IDEAS home Printed from https://ideas.repec.org/a/sae/urbstu/v40y2003i5-6p1011-1026.html
   My bibliography  Save this article

Globalisation and Housing Finance Systems in Advanced and Transition Economies

Author

Listed:
  • Mark Stephens

    (Department of Urban Studies, University of Glasgow, 25 Bute Gardens, Glasgow, G12 8RS, UK, M.Stepheres@socsci.gla.ac.uk)

Abstract

'Globalisation' is only the most recent manifestation of convergence theory. This article shows how distinctive housing finance systems in the advanced economies contribute to distinctive housing systems with important social and economic implications. It also suggests that the evidence from the European Union confirms what can be derived from a priori reasoning: that mobility of finance does not alter the nationally based components of the wider housing finance system. Hence, even huge changes in the nature of intermediaries fail to alter the fundamental nature of the mortgage product. Combined with lack of any evidence to suggest that government support for home-ownership is in general or irreversible retreat, it is suggested that the former socialist 'transition' countries have considerably more opportunity to shape their housing finance systems than might be suggested by convergence theory.

Suggested Citation

  • Mark Stephens, 2003. "Globalisation and Housing Finance Systems in Advanced and Transition Economies," Urban Studies, Urban Studies Journal Limited, vol. 40(5-6), pages 1011-1026, May.
    • Handle: RePEc:sae:urbstu:v:40:y:2003:i:5-6:p:1011-1026
    DOI: 10.1080/0042098032000074290
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1080/0042098032000074290
    Download Restriction: no
    File URL: https://libkey.io/10.1080/0042098032000074290?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
    ---><---

    References listed on IDEAS

    as
    1. Natasha Pichler-Milanovich, 2001. "Urban Housing Markets In Central And Eastern Europe: Convergence, Divergence Or Policy 'Collapse'," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(2), pages 145-187.
    2. Peter J. Boelhouwer, 2002. "Capital accumulation via homeownership: the case of the Netherlands," European Journal of Housing Policy, Taylor and Francis Journals, vol. 2(2), pages 167-181.
    3. Clodagh Memery, 2001. "The Housing System And The Celtic Tiger: The State Response To A Housing Crisis Of Affordability And Access," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(1), pages 79-104.
    4. JoAzsef Hegedüs & Iván Tosics & Stephen K. Mayo, 1996. "Transition Of The Housing Sector In The East Central European Countries," Review of Urban & Regional Development Studies, Wiley Blackwell, vol. 8(2), pages 101-136, July.
    5. Natasha Pichler-Milanovich, 2001. "Urban Housing Markets In Central And Eastern Europe: Convergence, Divergence Or Policy 'Collapse'," International Journal of Housing Policy, Taylor & Francis Journals, vol. 1(2), pages 145-187.
    6. Clodagh Memery, 2001. "The Housing System And The Celtic Tiger: The State Response To A Housing Crisis Of Affordability And Access," International Journal of Housing Policy, Taylor & Francis Journals, vol. 1(1), pages 79-104.
    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. Konstantin A. Kholodilin & Sebastian Kohl & Tobias Niemeyer, 2019. "Steuerliche Instrumente der Wohneigentumsförderung," DIW Roundup: Politik im Fokus 132, DIW Berlin, German Institute for Economic Research.
    2. Warnock, Veronica Cacdac & Warnock, Francis E., 2008. "Markets and housing finance," Journal of Housing Economics, Elsevier, vol. 17(3), pages 239-251, September.
    3. Manuel B. Aalbers, 2009. "The Globalization and Europeanization of Mortgage Markets," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 389-410, June.
    4. Liis Ojamäe, 2009. "Making Choices in the Housing Market: A Social Construction of Housing Values," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 1(2).

