The Global Financial Crisis and Its Impacts on the Housing Systems of Western European Welfare States (세계경제위기에 따른 서유럽 복지국가의 주택시스템 변화 분석)

Lee, Hyunjeong (이현정); Lee Jong Kwon (이종권)

The Global Financial Crisis and Its Impacts on the Housing Systems of Western European Welfare States

Korea Real Estate Review
2014, 24(1), pp.105~120
Publisher : korea real estate research institute
Research Area : Social Science > Law > Law of Special Parts > Law of Real Estate

Lee, Hyunjeong ¹, Lee Jong Kwon ²

¹경희대학교
²토지주택연구원

Accredited

ABSTRACT

This research is to examine the impacts of the on-going global financial crisis on the housing systems of welfare states. Four developed economies in the Western Europe were selected for the analysis, and the qualitative research employed in-depth interviews with scholars in the fields of housing market and social policy in order to meet the research goal. The major findings indicate that the global economic crisis embedded into the liberalization of housing finance and the inadequacy of regulatory measures caused the vicissitude of housing markets, and its scale and magnitude could be determined by the resilience of each state’s housing system. While the globalization of housing finance markets rendered easy borrowing for homeownership, intensive competition for excessive lending among financial institutions backed by heavy reliance on inter-bank and overall bank triggered market volatility, and further worsened household and public debts. It’s clearly evident that a housing system with varied safety nets becomes a greater cushion to bear the risks of the financial crisis and to weather the economic storm.

KEYWORDS

global financial crisis, housing system, housing market, housing finance, housing policy, welfare states

Citation status

* References for papers published after 2023 are currently being built.

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This paper was written with support from the National Research Foundation of Korea.

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