Levamos em consideração três dimensões teórico-analíticas no debate da produção imobiliária: modo de produção capitalista, circuito imobiliário e incorporação em si. Esta forma parte da hegemonia do capital sobre a fração habitacional do negócio imobiliário. Tal abordagem nos auxiliou a considerar as particularidades da produção do espaço na reprodução do capital, bem como analisar o caso de uma incorporadora imobiliária, a PDG, suas singularidades e os elementos que permitem apontar tendências e contradições do que estamos chamando de produção imobiliária sob dominância financeira. A tendência à monopolização do capital no circuito ocorre a partir da formação de uma arquitetura financeira que assume posição dominante sobre a valorização imobiliária, fundindo as esferas da terra, construção e finanças, e contando com amplo suporte estatal. A abertura do capital das incorporadoras e os mecanismos que compõem os títulos de base imobiliária inserem a produção do espaço na lógica de acumulação financeira, contribuindo para geração acelerada de capital fictício no interior do capital financeiro, a chamada financeirização. No que alguns autores chamam de complexo imobiliário-financeiro, cresce a posição assumida por investidores institucionais, especialmente fundos de investimento, que centralizam grande parte do excedente produzido. A subordinação a esta lógica vai transformando o circuito imobiliário, chegando na construção (produção imediata) e na propriedade fundiária, na produção e repartição do mais-valor produzido. Essa reestruturação imobiliária implica superexploração do trabalho através da subempreitada, gerando a reincidência de casos de trabalho análogos à escravidão; intensificação do trabalho, através de procedimentos voltados ao aumento da produtividade e padronização; e reforço da heterenomia, na ampliação do controle externo sobre o canteiro de obras. A terra tem seu papel alterado a partir da estratégia expansionista das incorporadoras, transitando da posição de obstáculo para alavanca da acumulação de capital. Através da formação e utilização dos bancos de terrenos sob o ritmo das finanças, confere-se à renda da terra cuja formação foi aqui estudada empiricamente nos casos de diferença de localização e dimensão dos terrenos a possibilidade de se aproximar da geração de um ativo imobiliário único de livre circulação no mercado de capitais. Esses processos são impulsionados pela ampliação da produção habitacional para o chamado segmento econômico, voltado aos mercados de baixa e média-baixa renda, contando com importante apoio público, como com o programa Minha Casa Minha Vida (MCMV). Observa-se, entretanto, que a produção imobiliária sob dominância financeira também possui limites estabelecidos pelas contradições do capital gerador de crises, que atingem o imobiliário, mas que também são geradas e exacerbadas através dele. A geração de capital fictício não pode se alargar indefinidamente, sem lastro real no processo de valorização. Elementos do desempenho operacional podem acelerar a precipitação dessas circunstâncias críticas em escala reduzida, através de atrasos e estouro de orçamentos de obras, endividamento, distratos, mas que se ligam à dinâmica global. Na ponta de todo o processo, aparecem os usuários do espaço da cidade que, mediante a crescente mercantilização do espaço urbano, acabam vivendo os efeitos da crise urbana e dos mecanismos de espoliação. / We consider three theoretical and analytical dimensions in the debate of the real estate production: capitalist mode of production, real estate circuit and incorporation itself, as a part of the hegemony of capital on the housing portion of the real estate. This approach helped us to consider the peculiarities of production of space in the reproduction of capital, and to examine the case of a real estate company, PDG, its uniqueness and the features which point trends and contradictions of what we call the real estate production under dominance of financial capital. The tendency to monopolize the capital in this circuit occurs from the formation of a financial architecture that takes dominant position on the real estate valuation, merging the spheres of land, construction and finance, provided with ample state support. The opening of the capital of the developers and the mechanisms that make up the real estate securities insert the production of space in the logic of financial accumulation, contributing to accelerated the generation of fictitious capital into the financial capital, called financialization. In this called real estate and financial complex, grows the position taken by institutional investors, especially mutual funds which centralize much of the surplus produced. The subordination to this logic transforms the real estate circuit, coming in construction (immediate production) and land ownership, production and distribution of produced surplus value. This real estate restructuring entails overexploitation of labor through subcontracting, creating the recurrence of cases of labor analogous to slavery; intensification of work through procedures aimed at increasing productivity and standardization; and intensification of heterenomy, expansion of external control on the jobsite. The land has its role changed from the expansionary strategy of developers, moving the position of obstacle to lever in capital accumulation. Through training and use of banks of land under the rhythm of finance, give the rent of land - whose formation was here empirically studied in the case of different location and dimension land - the possibility of approaching the generation of a single real estate active in the free movement of capital market. These process are driven by the expansion of housing production for the so-called economic sector, aimed at lower and lower-muddle markets income, provided with significant public support, as with Minha Casa Minha Vida (MCMV). It is noted, however, that the housing production under financial dominance also has limits set by the contradictions of capital generating crises that affect the real estate, but which are also generated and exacerbated by it. The fictitious capital generation can not be extended indefinitely, with no real backing in the valorization process. Operating performance elements can accelerate the precipitation of these critical circumstances in lower scale, through delays and overflow works budgets, rescissions, but that is bind to the global dynamics. At the end of the process, appear the users of city space living the effects of urban crisis and dispossession mechanisms by the increasing commodification of urban space.

