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State, forex mortgages and real estate: some theoretical aspects of the Hungarian case

Conference contribution
Authors Agnes Gagyi
Zs Pósfai
Cs Jelinek
Published in The Real Estate/Financial Complex International Conference. Leuven, Belgium : 13-15 january
Publication year 2017
Published at Department of Sociology and Work Science
Language en
Links https://ees.kuleuven.be/geography/p...
Subject categories Social and Economic Geography

Abstract

Globally accumulated surplus capital is channeled into real estate in ways regulated by state/ public institutions on various scales. The 2008 crisis hit strongly on the Hungarian housing market, and was met by a series of measures from the conservative government. These aimed to decrease foreign dependency of housing finance, and support the government’s class politics (both in corporate and household sectors). This state intervention is currently reconstructing the real estate – finance link in meaningful ways. Relying on traditions of research on uneven development and critical political economy, we reconstruct the context of this particular conjuncture, to draw some theoretical conclusions in contribution to the idea of the real estate/financial complex. We point out the dependence of local real estate markets from global financial cycles; the political motives of government response to the forex crisis; and the institutional hierarchies that determined the unequal distribution of risks and profits during the development of the crisis. Our conclusions conceptualize the state as a power connector between global financial flows, local social structures, and the role of the political geographies of real estate, in its capacity to redistribute and govern the polarization of wealth and misery.

Page Manager: Webmaster|Last update: 9/11/2012
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