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The origins of national housing finance systems: a comparative investigation into historical variations in mortgage finance regimes
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Institute for Housing and Urban Research. University of Sussex, Department of International Relations, Brighton.ORCID iD: 0000-0002-3086-8113
Uppsala University, Disciplinary Domain of Humanities and Social Sciences, Faculty of Social Sciences, Institute for Housing and Urban Research.
2017 (English)In: Review of International Political Economy, ISSN 0969-2290, E-ISSN 1466-4526, Vol. 25, no 1, p. 47-74Article in journal (Refereed) Published
Abstract [en]

This paper advances the first historically informed typology of housing finance systems. Using a novel collection of historical mortgage-market data, we identify four different ‘ideal type’ systems, which developed in mature economies when organised housing finance institutions began to emerge with the advance of industrialism and urbanism throughout the long nineteenth century: informal person-to-person lending, and state lending as solutions outside specialised banking circuits; and deposit-based and bond-based institutions as banking solutions. We adapt Alexander Gerschenkron's economic backwardness thesis in order to explain the temporal and spatial emergence of these distinct types, arguing that these systems created path-dependent logics, which made their influence felt over a century later.

Place, publisher, year, edition, pages
2017. Vol. 25, no 1, p. 47-74
Keywords [en]
Housing finance, path-dependence, urbanisation, Gerschenkron, building societies, mortgage banks
National Category
Social Sciences Economics and Business Law and Society Political Science
Identifiers
URN: urn:nbn:se:uu:diva-336528DOI: 10.1080/09692290.2017.1403358ISI: 000423772000003OAI: oai:DiVA.org:uu-336528DiVA, id: diva2:1166287
Available from: 2017-12-14 Created: 2017-12-14 Last updated: 2018-03-16Bibliographically approved

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Blackwell, TimothyKohl, Sebastian

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