Comment la réglementation internationale organise-t-elle la régulation des activités de crédit ? Pour répondre à cette question, cette thèse propose d’analyser le dispositif prudentiel relatif aux risques de crédit issu de la réforme des Accords de Bâle de 2004, dits « Accords de Bâle II », et de suivre ce dispositif des lieux institutionnels de sa production – le Comité de Bâle – à son interprétation dans les pratiques quotidiennes d’une banque. La thèse décrit la communauté transnationale et le projet libéral qui ont initié le processus de réforme des Accords de Bâle. Puis, elle analyse le dispositif réglementaire lui-même et montre qu’il marque un basculement vers un mode de gouvernement néolibéral qui est couplé avec un projet de financiarisation des activés de crédit. Enfin, la thèse étudie la manière dont le nouveau dispositif réglementaire a été mise en œuvre dans une banque mutualiste française spécialisée dans le financement des PME et conclut que la nouvelle réglementation participe activement au désencastrement et à la financiarisation des relations de crédit. / How does international regulation organize credit activities ? In order to address this question, this thesis analyzes the regulatory standards for assessing and controlling credit risks defined by the 2004 reform of the Basel Agreements on Capital Adequacy, the so-called Basel II Agreements, and it traces the genealogy of these standards from where and when they have been constructed – in the Basel Committee from 1998 to 2004 – down to their effects on the daily practices of a bank. The thesis describes the transnational community and the liberal project that launched the Basel Agreements reform process. Then it analyzes the regulatory framework itself and suggests that Basel II marks a shift within the regulatory regime of credit risk. Indeed it demonstrates that the norms are embedded in a financialized representation of credits and that they are implemented following a neoliberal mode of government. Finally, the thesis investigates how the new norms have been translated into a french cooperative bank specialized in SME lending and it concludes that the new regulatory framework is actively participating in the disembeddedness and in the financialization of credit relationships.

Orientador: Daniela Magalhães Prates / Dissertação (mestrado) - Universidade Estadual de Campinas, Instituto de Economia / Made available in DSpace on 2018-08-27T05:19:07Z (GMT). No. of bitstreams: 1 Barone_RicardoStrazzacappa_M.pdf: 1339791 bytes, checksum: 9c7ac9e05a963ba068d8b203475c9721 (MD5) Previous issue date: 2015 / Resumo: Esta dissertação tem por objetivo apresentar os principais argumentos da abordagem econômica mainstream acerca das raízes da crise financeira estadunidense de 2007/2008, bem como as principais críticas a ela endereçadas pelas abordagens alternativas. Argumenta-se que a abordagem mainstream oferece um conjunto de explicações que desviam a atenção dos fatores históricos, monetários e financeiros que realmente poderiam contribuir para o entendimento das origens da crise em questão. Para tanto, os argumentos da abordagem mainstream são apresentados segundo duas vertentes, a saber: uma vertente classificada como hard-core, que contempla questões vinculadas às falhas de governo, e outra vertente classificada como soft-core, relacionada às falhas de mercado e aos desequilíbrios internacionais. Procura-se, a partir da articulação das críticas à abordagem mainstream, desenvolver uma interpretação que tem como ponto central a emergência de um novo padrão sistêmico de riqueza capitalista: a financeirização. Esse novo padrão, entendido como uma forma específica pela qual se faz a definição, gestão e realização da riqueza, passa a condicionar o comportamento das famílias, das empresas, das instituições financeiras e dos governos segundo princípios de uma lógica financeira geral que define o modo de ser do capitalismo contemporâneo / Abstract: The aim of this MA dissertation is to present the key arguments of the mainstream economical approach concerning the origins of the US financial crisis of 2007/2008, as well as the principal criticisms put forward by alternative views. It is argued that the mainstream approach offers a range of explanations that overlooks important historical, monetary and financial factors, which, however, could help shedding light on the actual origins of the crisis. The analysis of the mainstream arguments is structured into two main groups: the first is known as the `hard-core¿ and deals with issues concerning government errors; the second is the so-called `soft-core¿ and focuses on both market errors and international phases of disequilibrium. Through an assessment of the principal criticisms to the mainstream approach, this dissertation offers an interpretation of the crisis which is based on the idea of the emergence of a new systemic pattern of capitalistic wealth, namely, the financialization. Understood as a specific form by which wealth is defined, managed and produced, this new pattern comes to determine the behaviour of families, businesses, financial and governmental institutions according to the principles of a comprehensive financial logic that shapes the contemporary capitalism / Mestrado / Teoria Economica / Mestre em Ciências Econômicas

