Click here to download

Between the market and the State: the crisis of financialization of social housing in Mexico
Journal Title: ARCHIVIO DI STUDI URBANI E REGIONALI 
Author/s: Alfonso Valenzuela-Aguilera 
Year:  2017 Issue: 118 suppl. Language: Spanish 
Pages:  23 Pg. 33-55 FullText PDF:  710 KB
DOI:  10.3280/ASUR2017-118S03
(DOI is like a bar code for intellectual property: to have more infomation:  clicca qui   and here 


This paper analyzes the effects of the market economy in the production of social housing in Mexico. By analyzing the private housing market social interest it concludes that the excessive growth of private real estate developments of social interest has been one of the ways of channeling surplus capital in global financial markets rather than the result of a public policy to address the housing needs.
Keywords: Real estate market; securitization; social housing; financialization

  1. Aalbers Manuel B. (ed.) (2012). Subprime Cities: The Political Economy of Mortgage Markets. Malden: Wiley-Blackwell.
  2. Álvarez Béjar A., Mendoza Pichardo G. and Uggen J.F. (1993). Mexico 1988-1991: A successful economic adjustment program?. Latin American Perspectives, 78, 20(3): 32-45.

  3. Angotti T. (2013). Mercado Global, Territorio Urbano, Derecho a la Vivienda y Los Mitos del Norte, Congreso Nacional de Vivienda, Universidad Nacional Autónoma de México, 12-14 marzo.
  4. Ball M. and Connolly P. (1987). Capital accumulation in the Mexican construction industry, 1930-1982. International Journal of Urban and Regional Research, 11(2): 153-171.
  5. Barkin D. and Esteva G. (1982). Social conflict and inflation in Mexico. Latin American Perspectives, 9(1): 48-64.

  6. Barry CB., Castañeda G. and Lipscomb J.B. (1994). The structure of mortgage markets in Mexico and prospects for their securitization. Journal of Housing Research, 5(2): 173-204.
  7. BBVA – Banco Bilbao Vizcaya Argentaria (2011). México–Situación Inmobiliaria (Servicio de Estudios Económicos del Grupo BBVA). Mexico City: BBVA Research.
  8. BBVA – Banco Bilbao Vizcaya Argentaria (2013). Análisis Económico. Situación Inmobiliaria México, Enero, 2-6.
  9. Biles J.J. (2010). Chronicle of a debt foretold: Mexico’s FOBAPROA debacle and lessons for the US financial crisis. Progress in Development Studies, 10(3): 261-266.

  10. Carballo-Huerta J. and Gonzalez-Ibarra J.P. (2009). Financial innovations and developments in housing finance in Mexico. IFC Bulletin, 31: 7-34.-- http://www.bis.org/ifc/publ/ifcb31.htm (recuperado 16 June 2014).
  11. CIDOC – Centro de Investigación y Documentación de la Casa (2008). Current Housing Situation in Mexico 2008. Mexico City: Fundación Centro de Investigación y Documentación de la Casa.

  12. Comisión Nacional Bancaria y de Valores (2011). Recomendaciones para reactivar el mercado mexicano de bonos respaldados por hipotecas. México: CNBV.
  13. CONAPO – Consejo Nacional de Población (2003). Proyecciones Demográficas 2003-2030. Conapo: México.
  14. Cordero M.E. (1984). Patrón monetario y accumulación en México: Nacionalización y control de cambios. Mexico: Siglo Veintiuno Editores.

  15. Cypher J.M. and Wise R.D. (2010). Mexico’s Economic Dilemma: The Development Failure of Neoliberalism. Boulder: Rowman and Littlefield.
  16. De la Rosa T. (2015). Dueños de Casas Geo preparan su mudanza, Economiahoy.Mx. --http://www.economiahoy.mx/economiahoy/opinion/noticias/6671915/04/15/Duenos-de-Casas-Geo-preparan-su-mudanza.html#.Kku83RWdlMDDS6a (recuperado 27 August 2015).
  17. Dussel P.E. (2000). Polarizing Mexico: The impact of liberalization strategy. Boulder, CO: Lynne Rienner.

  18. Freije S., López-Acevedo G. and Rodríguez-Oreggia E. (2011). Effects of the 2008-09 economic crisis on labor markets in Mexico. World Bank Policy Research Working Paper, 5840.

  19. Gilbert A. and Varley A. (1991). Landlord and Tenant: Housing the Poor in Urban Mexico. London: Routledge

  20. Haddad C.A. (1999). The securitization of assets in Mexico. Mexico Law Journal 150(141): 141-150
  21. Harvey D. (1982). The limits to capital. New York: Verso.

