The housing/financial Spain: after the 2008 global financial crisis

Mostra el registre complet Registre parcial de l'ítem

• dc.contributor.author Bonshoms‐Guzmán, Jordi
• dc.date.accessioned 2025-04-22T06:57:37Z
• dc.date.available 2025-04-22T06:57:37Z
• dc.date.issued 2023
• dc.description.abstract The 2008 global financial crisis prompted a tectonic shift in the Spanish model, which was based on a debt-driven homeownership society. In the aftermath of the financial crash, the restructuring of the real estate and financial market through intervention of the Spanish government has been a privileged object of urban analysis, with scholars researching the role of the Management Company for Assets Arising from Bank Reorganization (SAREB) and Spanish real estate investment trusts (REITs) in deleveraging the overhang of nonperforming mortgages from banks. This focus has nonetheless led to neglect of the central role of privately funded asset management companies (AMCs) in Spain, which have not figured highly in urban discussions about post-2008-financial-crisis housing restructuring. In this article, which emanates from a larger study examining the re-setting of relations between real estate and financial actors in Spain, I argue that research should pay more attention to the role of privately funded AMCs. I contend that AMCs function as the operational infrastructures of financialization on behalf of investment funds, as they transform nonperforming mortgages into income-producing assets in the housing sector. Analyses of the role of AMCs also help us better understand the role of Spanish REITs owned by investment funds. Through a detailed examination of the Spanish institutional structure that links housing with financial channels, and by introducing the key role of AMCs at the nexus of such a link, in this article I outline the operations of the emerging housing/financial complex in Spain in the aftermath of the 2008 financial crisis.en
• dc.format.mimetype application/pdf
• dc.identifier.citation Bonshoms‐Guzmán J. The housing/financial Spain: after the 2008 global financial crisis. Int J Urban Reg Res. 2023 Nov;47(6):900-16. DOI: 10.1111/1468-2427.13172
• dc.identifier.doi http://dx.doi.org/10.1111/1468-2427.13172
• dc.identifier.issn 0309-1317
• dc.identifier.uri http://hdl.handle.net/10230/70172
• dc.language.iso eng
• dc.publisher Wiley
• dc.relation.ispartof International Journal of Urban and Regional Research. 2023 Nov;47(6):900-16
• dc.rights © 2023 The Authors. International Journal of Urban and Regional Research published by John Wiley & Sons Ltd on behalf of Urban Research Publications Limited. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by/4.0/
• dc.subject.keyword Housingen
• dc.subject.keyword Financializationen
• dc.subject.keyword Asset management companiesen
• dc.subject.keyword REITsen
• dc.subject.keyword Spainen
• dc.title The housing/financial Spain: after the 2008 global financial crisisen
• dc.type info:eu-repo/semantics/article
• dc.type.version info:eu-repo/semantics/publishedVersion