Cette thèse questionne la financiarisation du régime d’accumulation en Corée du sud après la crise asiatique de 1997 à partir de l’observation des changements macroéconomiques et institutionnels importants poussés par l’adoption de politiques néolibérales ; de l’insertion croissante des entreprises dans les marchés financiers et commerciaux internationaux ; de la refonte du rôle de l’État pour promouvoir les secteurs intensifs en technologie. Le cadre conceptuel et les outils analytiques de la théorie de la Régulation, combinés à ceux de l’économie post-keynésienne, sont mobilisés pour envisager ces transformations de manière systémique, à plusieurs niveaux et à plusieurs échelles. Le travail de thèse discute les moteurs et les vecteurs qui participent à la financiarisation de l’économie politique sud-coréenne et les caractéristiques locales de ce processus global, intrinsèquement inégal et hiérarchique. • Le chapitre 1 De l’industrialisation à la financiarisation pose les jalons de la thèse en étudiant la dynamique macroéconomique contemporaine à la lumière des transformations politiques et institutionnelles depuis l’industrialisation. A partir d’une estimation du régime de demande en vigueur de 1980 à 2015, il est montré que le régime d’accumulation dominé par la finance qui se met en place après 1997 est tiré par le profit et entraîné par la consommation. • Le chapitre 2 Financiarisation le long des chaînes de valeurs examine la chute structurelle de l’investissement des entreprises manufacturières sud-coréennes en considérant le rôle de trois canaux de la financiarisation (effet d’évincement et fardeau financier) auxquels est rajouté le canal de l’intégration internationale des firmes dans les chaînes globales de valeurs (CGV). Une fonction d’investissement incluant ces trois canaux est estimée économétriquement sur données de firmes (1990-2015). Les résultats indiquent que l’effet des canaux de la financiarisation dépendent des modalités d’insertion des firmes dans les CGV.• Le chapitre 3 La répercussion contrastée de la financiarisation sur les capacités de l’État se concentre sur les transformations institutionnelles et organisationnelles au sein de l’État liées à la financiarisation. A partir d’un travail de terrain sur les politiques de promotion des start-ups, un mécanisme de changement institutionnel au sein de la structure étatique est identifié, celui de sédimentation. En promouvant les start-ups via l’industrie du capital-risque, les agences d’État tendent à adopter les pratiques et représentations du secteur financier, ainsi qu’à donner plus de poids aux acteurs financiers privés, ce qui pèse sur ses capacités d’innovation. / This thesis examines the financialization of the accumulation regime in South Korea since the 1997 Asian crisis based on three inter-related transformations: macroeconomic and institutional changes under the neoliberal restructuring; the growing integration of firms into financial and trade markets; the restructuring of the role of the state under the drive to promote technology-intensive sectors. Building upon regulation theory and post-Keynesian economics, the analysis considers several levels—macroeconomic, institutional and political, and different scales—local, national, transnational. The thesis discusses the determining drivers and the conduits of the financialization of the South Korean political economy and the local characteristics of this global process, conceptualized as intrinsically uneven and hierarchical • Chapter 1 From industrialization to financialization analyzes the joint transformation of the macroeconomic trend, institutional change, and political change since industrialization. Based on the estimation of the demand regime(s) from 1980 to 2015, it is highlighted that the finance-dominated accumulation regime that has emerged after the 1997 Asian crisis is consumption driven and profit led. • Chapter 2 Financialization along value chains investigates the slowdown of accumulation of South Korean manufacturing firms by assessing the impact of three channels, the crowding out of fixed investment by financial investment, the financial burden of increasing payments to financial markets, and the modes of insertion to global value chains (GVCs). A dynamic panel model of an investment function is estimated on firm-level data (1990–2015). The results show that the impact of financialization channels depends on the modalities of firms’ insertion into GVCs. • Chapter 3 The uneven impact of financialization on state capacities examines the institutional and organizational transformations of the state associated with the financialization process. Based on semi-structured interviews in the start-up ecosystem, the layering mechanism of gradual institutional change within the state innovation bureaucracy is identified. The results outline a complex picture of the financialization of the state with the combination of the uneven diffusion of financialized reasoning in the innovation bureaucracy via entrepreneurship policies and the localized power shift from bureaucrats to private financiers.

