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首页> 外文期刊>Transactions of the Institute of British Geographers >Putting financialisation in its financial context: Transformations in local government-led urban development in post-financial crisis England
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Putting financialisation in its financial context: Transformations in local government-led urban development in post-financial crisis England

机译：将金融化置于其金融背景下：金融危机后英国地方政府主导的城市发展转型

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The burgeoning geographical literature on the financialisation of urban development has focused predominantly on the growing importance within this sphere of financial markets, motives, and institutions. This article starts from the observation that in examining such financialisation, scholars have paid insufficient attention to the details of the financial contexts within which it takes place. Through a consideration of certain high-profile ongoing transformations in the property strategies of English local authorities, the article argues that we need to put urban financialisation - in this case, state-led variants thereof - in its financial context: it needs to be understood as a response, at least in part, to specific financial conjunctures. After several decades of effective withdrawal, many local authorities have assumed a resurgent role in urban property ownership and development in recent years, and especially since the global financial crisis. This resurgence is apparent, albeit selectively, in regard to both commercial and residential property. On the one hand, local authorities have been rebuilding portfolios of investment (i.e., non-operational) commercial property; on the other hand, they have been building new homes, typically not for social rent, through arms-length housing companies. I argue that understanding these trends requires appreciation of local authorities' particular financial circumstances in the "post-crisis" era - their operation at the intersection of devolved austerity, reformed housing finance, and unconventional monetary policy - and of the constraints and opportunities that these circumstances shape.
机译：新兴的关于城市发展金融化的地理文献主要集中在金融市场，动机和机构这一领域内日益重要的地位。本文从这样的观察开始：学者们在考察这种金融化过程中，没有充分注意发生金融化过程的细节。通过考虑英国地方政府的房地产战略中某些引人注目的正在进行的转变，文章认为我们需要将城市金融化（在这种情况下，是国家主导的变体）置于其金融背景下：需要理解至少部分是针对特定财务状况的回应。经过数十年的有效撤资，近年来，尤其是自全球金融危机以来，许多地方当局在城市财产所有权和发展中起了复兴的作用。尽管有选择地在商业和住宅财产方面，这种复兴是显而易见的，尽管是有选择的。一方面，地方当局一直在重建投资（即非经营性）商业地产的投资组合；另一方面，他们正在通过独立的房屋公司建造新房，通常不用于社会租金。我认为，要理解这些趋势，就需要了解“后危机”时代地方政府的特殊财务状况（在紧缩的财政紧缩，住房金融改革和非常规的货币政策交汇处的运作）以及制约因素和机遇这些情况的形状。

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