Suchergebnisse

The financial crisis showed, once again, that neglecting real estate booms can have disastrous consequences. In this paper, we spell out the circumstances under which a more active policy agenda on this front would be justified. Then, we offer tentative insights on the pros and cons as well as implementation challenges of various policy tools that can be used to contain the damage to the financial system and the economy from real estate boom-bust episodes

The UK has undergone many changes over the past 18 months across a number of different sectors, not least the economy including property markets. As we continue to embark on our journey through post-pandemic life with another new year just around the corner, what can we expect to see in 2022?

AbstractIn the fallout of the 2008 crisis, macroprudential policy has been installed as the policy remedy against future financial instability, a primary focus being developments in the real estate sector. With house prices consistently rising in the EU since 2014, causing alarm among macroprudential supervisory bodies, a core question of EU regulatory governance is how far macroprudential bodies have been capable of bringing about countercyclical actions against the build‐up of such vulnerabilities. This paper investigates this question using a novel dataset of macroprudential intensity coded for the 17 EU countries that experienced real estate vulnerabilities post‐euro crisis. Specifically, it asks which configuration of conditions account for the (in)capacity of countries to impose stringent countercyclical regulations against housing booms? Using fuzzy set qualitative comparative analysis technics coupled with qualitative analysis of country cases using expert interviews, we find that the absence of political salience of homeownership and the political independence of macroprudential authorities to be crucial conditions that jointly explain countercyclical macroprudential activity. These findings, which show two pathways to action have implications for the capacity of the EU to prevent future crises and future reform of the EU prudential framework.

ABSTRACTBased on 12 months of ethnographic, interview and archival research in a poor rural county in China, this article argues that three state policies, namely the concentration of rural educational resources in the county seat, the decision to make access to county‐seat public schools conditional upon homeownership in school districts, and the (former) one‐child policy, have compelled rural households to participate in the real‐estate market to meet the reproductive needs of basic education and marriage. The increasing commodification of education and marriage has fuelled a local real‐estate boom during the past decade. At the same time, it has put peasant‐migrant households under severe economic pressure, forcing them to relocate unpaid female care labour away from the village and to become heavily indebted. These outcomes have had serious repercussions for two other reproductive institutions, leading to a breakdown in intergenerational care and financial support for the elderly, and a sharp decline in the rural birth rate. The Chinese countryside as a social space in which peasant‐migrant households were able to reproduce themselves in a relatively non‐commodified manner has disappeared.