Cette thèse vise à analyser le risque systémique sur les marchés futures de matières premières. En effet, plusieurs travaux de recherche mettent en évidence l'importance de ces futures dans la détermination du prix physique des matières premières. Leur incorporation dans la finance traditionnelle en tant qu'actif diversifiant a entraîné une évolution de leurs prix similaire à celles de différents actifs financiers depuis environ 2004. La question ayant motivé cette thèse a donc été de quantifier ce risque systémique (puisqu'affectant les matières premières, directement impliquées dans l'économie réelle), d'en voir précisément les moyens de transmission (quels marchés affectent quels autres marchés) et enfin de permettre d'en évaluer les conséquences, par exemple à partir de scénarii (stress tests). Elle permet donc de développer des outils de surveillance des marchés et pourrait donc contribuer à la régulation de ces marchés. / This thesis aims at studying systemic risk in commodity futures markets. A whole strand of the literature is dedicated to the "financialization of commodity markets", but also to the influence of the existence of futures markets on the spot price of their underlying asset. Indeed, since these commodity futures have been largely used by in asset management as diversifying assets, their financialization has raised concerns, especially seeing the evolution of their price, which seems to be similar to that of financial assets. My interest here is thus to quantify this systemic risk, provide a toolbox to assess the consequences of various scenarios (stress tests), but also to assess which markets should be monitored more closely (because they could threaten the real economy or the whole system).

Through the study's analysis with background to theories and previous research, it turns out that financial instability is hidden in boom and economic stability. Where causes are speculation, optimism, risk-taking and credit expansion. Minsky (1982a) pointed out, among other things, that high debt ratio increases the risk of financial instability, which is an effect of the lavish lending, partly as a result of global financing. The purpose of this study is to investigate whether there was a state of financial instability prior to Sweden's crises, focusing on Sweden's three most recent crises: the financial crisis of 1990, the IT bubble of 2000 and the financial crisis of 2008. The study illustrates how Minsky's financial instability hypothesis that "stability breeds instability" also can explain the emergence of Swedish crises. The result shows that there is a clear link between increased debt before crises. / Genom studiens analys med bakgrund till teorier och tidigare forskning visar det sig att finansiell instabilitet döljer sig i högkonjunktur och ekonomisk stabilitet. Där orsaker som ligger till grund är spekulation, optimism, risktagning och kreditexpansion. Minsky (1982a) pekade bland annat på att hög skuldkvot ökar risken för finansiell instabilitet, något som är en effekt av den frikostiga kreditgivningen, bland annat som en följd av den globala finansieringen. Syftet med denna studie är att undersöka om där funnits ett tillstånd av finansiell instabilitet innan Sveriges kriser, med fokus på Sveriges tre senaste kriser: finanskrisen 1990, it-bubblan 2000 och finanskrisen 2008. Studien åskådliggör hur Minskys finansiella instabilitetshypotes om att "stability breeds instability" även kan förklara uppkomsten av svenska kriser. Resultatet visar på att det finns ett tydligt samband mellan ökad skuldsättning innan kriser.

Das Ziel dieser Masterarbeit ist es, die Veränderungen der Strategien von Projektentwickler*innen mit Bezug auf den Dresdner Wohnungsmarkt von 2010 bis 2019 zu untersuchen. Projektentwickler*innen entwerfen ihre Strategie dabei selbstständig und unter Berücksichtigung des lokalen Wohnungsmarkts und internationaler Finanzmarktentwicklungen. Im ersten Teil der Arbeit wird dazu die Situation für Geschosswohnungsneubau anhand wohnungsmarktbezogener Parameter und einem historischen Überblick über lokale Stadtentwicklung und Wohnungspolitik vorgestellt. Während der Geschosswohnungsneubau im Untersuchungszeitraum in Bezug auf Wohneinheiten und Projektgröße stark zugenommen hat, ist das Preisniveau in allen Teil- und vorgelagerten Märkten angestiegen. Im zweiten Teil werden verschiedene Strategien der Projektentwickler*innen und deren Veränderungen untersucht. Strategien, Herausforderungen und Veränderungen werden durch Leitfadeninterviews und eine strukturierende qualitative Inhaltsanalyse herausgearbeitet. Es wird gezeigt, dass viele neue Projektentwickler*innen nach Dresden gekommen sind und auch lokale Akteur*innen sich stärker an Investor*innen als an den Nutzer*innen der neuen Wohnungen orientiert haben. Die immobiliengeographische Arbeit hat Bezüge zur wohnraumbezogenen Finanzialisierungsforschung und zur Forschung zu Unternehmensstrategien. Gegenüber Arbeiten mit einem ähnlichen Erkenntnisinteresse, wie von Laura Calbet (2017) oder Alice Romainville (2017), setzt diese Arbeit mit dem Begriff der Strategie