  22. Harvey D. (2010). The enigma of capital and the crises of capitalism. London: Profile Books.

  23. IDB – Inter-American Development Bank (2011). Housing Finance in Mexico: Current State and Future Sustainability. Washington, DC: International Development Bank.
  24. IMF – International Monetary Fund (2010) Mexico: 2010 Article IV consultation. Washington, DC: International Monetary Fund.
  25. INEGI – Instituto Nacional de Estadística y Geografía (2010). Censo de Población y Vivienda 2010. México: INEGI.
  26. INFONAVIT (2013). Síntesis-Infonavit. --https://portal.infonavit.org.mx/ (recuperado 2/05/2016).
  27. Instituto Nacional de Geografía, Estadística e Informática (2012). Encuesta Nacional de Ingresos y Gastos de los Hogares.
  28. Kindleberger C.P. and Aliber R.Z. (2005). Manias, panics, and crashes: A history of financial crises. Hoboken NJ: John Wiley & Sons.

  29. Knowledge@Wharton (2006). The War Between Banks and “Sofoles” Propels Mexican Real Estate, en-- http://knowledge.wharton.upenn.edu/article/the-war-between-banks-and-sofoles-propels-mexican-real-estate/ (recuperado 1 April 2013)
.
  30. Kunz Bolaños I. (2010). Política de suelo urbano en la Zona Metropolitana de Querétaro. Una interpretación neo-institucionalista. En: Iracheta A. y Soto E., comp., Impacto de la vivienda en el desarrollo urbano: Una mirada a la política habitacional en México. pp.151-172. México: El Colegio Mexiquense.
  31. Marois T. (2011). Emerging market bank rescues in an era of finance-led neoliberalism: A comparison of Mexico and Turkey. Review of International Political Economy, 18(2): 168-196.
  32. Marois T. (2014). Historical Precedents, Contemporary Manifestations: Crisis and the Socialization of Financial Risk in Neoliberal Mexico. Review of Radical Political Economics, 46(3): 308-330.
  33. Monkkonen P. (2012). La segregación residencial en el México urbano: niveles y patrones. Eure, 38(114): 125-146.
  34. OECD – Organisation for Economic Co-operation and Development (2011). Social justice in the OECD: How do the member states compare?. Paris: OECD.
  35. Painceira J.P. (2010). The financial crisis of 2007-09 and emerging countries: The political economy analysis of central banks in the Brazilian and Korean economies. Competition and Change, 14(3-4): 271-295.
  36. Pickering N. (2000). The Mexican Mortgage Market Boom, Bust, and Bail Out: Determinants of Borrower Default and Loan Restructure After the 1995 Currency Crisis. Working Paper W00-3, Joint Center for Housing Studies, Harvard University. --http://www.jchs.harvard.edu/research/publications/mexico-mortgage-market-boom-bust-and-bail-out-determinants-borrower-default (recuperado 16 June 2014)
  37. Rodrik D. (2006). The social costs of foreign exchange reserves. International Economic Journal, 20(3): 253-266.

  38. SHF – Sociedad Hipotecaria Federal (2014). Estado Actual de la Vivienda en México 2014. México: SHF/ Fundación CIDOC.
  39. Sassen S. (2009). Global Cities and Survival Circuits. En: Radway J.A., Gaines K.K., Shank B., von Eschen P., eds., American Studies: An Anthology. J Chichester UK: Wiley-Blackwell, pp. 186-193.
  40. Smolka M.O. y Mullahy L. (2010). Perspectivas urbanas. Temas críticos en políticas de suelo. Cambridge: Lincoln Institute of Land Policy.
  41. Soederberg S. (2014). Subprime Housing Goes South: Constructing Securitized Mortgages for the Poor in Mexico. Antipode, 47(2).
  42. Vidal G., Wesley C.M. and Correa E. (2011). Differing effects of the global financial crisis: Why Mexico has been harder hit than other large Latin American countries. Bulletin of Latin American Research, first published online.
  43. World Bank (2012). Global financial development report 2013: Rethinking the role of the State in Finance. Washington DC: The World Bank.

Alfonso Valenzuela-Aguilera, Between the market and the State: the crisis of financialization of social housing in Mexico in "ARCHIVIO DI STUDI URBANI E REGIONALI" 118 suppl./2017, pp. 33-55, DOI:10.3280/ASUR2017-118S03

   

FrancoAngeli is a member of Publishers International Linking Association a not for profit orgasnization wich runs the CrossRef service, enabing links to and from online scholarly content