Creating Liquidity out of Spatial Fixity: The Secondary Circuit of Capital and the Subprime Mortgage Crisis

By K. Gotham. 2009

389 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Finance

View Paper: https://www.semanticscholar.org/paper/b3baba62ec754fc8100f540b610f3d907703f613

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

In Finance

Citations in the corpus

The Internet of Landlords: Digital Platforms and New Mechanisms of Rentier Capitalism (2020, background): “…a particularly illiquid and immobile asset class; however, platforms aim to break these constraints by turning real estate into a free moving “ digital, global commodity ” (Rogers 2016:23) — while also taking their cut by mediating these capital ﬂ ows and exchanges (see Gotham 2009; Newman 2009).”
Revisiting the Urbanization of Capital (2011, background): “If such institutions, alongside governments (Gotham 2006), act as a kind of collective financing nerve center and “play important roles in checking or enhancing flows of capital into the [built environment]” (Harvey 1985b, 7), then why not look specifically at their own investment patterns?”
The Great Moderation, the Great Excess and the global housing crisis (2015, background): “…accumulation; debt Introduction: a periodisation of housing structures It has been well documented how the national subprime mortgage market in the US was one of the roots of the global financial crisis (e.g. Aalbers, 2009a, 2012; Gotham, 2009; Sassen, 2009; Wyly, Moos, Hammel, & Kabahizi, 2009).”
Round the Houses: Homeownership and Failures of Asset-Based Welfare in the United Kingdom (2015, background): “…of housing signalled an important transformation; securitisation fundamentally re-shaped the socio-economic landscape (Aalbers 2008, Gotham 2009, Wainwright 2009) and the politics of homeownership directly linked the domestic political economy to global financial flows through…”
London and New York as a safe deposit box for the transnational wealth elite (2016, background): “…1996), but also spaces where elites store their capital safely because the spatial fixity of such investment is met by the perceived very high liquidity of super-prime real estate that investments in real estate elsewhere cannot match (see Gotham, 2009 on creating liquidity out of spatial fixity).”
The financialization of Canadian multi-family rental housing: From trailer to tower (2020, background): “First, at the level of the building, acquisition by a financial vehicle transforms it into a financial asset, which makes it newly liquid, tradeable, and legible to investors (Gotham, 2009), who can compare its metrics to other investment products and add it to their portfolios.”
Demolishing the Present to Sell off the Future? The Emergence of ‘Financialized Municipal Entrepreneurialism’ in London (2018, background): “…the foreclosure crisis, a series of studies carefully detailed the recurrent intensifications of the housing- finance link, and the production of a global marketplace for synthetic financial products grounded in (subprime) household mortgages (Aalbers 2012; 2016; Fox-Gotham 2009; Newman 2009).”
Geographies of the financial crisis (2009, positive): “Others have provided the buildings blocks for such an approach (most notably Gotham 2006; 2009; see also Dymski 1999; Sassen 2001; 2009; Wyly et al. 2004; 2009; Aalbers 2008; 2009; Wainwright 2009).”
Reconstituting the state: City powers and exposures in Chicago’s infrastructure leases (2016, background): “Torrance’s analysis resonates with other studies of financial commodities, including mortgage-backed securities and derivatives, commonly understood to dematerialise geographic assets and circulate them within global financial circuits (Gotham, 2009).”
Centring Housing in Political Economy (2014, background): “The deflation of the IT bubble and the inflation of the housing bubble are empirically and analytically related – it is a clear example of capital switching to the secondary circuit of capital (Ashton 2009; Gotham 2009; Christophers 2011).”
Filtering Risk Away: Global Finance Capital, Transcalar Territorial Networks and the (Un)Making of City-Regions: An Analysis of Business Property Development in Bangalore, India (2014, background): “GOTHAM (2006, 2009) gives an example by highlighting the pivotal role of state policies in providing the regulatory tools that made possible the financialization of property in the United States.”
Contesting the Financialization of Urban Space: Community Organizations and the Struggle to Preserve Affordable Rental Housing in New York City (2015, background): “commodities are involved, profits increasingly accrue through their monetization and integration in financial channels (Fine, 2009; Gotham, 2009; Stockhammer, 2010).”