiple Financial Modernities. International Financial Centres, Urban Boosters and the Internet as the Site of Negotiations," Regional Studies, Taylor & Francis Journals, vol. 47(6), pages 850-867, June.
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    Cited by:

    1. Manuel B. Aalbers & Jannes Van Loon & Rodrigo Fernandez, 2017. "The Financialization of A Social Housing Provider," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 41(4), pages 572-587, July.

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