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首页> 外文期刊>Geoforum >Capitalizing on the State: The political economy of Real Estate Investment Trusts and the 'Resolution' of the crisis
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Capitalizing on the State: The political economy of Real Estate Investment Trusts and the 'Resolution' of the crisis

机译：充分利用国家：房地产投资信托的政治经济学与危机的“解决方案”

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A burgeoning literature demonstrates how the inter-dependent relationship between the financial and real estate sectors has intensified boom-bust dynamics within urban property markets. Indeed, following the financial crisis of 2008, this articulation of increased financial risk within cities has been evidenced in the avalanche of distressed property assets and debt that accompanied the collapse of property markets internationally. However, while research has focused on the causes of the crash and its economic, social and political impacts, knowledge is less developed regarding how the link between finance and the built environment is being re-established. How are the circuits of capital into distressed property markets being rebooted in post-crisis contexts and what are the implications for the existing political economy? In response, this article explores the development of the Real Estate Investment Trust (REIT) market in Ireland as part of a wider effort to deleverage the country's failed banking sector and to attract global, yield-seeking capital into the moribund property market. Despite their location at the nexus between financial and real estate markets, REITs have not figured highly in critical geographic discussion of the financialization of real estate. This article addresses this gap by contextualising the history, politics and geography of REITs and by stressing their urban dimensions, as well as demonstrating how they are capitalizing on the deleveraging of the Irish banking and development sectors in the interests of global financial investors.
机译：新兴的文学作品表明，金融和房地产部门之间的相互依存关系如何加剧了城市房地产市场的繁荣与萧条动力。的确，在2008年金融危机之后，伴随国际房地产市场崩溃而出现的大量不良资产和债务证明了城市内部金融风险的加剧。但是，尽管研究集中在坠机的原因及其经济，社会和政治影响上，但是关于如何重新建立金融与建筑环境之间联系的知识却鲜为人知。在危机后的情况下，如何重新进入陷入困境的房地产市场的资金循环？这对现有的政治经济有何影响？作为回应，本文探讨了爱尔兰房地产投资信托（REIT）市场的发展，这是该国去杠杆化失败的银行业，将全球寻求收益的资本吸引到垂死的房地产市场中的更广泛努力的一部分。尽管房地产投资信托基金位于金融和房地产市场之间的纽带，但在房地产金融化的关键地理讨论中并未发挥重要作用。本文通过背景介绍房地产投资信托基金的历史，政治和地理环境，强调其城市规模，并说明其如何为全球金融投资者的利益而利用爱尔兰银行业和发展部门的去杠杆化来解决这一差距。

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