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作者

来源

URBAN GEOGRAPHY,Vol.40,Issue1,P.83-103

语言

英文

关键字

Real estate investment trusts (REITs); financializing policy instruments; urban dynamics; financial markets; Brazil; SECONDARY CIRCUIT; GOVERNANCE; LIQUIDITY; STATE

作者单位

[Sanfelici, Daniel] Univ Fed Fluminense, Dept Geog, Rua Gal Milton Tavares S-N,Campus Praia Vermelha, BR-24210346 Niteroi, RJ, Brazil. [Halbert, Ludovic] Univ Paris Est, CNRS, Marne La Vallee, France. [Halbert, Ludovic] Univ Paris Est, Lab Tech Terr & Soc, Marne La Vallee, France. Sanfelici, D (reprint author), Univ Fed Fluminense, Dept Geog, Rua Gal Milton Tavares S-N,Campus Praia Vermelha, BR-24210346 Niteroi, RJ, Brazil. E-Mail: danielsanfelici@gmail.com

摘要

Focusing on the growth of Real Estate Investment Trusts in Brazil, the paper explores how financializing policy instruments intertwine financial markets and the urban built environment. It studies the career of REITs and questions the role of financial market capital and actors in urban dynamics. The paper uncovers three processes usually considered separately: i) how a network of public and private financial market actors coaxes state bodies into using their regulatory powers and financial resources to transform real estate into an asset class; ii) how the government-run financial market authority and banks lure urban households into liquid real estate through marketing and education campaigns; and iii) how asset managers are "applied economic geographers" insofar as they channel households' capital into a selected cities and properties. The active role played by financial actors in the design, enhancement and implementation of such a policy instrument leads us to conclude on their role as urban policy-makers.