Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?

The direct effect that an exogenous shock like the global financial crisis (GFC) had on the border between one form of tenure and another is particularly interesting in countries were owner-occupancy predominates. Right before the GFC, Spain was experiencing a major housing price bubble, allowing gr...

Descripción completa

Detalles Bibliográficos
Autores: Pareja Eastaway, Montserrat, Sánchez-Martínez, Teresa
Tipo de recurso: artículo
Estado:Versión aceptada para publicación
Fecha de publicación:2016
País:España
Institución:Universidad de Barcelona
Repositorio:Dipòsit Digital de la UB
OAI Identifier:oai:diposit.ub.edu:2445/216265
Acceso en línea:https://hdl.handle.net/2445/216265
Access Level:acceso abierto
Palabra clave:Planificació
Crisis financeres
Planning
Financial crises
id ES_3c4d1471b7d231f9ca6950aa9fa74eae
oai_identifier_str oai:diposit.ub.edu:2445/216265
network_acronym_str ES
network_name_str España
repository_id_str
spelling Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?Pareja Eastaway, MontserratSánchez-Martínez, TeresaPlanificacióCrisis financeresPlanningFinancial crisesThe direct effect that an exogenous shock like the global financial crisis (GFC) had on the border between one form of tenure and another is particularly interesting in countries were owner-occupancy predominates. Right before the GFC, Spain was experiencing a major housing price bubble, allowing great expectations on housing equity gains together with extremely high numbers of mortgage-indebted households. The GFC represented a major threat for those households at the edges as their financial fragility increased. The aim of this paper is to identify why the edges of ownership in Spain came to be so precarious after the GFC and to assess how resilience is improved (considering both vulnerable households affected by the crisis and those that may be affected later) by securing the future of the edges of homeownership and reducing the volatility observed in an ownership-centred housing market. We will use the MDSR (Mortgage Debt Service Ratio) as an indicator of the higher vulnerability of those on the edges of homeownership. Looking at the consequences at the edges of the GFC in a home-ownership dominated market will provide the arguments for drawing up policies and actions for a new long- term tenure scenario in SpainRoutledge, Taylor & Francis Group2016info:eu-repo/semantics/articleinfo:eu-repo/semantics/acceptedVersionapplication/pdfhttps://hdl.handle.net/2445/216265Articles publicats en revistes (Economia)reponame:Dipòsit Digital de la UBinstname:Universidad de BarcelonaInglésVersió postprint del document publicat a: https://doi.org/10.1080/14616718.2016.1185275International Journal of Housing Policy, 2016, vol. 17, num.2, p. 276-295https://doi.org/10.1080/14616718.2016.1185275(c) Routledge, Taylor & Francis Group, 2016info:eu-repo/semantics/openAccessoai:diposit.ub.edu:2445/2162652026-05-27T06:46:51Z
dc.title.none.fl_str_mv Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
title Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
spellingShingle Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
Pareja Eastaway, Montserrat
Planificació
Crisis financeres
Planning
Financial crises
title_short Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
title_full Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
title_fullStr Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
title_full_unstemmed Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
title_sort Have the edges of homeownership in Spain proved to be resilient after the global financial crisis?
dc.creator.none.fl_str_mv Pareja Eastaway, Montserrat
Sánchez-Martínez, Teresa
author Pareja Eastaway, Montserrat
author_facet Pareja Eastaway, Montserrat
Sánchez-Martínez, Teresa
author_role author
author2 Sánchez-Martínez, Teresa
author2_role author
dc.subject.none.fl_str_mv Planificació
Crisis financeres
Planning
Financial crises
topic Planificació
Crisis financeres
Planning
Financial crises
description The direct effect that an exogenous shock like the global financial crisis (GFC) had on the border between one form of tenure and another is particularly interesting in countries were owner-occupancy predominates. Right before the GFC, Spain was experiencing a major housing price bubble, allowing great expectations on housing equity gains together with extremely high numbers of mortgage-indebted households. The GFC represented a major threat for those households at the edges as their financial fragility increased. The aim of this paper is to identify why the edges of ownership in Spain came to be so precarious after the GFC and to assess how resilience is improved (considering both vulnerable households affected by the crisis and those that may be affected later) by securing the future of the edges of homeownership and reducing the volatility observed in an ownership-centred housing market. We will use the MDSR (Mortgage Debt Service Ratio) as an indicator of the higher vulnerability of those on the edges of homeownership. Looking at the consequences at the edges of the GFC in a home-ownership dominated market will provide the arguments for drawing up policies and actions for a new long- term tenure scenario in Spain
publishDate 2016
dc.date.none.fl_str_mv 2016
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/acceptedVersion
format article
status_str acceptedVersion
dc.identifier.none.fl_str_mv https://hdl.handle.net/2445/216265
url https://hdl.handle.net/2445/216265
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Versió postprint del document publicat a: https://doi.org/10.1080/14616718.2016.1185275
International Journal of Housing Policy, 2016, vol. 17, num.2, p. 276-295
https://doi.org/10.1080/14616718.2016.1185275
dc.rights.none.fl_str_mv (c) Routledge, Taylor & Francis Group, 2016
info:eu-repo/semantics/openAccess
rights_invalid_str_mv (c) Routledge, Taylor & Francis Group, 2016
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Routledge, Taylor & Francis Group
publisher.none.fl_str_mv Routledge, Taylor & Francis Group
dc.source.none.fl_str_mv Articles publicats en revistes (Economia)
reponame:Dipòsit Digital de la UB
instname:Universidad de Barcelona
instname_str Universidad de Barcelona
reponame_str Dipòsit Digital de la UB
collection Dipòsit Digital de la UB
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869406360481824768
score 15,812429

Similares en LA Referencia