einen stärkeren Fokus auf Projektentwickler*innen als handelnde Subjekte.:Zusammenfassung III Abstract IV Abbildungen und Karten VIII Tabellen VIII Abkürzungen IX 1 Einleitung 1 1.1 „Bauen, Bauen, Bauen“ 1 1.2 Ziel und Fragestellungen der Arbeit 3 1.3 Aufbau der Arbeit 5 2 Stand der Forschung 6 2.1 Geschosswohnungsneubau im Wohnungsmarkt 6 2.1.1 Die Grenzen des Wohnungsmarktes 6 2.1.2 Wohnungsbau in angespannten Wohnungsmärkten 8 2.1.3 Die Grundrente und Bodenpreise 9 2.2 Akteur*innen und Perspektiven im Geschosswohnungsbau 12 2.3 Die produktive Sphäre des Geschosswohnungsneubaus 13 2.3.1 Projektentwicklung 13 2.3.2 Phasen der Projektentwicklung 14 2.3.3 Unterscheidung von Projektentwickler*innen 16 2.3.4 Strategien von Projektentwickler*innen 18 2.4 Geschosswohnungsneubau als kommunales Handlungsfeld 21 2.5 Geschosswohnungsneubau im Finanzmarkt 23 2.5.1 Weltsystemtheorie 24 2.5.2 Finanzialisierung des Wohnungsmarkts 26 2.5.3 Finanzialisierung der Projektentwicklung 28 3 Methodisches Vorgehen 31 3.1 Konzeptionelle Vorgehensweise 31 3.2 Die Wohnungsneubausituation beschreibende Methoden 32 3.3 Methoden zur Identifikation lokaler Strategien der Projektentwicklung 33 3.3.1 Leitfadeninterviews 33 3.3.2 Transkription 35 3.3.3 Strukturierende qualitative Inhaltsanalyse 36 4 Vorstellung des Untersuchungsgebiets 38 4.1 Allgemeines zur Stadt Dresden 38 4.2 Die Stadt Dresden als immobilienwirtschaftlicher Standort 38 4.3 Bevölkerungsentwicklung und -prognosen 40 5 Die Dresdner Wohnungsmarktsituation und Geschosswohnungsneubau 42 5.1 Geschosswohnungsneubau in Dresden 42 5.1.1 Chronologie des Geschosswohnungsneubaus 42 5.1.2 Entwicklung der Vorhabengröße 44 5.1.3 Raumzeitliche Verteilung des Wohnungsneubaus in Dresden 45 5.2 Veränderungen der Baukosten 51 5.3 Flächenverfügbarkeit und Bodenpreise 52 5.4 Mietentwicklung 54 5.5 Preisentwicklung für Eigentumswohnungen 55 5.6 Leerstandentwicklung 58 5.7 Wohnungsbedarfsprognosen 59 5.8 Stadtentwicklung in Dresden 60 5.8.1 Schlüsselmomente der wohnraumbezogenen Stadtentwicklung 63 5.8.2 1998 bis 2006: Entspannungsphase mit finanziellen Engpässen 65 5.8.3 2006 bis 2010: Von der Schrumpfung zum zarten Optimismus 66 5.8.4 2010 bis 2014: Initialphase einer Baukonjunktur und Wohnungspolitik 67 5.8.5 2014 bis 2020: Hochphase des Neubaus und soziale Wohnungspolitik 68 5.9 Zusammengefasste Entwicklung 70 6 Strategien und Akteur*innen im Dresdner Geschosswohnungsneubau 72 6.1 Projektentwickler*innen in Dresden 72 6.1.1 Developer*innentypen 74 6.1.2 Unternehmensgröße 74 6.1.3 Skala der Developer*innen 74 6.1.4 Geschäftsmodelle nach Calbet i Elias 75 6.2 Strategien im Dresdner Geschosswohnungsneubau 76 6.2.1 Fünf Ausrichtungen von Strategien 76 6.2.2 Variationen in den Phasen der Projektentwicklung 80 6.3 Herausforderungen in der Projektentwicklung 84 6.3.1 Marktbezogene Herausforderungen 85 6.3.2 Durch Stadtentwicklungsplanung ausgelöste Herausforderungen 87 6.3.3 Hintergrundentwicklungen 88 6.4 Veränderungen der Strategien 89 6.4.1 Intensivierung etablierter Strategien und Umgang mit Risiken 89 6.4.2 Investor*innenorientierung 91 6.4.3 Ansprache bestimmter Zielgruppen 92 6.4.4 Preisgünstiger und geförderter Wohnungsneubau 93 6.4.5 Andere Lagen 93 6.4.6 Kommen und Gehen von Developer*innen 95 6.4.7 Kein Ende in Sicht? 96 7 Finanzialisierung der Dresdner Projektentwicklung 97 8 Resümee und Ausblick 100 8.1 Zusammenfassung der Ergebnisse 100 8.2 Konzeptionelle und empirische Grenzen der Arbeit 103 8.3 Anknüpfungspunkte zukünftiger Forschung 104 9 Literaturverzeichnis 106 / The aim of this master's thesis is to examine the changes in the strategies of real estate developers regarding the Dresden housing market from 2010 to 2019. The developers design their strategy, considering international financial market developments and the local housing market. For this purpose, in the first part of the work the situation for new multi-storey residential construction is presented based on housing market-related parameters and a historical overview of local urban development and housing policy. While the construction of new multi-storey buildings has increased strongly in the period of interest in terms of housing units and project size, the price level in all sub- and upstream markets has risen. In the second part various strategies of real estate developers in Dresden and their changes are investigated. Strategies, challenges, and changes are elaborated through guided interviews and a structuring qualitative content analysis. It is found that many new real estate developers came to Dresden and local actors oriented more towards investors than towards the residents of their new-built flats. This thesis in the field of real estate geography is related to housing-related financialization research and research on corporate strategies. In contrast to recent works by Laura Calbet (2017) and Alice Romainville (2017), this work uses the concept of strategy to focus more on developers as formative subjects in the process of construction.:Zusammenfassung III Abstract IV Abbildungen und Karten VIII Tabellen VIII Abkürzungen IX 1 Einleitung 1 