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Housing Market Volatility,Stability and Social Rented Housing: comparing Austria and Ireland during the global financial crisis

Listed author(s):
  • Michelle Norris

    (School of Social Policy, Social Work and Social Justice and Geary Institute for Public Policy,University College Dublin)

  • Michael Byrne

    (School of Social Policy, Social Work and Social Justice)

Registered author(s):

    Since the 1970s the prevalence and duration of housing market booms has increased in developed countries as has the busts which followed them. These developments and particularly their occurrence in a large number of countries simultaneously were key contributors to the global financial crisis of 2008. The literature on this crisis has focused primarily on the role of mortgage markets and home-ownership in driving housing booms and busts and also on the countries which have experienced the strongest busts, particularly in the English-speaking world. Despite the large number of social rented dwellings in Western Europe, the role of this sector has been largely neglected in the literature. This paper aims to address these omissions by the interaction of social housing and the housing market in Ireland, which experienced a specular housing market boom in the 1990s and strong bust in the 2000s and Austria which has a long tradition of housing market stability. It argues that social housing played a central but contrasting role shaping the housing market dynamics in these two countries. In Ireland social housing was pro-cyclical – it accelerated the housing market boom and intensified the bust - whereas Austrian social housing had a counter cyclical impact on the housing market and thereby helped to promote price stability. These outcomes were partially reflected in the different social housing policy regimes in use in these countries - Austria represents a ‘unitary’ and Ireland a ‘dualist’ housing regime in housing regime in Kemeny’s (1995) typology. In addition, the sources of finance for social housing and the use of demand-side or supply-side subsidies were also important drivers of these contrasting outcomes.

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    File URL: http://www.ucd.ie/geary/static/publications/workingpapers/gearywp201705.pdf
    File Function: First version, 2017
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    Paper provided by Geary Institute, University College Dublin in its series Working Papers with number 201705.

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    Length: 34 pages
    Date of creation: 26 Feb 2017
    Handle: RePEc:ucd:wpaper:201705
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    1. Dan Immergluck, 2015. "A look back: what we now know about the causes of the US mortgage crisis," International Journal of Urban Sciences, Taylor & Francis Journals, vol. 19(3), pages 269-285, November.
    2. Manuel B. Aalbers, 2009. "The Sociology and Geography of Mortgage Markets: Reflections on the Financial Crisis," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 33(2), pages 281-290, June.
    3. Michelle Norris & Patrick Shiels, 2007. "Housing affordability in the Republic of Ireland: Is planning part part of the problem or part of the solution?," Open Access publications 10197/5274, Research Repository, University College Dublin.
    4. Marja Elsinga & Hans Lind, 2013. "The Effect of EU-Legislation on Rental Systems in Sweden and the Netherlands," Housing Studies, Taylor & Francis Journals, vol. 28(7), pages 960-970, October.
    5. Paul van den Noord, 2005. "Tax Incentives and House Price Volatility in the Euro Area: Theory and Evidence," Economie Internationale, CEPII research center, issue 101, pages 29-45.
    6. Joris Hoekstra, 2009. "Two Types of Rental System? An Exploratory Empirical Test of Kemeny's Rental System Typology," Urban Studies, Urban Studies Journal Limited, vol. 46(1), pages 45-62, January.
    7. Michelle Norris & Tony Fahey, 2011. "From asset based welfare to welfare housing? The changing function of social housing in Ireland," Open Access publications 10197/2971, Research Repository, University College Dublin.
    8. Michelle Norris, 2014. "Path Dependence and Critical Junctures in Irish Rental Policy: From Dualist to Unitary Rental Markets?," Housing Studies, Taylor & Francis Journals, vol. 29(5), pages 616-637, July.
    9. FitzGerald, John, 2005. "The Irish Housing Stock: Growth in Number of Vacant Dwellings," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2005(1-Spring), pages 1-22.
    10. Raquel Rolnik, 2013. "Late Neoliberalism: The Financialization of Homeownership and Housing Rights," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 37(3), pages 1058-1066, May.
    11. Niamh Hardiman & Muiris MacCarthaigh, 2013. "How Governments Retrench In Crisis: The Case of Ireland," Working Papers 201315, Geary Institute, University College Dublin.
    12. Michelle Norris & Dermot Coates, 2014. "How housing killed the Celtic tiger: anatomy and consequences of Ireland's housing boom and bust," Open Access publications 10197/5639, Research Repository, University College Dublin.
    13. Richard Waldron & Declan Redmond, 2014. "The Extent of the Mortgage Crisis in Ireland and Policy Responses," Housing Studies, Taylor & Francis Journals, vol. 29(1), pages 149-165, January.
    14. Agnello, Luca & Schuknecht, Ludger, 2011. "Booms and busts in housing markets: Determinants and implications," Journal of Housing Economics, Elsevier, vol. 20(3), pages 171-190, September.
    15. Rob Kitchin & Cian OâCallaghan & Justin Gleeson & Karen Keaveney, 2012. "Placing neoliberalism: the rise and fall of Ireland’s Celtic Tiger," Environment and Planning A, Pion Ltd, London, vol. 44(6), pages 1302-1326, June.
    16. Manuel B. Aalbers, 2015. "The Great Moderation, the Great Excess and the global housing crisis," International Journal of Housing Policy, Taylor & Francis Journals, vol. 15(1), pages 43-60, March.
    17. Morag I. Torrance, 2008. "Forging Glocal Governance? Urban Infrastructures as Networked Financial Products," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 32(1), pages 1-21, March.
    18. Edwin Deutsch, 2009. "The Austrian Social Rented Sector at the Crossroads for Housing Choice," European Journal of Housing Policy, Taylor and Francis Journals, vol. 9(3), pages 285-311.
    19. Michael Byrne, 2016. "‘Asset Price Urbanism’ and Financialization after the Crisis: Ireland's National Asset Management Agency," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 40(1), pages 31-45, January.
    20. Edwin Deutsch, 2009. "The Austrian Social Rented Sector at the Crossroads for Housing Choice," International Journal of Housing Policy, Taylor & Francis Journals, vol. 9(3), pages 285-311.
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