The University of Southampton
University of Southampton Institutional Repository

Laying the foundations for a crisis: mapping the historico-geographical construction of residential mortgage backed securitization in the UK

Wainwright, Thomas (2009) Laying the foundations for a crisis: mapping the historico-geographical construction of residential mortgage backed securitization in the UK International Journal of Urban and Regional Research, 33, (2), pp. 372-388. (doi:10.1111/j.1468-2427.2009.00876.x).

Record type: Article

Abstract

This article will explore the geographical origins of Residential Mortgage Backed Securitization (RMBS) in the United States and map the subsequent migration of RMBS, as idea, technology and investment vehicle, to the United Kingdom and other nation-states during the 1990s. It will illustrate how RMBS was used as a medium to circulate capital and construct urban space, and seek to interpret the development of RMBS and the contemporary credit crisis in the UK through a series of historical, political and sociological lenses. It argues that, despite travelling across the globe, this financial innovation has maintained a spatial sensitivity since the idea of securitization has been embodied and (re)interpreted in specific spaces to comply with local economic, political and social institutions. It also argues that this is an important primer to understanding the ‘credit crunch’ of 2007 and its repercussions. The article focuses particularly on how the current significance of securitization and RMBS can be traced back to the ‘Big Bang’ and the wider processes of the competitive re-regulation of the City of London and the British financial system more generally during the mid-1980s. It shows the differential evolution of securitization in the UK and US, and in so doing argues that such spatial variations have left different financial institutions in the two economies exposed to different forms of credit and market risk.

Full text not available from this repository.

More information

Published date: June 2009
Keywords: securitization, credit crunch, financialization, capital markets, banking
Organisations: Strategy, Innovation & Entrepreneurship

Identifiers

Local EPrints ID: 340864
URI: http://eprints.soton.ac.uk/id/eprint/340864
ISSN: 0319-1317
PURE UUID: f2605a84-6dda-4c76-a70f-2253d98bc2bf

Catalogue record

Date deposited: 06 Jul 2012 08:44
Last modified: 18 Jul 2017 05:41

Export record

Altmetrics

Contributors

Author: Thomas Wainwright

University divisions

Download statistics

Downloads from ePrints over the past year. Other digital versions may also be available to download e.g. from the publisher's website.

View more statistics

Atom RSS 1.0 RSS 2.0

Contact ePrints Soton: eprints@soton.ac.uk

ePrints Soton supports OAI 2.0 with a base URL of http://eprints.soton.ac.uk/cgi/oai2

This repository has been built using EPrints software, developed at the University of Southampton, but available to everyone to use.

We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive cookies on the University of Southampton website.

×