    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. Brzezicka, Justyna & Wisniewski, Radoslaw & Figurska, Marta, 2018. "Disequilibrium in the real estate market: Evidence from Poland," Land Use Policy, Elsevier, vol. 78(C), pages 515-531.
    2. Tsai, I-Chun, 2019. "Relationships among regional housing markets: Evidence on adjustments of housing burden," Economic Modelling, Elsevier, vol. 78(C), pages 309-318.
    3. Disch, Wendy & Slaymaker, Rachel, 2023. "Housing affordability: Ireland in a cross-country context," Research Series, Economic and Social Research Institute (ESRI), number RS164.
    4. Ilinca-Valentina Stoica & Antoni F. Tulla & Daniela Zamfir & Alexandru-Ionuț Petrișor, 2020. "Exploring the Urban Strength of Small Towns in Romania," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 152(3), pages 843-875, December.
    5. Mark Stephens, 2005. "A Critical Analysis of Housing Finance Reform in a 'Super' Home-ownership State: The Case of Armenia," Urban Studies, Urban Studies Journal Limited, vol. 42(10), pages 1795-1815, September.
    6. Anneli Kährik & Tiit Tammaru, 2008. "Population Composition in New Suburban Settlements of the Tallinn Metropolitan Area," Urban Studies, Urban Studies Journal Limited, vol. 45(5-6), pages 1055-1078, May.
    7. Sampo Ruoppila, 2005. "Housing Policy and Residential Differentiation in Post-Socialist Tallinn," European Journal of Housing Policy, Taylor and Francis Journals, vol. 5(3), pages 279-300, December.
    8. Declan Redmond, 2001. "Policy Review Social Housing In Ireland: Under New Management?," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(2), pages 291-306.
    9. Kang, Hsin-Hong & Liu, Shu-Bing, 2014. "The impact of the 2008 financial crisis on housing prices in China and Taiwan: A quantile regression analysis," Economic Modelling, Elsevier, vol. 42(C), pages 356-362.
    10. Mualam, Nir, 2018. "Playing with Supertankers: Centralization in Land Use Planning in Israel — A National Experiment Underway," Land Use Policy, Elsevier, vol. 75(C), pages 269-283.
    11. Hegedüs, József & Somogyi, Eszter & Augustyniak, Hanna & Csizmady, Adrienne & Laszek, Jacek & Olszewski, Krzysztof, 2019. "Posztszocialista lakásrendszerek Magyarországon és Lengyelországban [Post-socialist housing systems in Hungary and Poland]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 980-1004.
    12. Paulus, Alari, 2015. "Income underreporting based on income-expenditure gaps: survey vs tax records," ISER Working Paper Series 2015-15, Institute for Social and Economic Research.
    13. I-Chun Tsai & Chien-Wen Peng, 2012. "A panel data analysis for housing affordability in Taiwan," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(2), pages 335-350, April.
    14. Dan Ye & Jingxiang Zhang & Guoliang Xu, 2017. "Peripherization of Indemnificatory Housing Community under Land-Centered Urban Transformation: The Case of Nanjing, China," Sustainability, MDPI, vol. 9(4), pages 1-14, April.
    15. Sasha Tsenkova & Bengt Turner, 2004. "The Future Of Social Housing In Eastern Europe: Reforms In Latvia And Ukraine," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(2), pages 133-149.
    16. I-Chun Tsai, 2012. "Housing Supply, Demand and Price: Construction Cost, Rental Price and House Price Indices," Asian Economic Journal, East Asian Economic Association, vol. 26(4), pages 381-396, December.
    17. Ronald Van Kempen & Alan Murie, 2009. "The New Divided City: Changing Patterns In European Cities," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 100(4), pages 377-398, September.
    18. JÓzsef Hegedüs & Natalia Rogozhina & Eszter Somogyi & Raymond Struyk & Andrey Tumanov, 2004. "Potential Effects Of Subsidy Programmes On Housing Affordability: The Cases Of Budapest And Moscow," European Journal of Housing Policy, Taylor and Francis Journals, vol. 4(2), pages 151-184.
    19. Petar Vranic & Ljiljana Vasilevska & Tigran Haas, 2016. "Hybrid spatialities: Multi-storey extensions of socialist blocks of flats under post-socialist transition in Serbia, the case of Nis," Urban Studies, Urban Studies Journal Limited, vol. 53(6), pages 1261-1277, May.
    20. Teye, Alfred Larm & Ahelegbey, Daniel Felix, 2017. "Detecting spatial and temporal house price diffusion in the Netherlands: A Bayesian network approach," Regional Science and Urban Economics, Elsevier, vol. 65(C), pages 56-64.

    More about this item

    Statistics

    Access and download statistics

    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:urbstu:v:40:y:2003:i:5-6:p:1011-1026. 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: SAGE Publications (email available below). General contact details of provider: http://www.gla.ac.uk/departments/urbanstudiesjournal .

    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.