1.1 „Bauen, Bauen, Bauen“ 1 1.2 Ziel und Fragestellungen der Arbeit 3 1.3 Aufbau der Arbeit 5 2 Stand der Forschung 6 2.1 Geschosswohnungsneubau im Wohnungsmarkt 6 2.1.1 Die Grenzen des Wohnungsmarktes 6 2.1.2 Wohnungsbau in angespannten Wohnungsmärkten 8 2.1.3 Die Grundrente und Bodenpreise 9 2.2 Akteur*innen und Perspektiven im Geschosswohnungsbau 12 2.3 Die produktive Sphäre des Geschosswohnungsneubaus 13 2.3.1 Projektentwicklung 13 2.3.2 Phasen der Projektentwicklung 14 2.3.3 Unterscheidung von Projektentwickler*innen 16 2.3.4 Strategien von Projektentwickler*innen 18 2.4 Geschosswohnungsneubau als kommunales Handlungsfeld 21 2.5 Geschosswohnungsneubau im Finanzmarkt 23 2.5.1 Weltsystemtheorie 24 2.5.2 Finanzialisierung des Wohnungsmarkts 26 2.5.3 Finanzialisierung der Projektentwicklung 28 3 Methodisches Vorgehen 31 3.1 Konzeptionelle Vorgehensweise 31 3.2 Die Wohnungsneubausituation beschreibende Methoden 32 3.3 Methoden zur Identifikation lokaler Strategien der Projektentwicklung 33 3.3.1 Leitfadeninterviews 33 3.3.2 Transkription 35 3.3.3 Strukturierende qualitative Inhaltsanalyse 36 4 Vorstellung des Untersuchungsgebiets 38 4.1 Allgemeines zur Stadt Dresden 38 4.2 Die Stadt Dresden als immobilienwirtschaftlicher Standort 38 4.3 Bevölkerungsentwicklung und -prognosen 40 5 Die Dresdner Wohnungsmarktsituation und Geschosswohnungsneubau 42 5.1 Geschosswohnungsneubau in Dresden 42 5.1.1 Chronologie des Geschosswohnungsneubaus 42 5.1.2 Entwicklung der Vorhabengröße 44 5.1.3 Raumzeitliche Verteilung des Wohnungsneubaus in Dresden 45 5.2 Veränderungen der Baukosten 51 5.3 Flächenverfügbarkeit und Bodenpreise 52 5.4 Mietentwicklung 54 5.5 Preisentwicklung für Eigentumswohnungen 55 5.6 Leerstandentwicklung 58 5.7 Wohnungsbedarfsprognosen 59 5.8 Stadtentwicklung in Dresden 60 5.8.1 Schlüsselmomente der wohnraumbezogenen Stadtentwicklung 63 5.8.2 1998 bis 2006: Entspannungsphase mit finanziellen Engpässen 65 5.8.3 2006 bis 2010: Von der Schrumpfung zum zarten Optimismus 66 5.8.4 2010 bis 2014: Initialphase einer Baukonjunktur und Wohnungspolitik 67 5.8.5 2014 bis 2020: Hochphase des Neubaus und soziale Wohnungspolitik 68 5.9 Zusammengefasste Entwicklung 70 6 Strategien und Akteur*innen im Dresdner Geschosswohnungsneubau 72 6.1 Projektentwickler*innen in Dresden 72 6.1.1 Developer*innentypen 74 6.1.2 Unternehmensgröße 74 6.1.3 Skala der Developer*innen 74 6.1.4 Geschäftsmodelle nach Calbet i Elias 75 6.2 Strategien im Dresdner Geschosswohnungsneubau 76 6.2.1 Fünf Ausrichtungen von Strategien 76 6.2.2 Variationen in den Phasen der Projektentwicklung 80 6.3 Herausforderungen in der Projektentwicklung 84 6.3.1 Marktbezogene Herausforderungen 85 6.3.2 Durch Stadtentwicklungsplanung ausgelöste Herausforderungen 87 6.3.3 Hintergrundentwicklungen 88 6.4 Veränderungen der Strategien 89 6.4.1 Intensivierung etablierter Strategien und Umgang mit Risiken 89 6.4.2 Investor*innenorientierung 91 6.4.3 Ansprache bestimmter Zielgruppen 92 6.4.4 Preisgünstiger und geförderter Wohnungsneubau 93 6.4.5 Andere Lagen 93 6.4.6 Kommen und Gehen von Developer*innen 95 6.4.7 Kein Ende in Sicht? 96 7 Finanzialisierung der Dresdner Projektentwicklung 97 8 Resümee und Ausblick 100 8.1 Zusammenfassung der Ergebnisse 100 8.2 Konzeptionelle und empirische Grenzen der Arbeit 103 8.3 Anknüpfungspunkte zukünftiger Forschung 104 9 Literaturverzeichnis 106

This dissertation consists of three independent essays. The first essay, “Long Waves and Short Cycles in a Model of Endogenous Financial Fragility,” presents a stock flow consistent macroeconomic model in which financial fragility in firm and household sectors evolves endogenously through the interaction between real and financial sectors. Changes in firms’ and households’ financial practices produce long waves. The Hopf bifurcation theorem is applied to clarify the conditions for the existence of limit cycles, and simulations illustrate stable limit cycles. The long waves are characterized by periodic economic crises following long expansions. Short cycles, generated by the interaction between effective demand and labor market dynamics, fluctuate around the long waves. The second essay,“Macroeconomic Implications of Financialization,” examines macroeconomic effects of changes in firms’ financial behavior (retention policy, equity financing, debt financing), and household saving and portfolio decisions using models that pay explicit attention to financial stock-flow relations. Unlike the first essay, the second essay focuses on the effects of financial change on steady growth path. The results are insensitive to the precise specification of household saving behavior but depend critically on the labor market assumptions (labor-constrained vs dual) and the specification of the investment function (Harrodian vs stagnationist). The last essay, “Finance, Sectoral Structure and the Big Push,” studies the role of finance in the presence of investment complementarities using a big push model. Due to complementarities between different investment projects, simultaneous industrialization of many sectors (big push) may be needed for an underdeveloped economy to escape from an underdevelopment trap. Such simultaneous industrialization requires costly coordination by a third party, such as the government. Some recent papers show that private banks with significant market power may also solve the problem of coordination failure. We show that private coordination may not work since even large private banks may find it more profitable to finance firms in the traditional sector than in the modern sector.

