Department of Social Work
Securitization, the global financial crisis and residential capitalisms in an East Asian context
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.
comparative housing, financial crisis, homeownership, Hong Kong, housing finance, residential capitalism
Source Publication Title
Taylor & Francis
Link to Publisher's Edition
Fung, K., & Forrest, R. (2011). Securitization, the global financial crisis and residential capitalisms in an East Asian context. Housing Studies, 26 (8-7), 1231-1249. https://doi.org/10.1080/02673037.2011.618265