IDEAS home Printed from https://ideas.repec.org/a/sae/polsoc/v40y2012i1p59-80.html
   My bibliography  Save this article

A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe

Author

Listed:
  • Waltraud Schelkle

Abstract

The crisis of 2007-09 was prefigured by bubbles in the housing and mortgage credit markets of major Organisation for Economic Co-operation and Development (OECD) countries. A comparison of the United States, the United Kingdom, and France reveals that, contrary to popular perception, the two European countries had a bigger housing price bubble, more volatility, and a more short-termist mortgage market. Yet, the fallout of the crisis—in terms of overindebtedness of mortgage holders, foreclosures of homes, and the extent to which the “nest-eggs†of households were devalued—has been worse in the United States. This article explores which differences in the use of credit markets for the social policy of promoting homeownership can account for this puzzling finding.

Suggested Citation

  • Waltraud Schelkle, 2012. "A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe," Politics & Society, , vol. 40(1), pages 59-80, March.
  • Handle: RePEc:sae:polsoc:v:40:y:2012:i:1:p:59-80
    DOI: 10.1177/0032329211434690
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0032329211434690
    Download Restriction: no

    File URL: https://libkey.io/10.1177/0032329211434690?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    Citations

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


    Cited by:

    1. Cesar Leandro, Julio & Botelho, Delane, 2022. "Consumer over-indebtedness: A review and future research agenda," Journal of Business Research, Elsevier, vol. 145(C), pages 535-551.
    2. Beibei Zhang, 2020. "Social policies, financial markets and the multi-scalar governance of affordable housing in Toronto," Urban Studies, Urban Studies Journal Limited, vol. 57(13), pages 2628-2645, October.
    3. Greg Fuller & Alison Johnston & Aidan Regan, 2018. "Bringing the Household Back in. Comparative Capitalism and the Politics of Housing Markets," Working Papers 201807, Geary Institute, University College Dublin.
    4. Iain Ramsay, 2012. "Between Neo-Liberalism and the Social Market: Approaches to Debt Adjustment and Consumer Insolvency in the EU," Journal of Consumer Policy, Springer, vol. 35(4), pages 421-441, December.
    5. Dorothee Bohle, 2014. "Post-socialist housing meets transnational finance: Foreign banks, mortgage lending, and the privatization of welfare in Hungary and Estonia," Review of International Political Economy, Taylor & Francis Journals, vol. 21(4), pages 913-948, August.
    6. Alison Johnston & Aidan Regan, 2015. "Taming Global Finance in an Age of Capital? Wage-Setting Institutions' Mitigating Effects on Housing Bubbles," LEQS – LSE 'Europe in Question' Discussion Paper Series 87, European Institute, LSE.
    7. Bravo, Jorge Miguel & Ayuso, Mercedes & Holzmann, Robert, 2019. "Making Use of Home Equity: The Potential of Housing Wealth to Enhance Retirement Security," IZA Discussion Papers 12656, Institute of Labor Economics (IZA).
    8. Kohl, Sebastian, 2018. "A small history of the homeownership ideal," MPIfG Discussion Paper 18/6, Max Planck Institute for the Study of Societies.
    9. Dorothee Bohle, 2017. "Mortgaging Europe’s periphery," LEQS – LSE 'Europe in Question' Discussion Paper Series 124, European Institute, LSE.
    10. Cyril Benoît, 2023. "The regulatory path to healthcare systems’ financialization," Post-Print hal-04220439, HAL.

    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:sae:polsoc:v:40:y:2012:i:1:p:59-80. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: SAGE Publications (email available below). General contact details of provider: .

    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.