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

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posted on 2023-06-09, 09:24 authored by Timothy Blackwell, Sebastian Kohl
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.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Review of International Political Economy

ISSN

0969-2290

Publisher

Taylor & Francis

Issue

1

Volume

25

Page range

49-74

Department affiliated with

  • International Relations Publications

Research groups affiliated with

  • Centre for Global Political Economy Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2017-12-15

First Open Access (FOA) Date

2019-06-05

First Compliant Deposit (FCD) Date

2017-12-15

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