The origins of national housing finance systems: a comparative investigation into historical variations in mortgage finance regimes

Blackwell, Timothy and Kohl, Sebastian (2017) The origins of national housing finance systems: a comparative investigation into historical variations in mortgage finance regimes. Review of International Political Economy, 25 (1). pp. 49-74. ISSN 0969-2290

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Abstract

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.

Item Type: Article
Keywords: Housing finance, path-dependence, urbanisation, Gerschenkron, building societies, mortgage banks
Schools and Departments: School of Global Studies > International Relations
Research Centres and Groups: Centre for Global Political Economy
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Depositing User: Timothy Blackwell
Date Deposited: 15 Dec 2017 11:33
Last Modified: 06 Mar 2018 15:35
URI: http://sro.sussex.ac.uk/id/eprint/72096

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