This dissertation explores the ways in which housing markets based on mortgage-backed homeownership develop in an emerging economy. This is a case study of the institutions, actors, and financial practices at play. It contributes to the debates in the areas of the financialization of housing, the production of urban space, and economic globalization. I focus on developments in Peru from 1990-2014. During this period Peru’s national government implemented the country’s first major housing policy, which focused solely on the provision of homeownership and more specifically, making it easier for households to borrow money for the purchase of a new home. Through these actions, the government laid the foundation for a housing market that would be based on access to credit. This was a fundamental shift in Peru. This dissertation examined these developments and asked a number of questions. How were homeownership and the production of mortgages supported through Peru’s national policy? How had global actors and institutions facilitated homeownership and its financing? And lastly, were homeownership strategies being used as a tool for urban development? For this research, I applied an institutional approach to highlight the deliberate ways in which homeownership was supported in Peru. I focused on international, national, and local officials as well as developers and lenders who influenced the availability or scarcity of mortgage finance and the construction of new homes. I focused on the political and economic arrangements that transform the built environment into pieces that can be bought and sold. I collected data for this research from 1.) archival records and documents from Peruvian institutions and international financial institutions (IFIs) and 2.) interviews with representatives from these organizations, often identified in the records (n=36). Data from archival research and interviews were used to explore the interplay between interests, power, and ideas between national and international institutions. This allowed me to bring the temporal chain of events into focus and develop the causal connections between actions and support from IFIs. I also examined the extent to which the government’s agenda and priorities coincided and diverged from the priorities set forth by the IFIs. Findings illustrate a compelling story about an important aspect of modern day urbanization in a globalizing world where efforts are underway to expand transnational networks of finance and investment. Homeownership is not a natural phenomenon as we may be led to believe; instead, it reflects interests aimed at expanding the financial sector, investment in the built environment and, ultimately, the global economy. Overall, by examining the institutional and spatial nexus buttressing homeownership in Peru, this study demonstrates how land and housing across the globe are being incorporated into a market system and subsequently, how these practices intensify the accumulation of capital in cities. In Chapter 3, I trace the institutionalization of homeownership in Peru and the key motivations behind such actions. Since the 1990’s, the government has introduced policies and programs that promote homeownership as the primary response to the country’s lack of affordable and adequate housing. Similar to the US, the government has taken a leading role in arranging the housing and finance sectors for the creation of a mortgage-based housing market. Peru’s homeownership policy has embraced many neoliberal principles and is aimed at the restructuring of the housing market. The national government created the conditions so that the private real estate market could be arranged for the extraction of value. The premise being that once ‘enabled’, the private sector could meet the housing needs of low-income and other vulnerable populations. The government’s general approach was to reduce market informality (i.e., through titling and registration) and build confidence among residents and the private sector in a seemingly predictable institution of ownership and housing finance (i.e. through financial incentives and public promotion). Findings show that efforts to integrate these markets resulted in housing assistance for the creditworthy and created the assumption that one needed a loan to live in a house. Housing became increasingly treated as a product to be bought and sold on the market instead of a social good. And homeownership as the lynchpin tying the housing and financial sectors together. Chapter 4 highlights the role of IFIs in developing homeownership in Peru. Findings show that the government worked closely with