Title

Securitization, the global financial crisis and residential capitalisms in an East Asian context

Document Type

Journal article

Source Publication

Housing Studies

Publication Date

10-1-2011

Volume

26

Issue

7-8

First Page

1231

Last Page

1249

Publisher

Routledge

Keywords

Hong Kong, Homeownership, Housing Finance, Financial Crisis, Residential Capitalism, Comparative Housing

Abstract

This paper offers an analysis of the housing impact of the recent financial crisis in an East Asian context, specifically Hong Kong. In doing so, the paper argues that much of the current political economy analysis in this area has been overly focused on mortgage securitization as the centrepiece of liberal housing finance systems. The paper also shows that an understanding of the limited development of mortgage securitization in Hong Kong lies in the embedded actions of institutional agents. The paper seeks to contribute to ongoing policy debates about the differential impact of the financial crisis on housing markets and to broader theoretical conceptions of 'residential capitalisms'. In relation to the latter, the aim is to strengthen the East Asian dimension of these discussions and to reinforce arguments regarding the importance of the embedded actions of agents in shaping housing finance systems. © 2011 Copyright Taylor and Francis Group, LLC.

DOI

10.1080/02673037.2011.618265

Print ISSN

02673037

E-ISSN

14661810

Publisher Statement

Copyright © 2011 Taylor & Francis

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Full-text Version

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Recommended Citation

Fung, K. K., & Forrest, R. (2011). Securitization, the global financial crisis and residential capitalisms in an East Asian context. Housing Studies, 26(7-8), 1231-1249. doi: 10.1080/02673037.2011.618265