“Where to put the spare cash?” : Subprime urbanization and the geographies of the financial crisis in the Global South
(2016) In Urban Geography 37(6). p.926-948- Abstract
This article investigates the geographies of subprime urbanization, and by extension, the displacement of 2007–08 financial crisis to the Global South. Previous research examined the formative ways that technological innovations enabled mortgages to deterritorialize and circulate on secondary markets. Less is known about how cities with underdeveloped financial systems and housing markets have been impacted. The case of Tangier, Morocco, is used to argue that the geography of the crisis must be understood as a particular mode of urbanization, subprime urbanization, predicated upon the creation and exploitation of housing submarkets into new geographical frontiers. Subprime urbanization emerged in Tangier in response to the historic... (More)
This article investigates the geographies of subprime urbanization, and by extension, the displacement of 2007–08 financial crisis to the Global South. Previous research examined the formative ways that technological innovations enabled mortgages to deterritorialize and circulate on secondary markets. Less is known about how cities with underdeveloped financial systems and housing markets have been impacted. The case of Tangier, Morocco, is used to argue that the geography of the crisis must be understood as a particular mode of urbanization, subprime urbanization, predicated upon the creation and exploitation of housing submarkets into new geographical frontiers. Subprime urbanization emerged in Tangier in response to the historic contradictions of regional disinvestment in northern Morocco. Weak financial inclusion for local low-income homebuyers led State bureaucrats to increasingly use housing policy to encourage European investment into Moroccan property markets, thereby transforming policy away from improving homeownership access and inclusion toward an urban model centered on the logics of international property speculation.
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- author
- Kutz, William LU and Lenhardt, Julia
- publishing date
- 2016-08-17
- type
- Contribution to journal
- publication status
- published
- subject
- keywords
- Europe, financial crisis, Global South, Morocco, Subprime urbanization
- in
- Urban Geography
- volume
- 37
- issue
- 6
- pages
- 23 pages
- publisher
- Bellwether Publishing Ltd
- external identifiers
-
- scopus:84958582498
- ISSN
- 0272-3638
- DOI
- 10.1080/02723638.2015.1118989
- language
- English
- LU publication?
- no
- additional info
- Publisher Copyright: © 2016 Taylor & Francis.
- id
- e862a1f4-8b35-44d1-8c71-77b1c840cc4e
- date added to LUP
- 2024-02-10 19:59:16
- date last changed
- 2024-02-22 12:13:05
@article{e862a1f4-8b35-44d1-8c71-77b1c840cc4e,
abstract = {{<p>This article investigates the geographies of subprime urbanization, and by extension, the displacement of 2007–08 financial crisis to the Global South. Previous research examined the formative ways that technological innovations enabled mortgages to deterritorialize and circulate on secondary markets. Less is known about how cities with underdeveloped financial systems and housing markets have been impacted. The case of Tangier, Morocco, is used to argue that the geography of the crisis must be understood as a particular mode of urbanization, subprime urbanization, predicated upon the creation and exploitation of housing submarkets into new geographical frontiers. Subprime urbanization emerged in Tangier in response to the historic contradictions of regional disinvestment in northern Morocco. Weak financial inclusion for local low-income homebuyers led State bureaucrats to increasingly use housing policy to encourage European investment into Moroccan property markets, thereby transforming policy away from improving homeownership access and inclusion toward an urban model centered on the logics of international property speculation.</p>}},
author = {{Kutz, William and Lenhardt, Julia}},
issn = {{0272-3638}},
keywords = {{Europe; financial crisis; Global South; Morocco; Subprime urbanization}},
language = {{eng}},
month = {{08}},
number = {{6}},
pages = {{926--948}},
publisher = {{Bellwether Publishing Ltd}},
series = {{Urban Geography}},
title = {{“Where to put the spare cash?” : Subprime urbanization and the geographies of the financial crisis in the Global South}},
url = {{http://dx.doi.org/10.1080/02723638.2015.1118989}},
doi = {{10.1080/02723638.2015.1118989}},
volume = {{37}},
year = {{2016}},
}