IFIs to set up a strong mortgage market that would support widespread homeownership and the development of a secondary mortgage market. The national government and IFIs shared varying levels of consensus around engaging the private sector in housing provision, financial sophistication and standardization in mortgage lending, and deepening the financial sector. The case of Peru is useful for understanding the role of the national government in developing institutionalized mechanisms for housing finance and how this role has been facilitated by IFIs. These findings serve as an empirical example of global capitalism at work. Chapter 5 demonstrates how mortgage-backed homeownership in Peru was also linked to place-making and urban development. Housing constructed and purchased with FMV subsidies was developed in urbanizing areas and concentrated in certain neighborhoods. This was not by accident and instead, the concentration of FMV properties throughout Peru revealed the speculative nature of such decision-making. Homeownership was part of a larger strategy to root investment in certain places and create more value within the built environment upon which loans could be made. Mortgage-backed homeownership requires certain amenities and structuring that create and protect the value of housing and the surrounding neighborhood. In this way, housing policies have the power to generate a particular type of urban development to segregate groups and to concentrate investment in certain places. Finally, it is important to recognize that these findings are not unique to Peru. Practices to support mortgage-backed homeownership are taking hold across the world and are being led by national and international actors. I refer to the spread of these practices as the globalization of homeownership. The concept captures the economic, political, and ideological aspects of mortgage-backed homeownership. First, this research revealed the spread of a homeownership ideology. Despite the recent housing crisis that led to financial repercussions across the world, policymakers in Peru continue to have faith in mortgage-backed homeownership. Findings demonstrate how norms and taken-for-granted beliefs surrounding debt-encumbered homeownership become are transferred and institutionalized. Second, efforts to support homeownership in Peru and many other emerging economies are not insular. Guidance and upfront financing to establish critical institutions to support homeownership, such as mortgage guarantees and entities developed to support the primary and secondary mortgage markets, have come from a network of transnational actors. These recommendations and projects are in line with other efforts to promote economic liberalization and open markets. Lastly, I refer to the spread of national governments devoting resources to expand access to housing finance as the globalization of homeownership. Homeownership has become an international practice to intensify land values, create a market system within housing, and promote economic globalization through mortgage-backed homeownership. As homes become regarded as commodities, actual homes, mortgages, and other practices and institutions associated with homeownership are becoming more similar across countries. The infrastructure surrounding homeownership in Nigeria, now resembles that of Peru. These practices impose market principles in the organization of housing sectors, bolster investor confidence, and promote the flow of capital in and out of housing markets. The globalization of homeownership will remain an important area of study because of the impact it has on international, national, and local economies and the stratification it imposes on households and places. Capital will flow to certain places and creditworthy households will benefit. These efforts are in line with other neoliberal reforms and reflect a reliance on the market to meet the needs of those able to participate. This is to suggest that access to mortgage credit will increasingly structure housing and spatial opportunities across the globe and likely lead to greater inequality. / Sociology

No / This study contributes to the literature on shareholder value and financialization, which to date has produced few case studies at the individual firm level. We provide a grounded account of management control under financialization, focusing on the apparently dramatic turnaround in performance of one factory, located in the northeast of England (Midco). However, in contrast to some of the more prescriptive accounts of shareholder value implementation, we resist overly simplistic explanations that the turnaround was 'due to' EVA. Instead, we suggest that both the factory's prior experience of change, particularly TQM, plus the presence of economic insecurity facilitated the turnaround. We compare our findings with other relevant studies and suggest that EVA and financialized solutions do not constitute a panacea for struggling organizations. Specifically, a strategy prioritizing new product development may be incompatible with the type of practices introduced by Midco.