A Crisis of What? Mortgage Credit Markets and the Social Policy of Promoting Homeownership in the United States and in Europe
Bibliographic Data
| ID | 7973568 |
|---|---|
| Authors | Waltraud Schelkle (0000-0003-4127-107X, London School of Economics and Political Science (LSE), London, WC, UK, corresponding author) |
| Year | 2012 |
| Volume | 40 |
| Issue | 1 |
| Pages | 59-80 |
| Publication date | 2012-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Politics & Society (JOURNAL) |
| Journal identifiers | ISSN: 0032-3292 • E-ISSN: 1552-7514 |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1177/0032329211434690 |
| OpenAlex | W2129239280 |
| Language | EN |
| Citations received | 34 |
The crisis of 2007-09 was prefigured by bubbles in the housing and mortgage credit markets of major Organisation for Economic Co-operation and Development (OECD) countries. A comparison of the United States, the United Kingdom, and France reveals that, contrary to popular perception, the two European countries had a bigger housing price bubble, more volatility, and a more short-termist mortgage market. Yet, the fallout of the crisis—in terms of overindebtedness of mortgage holders, foreclosures of homes, and the extent to which the “nest-eggs” of households were devalued—has been worse in the United States. This article explores which differences in the use of credit markets for the social policy of promoting homeownership can account for this puzzling finding
Business · Economic bubble · Economic policy · Economics · Financial system · Monetary economics · Mortgage insurance · Mortgage underwriting · Secondary mortgage market · Shared appreciation mortgage · Volatility (finance · Finance · Housing, Finance, and Neoliberalism
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The political economy of homeownership
Ideas and the changing relationship between states and markets in social policy
Belgium’s Successful Ride on the Elephant? The Diverging Effects of High Homeownership Rates on Inequalities
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The global financial crisis and neighborhood decline
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Mortgaging Europe’s Periphery
Regulation as Social Policy
Bricks in the wall
The hidden homeownership welfare state
Repossession, Re-informalization and Dispossession
The Wealth Inequality of Nations
Fiscal policy as credit policy
Financialization and assetization
Consumer Credit in Comparative Perspective
Taking Credit
The politics of mortgage credit expansion in the small coordinated market economies
The inversion of the ‘really big trade-off
EU Pension policy and financialisation
The political economy of pension financialisation
Making sense of the financialization of households
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Raising Children, Rising Debt
| Unique citing works | 34 |
|---|---|
| Citations per year | 2,62 |
| Citation span | 2013 - 2026 (14) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 33 |