Zoekresultaat: 6 artikelen

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Dossier

De schuldencrisis in de eurozone: oorzaken, aanpak en implicaties

Tijdschrift Beleid en Maatschappij, Aflevering 1 2019
Trefwoorden Eurozone crisis, Financialization, Bail-outs, Austerity, Banking union, Quantitative easing
Auteurs Dr. Henk Overbeek
SamenvattingAuteursinformatie

    Ten years ago, now, the Eurozone began to shake on its foundations. This article traces the genesis of the crisis and the present state of affairs. As to the causes of the global financial crisis in 2008, I argue that contrary to common understanding, the financial crisis had its deeper causes in a decades old tendency towards crisis in the real economy, produced by the continuous overaccumulation of capital which can only return profits by undertaking speculative short-term investments (a phenomenon known as ‘financialisation’). I then trace how the global financial crisis morphed into a crisis of public deficits and debt in 2010-2011, particularly in the Eurozone. Three factors are shown to be responsible: financialization, design faults in the European monetary union, and the neo-mercantilist strategy of especially Germany and the Netherlands. The paper next looks at the five main traits of the policy responses in the Eurozone: bailing out governments and banks through creating emergency funds; imposition of austerity and budget discipline for member state governments; attempting to create and complete a Eurozone banking union; subsequently the European Central Bank engaged on an unprecedented scale in ‘quantitative easing’; and finally, institutional reform in an attempt to repair the most pressing design faults of the EMU. The paper concludes that the underlying structural factors leading up to the crisis have only been addressed incompletely: the overaccumulation of capital continues, the completion of the banking union is in an impasse, quantitative easing has mostly just intensified financialization by pushing up asset prizes, and institutional reform has taken the form of a fundamentally undemocratic attempt at monetary and political union by stealth. The broader legitimacy of the European project has been substantially undermined, and Europe is not in a better position than eight years ago in case of a new global crisis.


Dr. Henk Overbeek
Henk Overbeek is Emeritus Hoogleraar Internationale betrekkingen aan de afdeling Bestuurswetenschap en Politicologie van de Vrije Universiteit Amsterdam.
Dossier

Access_open De politiek van buy-to-let

Tijdschrift Beleid en Maatschappij, Aflevering 3 2018
Trefwoorden Housing, Financialization, Private investors, Buy-to-let, Private rent
Auteurs Jelke Bosma MSc, Dr. Cody Hochstenbach, Dr. Rodrigo Fernandez e.a.
SamenvattingAuteursinformatie

    In this feature authors discuss recent research findings that are of interest to readers of Beleid en Maatschappij.
    Mounting concerns exist that small private investors exacerbate the urban housing crisis, by purchasing dwellings to rent out so-called ‘buy-to-let’ purchases. By buying up property, they may drive up house prices and exclude regular house-seekers. In this paper, we show that buy-to-let purchases constitute an increasing share of all purchases on the Dutch housing market, and especially so in larger cities and university cities. We argue these local trends do not emerge out of thin air and are not a ‘natural’ market process but should be considered the product of both global economic developments and national policies supporting these changes. Global developments include the increased mobility and ample availability of capital, exemplified by a prolonged low interest environment and a growing scarcity of high quality collateral and investment opportunities, making housing attractive for storing capital. Dutch housing policies have increasingly restricted access to social rent to low-income groups, while blowing up house prices fuelled with mortgage debts. As a consequence, a growing number of households falls in-between these two tenures: they have to resort to private rent. Private investors respond to and accommodate this demand through buy-to-let investments. Furthermore, the Dutch national government has made steps to relax regulation on the private-rental market and weakened tenant rights. In so doing, it sets the scene for amplifying social and spatial inequalities between the property rich and the property poor.


Jelke Bosma MSc
Jelke Bosma MSc is junior onderzoeker aan de Universiteit van Amsterdam.

Dr. Cody Hochstenbach
Dr. Cody Hochstenbach is postdoctoraal onderzoeker stadsgeografie aan de Universiteit van Amsterdam, en redactielid van Beleid en Maatschappij.

Dr. Rodrigo Fernandez
Dr. Rodrigo Fernandez is postdoc aan de KU Leuven en onderzoeker bij SOMO.

Prof. dr. Manuel Aalbers
Prof. dr. Manuel Aalbers is hoogleraar sociale en economische geografie aan de KU Leuven.
Dossier

Access_open Bijsluiter bij: Buy-to-let gewikt en gewogen

Tijdschrift Beleid en Maatschappij, Aflevering 3 2018
Trefwoorden Buy-to-let, Dutch housing market, Private investors, Private rent, Netherlands
Auteurs Dr. Marcel Visser
SamenvattingAuteursinformatie

    Over the past three years buy-to-let purchases have become a substantial presence in the Dutch housing market. Private investors buy existing homes in order to rent out. Rental yields have become attractive to a large group of individuals due to low interest rates and high rents. Though buy-to-let helps to increase the stock of rental homes (a broadly recognized need in the Netherlands) there are concerns about negative effects for instance on affordability for regular house seekers. A new group of buyers enters the market and this poses new or potentially aggrevated risks for the Dutch housing market, in particular regarding overall house price stability.


Dr. Marcel Visser
Dr. Marcel Visser is financieel econometrist. www.linkedin.com/in/marcel-visser

Dr. Rik Reussing
Dr. G.H. Reussing is onderwijscoördinator van de joint degree Public Governance across Borders aan de Universiteit Twente en redactiesecretaris van Bestuurswetenschappen.

David Hollanders
Dr. David Hollanders is postdoc-onderzoeker bij het Amsterdams Instituut voor Arbeidsstudies (AIAS). E-mail: D.A.Hollanders@uva.nl.
Artikel

De overheid en duurzaam beleggen

Een vergelijkende analyse tussen Nederland en België

Tijdschrift Beleid en Maatschappij, Aflevering 2 2008
Auteurs Tim Benijts en Marleen Brans
SamenvattingAuteursinformatie

    This article examines the differences and similarities in public policy of the Dutch and Belgian government in the policy field of socially responsible investing (SRI). In particular the authors discuss both the content and the consequences of the Dutch arrangement 'Groen beleggen' and the Belgian 'Kringloopfonds'. Our empirical evidence states that, although both public policies are very similar (a tax incentive for investors investing financial means in socially responsible funds), they had a different influence on the socially responsible investment market. The Dutch arrangement 'Groen beleggen' lead to more assets under management, more green private funds, more financed projects and a bigger influence on the market of socially responsible investment products. This is mainly caused by the nature of the funding: the choice for private funds in the Netherlands, instead of a public fund like in Belgium.


Tim Benijts
Tim Benijts is als doctor-assistent verbonden aan het Departement Handelswetenschappen van de Lessius Hogeschool Antwerpen en als geaffilieerd onderzoeker aan het Instituut voor de Overheid van de Faculteit Sociale Wetenschappen, Katholieke Universiteit Leuven. Correspondentiegegevens: T. Benijts Lessius Hogeschool Antwerpen Departement Handelswetenschappen Korte Nieuwstraat 33 2000 Antwerpen tim.benijts@lessius.eu

Marleen Brans
Marleen Brans is als hoofddocent verbonden aan het Instituut voor de Overheid van de Faculteit Sociale Wetenschappen, Katholieke Universiteit Leuven. Correspondentiegegevens: M. Brans Katholieke Universiteit Leuven Faculteit Sociale Wetenschappen Instituut voor de Overheid Parkstraat 45 3000 Leuven marleen.brans@soc.kuleuven.be
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