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  1. 2 Critical Housing Analysis

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  1. 2 Mikuš M.

  2. 1 Gagyi A.

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  1. 2 2022

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Whither peripheral financialisation? Housing finance in Croatia since the global financial crisis

100%
Mikuš M.
Critical Housing Analysis
|
2022
|
vol. 9
|
issue 1
57-67
EN
This article analyses recent developments in Croatian housing finance to update the established account of housing finance and peripheral financialisation in Eastern Europe that is based on the boom-bust cycle of the 2000s and early-to-mid 2010s. During the bust stage of that cycle, changes in regulation and in the behaviour of debtors and creditors resulted in deleveraging and a shift away from the risky and exploitative lending practices characteristic of peripheral housing finance. However, new increases in household debt and housing prices since 2016–17, coupled with the COVID-19 pandemic, seem to have reversed these trends. While a boom-bust cycle of similar scope and modality to the first one is unlikely to be repeated, peripheral forms of housing finance have persisted to some degree.
2
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Housing finance in the aftermath of the foreign-currency mortgage crisis in Eastern Europe: editorial

63%
Gagyi A., Mikuš M.
Critical Housing Analysis
|
2022
|
vol. 9
|
issue 1
39-47
EN
This special issue expands on the existing research on foreign-currency lending and the forex loan crisis in Eastern Europe by investigating other forms of housing-related finance and post-crisis developments. Bringing together hitherto disparate strands of research, our issue traces the linkages between macroeconomic developments, state measures, class dynamics, and social movements in the aftermath of the forex loan crises in Latvia, Romania, Croatia, Bosnia and Herzegovina, and Hungary as part of their long-term trajectories of housing finance. We find that despite different political-institutional articulations, these trajectories all feature a new expansion of lending based on a bifurcation of the credit market into more secure, often subsidised mortgage lending aimed at better-off debtors and more risky non-mortgage loans used for housing purposes by more precarious households.
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