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The origins of national housing finance systems: a comparative investigation into historical variations in mortgage finance regimes

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  • Timothy Blackwell
  • Sebastian Kohl

Abstract

This paper advances the first historically informed typology of housing finance systems. Using a novel collection of historical mortgage-market data, we identify four different ‘ideal type’ systems, which developed in mature economies when organised housing finance institutions began to emerge with the advance of industrialism and urbanism throughout the long nineteenth century: informal person-to-person lending, and state lending as solutions outside specialised banking circuits; and deposit-based and bond-based institutions as banking solutions. We adapt Alexander Gerschenkron's economic backwardness thesis in order to explain the temporal and spatial emergence of these distinct types, arguing that these systems created path-dependent logics, which made their influence felt over a century later.

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  • Timothy Blackwell & Sebastian Kohl, 2018. "The origins of national housing finance systems: a comparative investigation into historical variations in mortgage finance regimes," Review of International Political Economy, Taylor & Francis Journals, vol. 25(1), pages 49-74, January.
    • Handle: RePEc:taf:rripxx:v:25:y:2018:i:1:p:49-74
    DOI: 10.1080/09692290.2017.1403358
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    Cited by:

    1. Schwartz, Herman M., 2024. "Triffin reloaded: The matrix of contradictions around global quasi-state money," MPIfG Discussion Paper 24/3, Max Planck Institute for the Study of Societies.
    2. Timothy Blackwell & Sebastian Kohl, 2018. "Urban heritages: How history and housing finance matter to housing form and homeownership rates," Urban Studies, Urban Studies Journal Limited, vol. 55(16), pages 3669-3688, December.
    3. Savage, Mike & Waitkus, Nora, 2022. "Property, wealth, and social change: Piketty as a social science engineer," LSE Research Online Documents on Economics 114939, London School of Economics and Political Science, LSE Library.
    4. Engelbert Stockhammer & Christina Wolf, 2019. "Building blocks for the macroeconomics and political economy of housing," Japanese Economy, Taylor & Francis Journals, vol. 45(1-2), pages 43-67, April.
    5. PROSKUROVSKA Anetta & DÖRRY Sabine, 2018. "Is a Blockchain-based conveyance system the next step in the financialisation of housing? The case of Sweden," LISER Working Paper Series 2018-17, Luxembourg Institute of Socio-Economic Research (LISER).
    6. Giorgos Gouzoulis, 2023. "What do indebted employees do? Financialisation and the decline of industrial action," Industrial Relations Journal, Wiley Blackwell, vol. 54(1), pages 71-94, January.
    7. Sebastian Kohl & Alexander Spielau, 2022. "Centring construction in the political economy of housing: variegated growth regimes after the Keynesian construction state," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(3), pages 465-490.
    8. James Wood & Engelbert Stockhammer, 2020. "House prices, private debt and the macroeconomics of comparative political economy," Working Papers PKWP2005, Post Keynesian Economics Society (PKES).
    9. Eva Horvatova, 2020. "Twenty Years of Mortgage Banking in Slovakia," IJFS, MDPI, vol. 8(3), pages 1-30, September.
    10. Giorgos Gouzoulis, 2021. "Finance, Discipline and the Labour Share in the Long‐Run: France (1911–2010) and Sweden (1891–2000)," British Journal of Industrial Relations, London School of Economics, vol. 59(2), pages 568-594, June.

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