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Bad banks and the urban political economy of financialization: The resolution of financial-real estate crises and the co-constitution of urban space and finance

机译：不良银行与金融化的城市政治经济：金融-房地产危机的解决与城市空间与金融的共建

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This paper seeks to understand the urban dimensions of the resolution of financial crises. It does so by focusing on Asset Management Companies (AMCs), or 'bad banks', which are established by governments to acquire and manage toxic assets, often linked to real estate, in the wake of systemic banking crises. Despite the fact that AMCs are a significant financial institution with clear urban implications, they have received surprisingly little attention. Indeed, despite the widespread recognition that financialized real estate markets are inherently crisis prone, there is an absence of literature on the resolution of such crises. The paper argues that AMCs have three distinctly urban dimensions. Firstly, they continue and enhance the extraction of value from urban space. Secondly, they act as 'market makers' by restoring the 'liquidity' of financialized real estate. Thirdly, they contribute to the globalization of real estate by intensifying the circuits linking local real estate with global pools of capital. Drawing on this analysis, the paper also theorizes AMCs as what have been called 'apparatuses of financial accumulation' which, significantly, reveal the systematic inter-dependence of financialization and urban space.
机译：本文旨在了解解决金融危机的城市层面。它通过关注资产管理公司（AMC）或“坏银行”来做到这一点，这些公司是由政府建立的，目的是在系统性银行危机之后，建立并购置和管理通常与房地产相关的有毒资产。尽管资产管理公司是一个重要的金融机构，具有明显的城市影响，但它们却很少受到关注。的确，尽管人们普遍认识到金融化房地产市场天生就容易发生危机，但缺乏有关解决此类危机的文献。该论文认为，AMCs具有三个明显的城市规模。首先，它们继续并增强了从城市空间中提取价值的能力。其次，他们通过恢复金融化房地产的“流动性”而充当“做市商”。第三，它们通过加强将当地房地产与全球资本池联系起来的电路，为房地产全球化做出了贡献。借助这种分析，本文还对AMC进行了理论化，即所谓的“金融积累工具”，这显着揭示了金融化与城市空间之间的系统相互依存关系。

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