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首页> 外文期刊>International Journal of urban and regional research >Laying the Foundations for a Crisis: Mapping the Historico-Geographical Construction of Residential Mortgage Backed Securitization in the UK
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Laying the Foundations for a Crisis: Mapping the Historico-Geographical Construction of Residential Mortgage Backed Securitization in the UK

机译：为危机奠定基础：绘制英国住房抵押贷款证券化的历史地理结构图

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摘要

This article will explore the geographical origins of Residential Mortgage Backed Securitization (RMBS) in the United States and map the subsequent migration of RMBS, as idea, technology and investment vehicle, to the United Kingdom and other nation-states during the 1990s. It will illustrate how RMBS was used as a medium to circulate capital and construct urban space, and seek to interpret the development of RMBS and the contemporary credit crisis in the UK through a series of historical, political and sociological lenses. It argues that, despite travelling across the globe, this financial innovation has maintained a spatial sensitivity since the idea of securitization has been embodied and (re)interpreted in specific spaces to comply with local economic, political and social institutions. It also argues that this is an important primer to understanding the 'credit crunch' of 2007 and its repercussions. The article focuses particularly on how the current significance of securitization and RMBS can be traced back to the 'Big Bang' and the wider processes of the competitive re-regulation of the City of London and the British financial system more generally during the mid-1980s. It shows the differential evolution of securitization in the UK and US, and in so doing argues that such spatial variations have left different financial institutions in the two economies exposed to different forms of credit and market risk.
机译：本文将探讨美国住宅抵押支持证券化（RMBS）的地域渊源，并绘制出1990年代RMBS作为思想，技术和投资手段的随后移民到英国和其他民族国家的地图。它将说明如何将RMBS用作流通资本和建设城市空间的媒介，并试图通过一系列历史，政治和社会学角度来解释RMBS的发展和英国的当代信用危机。它认为，尽管证券化的想法遍及全球，但由于证券化的思想已在特定空间得到体现和（重新）解释以符合当地的经济，政治和社会制度，因此仍保持了空间敏感性。它还认为，这是理解2007年“信贷紧缩”及其影响的重要基础。本文特别关注证券化和RMBS的当前意义可以追溯到“大爆炸”以及更广泛的1980年代中期伦敦金融城和英国金融体系竞争性重新监管的过程。它显示了英国和美国证券化的不同演变，并且这样做表明，这种空间变化使两个经济体的不同金融机构面临着不同形式的信贷和市场风险。

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