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Globalisation and Housing Finance Systems in Advanced and Transition Economies

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  • 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
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    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.
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    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).

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