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dc.contributor.authorBOHLE, Dorothee
dc.date.accessioned2018-06-08T15:40:16Z
dc.date.available2018-06-08T15:40:16Z
dc.date.issued2018
dc.identifier.citationStudies in comparative international development, 2018, Vol. 53, No. 2, pp. 196–217en
dc.identifier.issn0039-3606
dc.identifier.issn1936-6167
dc.identifier.urihttps://hdl.handle.net/1814/55404
dc.descriptionPublished online: 25 April 2018en
dc.description.abstractThis paper asks why peripheral European countries have been particularly vulnerable to housing and mortgage booms in recent decades; how these booms have shaped their exposure to the global financial crisis (GFC), and how the GFC has affected peripheral housing finance. To answer these questions, it explores the interaction between European processes of financial integration and domestic housing (finance) policies in four peripheral countries. It argues that the EU framework for free movement of capital and financial service provision as well as the availability of cheap credit has induced a trajectory of housing financialization, which has taken two forms: funding from wholesale markets and direct penetration of foreign financial institutions. These two forms attest to a core-periphery relationship in housing financialization, whose hierarchical character came to the fore in the crisis. Peripheral European countries experienced sudden stops and reversals of capital flows, which badly affected their banking systems. Unable to solve the looming banking crises on their own, they had to turn to creditors to gain access to much needed capital. A combination of international conditionality and domestic policy responses, and the original level of mortgage debt result in different trajectories in housing finance after the crisis.en
dc.description.sponsorshipThis work was supported by the project ‘European Legitimacy in Governing through Hard Times (#649456-ENLIGHTEN), a European Commission Research and Innovation action under the Horizon 2020 Framework Program.en
dc.format.mimetypeapplication/pdf
dc.language.isoenen
dc.publisherSpringer Verlagen
dc.relationinfo:eu-repo/grantAgreement/EC/H2020/649456/EUen
dc.relation.ispartofStudies in comparative international developmenten
dc.rightsinfo:eu-repo/semantics/openAccess
dc.titleMortgaging Europe's peripheryen
dc.typeArticleen
dc.identifier.doi10.1007/s12116-018-9260-7
dc.identifier.volume53en
dc.identifier.startpage196en
dc.identifier.endpage217en
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dc.identifier.issue2en


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