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

Kin Fung KWOK, Ray FORREST

Research output: Journal PublicationsJournal Article (refereed)

3 Citations (Scopus)

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.
Original languageEnglish
Pages (from-to)1231-1249
Number of pages19
JournalHousing Studies
Volume26
Issue number7-8
DOIs
Publication statusPublished - 1 Oct 2011
Externally publishedYes

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housing finance
financial crisis
financial system
housing
Hong Kong
housing market
political economy
analysis
policy

Cite this

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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. {\circledC} 2011 Copyright Taylor and Francis Group, LLC.",
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Securitization, the global financial crisis and residential capitalisms in an East Asian context. / KWOK, Kin Fung; FORREST, Ray.

In: Housing Studies, Vol. 26, No. 7-8, 01.10.2011, p. 1231-1249.

Research output: Journal PublicationsJournal Article (refereed)

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